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1. The financial statements of Bolero Manufacturing Inc. report credit sales of $600,000 and accounts...

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Accounting

1. The financial statements of Bolero Manufacturing Inc. report credit sales of $600,000 and accounts receivable of $60,000 and $40,000 at the beginning of the year and end of the year, respectively. What is the receivables turnover ratio for Bolero?

Select one:

a. 22.5 times

b. 12.0 times

c. 5 times

d. 111%

e. 2 times

2. One example of a liability that is not a financial liability is . . .

Select one:

a. financial lease.

b. bonds payable.

c. notes payable

d. deferred revenue.

e. accounts payable

3. When collecting a previously written-off account . . .

Select one:

a. Accounts Receivable is debited and Sales is credited.

b. Cash is debited and Bad Debts Expense is credited.

c. Miscellaneous Revenue is credited and a "memo only" text entry is made in the sub ledger

d. Account Recovered Revenue is credited and a "memo only" text entry is made in the sub ledger

e. Accounts Receivable is debited and credited.

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