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Accounting Expert Answers & Study Resources : Page 146

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  Table 17-3 Cando Company uses the indirect method to prepare its statement of cash flows. Refer to the following information: 2014 2013 Increase/decrease Cash $  17,000 $  12,000 $  5,000 Accounts receivable 26,000 29,000 (3,000) Inventory 49,000 35,000 14,000 Property, Plant & Equipment (net) 110,000 80,000 30,000     Total assets $202,000 $156,000 $  46,000 Accounts payable 7,000 $  10,000 $  (3,000) Accrued.

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  •   Table 17-3 Cando Company uses the indirect method to prepare its
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41) The following table shows selected data for Wong Corporation for the past five years ended December 31, 2014: 20142013201220112010 Net sales$19,500$17,400$18,200$16,500$14,900 Cost of goods sold9,50010,3009,5008,9008,000 Inventory13,00012,2008,7009,5009,300 Net accounts receivable7,5006,8007,2007,0006,500 a) Prepare an analysis showing the trend percentages for the four years 2011-2014, using 2011 as the base year. b) What was the inventory turnover for 2013? c).

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  • 41) The following table shows selected data for Wong Corporation
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  Table 17-6 The income statement and partial balance sheet for the Jefferson Company is presented below. Jefferson Company Income Statement For the Year Ended December 31, 2014 Revenues :      Sales revenue $500,000 Expenses:      Cost of goods sold $ 390,000      Salary expense 70,000      Amortization expense 20,000      Other operating expenses     10,000 Total expenses   490,000 Net income $  10,000 Jefferson Company Partial Balance Sheet December 31, 2014 2014 2013 Cash $ 80,000 $.

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  •   Table 17-6 The income statement and partial balance sheet for the
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88) Following is a comparative balance sheet for Wong Corporation: Wong Corporation Comparative Balance Sheet December 31, 2014 and 2013      Assets20142013 Current assets Cash$ 12,000$  8,000 Short-term investments7,0009,000 Accounts receivable, net33,00020,000 Merchandise inventory47,00042,500 Prepaid expenses   2,000   3,000 Total current assets101,00082,500 Property, plant, and equipment, net73,40050,000 Intangible assets  29,000  27,500 Total assets $203,400              $160,000     Liabilities  Current liabilities Short-term note payable$ 60,000$ 65,900 Accounts payable  20,000  22,500 Total.

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  • 88) Following a comparative balance sheet for Wong Corporation: Wong Corporation Comparative
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  Table 18-6 Arlington Company prepared a common-size income statement, for 2013, to compare its results with its key competitor, Bardo Company.  Please refer to the following data: Arlington Co. Bardo Co. Revenues 100.0% 100.0% Cost of goods sold 42.1% 47.8% Gross margin 57.9% 52.2% Operating expenses:    Sales and marketing expense 26.3% 8.6%    General and administrative expense 12.0% 10.8%    Research and development expense   4.1% 10.2% Total operating expenses 42.4% 29.6% Income before income.

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  •   Table 18-6 Arlington Company prepared a common-size income statement, for 2013,
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19) Refer to Table 17-1. The payments to suppliers for inventory during the period were: A) $343,800 B) $353,000 C) $368,000 D) $425,500 20) Mark Corporation's inventory account increased $26,800 and its accounts payable account (which relates to the purchase of merchandise only) decreased $18,240 during the year. Mark also reported sales of $789,500 and.

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  • 19) Refer to Table 17-1. The payments to suppliers for
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33) Complete a vertical analysis on the La Paz Company balance sheet data shown in the format below: (Dollar amounts in thousands) 2014     Amount % of total Assets Current assets: Cash $  10,000 Accounts receivable, net 15,600 Inventory    38,000    Total current assets    63,600 Property, plant and equipment, net 195,000 Other long-term assets    15,000 Total assets $273,600 Liabilities Current liabilities: Accounts payable $   8,500.

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  • 33) Complete a vertical analysis the La Paz Company balance
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1) Under International Financial Reporting Standards (IFRS), the Cash Flow Statement is  called the Statement of Cash Flows. 2) Under Accounting Standards for Private Enterprises (ASPE), dividends received and paid are reported as investing and financing activities respectively. 3) Under Accounting Standards for Private Enterprises (ASPE), receipts of interest and dividends are .

