Which of the following is the correct order of the steps in the accounting cycle?

Data from the financial statements of Albi Foods and Unimart, Inc., two national grocery chains are presented below: Albi Foods Unimart, Inc.     Total liabilities, 2025 ……… $43,610 $23,817       Total liabilities, 2024 ……… 48,239 21,935       Total assets, 2025 ………… 64,743 29,652       Total assets, 2024 …………. 67,582 32,589       Revenue, 2025 ……………. 200,693 81,494       Net income, 2025 ……. 2,312 1,062     To the nearest hundredth of a percent, what is the 2025 return on equity ratio for Unimart? Select one:

Sherwood Company began the year with a balance in inventory of $66,000 and ended the year with a balance of $61,200. The net sales for the year were $589,800 with a gross profit on sales of $177,000. The inventory turnover ratio is closest to:

An accrual of Interest expense would produce what effect on the balance sheet?

At the beginning of 2024, Ironwood Company had assets of $252,000 and liabilities of $164,000. During 2024, assets increased $29,000 and liabilities increased $7,600. What was stockholders’ equity at December 31, 2024?

Which of the following transactions would result in an increase in the current ratio?

Which of the following assumptions that underlies the preparation of financial statements assumes that companies will continue their operations over time?

Which of the following has primary responsibility to develop Generally Accepted Accounting Principles?

Which of the following account balances would not be affected by closing entries?

Yelena Company received cash from a customer in advance of providing the service to the customer. Which of the following does not accurately describe the impact on the financial statements when Yelena later provides the service?