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Accounting Expert Answers & Study Resources : Page 230

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129) RFID tags include all of the following except A) active tags. B) passive tags. C) inactive tags. D) semi-passive tags. 130) Which of the following is not associated with lean manufacturing? A) CRM B) Toyota Production System C) Eliminating waste D) JIT 131) The following are EDI standards except A) ANSI X.12. B) AS2. C) eBXML. D) ISO-95. 132) Green IT is concerned with A).

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  • 129) RFID tags include all of the following except A) active
  • Accounting
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53) In what way is free cash flow different from net cash flows as shown on a cash flow statement? 54) Given the following information for Cat Castle Incorporated prepare their statement of cash flows for December 31, 2011. December 31, 2011. 2011*2010* Cash375250 Accounts receivable8575 Interest receivable56 Inventory8095 Prepaid Expenses4810 Long Term - Note receivable90125 Property, plant and Equipment325330 (net of depreciation) Accounts.

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  • 53) In what way free cash flow different from net
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11) Some organizations that use computers to process transactional data must have an information system function. 12) The operations function allows specialization in areas such as operating systems and software and communications technology. 13) Cloud computing describes the increasing trend for data processing capabilities to be provided as a service via the.

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  • 11) Some organizations that use computers to process transactional data
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12.2  Distinguish among operating, investing, and financing cash flows 1) The most important section of a cash flow statement is the: A) operating activities B) investing activities C) financing activities D) all of the sections are equally important 2) Which of the following activities increase and decrease the long-term assets available to a company? A) operating activities B).

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  • 12.2  Distinguish among operating, investing, and financing cash flows 1) The
  • Accounting
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31) Operational transaction cycles have traditionally grouped activities of a business into six common operational processes. 32) Transactions are used by auditors to verify account balances and internal controls. 33) The internal audit function and the accounting functions should not be segregated in order to increase a company's internal control. 34) The director.

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  • 31) Operational transaction cycles have traditionally grouped activities of a
  • Accounting
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51) As the accountant for Genetic Incorporated, you are responsible for preparing the cash flow statement. You have decided to prepare the statement using the indirect method and have gathered together the following data from the accounting records: Principal payments on long-term debt$ 50,000 Collections on accounts receivable287,500 Increase in accounts payable24,300 Acquisition of.

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  • 51) As the accountant for Genetic Incorporated, you responsible for
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32) The following selected data for Flower Bed Inc. for 2010 were gathered by its accountants, who are responsible for preparing the financial statements: Cost of goods sold$56,500 Amortization expense14,000 Other operating expenses17,700 Loss on sale of investments1,500 Gain on sale of capital assets8,500 Sales revenue95,600 Interest revenue received5,200 Dividend revenue received2,500 Salary expense27,200 Interest expense paid5,900 Income tax expense2,400 The cash.

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  • 32) The following selected data for Flower Bed Inc. for
  • Accounting
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33) Selected data from three companies appear below: Ashpot Co. Potassium Co. Phosphate Co. Sales $425,000 $325,000 $300,000 Cost of goods sold 280,000 230,000 200,000 Increase (decrease) in inventory (40,000) 25,000 42,000 Increase (decrease) in accounts receivable 63,000 (20,000) 22,000 Increase (decrease) in accounts payable 37,000 30,000 (16,000) Determine the cash paid to suppliers for inventory during the year for each company. The Accounts payable account relates solely to the purchase of inventory. 34).

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  • 33) Selected data from three companies appear below: Ashpot Co. Potassium
  • Accounting
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12) The following data represent selected information from the comparative income statement and balance sheet for Hot Rolled Corporation for the years ended December 31, 2011 and 2010: 2011 2010 Cash $ 10,000 $ 15,000 Net accounts receivable 30,000 25,000 Inventory 43,000 40,000 Prepaid expenses 5,000 7,000 Total current assets 88,000 87,000 Total noncurrent assets 112,000 114,000 Total current liabilities 70,000 60,000 Total noncurrent liabilities 40,000 45,000 Common shares 60,000 60,000 Retained earnings 30,000 36,000 Net credit sales 370,000 333,000 Cost of goods sold 150,000 160,000 Gross margin 220,000 173,000 Income from.

