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##### Strayer ACC100 ch018 quiz

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Question;Quiz ch018;Question 1;Assume the following sales data for a company;2014;\$1,050,000;2013;950,000;2012;800,000;2011;650,000;If 2011 is the base year, what is the percentage increase in sales from 2011 to;2013?;61.5%;46.2%;68.4%;100%;Question 2;The following information is available;forOakland Company;2014;2013;Accounts receivable;\$ 430,000;\$ 460,000;Inventory;280,000;320,000;Net credit sales;2,670,000;1,600,000;Cost of goods sold;1,860,000;1,060,000;Net income;300,000;170,000;The accounts receivable turnover ratio for 2014 is;6.0 times.;6.2 times.;5.8 times.;1.4 times.;Question 3;Swiss Clothing Store had a balance in the Accounts;Receivable account of \$920,000 at the beginning of the year and a balance of;\$980,000 at the end of the year. Net credit sales during the year amounted to;\$6,650,000. The average collection period of the receivables in terms of days;was;52.1 days.;50.7 days.;53.7 days.;30 days.;Question 4;Country Company reported the following on its;income statement;Income before income taxes;\$850,000;Income tax expense;250,000;Net income;\$600,000;An analysis of the income statement revealed that interest expense was;\$100,000. Country Company's times interest earned was;6.5 times.;9.5 times.;8.5 times.;3.4 times.;Question 5;The following information is available forOakland;Company;2014;2013;Accounts receivable;\$ 360,000;\$ 400,000;Inventory;340,000;400,000;Net credit sales;2,470,000;1,400,000;Cost of goods sold;1,850,000;1,060,000;Net income;300,000;170,000;The inventory turnover ratio for 2014 is;4.6 times.;5.4 times.;6.7 times.;5.0 times.;Question 6;Your answer has been saved and sent;for grading. See Gradebook for score details.;The current ratio is;used to evaluate a company's solvency and;long-term debt paying ability.;calculated by subtracting current liabilities;from current assets.;used to;evaluate a company's liquidity and short-term debt paying ability.;calculated by dividing current liabilities by;current assets.;Click if you would like to Show Work;for this question;Open Show Work;Question 7;Your answer has been saved and sent;for grading. See Gradebook for score details.;The discontinued operations section of the income;statement refers to;obsolete equipment and discontinued inventory;items.;discontinuance of a product line.;the income or loss on products that have been;completed and sold.;the disposal of a;significant component of a business.;Question 8;Comparisons of data within a company;are an example of the following comparative basis;Intercompany;Intracompany;Interregional;Industry averages;Question 9;The acid-test ratio;is a quick calculation of an approximation of the;current ratio.;does include prepaid expenses as part of the;numerator.;does not include all current liabilities in the;calculation.;does not;include inventory as part of the numerator.;Question 10;A weakness of the current ratio is;that it can be expressed as a percentage, as a;rate, or as a proportion.;that it is rarely used by sophisticated analysts.;the difficulty of the calculation.;that it;doesn't take into account the composition of the current assets.

Paper#38466 | Written in 18-Jul-2015

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