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ACCT 504 Final Exam (3 different finals)
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1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) 4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) 8. (TCO C) Accounts receivable arising from sales to customers amounted to $80,000 and $70,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $240,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) 1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)
3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:
4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5)
5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)
7. (TCOs D, G) Mendez Corporation issues 2,000 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 103. The journal entry to record the issuance will show a _____. (Points : 5)
8. (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5)
9. (TCO F) One variation of the horizontal analysis is known as _____. (Points : 5)
10. (TCO F) In a common-size balance sheet, the 100% figure is _____. (Points : 5)
11. (TCO F) In vertical analysis, the base amount for studying salary and wages expense is generally _____. (Points : 5)
12. (TCO F) A common measure of profitability is the _____. (Points : 5)
13. (TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5)
14. (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5)
1. (TCO A) An advantage of the corporate form of business is that _____. (Points : 5) it has limited life 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) the most common form of distribution is a cash dividend 3. (TCOs A, B) Below is a partial list of account balances for Denton Company: $30,100 4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5) sales under $1,000,000 5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the lowest amount of income tax expense? (Points : 5) FIFO 6. (TCOs A, E) Equipment was purchased for $60,000. Freight charges amounted to $2,800 and there was a cost of $8,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5) $14,160 7. (TCOs D, G) Lopez Corporation issues 500 ten-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a _____. (Points : 5) debit to Cash of $500,000 8. (TCO C) Accounts receivable arising from sales to customers amounted to $35,000 and $40,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $120,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. (Points : 5) $120,000 9. (TCO F) Which one of the following is not a tool in financial statement analysis? (Points : 5) Horizontal analysis 10. (TCO F) In vertical analysis, the base amount for studying salary and wages expense is generally _____. (Points : 5) net sales 11. (TCO F) Ratios are most useful in identifying _____. (Points : 5) trends 12. (TCO F) A common measure of liquidity is _____. (Points : 5) return on assets 13. (TCO F) Return-on-assets ratio is most closely related to _____. (Points : 5) profit margin and debt-to-total-assets ratio 14. (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5) find out the present value of all of the future cash payments promised by the bond
Required: 3. (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the 2 questions below: ................................................................................................................................................................................................................ Required: 1) Please calculate the percentage increase or decrease in cash for the operating, investing, and financing sections and explain the major reasons for the increase or decrease for each of these sections. 2) Please calculate the free cash flow for 2012 and explain the meaning of this ratio. 4. (TCO D) You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. She has heard from other members of a CEO organization to which she belongs that a company’s net income can vary widely depending on which accounting choices are made from the “GAAP menu.” a. Goforit carries significant electronics inventory in a competitive environment where prices are actually falling. Which inventory valuation method would you choose—LIFO, FIFO, or average cost? Assume that unit purchases exceed unit sales.
5. (TCO F) Please review the following real-world ratios for Johnson & Johnson and Pfizer for the year ended 2012 and address the 2 questions below. .................................................................................................................................................................................................................. Required: 1) Please explain the meaning of each of the Pfizer ratios above. 2) Please state which company performed better for each ratio. |
http://www.homeworkmye.com/product/acct-504-final-exam-3-different-finals |
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ACCT 504 Final Exam (3 different finals)
|
http://www.homeworkmye.com/product/acct-504-final-exam-3-different-finals |