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  • 12) The following data represent selected information from the comparative
  • Accounting
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26) Based upon recent accounting scandals, identify potential red flags that may be discovered in financial analysis. 27) Barking Shark International Corporation Balance Sheet December 31, 2011 and 2010 20112010 Current assets Cash$ 10,000$ 5,000 Short-term investments7,00010,000 Accounts receivable, net30,00023,000 Inventory37,00035,000 Prepaid expenses4,0003,000 Total current assets$ 88,000$ 76,000 Property, plant, and equipment, net33,30035,000 Other assets27,00022,500 Total assets$148,300$133,500 Current liabilities Short-term borrowings$ 28,400$ 13,900 Accounts payable20,00022,500 Total current liabilities$48,400$36,400 Long-term.

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  • 26) Based upon recent accounting scandals, identify potential red flags
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109) The three general phases of systems development projects and the order in which they occur are A) systems design, systems implementation, and systems analysis. B) systems design, systems implementation, and systems auditing. C) systems design, systems analysis, and systems programming. D) systems analysis, systems design, and systems implementation. 110) Quick Response reader application can.

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  • 109) The three general phases of systems development projects and
  • Accounting
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61) Omemee Company had the following transactions during the year: Net Loss                                  ($36,000) Amortization                                $28,000 Increase in accounts receivable                   $35,000 Decrease in inventories                         $14,500 Increase in accounts payable                     $34,000 Decrease in income taxes payable                  $6,700 Decrease in wages payable                       $1,800 Proceeds on Sale of Equipment                  $380,000 Repayment of bonds                          $250,000 Issuance of Common shares                    $100,000 Proceeds on sale of land                       $150,000 Gain on sale of land                           $20,000 Payment of dividends                          $10,000 Determine the cash from investing activities: 62).

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  • 61) Omemee Company had the following transactions during the year: Net
  • Accounting
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20) Prepare vertical analysis calculations by filling in the far right column of the following balance sheet with the appropriate percentages. Rat Rack Corporation Balance Sheet December 31, 2011 2011Percent Current assets Cash$35,000 Accounts receivable, net42,000 Inventory61,000 Prepaid expenses7,000 Total current assets$ 145,000 Property, plant, and equipment, net45,700 Other assets20,000 Total assets$210,700 Current liabilities Short-term borrowings$ 29,300 Accounts payable18,000 Total current liabilities$ 47,300 Long-term debt50,250 Total liabilities$ 97,550 Shareholders' equity Common.

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  • 20) Prepare vertical analysis calculations by filling in the far
  • Accounting
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30) Vegetable Inc. gathered the following data from its accounting records for the year ended December 31, 2010: Net income$ 75,000 Increase in accounts payable25,600 Payments to suppliers172,500 Collections of accounts receivable201,700 Amortization expense16,900 Payment of income taxes23,500 Cash sales115,900 Repurchase of shares50,000 Declaration of stock dividend70,000 Loss on sale of capital assets8,900 Issuance of bonds payable600,000 Acquisition of equipment by issuing long-term.

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  • 30) Vegetable Inc. gathered the following data from its accounting
  • Accounting
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46) Classify each of the following as an operating, investing, or financing activity. a.Loaning money b.Receiving cash from customers c.Receiving interest revenue d.Payments for inventory e.Payments for interest f.Receipt of cash from issuance of bonds payable g.Receipt of cash from sale of equipment h.Payments for acquisition of land i.Receipt of cash from issuance of stock j.Receipt of dividend income k.Dividends paid.

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  • 46) Classify each of the following as an operating, investing,
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11) Activities which lead to an increase or decrease in long-term debt of a corporation are referred to as: A) operating activities B) investing activities C) financing activities D) future debt activities 12) Only the operating activities section of a cash flow statement is prepared differently when using the indirect method. 13) Only the investing activities.

