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ACCT504 Devry Final(Updated on August 23,2014)




Question 1. 1. (TCO A) An advantage of the corporate form of business is _____. (Points: 5);Question 2. 2. (TCO A) Dividends flow through which one of the following statements? (Points: 5);Question 3. 3. (TCOs A, B) Below is a partial list of account balances for LBJ Company;Cash;$12,000;Prepaid insurance;1,300;Accounts receivable;7,000;Accounts payable;5,000;Notes payable;9,000;Common stock;22,000;Dividends;2,000;Revenues;45,000;Expenses;35,000;What did LBJ Company show as total debits? (Points: 5;Question 4. 4. (TCOs B, E) Which of the following statements is incorrect with regard to accrual accounting? (Points: 5);Question 5. 5. (TCO D) Which inventory method will result in the lowest income taxes when prices are decreasing? (Points: 5);Question 6. 6. (TCOs A, E) Equipment was purchased for $200,000. Freight charges amounted to $10,000 and there was a cost of $15,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $20,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points: 5);Question 7. 7. (TCOs D, G) When the market rate of interest is equal to the stated rate of interest on the bond, the bond will require _____. (Points: 5);Question 8. 8. (TCO C) Accounts receivable arising from sales to customers amounted to $50,000 and $45,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $150,000. Based on these transactions, the cash flows from operating activities to be reported on the statement of cash flows would be _____. (Points: 5);Question 9. 9. (TCO F) Horizontal analysis is also known as _____. (Points: 5);Question 10. 10. (TCO F) When performing a common-size Balance Sheet, the 100% figure is _____. (Points: 5);Question 11. 11. (TCO F) Ratios are most useful in expressing _____. (Points: 5);Question 12. 12. (TCO F) A common ratio to measure liquidity is the _____. (Points: 5);Question 13. 13. (TCO F) Shareholders are usually most interested in evaluating _____. (Points: 5);Question 14. 14. (TCO G) Which factors below impact the present value of a bond? (Points: 5);Page 2;1.;(TCO A) Below you will find selected information (in millions) from Coca-Cola Co.?s 2012 Annual Report;Income Taxes Payable;$471;Short-term Investments and Marketable Securities;8,109;Cash;8,442;Other non-current Liabilities;10,449;Common Stock;1,760;Receivables;4,812;Other Current Assets;2,973;Long-term Investments;10,448;Other Non-current Assets;3,585;Property, Plant and Equipment;23,486;Trademarks;6,527;Other Intangible Assets;20,810;Allowance for Doubtful Accounts;53;Accumulated Depreciation;9,010;Accounts Payable;8,680;Short Term Notes Payable;17,874;Prepaid Expenses;2,781;Other Current Liabilities;796;Long-Term Liabilities;14,736;Paid-in-Capital in Excess of Par Value;11,379;Retained Earnings;55,038;Inventories;3,264;Treasury Stock;35,009;Other information taken from the Annual Report;Sales Revenue for 2012;$48,017;Cost of Goods Sold for 2012;19,053;Net Income for 2012;9,019;Inventory Balance on 12/31/11;3,092;Net Accounts Receivable Balance on 12/31/11;4,920;Total Assets on 12/31/11;79,974;Equity Balance on 12/31/11;31,921;Required;1. Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also separate the current liabilities from the non-current liabilities and provide a total for each.;2. Using the Balance Sheet from your answer above, calculate the Current Ratio and Return on common stockholders? equi (Points: 36);2. (TCO B) The following selected data was retrieved from the Walmart, Inc. financial statements for the year ending January 31, 2013;Accounts Payable;$38,080;Accounts Receivable;6,768;Cash;7,781;Common Stock;3,952;Cost of Goods Sold;352,488;Income Tax Expense;7,981;Interest Expenses;2,064;Membership Revenues;3,048;Net Sales;466,114;Operating, Selling and Administrative Expenses;88,873;Retained Earnings;72,978;Required;Using the information provided above;1. Prepare a multiple-step income statement;2. Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings/results.;3.;(TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the two questions below;Cash flow from operating activities


Paper#79823 | Written in 18-Jul-2015

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