(Answered) Question 1 which of the following is true for common-size

Accounting

Question: 1. Which of the following is true for common-size comparative statements?

(a) Each item is expressed as a percent of a base amount.

(b) Total assets often are assigned a value of 100%.

(d) All are true.

(e) None is true.

2. Information from Paff Co. at Dec. 31, 2010, follows: cash, $820,000; accounts receivable, $240,000; inventories, $470,000; plant assets, $910,000; accounts payable, $350,000; and income taxes payable, $180,000. Compute its

(a) current ratio and

(b) acid-test ratio.

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