Multiple Choice
The following information was taken from the financial statements of Ashley's Linens: Total current assets
$ 53,000
Property, plant, and equipment
6,000
Current liabilities
21,000
Long-term liabilities
4,000
Owner's equity
34,000
Beginning inventory
31,000
Ending inventory
33,000
Cost of goods sold
152,000
Net income
42,000
The working capital of Ashley's Linens is
A) $32,000.
B) $33,000.
C) $34,000.
D) $38,000.
Correct Answer:

Verified
Correct Answer:
Verified
Q6: Match the terms with the definitions.<br>-Those expenses
Q7: The statement of owner's equity summarizes all
Q8: Match the terms with the definitions.<br>-Net sales
Q9: Inventory turnover is determined by dividing cost
Q10: Assets that are expected to be used
Q12: Adjusting entries are made in the<br>A) sales
Q13: A primary purpose of the work sheet
Q14: The Income Statement and Balance Sheet columns
Q15: Match the terms with the definitions.<br>-Gross profit
Q16: The heading on a financial statement includes