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ACC 201 Week 5 Quiz 5

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ACC 201 Week 5 Quiz 5

EX. 09-080

Revenue and expense data for Reuters Company are as follows:

2017

2016

Administrative expenses

$24,750

$18,000

Cost of goods sold

500,000

375,000

Income tax expense

11,600

12,000

Net sales

750,000

600,000

Selling expenses

182,250

154,800

 

Prepare a comparative income statement, with vertical analysis, stating each item for both 2017 and 2016 as a percent of sales. Round percentage values to one decimal place and state as a whole number. Do not enter the percent sign. (For example, enter .9569 as "95.7").

 

 

EX. 08-135

The following accounts and their balances appear in the ledger on December 31 of the current year:

Common Stock, $20 par

$400,000

Paid-In Capital in Excess of Par

44,000

Retained Earnings

265,000

Treasury Stock

20,000

Prepare the Stockholders' Equity section of the balance sheet as of December 31. Twenty five thousand shares of common stock are authorized, and 1,000 shares have been reacquired.

 

 

EX.08-133

Indicate whether the following actions would (+) increase, (-) decrease, or (0) not affect a company's total assets, liabilities, and stockholders' equity.

MC.08-107

Which of the following is a reason for a corporation to buy back its own stock?

 

 

What is the effect of declaring a stock dividend on the liabilities and stockholders' equity section of the balance sheet?

Total property, plant, and equipment

900,000

700,000

Total current liabilities

125,000

80,000

Total long-term liabilities

350,000

250,000

Preferred 9% stock, $100 par

100,000

100,000

Common stock, $10 par

600,000

600,000

Paid-in capital in excess of par--common stock

60,000

60,000

Retained earnings

325,000

210,000


Based on the above information, if net income is $130,000 and interest expense is $40,000 for 2017, and the market price is $40, what is the price-earnings ratio on common stock (round to one decimal place)?

 

 

A company sold 200 shares of common stock with a par value of $5 at a price of $13 per share. What is the effect on the accounts of this transaction?

 

The following data are taken from the financial statements:

Current

Preceding

Year

Year

Net sales

$3,592,000

$4,056,000

Cost of goods sold

2,092,000

2,656,000

Average monthly inventory

332,000

328,000

Inventory, end of year

372,000

347,000

a.  Determine for each year (1) the inventory turnover and (2) the days' sales in inventory. Round inventory turnover answers to one decimal place and number of days' sales in inventory, (including intermediate calculations) to two decimal places.

MC.09-067

Garnet Company reported the following on its income statement:

Income before income taxes

$450,000

Income tax expense

     52,000

Net income

$398,000


An analysis of the income statement revealed that interest expense was $50,000. Garnet Company's times interest earned are earned was:

The excess of issue price over par of common stock is termed as:

MC.08-112

Which of the following is an effect of payment of cash dividends on a company's financial statements?

d.A decrease in cash and stockholders' equity

 

Treasury stock is reported in the _____ section of the balance sheet.

a.investment

On April 1, 10,000 shares of $20 par common stock were issued at $24. Illustrate the effects on the accounts and the financial statements.

 

EX.09-079

Condensed data taken from the ledger of Crawford Company at December 31, 2017 and 2016, are as follows:

2017

2016

Current assets

$200,000

$180,000

Property, plant, and equipment

450,000

400,000

Intangible assets

20,700

30,000

Current liabilities

70,000

80,000

Long-term liabilities

200,000

250,000

Common stock

275,000

200,000

Retained earnings

125,700

80,000

 

Prepare a comparative balance sheet, with horizontal analysis, for December 31, 2017 and 2016. Round percentage values to one decimal place and state as a whole number. Do not enter the percent sign. (For example, enter .9569 as "95.7").

 

 

MC.09-076

Sarbanes-Oxley Act of 2002 requires which of the following report to be prepared by the management of the company?

 

MC.09-068

The balance sheet and income statement for the year ended 2016 indicate the following:

Bonds payable, 10% (issued 1998, due 2022)

$1,200,000

Preferred 5% stock, $100 par (no change during year)

350,000

Common stock, $50 par (no change during year)

2,100,000

Income before income tax for year

3,100,000

Income tax for year

72,000

Common dividends paid

58,000

Preferred dividends paid

16,300


 

The reduction of par or stated value of stock by issuance of a proportionate number of additional shares is termed a:

a.stock option.

On which of the following dates, a company incurs liability for a dividend?

MC.08-110

Emerald Co. has 50,000 shares at $12 par common stock outstanding. If the company decides to buy 20% of its shares for $15 per share, the total stockholders' equity will:

EX.09-082

The following items are reported on a company's balance sheet:

Cash

$258,000

Marketable securities

114,000

Accounts receivable

187,000

Inventory

204,000

Notes payable (short-term)

249,000

Determine the (a) current ratio and (b) quick ratio. Round your answers to one decimal place.

 

 

MC.08-117.Algo

A corporation has 55,191 shares of $35 par value stock outstanding that has a current market value of $261. If the corporation issues a 4-for-1 stock split, what amount approximately will the market value of the stock fall to?

MC.08-104

A company sold 200 shares of common stock with a par value of $5 at a price of $12 per share. Which section of the statement of cash flows will contain this transaction?

MC.09-075

The following information is available for Morgan Corporation:

 

2016

Market price per share of common stock

$25.00

Earnings per share on common stock

1.25


 

 

MC.09-074

d.cannot be determined without more information.

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