question 1 the information gained from an analysis of financial statements has its g 4529109

Question 1 The information gained from an analysis of financial
statements has its greatest value in assisting the user in making predictions. True False 2 points Question 2 The following selected data are taken from the Blake
Company’s accounts: Sales in 2012 $714,000Cost of goods sold in 2012 432,000Accounts receivable, 12/31/12 484,000Accounts receivable, 1/1/12 440,000Inventory, 1/1/12 260,000Inventory, 12/31/12 140,000The inventory turnover rate is: A. 1.35 B. 1.66 C. 2.16 D. 3.572 points Question 3 The following data are from the Gold Company’s August 31,
2013, balance sheet:Accounts payable $280,000 Accounts receivable $390,000Allowance for Cash 48,000uncollectible accounts 36,000 Merchandise inventory 800,000Bonds payable 200,000 Prepaid expenses 30,000Notes receivable
(due 9/30/13) 50,000 The acid-test ratio is: A. 4.6:1 B. 1.4:1 C. .94:1 D. 1.6:12 points Question 4 A company that has favorable financial leverage is using
debt or preferred stock to magnify the earnings per share on common stock. True False 2 points Question 5 Given the following information, determine the times
interest earned ratio: Income before interest and taxes $ 900,000Less: Interest expense (200,000) Income before federal income taxes $ 700,000Less: Taxes (280,000)Net income $
420,000 A. 2.10 B. 1.65 C. 4.50 D. 3.502 points Question 6 Ratios are simply a way of expressing data as logical
relationships within or between financial statements. True False 2 points Question 7 The stockholders’ equity to debt ratio is a measure of the
corporation’s profitability. True False 2 points Question 8 Inventories and prepaid expenses are excluded from the
computation of the acid-test ratio. True False 2 points Question 9 The Lennox Co. accounts show the following: Net sales $3,000,000 Net
accounts receivable (1/1) $280,000Net income 140,000 Net
accounts receivable (12/31) 520,000The average collection period (to the nearest whole day) is: A. 150 days. B. 49 days. C. 34 days. D. 63 days.2 points Question 10 The Deck Food Company accounts show the following for the
fiscal year ended September 30, 2013: Gross sales $879,600Sales returns and allowances 19,600Net sales $860,000Accounts receivable (net):
On 9/30/12 $
80,000On 9/30/13 120,000The turnover of accounts receivable is: A. 8.4 times
per year. B. 8.6 times
per year. C. 6.14
times per year. D. 8.8 times
per year.2 points Question 11 The times interest earned ratio reflects the ability of a
company to make interest payments. True False 2 points Question 12 Percentages in financial analysis are useful for comparison
purposes, but actual dollar amounts are often necessary to make financial
judgments. True False 2 points Question 13 Public corporations must publish annual financial reports. True False 2 points Question 14 Expressing the change in net sales from one period to the
next in both absolute and percentage terms is an example of horizontal
analysis. True False 2 points Question 15 Given the following data: Net sales $1,600,000 Inventory
(1/1) $440,000Cost of goods sold 1,080,000 Inventory
(12/31) 540,000The inventory turnover is: A. 2.00 B. 2.45 C. 3.27 D. 2.202 points Question 16 The two elements used in determining the rate of return on
operating assets are: A. net
income and turnover of operating assets. B. net
operating income and operating assets. C. net
operating income and turnover of operating assets. D. net
income and operating assets.2 points Question 17 Earnings per share of common stock is a measure of the per
share: A. earnings
available to common stockholders. B. dividend
distribution. C. profit
before interest and taxes. D. profit
after taxes.2 points Question 18 The accounts receivable turnover ratio measures (select the
best answer): A. how
rapidly a company pays its obligations. B. how
rapidly the accounts receivable are collected. C. how
rapidly uncollectible accounts are written off. D. The other
answers are all incorrect.2 points Question 19 Whether a given common stock is said to be relatively high
priced or low priced depends at least partially on its earnings per share. True False 2 points Question 20 In evaluating a company, the financial analyst must be sure
that any data and techniques being used are comparable. True False 2 points Question 21 You are given the following information: Income before interest expense and taxes $500,000 Less: Interest expense 40,000Income before federal income taxes $460,000 Less: Taxes (at 40% rate) 184,000Net income $276,000Less: Preferred dividends 30,000Earnings available for common stockholders $246,000The number of times the interest is earned is: A. 11.5 B. 4.6 C. 25.5 D. 12.52 points Question 22 The payout ratio shows what proportion of a company’s net
income is paid to creditors as interest. True False 2 points Question 23 How many drum kits a month could SJC manufacture after
implementing Marcus’s changes? 40 60 80 1002 points Question 24 How much money did Marcus spend on new equipment to help
streamline the production process? $20k $45k $50k $100k2 points Question 25 How many kits a month could SJC manufacture before
implementing Marcus’s changes? 40 60 80 1002 points Question 26 All of the following are issues that Marcus believes needs
to be addressed at SJC Drums when he first arrives at the business except: Disorganized
inventory Low
Margins Inadequate
Sales Labor
Intensive Production Process Lond
lead/production times2 points Question 27 Which of the following are the 1st – 3 steps in the 10 step
production process: General
woodworking, Prep & Sanding, Painting Pull
Inventory, Prepare Inventory, Assemble Layout,
Edging, Prep & Sanding Painting,
Prep & Sanding, Drilling2 points Question 28 Which product costing system would SJC most likely use for
its’ Best drum line? ABC
Costing Job
Order Costing Process
Costing Variable
Costing2 points Question 29 What are the new projected sales for SJC Drums for the
upcoming year after Marcus gets involved? $1
million $1.8
million $1.5
million $2.4
million2 points Question 30 What was the primary way that SJC was able to lower their
cost on their “Good” drum kit? Use
natural finish on exterior of drums Use
cheaper laminate finish Use
cheaper hardware Offer
both a 22″ and an 8″ drum

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