Acme Company makes all sales on account. During the current…

Acme Company makes all sales on account. During the current year, Acme reports a gross margin percentage of 52%, an average accounts receivable balance of $50,000, an average inventory balance of $96,000, a cost of goods sold of $288,000, and net income of $76,000. What is Acme’s average collection period? Round to one decimal place.

On July 1, Acme Company pays the annual premium for an insur…

On July 1, Acme Company pays the annual premium for an insurance policy that covers the 12-month period that begins on July 1. Acme’s accountant makes the proper journal entry on July 1 to record the cash payment to the insurance company and also makes the proper adjusting journal entry on December 31 with respect to this prepaid expense. What is the effect of the December 31 adjusting journal entry on Acme’s current ratio and acid-test ratio?

Acme Company makes all sales on account. During the current…

Acme Company makes all sales on account. During the current year, Acme reports a gross margin percentage of 52%, an average accounts receivable balance of $40,000, an average inventory balance of $96,000, a cost of goods sold of $288,000, and net income of $76,000. What is Acme’s average collection period? Round to one decimal place.

Suppose you are building a program to manage a collection of…

Suppose you are building a program to manage a collection of movies in for Netflix. class Movie:    def __init__(self, title, director, year):        self.title = title        self.director = director        self.year = year Which one of the following will create an object from the Movie class?  You can assume that the following code and the Movie class are saved in the same Python script. 

What will be the output when the following code is executed?…

What will be the output when the following code is executed? This question evaluates your comprehension of inheritance. (Please be careful with the calculations.) class Student: def __init__(self): self.major = ‘business’ self.average = 90 def curve_grade(self): return self.average + 2 class MIS304Student(Student): def __init__(self): super().__init__() self.average = 95 def curve_grade(self): return self.average + 5general_student = Student()mis_student = MIS304Student()print(general_student.curve_grade(), mis_student.curve_grade())