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accounting mcq quiz

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Question;Which of the following is the correct sequence of events?pro forma balance sheet, pro forma cash budget, pro forma income statementpro forma balance sheet, pro forma income statement, pro forma cash budgetpro forma income statement, pro forma cash budget, pro forma balance sheetnone of the above.Refer to Table 6.1 to answer this question. Table 6-1Balance SheetTotal SalesPercentageForecast SalesCurrent YearofNext Year$225,000Sales$300,000AssetsCurrent AssetsCash$5,694Accounts Receivable19,662Inventory3,381Total Current Assets28,737Fixed AssetsFurniture & Fixtures5,595Equipment25,456Total Fixed Assets31,051Total Assets$59,788Liabilities and Owner's EquityCurrent LiabilitiesNotes Payable$15,456Accrued Taxes Payable3,598Total Current Liabilities19,054Long-Term Debt18,654Total Liabilities37,708Owner's Equity22,080Total Liabilities & Owner's Equity$59,788The current ratio for the current year is __________.1.51.0.76.1.59.1.54.2 pointsQuestion 29Refer to Table 6-1 to answer this question. Table 6-1Balance SheetTotal SalesPercentageForecast SalesCurrent YearofNext Year$225,000Sales$300,000AssetsCurrent AssetsCash$5,694Accounts Receivable19,662Inventory3,381Total Current Assets28,737Fixed AssetsFurniture & Fixtures5,595Equipment25,456Total Fixed Assets31,051Total Assets$59,788Liabilities and Owner's EquityCurrent LiabilitiesNotes Payable$15,456Accrued Taxes Payable3,598Total Current Liabilities19,054Long-Term Debt18,654Total Liabilities37,708Owner's Equity22,080Total Liabilities & Owner's Equity$59,788When forecasted sales for next year are $300,000, projected long-term debt using the percentage of sales method for next year is __________.$25,410.$28,281.$29,430.$24,870.2 pointsQuestion 30Refer to Table 6-1 to answer this question. Table 6-1Balance SheetTotal SalesPercentageForecast SalesCurrent YearofNext Year$225,000Sales$300,000AssetsCurrent AssetsCash$5,694Accounts Receivable19,662Inventory3,381Total Current Assets28,737Fixed AssetsFurniture & Fixtures5,595Equipment25,456Total Fixed Assets31,051Total Assets$59,788Liabilities and Owner's EquityCurrent LiabilitiesNotes Payable$15,456Accrued Taxes Payable3,598Total Current Liabilities19,054Long-Term Debt18,654Total Liabilities37,708Owner's Equity22,080Total Liabilities & Owner's Equity$59,788When forecasted sales for next year are $300,000, total assets next year are estimated at __________ when the percentage of sales method is used.$104,629.$77,724.$79,710.$79,717.

 

Paper#42232 | Written in 18-Jul-2015

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