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Accounting Expert Answers & Study Resources : Page 208

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21) La Paz Company reported the following data: (Dollar amounts in millions) 2014 2013 Amount of Increase (Decrease) Percentage Revenues $6,355 $4,920 $1,435 29.2% Cost of revenues 3,370 2,200 1,170 53.2% Gross profit 2,985 2,720 265 9.7% Operating expenses:    Sales and marketing expense 675 580 95 16.4%    General and administrative expense 410 425 (15) -3.5%    Research and development expense 470 390 80 20.5%    Other expense 400 695.

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  • 21) La Paz Company reported the following data: (Dollar amounts in
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11) Please refer to the following information for Peartree Company: •Common stock, $1.00 par, 100,000 issued, 95,000 outstanding •Paid-in capital in excess of par: $2,150,000 •Retained earnings:  $910,000 •Treasury stock: 5,000 shares purchased at $20 per share If Peartree resold 1,000 shares of treasury stock for $24 per share, the company would record a gain.

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  • 11) Please refer to the following information for Peartree Company: •Common
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11) Avatar Company uses the direct method to prepare its statement of cash flows.  Please refer to the following information reported for the year 2014: •Sales revenue:$240,000 •Accounts receivable beginning balance:$35,000 •Accounts receivable ending balance:$31,000 In the operating activity section of the statement of cash flows, what amount would be shown for collections from.

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  • 11) Avatar Company uses the direct method to prepare its
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21) Ross Corporation reported the following equity section on its current balance sheet: Common stock, $5 par, 140,000 shares authorized, 50,000 shares issued $250,000 Paid in capital in excess of par—common 200,000 Retained earnings 207,000 Total stockholders' equity $657,000 The corporation purchases 15,000 shares of its common stock at $9.50 per share.  Which of the following is the number.

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  • 21) Ross Corporation reported the following equity section its current
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16) Gordon Corporation reported the following equity section on its current balance sheet.  The common stock is currently selling for $11.50 per share. Common stock, $5 par, 100,000 shares authorized, 40,000 shares issued $200,000 Paid in capital in excess of par—common 120,000 Retained earnings 290,000 Total stockholders' equity $610,000 What will the total number of shares issued be after.

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  • 16) Gordon Corporation reported the following equity section its current
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41) A payment of interest on a loan would be considered a: A) cash outflow from operating activities. B) cash outflow from investing activities. C) cash outflow from financing activities. D) noncash activity. 42) Cash received from selling merchandise would be considered a: A) cash inflow from investing activities. B) cash inflow from operating activities. C) cash inflow.

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  • 41) A payment of interest a loan would be considered
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Learning Objective 14-2 1) Operating activities include activities that affect long-term liabilities and stockholders' equity. 2) The financing activities section of the statement of cash flows includes paying dividends and paying off loans. 3) Investing activities include activities that affect the long-term asset section of the balance sheet. 4) Financing activities include activities that.

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  • Learning Objective 14-2 1) Operating activities include activities that affect long-term
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15) For the year 2013, Foxmore Company reports the following items as part of their financial results: Sales revenues from regular business operations $3,000,000 Cost of goods sold   900,000 Operating expenses from their regular business operations     600,000 Gain on disposal of several items of property, plant & equipment                15,000 Income tax expense on continuing operations    .

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  • 15) For the year 2013, Foxmore Company reports the following
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31) Please refer to the following information for Peartree Company: •Common stock, $1.00 par, 100,000 issued, 95,000 outstanding •Paid-in capital in excess of par: $2,150,000 •Retained earnings:  $910,000 •Treasury stock: 5,000 shares purchased at $20 per share If Peartree purchases an additional 1,000 shares of treasury stock at $18 per share, what amounts will be.

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  • 31) Please refer to the following information for Peartree Company: •Common
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50) At March 31, 2014, the Park Place Company shows the following data on their balance sheet: Stockholders' equity   Common stock, $1 par, 1,000,000 shares authorized, $120,000        120,000 shares issued, 110,000 shares outstanding   Paid-in capital in excess of par 2,470,000   Retained earnings 5,440,000   Treasury stock, 10,000 shares at $25 (250,000)       Total.

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  • 50) At March 31, 2014, the Park Place Company shows
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21) Avatar Company uses the indirect method to prepare the statement of cash flows.  Please refer to the following section of the comparative balance sheet: 2014 2013 Increase/decrease Cash $ 33,000 $ 18,000 $15,000 Accounts receivable 22,000 35,000 (13,000) Inventory 170,000 115,000 55,000     Total assets $225,000 $168,000 $57,000 The change in inventory will be shown as a positive.

