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ACCT 105 Week 5 quiz

ACCT 105 Week 5 quiz

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Author: Dannie Young
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If a company issues its common stock for equipment, this transaction would not be disclosed on the statement of cash flows or in a separate schedule.
What is the stockholders’ equity to debt ratio for the following data? Total current liabilities (noninterest bearing) - $300,000; bonds payable, 5% (issued in 2007, due in 20 years) - $600,000; preferred 6% stock, $200 par - $240,000; common stock, $20 par - $480,000; premium on common stock - $120,000; retained earnings - $420,000. Income before income taxes was $180,000 and income taxes were $78,000 for the current year.
What is the accounts receivable turnover using the following data? Accounts receivable, January 1 - $36,000; accounts receivable, December 31 - $48,000; gross sales - $240,000; sales returns and allowances - $30,000; net sales - $210,000.
If capital stock is split three for one, this transaction is reported on a statement of cash flows.
The former statement of changes in financial position presented information on the flow of financial resources into and out of a business.
What is the acid-test ratio for the following data? Cash - $34,000; marketable securities - $16,000; accounts and notes receivable, net - $46,000; merchandise inventory - $61,000; prepaid expenses - $3,000; accounts and notes payable, short term - $64,000; accrued liabilities - $16,000.
What is the acid-test ratio for the following data? Cash - $34,000; marketable securities - $16,000; accounts and notes receivable, net - $46,000; merchandise inventory - $61,000; prepaid expenses - $3,000; accounts and notes payable, short term - $64,000; accrued liabilities - $16,000.
Express net income as a common-size percentage using the following data. Sales - $45,000; cost of goods sold - $29,340; gross profit from sales - $15,660; operating expenses - $10,800; net income - $4,860.
What is the number of times the interest is earned for the following data? Income before interest and taxes - $960,000; interest on bonds - $96,000; income before taxes - $864,000; income taxes at 45 percent - $388,800; income after taxes - $475,200; preferred dividends - $32,640; income available for common stockholders - $442,560.
Express operating expenses as a common-size percentage using the following data. Sales - $45,000; cost of goods sold - $29,340; gross profit from sales - $15,660; operating expenses - $10,800; net income - $4,860.


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