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  • 1) Under International Financial Reporting Standards (IFRS), the Cash Flow
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45) The distribution of a stock dividend would appear in the: A) operating activities section B) financing activities section C) investing activities section D) It would not appear on the cash flow statement. 46) The payment of a  cash dividend would appear in the: A) operating activities section B) financing activities section C) investing activities section D) It would.

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  • 45) The distribution of a stock dividend would appear in
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27) The following selected data for Ryder Corporation for the year ended December 31, 2014, are available to you for preparing the cash flow statement: Cost of goods sold$56,500Sales revenue$97,300 Amortization expense14,100Interest revenue4,100 Income tax expense2,300Dividend revenue3,600 Other operating expenses17,700Salary expense24,000 Loss on sale of investments1,400Interest expense5,900 Gain on sale of property,       plant, and equipment7,200 The.

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  • 27) The following selected data for Ryder Corporation for the
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21) The operating activities section from the cash flow statement of Folly Corporation is listed below. Folly Corporation Cash Flow Statement For the Year Ended December 31, 2014 Cash flows from operating activities: Net income$39,000 Add (subtract) items that affect net income and cash flows differently:  Amortization$20,100 Loss on sale of investments1,400 Gain on sale of property, plant,.

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  • 21) The operating activities section from the cash flow statement
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  Select from the following list the letter of the ratio title for the formula provided in the question. A.Current ratio B.Acid-test (quick) ratio C.Inventory turnover D.Accounts receivable turnover E.Day's sales in average accounts receivable F.Debt ratio G.Times-interest-earned ratio H.Rate of return on net sales (profit margin) I.Rate of return on total assets J.Rate of return on common shareholders' equity K.Earnings per.

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  •   Select from the following list the letter of the ratio
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  Table 18-7 Jackson Company has prepared the following comparative income statement, for 2014, to compare its performance with industry averages: Jackson Co. Industry Revenues $8,000 $98,000 Cost of goods sold 3,500 38,900 Gross margin 4,500 59,100 Operating expenses:    Sales and marketing expense 1,450 21,000    General and administrative expense 960 13,900    Research and development expense     330    3,880.

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  •   Table 18-7 Jackson Company has prepared the following comparative income statement,
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84) Based on the following information for Rockwell Corporation for 2014, calculate the following ratios: Merchandise inventory, January 1, 2014$ 40,000 Accounts receivable, January 1, 2014130,000 Cost of goods sold 160,000 Net sales350,000 Merchandise inventory, December 31, 2014 55,000 Accounts receivable, December 31, 2014120,000 a) accounts receivable turnover b) days' sales in receivables c) merchandise inventory turnover 85) The following.

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  • 84) Based the following information for Rockwell Corporation for 2014,
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39) Following is a comparative income statement for Chui Corporation: Chui Corporation Comparative Income Statement For the Years Ended December 31, 2014 and 2013 20142013 Net sales$122,000 $120,000 Expenses: Cost of goods sold62,00057,000 Selling and general expenses 20,00012,000 Interest expense12,00014,000 Income tax expense      6,000     7,000 Total expenses 100,000                 90,000 Net income $ 22,000$ 30,000 a) Prepare a horizontal analysis.

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  • 39) Following a comparative income statement for Chui Corporation: Chui Corporation Comparative
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69) State whether each event below should be classified as an operating activity, investing activity, financing activity, shown in a separate schedule or note of noncash investing and financing activities, or not disclosed on the cash flow statement. _______________  a) Paid for merchandise purchased on account _______________   b) Received stock dividends _______________   c).

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  • 69) State whether each event below should be classified as
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31) Refer to Table 18-4. What would horizontal analysis report with respect to long-term liabilities? A) That long-term liabilities decreased by $30,000 B) That long-term liabilities decreased by 40% C) That long-term liabilities decreased by 60% D) That long-term liabilities decreased by 67% 32) La Paz Company reported the following data: (Dollar amounts in millions) 2014 2013 Amount of.

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  • 31) Refer to Table 18-4. What would horizontal analysis report
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