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acct 202 first exam




Question;There are 31 questions in the file attached1.;award:1.61;out of1.61 points;Ozols Corporation's most;recent income statement appears below;Sales (all on account);$713,000;Cost of goods sold;305,000;Gross margin;408,000;Selling and;administrative expense;175,000;Net operating income;233,000;Interest expense;64,000;Net Income before;taxes;169,000;Income taxes;60,000;Net income;$109,000;The gross margin percentage is closest to;2.;award:1.61;out of1.61 points;Crandler Company's net;income last year was $65,000. The company paid preferred dividends of $22,500;and its average common stockholders' equity was $500,000. The company's return;on common stockholders' equity for the year was closest to;3.;award:0;out of1.61 points;The average;stockholders' equity for Horn Co. last year was $2,800,000. Included in this;figure was $280,000 of preferred stock. Preferred dividends were $32,000. If;the return on common stockholders' equity was 12.5% for the year, net income;was;4.;award:0;out of1.61 points;Artist Company's net;income last year was $540,000. The company has 152,000 shares of common stock;and 41,900 shares of preferred stock outstanding. There was no change in the;number of common or preferred shares outstanding during the year. The company;declared and paid dividends last year of $1.80 per share on the common stock;and $0.80 per share on the preferred stock. The earnings per share of common;stock is closest to;5.;award:1.61;out of1.61 points;Archer Company had net;income of $86,800 last year. The company has 6,800 shares of common stock and;4,300 shares of preferred stock outstanding. There was no change in the number;of common or preferred shares outstanding during the year. Preferred dividends;were $2 per share. The earnings per share of common stock was;6.;award:1.61;out of1.61 points;The following data have;been taken from your company's financial records for the current year;Earning per share;$30;Dividend per share;$8;Market price per share;$390;Book value per share;$225;The price-earnings ratio is;7.;award:0;out of1.61 points;Last year the return on;total assets in Jeffrey Company was 8.00%. The total assets were 3 million at;the beginning of the year and 3.25 million at the end of the year. The tax rate;was 30%, interest expense totaled $115 thousand, and sales were $5.3 million.;Net income for the year was;9.;award:0;out of1.61 points;The following account;balances have been provided for the end of the most recent year;Total assets;$180,000;Total stockholder's;equity;$150,000;Total common stock;(5,000 shares);$50,000;Total preferred stock;(1,000 shares);$10,000;10.;award:0;out of1.61 points;Delatrinidad;Corporation's net income last year was $7,748,000. The dividend on common stock;was $13.4 per share and the dividend on preferred stock was $3.2 per share. The;market price of common stock at the end of the year was $54.5 per share.;Throughout the year, 480,000 shares of common stock and 240,000 shares of;preferred stock were outstanding. The dividend payout ratio is closest to;11.;award:1.61;out of1.61 points;Last year, Shadow;Corporation's dividend on common stock was $21.75 per share and the dividend on;preferred stock was $20.86 per share. The market price of common stock at the;end of the year was $75.00 per share. The dividend yield ratio is closest to;12.;award:1.61;out of1.61 points;Hagerman Corporation's;most recent income statement appears below;Sales (all on account);$625,000;Cost of goods sold;375,000;Gross margin;250,000;Selling and;administrative expense;125,000;Net operating income;125,000;Interest expense;31,250;Net income before;taxes;93,750;Income taxes (30%);28,125;Net income;$65,625;The beginning balance of total assets was $330,000 and the ending balance was;$204,000. The return on total assets is closest to;13.;award:0;out of1.61 points;Excerpts from Lasso Corporation's;most recent balance sheet appear below;Year;2;Year;1;Preferred stock;$280,000;$280,000;Common stock;760,000;760,000;Additional paid-in;capital--common stock;286,000;286,000;Retained earnings;760,000;690,000;Total stockholder's;equity;$1,186,000;$1,116,000;Net income for Year 2 was $181,000. Dividends on common stock were $73,000 in;total and dividends on preferred stock were $38,000 in total. The return on;common stockholders' equity for Year 2 is closest to;14.;award:0;out of1.61 points;Drama Company's working capital is;$136,000 and its current liabilities are $214,000. The company's current ratio;is closest to;15.;award:1.61;out of1.61 points;Brewster Company has an acid-test;ratio of 1.5 and a current ratio of 2.5. Current assets equal $440,000, of;which $12,400 is prepaid expenses. The company's current assets consist of;cash, marketable securities, accounts receivable, prepaid expenses, and inventory.;Brewster Company's inventory must be;6.;award:1.61;out of1.61 points;Fraser Company had;$390,000 in sales on account last year. The beginning accounts receivable;balance was $23,000 and the ending accounts receivable balance was $32,200. The;company's accounts receivable turnover was closest to;17.;award:1.61;out of1.61 points;Irastan Company, a;retailer, had cost of goods sold of $320,000 last year. The beginning inventory;balance was $56,000 and the ending inventory balance was $48,000. The company's;average sale period was closest to:(Assume 365 days a year.);18.;award:1.61;out of1.61 points;Deschambault;Corporation's total current assets are $264,000, its noncurrent assets are;$708,000, its total current liabilities are $132,000, its long-term liabilities;are $520,000, and its stockholders' equity is $330,000. Working capital is;19.;award:1.61;out of1.61 points;Hartzog Corporation's most recent;balance sheet and income statement appear below;Statement;of Financial Position;December 31, Year 2 and Year 1;(in thousands of dollars);Year;2;Year;1;Assets;Current assets;Cash;$340;$310;Accounts;receivable;580;560;Inventory;290;620;Prepaid;expenses;40;40;Total current assets;1,250;1,530;Plant and equipment;net;1,190;1,200;Total assets;$2,440;$2,730;Liabilities;and Stockholder's Equity;Current liabilities;Accounts;payable;$320;$330;Accrued;liabilities;20;20;Notes;payable, short term;100;250;Total current;liabilities;440;600;Bonds payable;260;340;Total liabilities;700;940;Stockholder's equity;Preferred;stock, $10 par, 5%;200;420;Common;stock, $2 par;660;880;Additional;paid-in capital--common stock;290;290;Retained;earnings;590;200;Total stockholder's;equity;1,740;1,790;Total liabilities and;stockholder's equity;$2,440;$2,730;Income;Statement;For the Year Ended December 31, Year 2;(in thousands of dollars);Sales (all on account);$7,350;Cost of goods sold;4,410;Gross margin;2,940;Selling and;administrative expense;2,178;Net operating income;762;Interest expense;105;Net income before;taxes;657;Income taxes (30%);197;Net income;$460;Dividends on common stock during Year 2 totaled $60 thousand. Dividends on;preferred stock totaled $10 thousand. The market price of common stock at the;end of Year 2 was $7.04 per share.;The earnings per share of common stock for Year 2 is closest to


Paper#45517 | Written in 18-Jul-2015

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