Chapter 8, Problem 65P

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Jackson's Automotive has total assets of $300,000, a debt-equity ratio of 0.50, and net income of $24,000. What is the return on equity? A) 8.70 percent B) 9.50 percent C) 12.80 percent D) 11.30 percent E) 10.20 percent

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Which of the following is the most appropriate way to display liabilities on the balance sheet? a. alphabetically by payee b. relative likelihood of payment c. nearness to maturity d. All of these answer choices are correct.

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For which of the following would year-end accrual of a current liability be optional? a. Current portion of a long-term lease obligation that comes due next year b. A declared property dividend c. Sick pay benefits that accumulate but do not vest d. Short-term debt that is being refinanced on a long-term basis

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