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ACC 557 Week 11 Quiz


ACC 557 Week 11 Quiz fin571

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ACC 557 Week 11 Quiz
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This 10 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 20 views.

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Date Created: 11/11/15
1- Multiple Choice Question 79 Parker Hardware Store had net credit sales of $8,000,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $600,000 and $700,000, respectively. The receivables turnover was 11.4 times. 12.3 times. 4.6 times. 7.7 times. 2- Multiple Choice Question 49 Which one of the following is not a tool in financial statement analysis? Ratio analysis Horizontal analysis Vertical analysis Circular analysis 3- IFRS Multiple Choice Question 243 Under IFRS, there is no classification for changes in accounting principles. changes in accounting estimates. discontinued operations. extraordinary items 4- Multiple Choice Question 155 ACME Company reports income before income taxes of $2,400,000 and had an extra-ordinary loss of $800,000. If the tax rate is 30%, the income before the extraordinary item is $1,680,000. the income before the extraordinary item is $1,920,000. the extraordinary loss will be reported at $240,000. the extraordinary loss would be reported on the income statement at $800,000. 5- Multiple Choice Question 65 Darius, Inc. has the following income statement (in millions): DARIUS, INC. Income Statement For the Year Ended December 31, 2012 Net Sales $300 Cost of Goods Sold 120 Gross Profit 180 Operating Expenses 44 Net Income $136 Using vertical analysis, what percentage is assigned to Net Income? 100% 75.6% 45.3% None of these 6- Multiple Choice Question 135 The following amounts were taken from the financial statements of Plant Company: 2013 2012 Total assets $800,000 $1,000,000 Net sales 720,000 650,000 Gross profit 352,000 320,000 Net income 126,000 117,000 Weighted average number of common shares outstanding 90,000 90,000 Market price of common stock $35 $39 The return on assets ratio for 2014%is 32%. 28%. 16%. 7- Multiple Choice Question 174 Parrish, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division’s assets with a book value of $1,250,000 are sold for $850,000. Operating income from January 1 to June 30 for the division amounted to $125,000. Ignoring income taxes, what total amount should be reported on Parrish’s income statement for the current year under the caption, Discontinued Operations? $400,000 loss $275,000 loss $525,000 $125,000 8- Multiple Choice Question 112 Earnings per share is calculated only for preferred stock. only for treasury stock. for common and preferred stock. only for common stock. 9- Multiple Choice Question 171 The acid-test ratio is also known as the current ratio. fast ratio. quick ratio. times interest earned ratio 10- Multiple Choice Question 70 In performing a vertical analysis, the base for sales revenues on the income statement is net income. cost of goods available for sale. net sales. sales. 11- Multiple Choice Question 162 The order of presentation of nontypical items that may appear on the income statement is Other revenues and expenses, Extraordinary items, Discontinued operations. Extraordinary items, Discontinued operations, Other revenues and expenses. Discontinued operations, Extraordinary items, Other revenues and expenses. Other revenues and expenses, Discontinued operations, Extraordinary items 12- Multiple Choice Question 98 A measure of the percentage of each dollar of sales that results in net income is return on assets. earnings per share. profit margin. return on common stockholders' equity. 13- Multiple Choice Question 159 Which one of the following would be classified as an extraordinary item? Expropriation of property by a foreign government. Losses attributed to a labor strike. Write-down of inventories. Gains or losses from sales of equipment. 14- Multiple Choice Question 122 The following information pertains to Sampson Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 45,000 Accounts receivable (net) 25,000 Inventory 20,000 Property, plant and equipment 210,000 Total Assets $300,000 Liabilities and Stockholders’ Equity Current liabilities $ 50,000 Long-term liabilities 90,000 Stockholders’ equity—common 160,000 Total Liabilities and Stockholders’ Equity $300,000 Income Statement Sales $ 120,000 Cost of goods sold 66,000 Gross profit 54,000 Operating expenses 30,000 Net income $ 24,000 Number of shares of common stock 6,000 Market price of common stock $20 Dividends per share .50 What is the current ratio for Sampson? 0.64 1.80:1 1.30:1 1.40:1 15- Multiple Choice Question 170 What type of ratios best measure the short-term ability of the enterprise to pay its maturing obligations and to meet unexpected needs for cash? Liquidity Solvency Profitability Leverage


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