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  • 21) Avatar Company uses the indirect method to prepare the
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35) On July 31, 2013, the Archer Company reported the following information in the equity section of their balance sheet: Stockholders' equity   Common stock, $1.00 par, 500,000 shares authorized, 20,000 shares issued $20,000   Paid-in capital in excess of par 1,180,000   Retained earnings 3,200,000       Total stockholder's equity $4,400,000 Assume that Archer carries out.

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  • 35) On July 31, 2013, the Archer Company reported the
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41) Please refer to the following information for Peartree Company: •Common stock, $1.00 par, 100,000 issued, 95,000 outstanding •Paid-in capital in excess of par: $2,150,000 •Retained earnings:  $910,000 •Treasury stock: 5,000 shares purchased at $20 per share If Peartree resold 800 shares of treasury stock for $15 per share, which of the following statements would.

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  • 41) Please refer to the following information for Peartree Company: •Common
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79) Avatar Company uses the indirect method to prepare the statement of cash flows.  Please refer to the following income statement: Sales revenue $240,000 Interest revenue 1,000 Gain on sale of plant assets 4,000    Total revenues and gains $245,000 Cost of goods sold 110,000 Salary expense 45,000 Depreciation expense 12,000 Other operating expenses 23,000 Interest expense 1,000 Income tax.

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  • 79) Avatar Company uses the indirect method to prepare the
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11) A company reported the following amounts of net income: 2011 $18,000 2012 $24,000 2013 $26,000 Which of the following is the percentage change in net income from 2011 to 2012? A) 33.33% B) 8.33% C) 10.00% D) 30.00% 12) The following is a summary of information presented on the financial statements of The Cake Company on December 31, 2014. Account 2014 2013 Current assets $  65,000 $ .

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  • 11) A company reported the following amounts of net income: 2011 $18,000 2012
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83) Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the following portion of the comparative balance sheet: 2014 2013 Increase/decrease Cash $  21,000 $  18,000 $  3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 PP&E, net 120,000 90,000 30,000     Total assets $225,000 $168,000 $57,000 Additional information provided: •Equipment costing.

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  • 83) Avatar Company uses the indirect method to prepare its
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48) At March 31, 2014, the Park Place Company shows the following data on their balance sheet: Stockholders' equity   Common stock, $1 par, 1,000,000 shares authorized, $120,000        120,000 shares issued, 110,000 shares outstanding   Paid-in capital in excess of par 2,470,000   Retained earnings 5,440,000   Treasury stock, 10,000 shares at $25 (250,000)       Total.

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  • 48) At March 31, 2014, the Park Place Company shows
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6) Which of the following statements is TRUE? A) Restrictions on retained earnings require adjusting journal entries. B) Restrictions on retained earnings are usually reported in the notes to the financial statements. C) Restrictions on retained earnings are disclosed on the income statement. D) Restrictions on retained earnings are designed to maximize dividends paid.

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  • 6) Which of the following statements TRUE? A) Restrictions retained earnings
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87) Avatar Company uses the indirect method to prepare its statement of cash flows.  Please refer to the following sections of the comparative balance sheet:   2014 2013 Increase/decrease Accounts payable $   4,000 $   6,000 $ (2,000) Accrued liabilities 2,000 1,000 1,000 Long-term notes payable 84,000 90,000 (6,000)     Total liabilities $ 90,000 $ 97,000 $ (7,000)         Common stock 30,000 2,000 28,000.

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  • 87) Avatar Company uses the indirect method to prepare its
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32) The income statement and a partial balance sheet for Jefferson Company is presented below. Prepare the operating activities section of the statement of cash flows using the direct method. Jefferson Company Income Statement For the Year Ended December 31, 2013 Sales $500,000 Cost of goods sold   390,000 Gross profit $110,000 Operating expenses: Salaries $70,000 Depreciation expense 20,000 Miscellaneous 10,000 100,000 Net income $ 10,000 Jefferson Company Partial Balance.

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  • 32) The income statement and a partial balance sheet for
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81) Starfire Company uses the indirect method to prepare the statement of cash flows.  Please refer to the following income statement: Sales revenue $140,000 Interest revenue 5,000 Loss on sale of plant assets (4,000)    Total revenues and (losses) $141,000 Cost of goods sold 100,000 Salary expense 23,000 Depreciation expense 8,000 Other operating expenses 9,000 Interest expense 2,000 Income tax.

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  • 81) Starfire Company uses the indirect method to prepare the
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