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  • 11) Activities which lead to an increase or decrease in
  • Accounting
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21) In CIM systems, computers control management-designed parts of the manufacturing process. 22) Flexible manufacturing systems can be reprogrammed to produce entirely different products. 23) The process management approach aids in the management and improvement of a company's processes in order to increase customer satisfaction while ignoring the company's cost structure. 24) ERPs.

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  • 21) In CIM systems, computers control management-designed parts of the
  • Accounting
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99) Material requirements planning software assists management in managing A) inventories. B) overhead. C) scheduling production. D) both inventories and scheduling production. 100) The international quality-management standard credited for promoting the process management approach is the A) Six Sigma. B) ISA-95. C) ISO 9001. D) ISA-Y2K. 101) Which systems permit the reprogramming of computers to produce entirely different products in.

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  • 99) Material requirements planning software assists management in managing A) inventories. B)
  • Accounting
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56) Given the following information calculate JetNew's free cash flow for 2011.  Net Income$965,000 Depreciation Expense330,500 Increase in Accounts Receivables85,700 Planned investment in property860,000 Planned investment in equipment350,000 Increase in Accounts Payable9,200 Decrease in inventory260,000 Increase in Accrued Liabilties75,000 Increase in Prepaid Expenses32,000 Decrease in Long-Term Investments140,000 Increase in Common Shares65,000 Gain on sale of Land43,000 57) Given the following information calculate.

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  • 56) Given the following information calculate JetNew's free cash flow
  • Accounting
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13.3  Prepare common-size financial statements 1) Of the items listed below, the one most helpful in the comparison of different size companies is: A) horizontal analysis B) comparison of their net incomes C) preparation of common-size financial statements D) comparison of their working capital balances 2) Common-size financial statements represent a form of: A) ratio analysis B) vertical.

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  • 13.3  Prepare common-size financial statements 1) Of the items listed below,
  • Accounting
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20) Data for the most recent four fiscal years of Burleigh Falls Corp. are given below: 2011201020092008 Net sales$83,000$75,000$67,000$60,000 Cost of goods sold34,00032,00030,00026,000 Gross margin$49,000$43,000$37,000$34,000 Operating expenses26,00022,00019,00014,000 Net income$23,000$21,000$18,000$20,000 Required: a. Prepare an analysis showing the trend percentages for the four-year period using 2008 as the                         base year. b. What do the trend percentages indicate regarding Burleigh Falls Corp.'s.

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  • 20) Data for the most recent four fiscal years of
  • Accounting
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11) Following is a comparative balance sheet for Wildfire Corporation: Wildfire Corporation Comparative Balance Sheet December 31, 2011 and 2010 20112010 Current assets: Cash$ 140,000$ 90,000 Short-term investments90,00080,000 Accounts receivable, net350,000220,000 Inventory500,000430,000 Prepaid expenses30,00030,000 Total current assets$1,110,000$ 850,000 Property, plant, and equipment, net750,000500,000 Other assets280,000300,000 Total assets$2,140,000$1,650,000 Current liabilities: Short-term notes payable$650,000$670,000 Accounts payable200,000225,000 Total current liabilities$850,000$895,000 Long-term debt380,000220,000 Total liabilities$1,230,000$1,115,000 Shareholders' equity: Common shares$500,000$500,000 Retained earnings410,00035,000 Total shareholders' equity$ 910,000$535,000 Total liabilities and shareholders'.

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  • 11) Following a comparative balance sheet for Wildfire Corporation: Wildfire Corporation Comparative
  • Accounting
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11) Hamilton Corporation reports the following data: Net sales$ 370,000 Cost of goods sold250,000 Gross margin$ 120,000 If net sales increases by 15%, and cost of goods sold increases by 20%, gross margin would: A) increase by 4.6% B) decrease by 4.6% C) decrease by 4.4% D) increase by 4.4% 12) Given the following data: Net sales$100,000 Cost of goods sold60,000 Gross.

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  • 11) Hamilton Corporation reports the following data: Net sales$ 370,000 Cost of
  • Accounting
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