QUESTION 1
Co. XYZ Balance Sheet
Assets:
Cash and marketable
securities &nbs
QUESTION 1
Co. XYZ Balance Sheet
Assets:
Cash and marketable
securities $300,000
Accounts
receivable 1,125,000
Inventories 1,837,500
Prepaid
expenses 24,000
Total current
assets $3,286,500
Fixed
assets 2,700,000
Less: accumulated
depreciation 1,087,500
Net fixed
assets $1,612,500
Total
assets $4,899,000
Liabilities:
Accounts
payable $240,000
Notes
payable 825,000
Accrued
taxes 42,000
Total current
liabilities $1,107,000
Long-term
debt 975,000
Owner’s
equity 2,817,000
Total liabilities and owner’s
equity $4,899,000
Co. XYZ Income Statement
Net sales (all
credit) $6,375,000
Less: Cost of goods
sold 4,312,500
Selling and administrative
expense 1,387,500
Depreciation
expense 135,000
Interest
expense 127,000
Earnings before
taxes $
412,500
Income
taxes 225,000
Net
income $
188,000
Common stock...
Question 1 0.5 pts Where should accounts receivable should
entered? on the income statement, just below...
Question 1 0.5 pts Where should accounts receivable should
entered? on the income statement, just below sales revenues on the
balance sheet as a short-term liability on the balance sheet as a
long-term asset None of the above are correct.
Question 2 0.5 pts Sam purchased a new ice-cream machine for
$45,000 for his Frozen Delights store. Which of the following
options reflects how his purchase should be recorded?
$45,000 expense as part of cost of goods sold on the...
Question 1
During fiscal 2016, Plastics and Synthetic Resins Company
recorded cash of $87,800 from customers...
Question 1
During fiscal 2016, Plastics and Synthetic Resins Company
recorded cash of $87,800 from customers for accounts receivable
collections. Which of the following financial statement effects
template entries captures this transaction?
Balance Sheet Income Statement
Cash Assets + Noncash Assets=Liabilities
+Contributed +Earned Revenues-Expenses=Net
Income
Capital
Capital
Balance Sheet Income Statement
Cash Assets + Noncash Assets = Liabilities + Contributed + Earned
Revenues - Expenses =Net Income
Capital
Capital
+87,800
+87,800 +87,800 - = +87,800
Balance Sheet...
Question 1
Net income does not appear in the numerator of the
A.
return on assets....
Question 1
Net income does not appear in the numerator of the
A.
return on assets.
B.
profit margin.
C.
payout ratio.
D.
return on common stockholders' equity.
Question 2
he 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...
Use the table for the question(s) below.
a. When using the book value of equity, the...
Use the table for the question(s) below.
a. When using the book value of equity, the debt to equity ratio
for Luther in 2018 is closest to:
b. If in 2019 Luther has 10.2 million shares outstanding and
these shares are trading at $16 per share, then using the market
value of equity, the debt to equity ratio for Luther in 2019 is
closest to:
c. Luther's current ratio for 2019 is closest to:
d. Luther's quick ratio for 2019...
1. Which of the following are required disclosures in interim
financial statements? a. Footnote discussions of...
1. Which of the following are required disclosures in interim
financial statements? a. Footnote discussions of seasonal revenue,
costs or expenses b. Footnote discussions of contingent items c.
Footnote discussions of changes in accounting principles d. All of
the above e. Both a and c
2. Which of the following categories are included in the
statement of financial position? a. Assets, liabilities, and equity
b. Net assets and equity c. Revenues and expenses d. Assets,
liabilities and net assets
3....
Question 14
The following account balance information is available for XYZ
Co., representing all accounts shown...
Question 14
The following account balance information is available for XYZ
Co., representing all accounts shown on its statement of financial
position as of December 31, 20X7:
Cash…………………………………………………………………$3,500,000
Accounts receivable…………………………………………………$2,500,000
Marketable securities……………………………………………….....$800,000
Prepaid insurance……………………………………………………...$200,000
Equipment (net)..…………………………………………………….$7,000,000
Current liabilities
(total)..……………………………………………$2,100,000
Long-term liabilities (total)………………………………………….$7,000,000
Common stock…………………………………………………..…...$1,000,000
Retained earnings…………………………………………………… ?
What is XYZ Co.’s retained earnings balance on December 31,
20X7?
a.
$3,900,000.
b.
$6,000,000.
c.
$4,900,000.
d.
$2,700,000.
The following information from the Statement of Cash Flows of
Dome Ltd. as of December 31,...
The following information from the Statement of Cash Flows of
Dome Ltd. as of December 31, 2020 is available:
Net cash used by investing activities..........
(65,000)
Net cash provided by financing activities 20,000
Net increase in cash...................................
11,000
Cash, January 1, 2020...............................
33,000
Cash, December 31, 2020........................
$ 44,000
Purchase of land.........................................
(27,000)
Purchase of buildings and equipment.....
(52,000)
Sale of equipment……… 14,000
Payment of cash dividend.........................
(25,000)
Sale of bonds............................................
45,000
The...