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ACC 291 Principles Of Accounting II Week 5 Quiz Answers

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Phoenix ACC 291 Week 5 Quiz Answers (2017)

  1. Which of the following is an operating activity?
  2. Which is an example of a cash flow from an investing activity?

  3. Hanover, Inc. purchased land through the issuance of long-term bonds. How is this reported on the statement of cash flows?

  4. Under the indirect method of preparing the statement of cash flows, which of the following is added to net income in the operating activities section?

  5. In what section of the statement of cash flows will the issuance of bonds payable to acquire a building be reported?

  6. Which of the following items is reported in the operating activities section of a statement of cash flows prepared using the direct method?

  7. In horizontal analysis of a balance sheet, of what amount is each item expressed as a percentage?

  8. The following schedule is a display of what type of analysis?

     

     

    Amount

     

    Percent

    Current assets

     

    $200,000

     

    25%

    Property, plant, and equipment

     

    600,000

     

    75%

    Total assets

     

    $800,000

     

    100%

     

  9. Ceradyne, Inc. presented the following data for a company:

    Current liabilities

     

    $360

    Long-term debt

     

    480

    Common stock

     

    640

    Retained earnings

     

    520

    Total liabilities & stockholders’ equity

     

    $2,000


    How would common stock appear on a common size balance sheet using vertical analysis?

  10. Use the following financial statement information as of the end of each year to answer this question.

     

    2017

    2016

    Inventory

    $54,000

    $48,000

    Current assets

    81,000

    106,000

    Total assets

    392,000

    336,000

    Current liabilities

    27,000

    36,000

    Total liabilities

    102,000

    88,000

    Total stockholders’ equity

    290,000

    248,000

    Preferred stock

    10,000

    10,000

    Net sales

    784,000

    697,000

    Cost of goods sold

    306,000

    277,000

    Net income

    34,000

    90,000

    Tax expense

    22,000

    18,000

    Interest expense

    12,000

    12,000

    Dividends paid to preferred stockholders

    2,000

    2,000

    Dividends paid to common shareholders

    1,000

    1,000


    Compute the profit margin for 2017.

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