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Indy Automotive Supplies had net sales of $2.8 million, its cost of goods sold was $1.6 million, and its net income was $0.9 million. Its gross margin ratio equals:

Dental Supply accepted a $4,800, 90-day, 10% note from Tracy Janitorial on October 17. What entry should Dental Supply make on December 31, to record the accrued interest on the note?

Cardarelli Corporation reported Net sales of $3.6 million and average Total assets of $1.1 million. The Total asset turnover is:

Kramer, Inc. accepts all major bank credit cards, including those issued by Needham Bank (NB), which assesses a 3% charge on sales for using its card. On June 28, Kramer had $3,500 in NB Card credit sales. What entry should Kramer make on June 28 to record the deposit?

A double-entry accounting system is an accounting system:

Placerville, Inc. purchased a depreciable asset for $22,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset’s salvage value is $2,000, what will be the amount of accumulated depreciation on this asset on December 31, Year 3?

Cash and office supplies are both classified as current assets.

Flo’s Flowers’ current ratio is 1.3. The industry average for the current ratio is 1.2. This indicates that Flo’s can cover its short term liabilities with its short term assets.

On May 1, Flanders Inc. purchased merchandise in the amount of $5,800 from Shilling, with credit terms of 2/10, n/30. Flanders uses the perpetual inventory system and the gross method. The journal entry or entries that Flanders will make on May 1 is:

Beats, Inc. uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On August 26, it paid the full amount due. The correct journal entry to record the merchandise return on August 11 is: