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ACC 556 ACC556 ACC/556 WEEK 10 HOMEWORK CHAPTER 13

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ACC 556 WEEK 10 HOMEWORK CHAPTER 13 • Question 1 Comprehensive income includes all revenues, expenses, gains, losses, and dividends. • Question 2 A primary purpose of vertical analysis is to observe trends over a three-year period. • Question 3 In the vertical analysis of an income statement, each item is generally stated as a percentage of net income. • Question 4 Leverage and return on equity are closely related. • Question 5 Because pro forma earnings are based on specific rules, these amounts are highly reliable. • Question 6 Which of the following income statement figures would probably be the best indicator of a company’s future performance? • Question 7 The discontinued operations section of the income statement refers to • Question 8 Patchett Company reported income before taxes of $800,000 and an extraordinary loss of $200,000. Assume that the company’s tax rate is 25%. What amounts will be reported on the income statement for income before irregular items and extraordinary items, respectively? • Question 9 Comprehensive income would not include • Question 10 All of the following statements are true regarding comprehensive income except • Question 11 Horizontal analysis of comparative financial statements includes the • Question 12 Assume the following cost of goods sold data for a company: 2015 $1,300,000 2014 1,200,000 2013 1,000,000 If 2013 is the base year, what is the percentage increase in cost of goods sold from 2013 to 2015? • Question 13 The best way to study the relationship of the components within a financial statement is to prepare • Question 14 The following schedule is a display of what type of analysis? Amount Percent Current assets $100,000 25% Property, plant, and equipment 300,000 75% Total assets $400,000 100% • Question 15 Stockholders are most interested in evaluating Somen to Park Corporation had net credit sales of $4,060,000 and cost of goods sold of $3,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $650,000 and $750,000, respectively. The accounts receivable turnover was • Question 17 BVI Corporation had net income of $1,600,000 and paid dividends to common stockholders of $400,000 in 2014. The weighted average number of shares outstanding in 2014 was 500,000 shares. BVI Corporation’s common stock is selling for $50 per share on the NASDAQ. BVI Corporation’s payout ratio for 2014 is • Question 18 A successful grocery store would probably have • Question 19 The following information pertains to Blue Flower 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) 30,000 Inventory 15,000 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 15,000 Total Liabilities and Stockholders’ Equity $300,000 Income Statement Sales revenue $ 121,000 Cost of goods sold 66,000 Gross margin 55,000 Operating expenses 30,000 Net income $ 25,000 Number of shares of common stock 6,000 Market price of common stock $20 Dividends per share on common stock .50 Cash provided by operations $40,000 What is the current ratio for this company? • Question 20 For each of the ratios listed below, indicate by the appropriate code letter, whether it is a liquidity ratio, a profitability ratio, or a solvency ratio. o Question Selected Match Price-earning

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