Author Question: Gremlin Media Inc. has realized tremendous growth in recent years. Last year the firm realized an ... (Read 144 times)

leilurhhh · **on:** Jul 11, 2018

Gremlin Media Inc. has realized tremendous growth in recent years. Last year the firm realized an ROE of 41.16.

If the firm was in a 40 marginal tax bracket, had an asset turnover ratio of 2.1, a profit margin of 14, and a leverage ratio of 2, what was the firm's retention ratio?
A) 0.70
B) 1.00
C) 0.50
D) There is not enough information to answer this question.

Question 2

Which of the following statements about International Financial Reporting Standards (IFRS) is
NOT true?

A) IFRS offers simplicity but also possibly more leeway for accounting malpractice than does
GAAP.
B) In 2008, the Securities and Exchange Commission (SEC) announced its plan to convert U.S.
companies from GAAP to IFRS.
C) IFRS sets out broad and general principles that accountants should follow when preparing
financial statements.
D) IFRS leaves LESS room for discretion than GAAP does.

pratush dev · **Reply #1 on:** Jul 11, 2018

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