ACC 556 WEEK 10 HOMEWORK
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ACC 556 WEEK 10 HOMEWORK
1.
Comprehensive income
includes all revenues, expenses, gains, losses, and dividends.
2.
A primary purpose of
vertical analysis is to observe trends over a three-year period.
3.
In the vertical
analysis of an income statement, each item is generally stated as a percentage
of net income.
4.
Leverage and return on
equity are closely related.
5.
Because pro forma
earnings are based on specific rules, these amounts are highly reliable.
6.
Which of the following
income statement figures would probably be the best indicator of a company’s
future performance?
7.
The discontinued
operations section of the income statement refers to
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?
9.
Comprehensive income
would not include
10. All of the following statements are true
regarding comprehensive income except
11. Horizontal analysis of comparative financial
statements includes the
12. Assume the following cost of goods sold data
for a company:
13. The best way to study the relationship of the
components within a financial statement is to prepare
14. The following schedule is a display of what
type of analysis?
15. Stockholders are most interested in evaluating
16. 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
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
18. A successful grocery store would probably have
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.
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.
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