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Chapter 4 Quiz InstructionsChoose the most approp...

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Chapter 4 Quiz InstructionsChoose the most appropriate response to the following questions. You may refer to your text and your notes to take this quiz. 1) Multiple Choice We can obtain the financial reports of publicly held corporations by A. calling the company directly. B. reading trade journals. C. using EDGAR on the Internet. D. using published data in sources such as Value Line. E. all of the above. 2) Multiple Choice Table 4-1. Income Statement for Sam's Appliance Repair January February Total Revenues 46,062 44,759 Returns & Allowances 545 685 Net Sales 45,517 44,074 Cost of Goods Sold 13,841 11,583 Gross Profit 31,676 32,491 Operating Expenses Officer?s Salary 2,500 2,500 Salaries 15,750 14,250 Payroll Taxes 3,623 3,278 Rent 2,000 2,000 Janitorial 150 150 Utilities 512 485 Depreciation 500 500 Sales Taxes 2,994 2,909 Total Operating Expenses 28,029 26,072 Operating Profit/Loss 3,647 6,419 Interest Expense 150 150 Net Profit/Loss 3,497 6,269 Refer to Table 4-1. Using a vertical analysis of January data, Payroll Taxes were approximately ____ percent. A. .0787 B. .0796 C. 7.87 D. 7.96 3) Multiple Choice Table 4-1 Income Statement for Sam's Appliance Repair January February Total Revenues 46,062 44,759 Returns & Allowances 545 685 Net Sales 45,517 44,074 Cost of Goods Sold 13,841 11,583 Gross Profit 31,676 32,491 Operating Expenses Officer?s Salary 2,500 2,500 Salaries 15,750 14,250 Payroll Taxes 3,623 3,278 Rent 2,000 2,000 Janitorial 150 150 Utilities 512 485 Depreciation 500 500 Sales Taxes 2,994 2,909 Total Operating Expenses 28,029 26,072 Operating Profit/Loss 3,647 6,419 Interest Expense 150 150 Net Profit/Loss 3,497 6,269 Refer to Table 4-1. Using horizontal analysis, payroll taxes ______ by approximately _______ percent. A. decreased, 10.52 B. decreased, 9.52 C. increased, 10.52 D. increased 9.52 4) Multiple Choice Last year Sam earned $25,000 and received no bonus. This year he earned the same amount but received a $2,000 bonus. What was the percentage change in his annual earnings? A. 8.00 B. 7.41 C. -11.20 D. -92.00 5) Multiple Choice Carl's Toy Factory had the following items listed on its balance sheet. Cash, 1,590; Accounts receivable, 5,746; Accounts payable, 9,563; Inventory, 7,879; Equipment, 35,743; Land, 50,000; Buildings, 135,487; Mortgage, 125,276. Based on this information what was Carl's quick ratio? A. .77 B. 1.37 C. 1.59 D. 2.14 6) Multiple Choice In 2007, James had Cost of Goods of 358,358, in 2008, they were 365,069. On the last day 2007 her inventory was 45,675, and on the last day of 2008 it was 51,559. What is the Inventory Turnover for James' Television Sales Shop for 2008? A. 7.84 B. 7.51 C. 7.44 D. 7.37 E. 7.08 7) Multiple Choice In 2008, The Best Donut Shop had cash sales of 83,684 and total sales of 176,413. Accounts Receivable were 3,275. What was Accounts Receivable Turnover? A. 25.55 B. 28.314 C. 39.71 D. 53.87 E. There is not enough information provided to answer this question. 8) Multiple Choice A company has the following information on their income statement and balance sheet. Total Sales $345,678, Returns and Allowances $15,500, Cost of Goods Sold $175,000, Total Assets $500,000, Current Assets $25,000. What is their Fixed Asset Turnover ratio? A. .368 B. .660 C. .691 D. .695 E. .728 9) Multiple Choice The balance sheet for Jim's Hardware has the following items listed. Current Liabilities, $25,345; Long Term Debt, $100,000; Total Liabilities, $125,345; Total Assets, $325,490. What is the Debt to Equity Ratio for this company? A. .798 B. .626 C. .499 D. .385 E. .307 10) Multiple Choice The Handy Dandy Corporation has an income statement which indicates that Earnings Before Taxes is $2,375,486 and it pays taxes at 35% of earnings. The Corporation currently has 1 million shares of common stock outstanding and does not issue preferred stock. What is this corporation's approximate Earnings per Share? A. $0.42 B. $0.65 C. $1.54 D. $2.38

 

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