Question 1. A transaction involving a gain on the sale of equipment affects cash provided (used) by i. operating and financing activities. ii. operating and investing activities. iii. operating, financing, and investing activities. iv. financing and investing activities. 2. Which of the following would be subtracted from net income using the indirect method? i. A decrease in prepaid expenses. ii. An increase in accounts receivable. iii. Depreciation expense. iv. An increase in accounts payable. 3. Using the indirect method, if equipment is sold at a gain, the i. sale proceeds received are added in the operating activities section. ii. amount of the gain is added in the operating activities section. iii. sale proceeds received are deducted in the operating activities section. iv. amount of the gain is deducted in the operating activities section. 4. The best way to study the relationship of the components within a financial statement is to prepare i. ratio analysis. ii. common size statements. iii. profitability analysis. iv. a trend analysis. 5. Comparative balance sheets i. do not show both dollar amount and percentage changes. ii. are usually prepared for at least one year. iii. are usually prepared for at least two years. iv. do not show a comparison of total stockholders’ equity. 6. The following information pertains to Unique 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 $ 40,000 Accounts receivable (net) 30,000 Inventory 20,000 Property, plant and equipment 210,000 Total Assets $300,000 Liabilities and Stockholders’ Equity Current liabilities $ 60,000 Long-term liabilities 90,000 Stockholders’ equity – common 150,000 Total Liabilities and Stockholders’ Equity $300,000 Income Statement Sales revenue $ 90,000 Cost of goods sold 45,000 Gross profit 45,000 Operating expenses 20,000 Net income $ 25,000 Number of shares of common stock 6,000 Market price of common stock $20 Dividends per share on common stock 0.90 Cash provided by operations $30,000 What is the profit margin for this company? i. 27.8% ii. 8.3% iii. 33.3% iv. 55.6% 7. For the work of factory employees to be considered as direct labor, the work must be conveniently and i. promptly associated with raw materials conversion. ii. materially associated with raw materials conversion. iii. periodically associated with raw materials conversion. iv. physically associated with raw materials conversion. 8. A manufacturing company reports cost of goods manufactured as a(n) i. component in the calculation of cost of goods sold on the income statement. ii. administrative expense on the income statement. iii. component of the raw materials inventory on the balance sheet. iv. current asset on the balance sheet. 9. On the costs of goods manufactured schedule, depreciation on factory equipment i. is not listed because it is not a product cost. ii. is not an inventoriable cost. iii. is not listed because it is included with Depreciation Expense on the income statement. iv. appears in the manufacturing overhead section. 10. Which one of the following is an example of a period cost? i. A manager’s salary for work that is done in the corporate head office ii. A box cost associated with computers iii. A change in benefits for the union workers who work in the New York plant of a Fortune 1000 manufacturer iv. Workers’ compensation insurance on factory workers’ wages allocated to the factory 11. If actual overhead is less than applied manufacturing overhead, then manufacturing overhead is: i. a loss on the income statement under “Other Expenses and Losses.” ii. considered a miscellaneous expense. iii. underapplied. iv. overapplied. 12. Which of the following is not viewed as part of assigning manufacturing costs in a job order cost system? i. Manufacturing overhead is applied ii. M
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