In which forms of business organization are the owners personall.docx

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In which forms of business organization are the owners personally liable for all the debts of the business? [removed] Sole proprietorships and corporations [removed] Sole proprietorships and partnerships [removed] Partnership and corporation [removed] All of the answer choices are correct Practice Question 10 Which of the following is not an external user of accounting data? [removed] Economic planners [removed] Labor unions [removed] Customers [removed] Chief Financial Officer Practice Question 26 The financial statements for Harold Corporation contained the following information: Accounts receivable $ 5,000 Sales revenue 75,000 Cash 15,000 Salaries and wages expense 20,000 Rent expense 10,000 How much was Harold’s net income? [removed] $15,000 [removed] $65,000 [removed] $60,000 [removed] $45,000 Practice Question 29 In which of the following sequences are the financial statements usually prepared? [removed] Income statement, balance sheet, retained earnings statement, and statement of cash flows. [removed] Balance sheet, retained earnings statement, statement of cash flows, and income statement. [removed] Balance sheet, statement of cash flows, income statement and retained earnings statement. [removed] Income statement, retained earnings statement, balance sheet, and statement of cash flows. ractice Question 48 Which of the following are not considered to be primary users of financial statements in countries outside the U.S.? [removed] Private investors [removed] Economic advisors [removed] Tax authorities [removed] Central government planners Practice Question 14 For 2017, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2017 earnings per share? [removed] $4.00 [removed] $66.67 [removed] $0.06 [removed] $16.67 Practice Question 23 The following ratios are available for Leer Inc. and Stable Inc. Current Ratio Debt to Assets Ratio Earnings per Share Leer Inc. 2:1 75% $3.50 Stable Inc. 1.5:1 40% $2.75 Compared to Stable Inc., Leer Inc. has [removed] higher liquidity, lower solvency, and higher profitability. [removed] lower liquidity, higher solvency, and higher profitability. [removed] higher liquidity and lower solvency, but profitability cannot be compared based on information provided. [removed] higher liquidity, higher solvency, but profitability cannot be compared based on information provided. Practice Question 18 At December 31, 2017, Shorts Company had retained earnings of $2,184,000. During 2017, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2017 was $402,000. How much was the retained earnings balance at the beginning of 2017? [removed] $2,454,000 [removed] $1,816,000 [removed] $1,914,000 [removed] $2,552,000 Practice Question 27 Which of the follow.

Education

[removed]
Labor unions
[removed]
Customers
[removed]
Chief Financial Officer
Practice Question 26
The financial statements for Harold Corporation contained the
following information:
Accounts receivable
$ 5,000
Sales revenue
75,000
Cash
15,000
Salaries and wages expense
20,000
Rent expense
10,000
How much was Harold’s net income?
[removed]
$15,000

[removed]
$65,000
[removed]
$60,000
[removed]
$45,000
Practice Question 29
In which of the following sequences are the financial statements
usually prepared?
[removed]
Income statement, balance sheet, retained earnings statement,
and statement of cash flows.
[removed]
Balance sheet, retained earnings statement, statement of cash
flows, and income statement.
[removed]
Balance sheet, statement of cash flows, income statement and

retained earnings statement.
[removed]
Income statement, retained earnings statement, balance sheet,
and statement of cash flows.
ractice Question 48
Which of the following are
not
considered to be primary users of financial statements in
countries outside the U.S.?
[removed]
Private investors
[removed]
Economic advisors
[removed]
Tax authorities
[removed]
Central government planners
Practice Question 14

For 2017, Stoneland Corporation reported net income, $24,000;
net sales, $400,000; and average shares outstanding, 6,000.
There were no preferred stock dividends. How much was the
2017 earnings per share?
[removed]
$4.00
[removed]
$66.67
[removed]
$0.06
[removed]
$16.67
Practice Question 23
The following ratios are available for Leer Inc. and Stable Inc.
Current Ratio
Debt to Assets Ratio
Earnings per Share

Leer Inc.
2:1
75%
$3.50
Stable Inc.
1.5:1
40%
$2.75
Compared to Stable Inc., Leer Inc. has
[removed]
higher liquidity, lower solvency, and higher profitability.
[removed]
lower liquidity, higher solvency, and higher profitability.
[removed]
higher liquidity and lower solvency, but profitability cannot be
compared based on information provided.
[removed]
higher liquidity, higher solvency, but profitability cannot be

compared based on information provided.
Practice Question 18
At December 31, 2017, Shorts Company had retained earnings
of $2,184,000. During 2017, the company issued stock for
$98,000, and paid dividends of $34,000. Net income for 2017
was $402,000. How much was the retained earnings balance at
the beginning of 2017?
[removed]
$2,454,000
[removed]
$1,816,000
[removed]
$1,914,000
[removed]
$2,552,000
Practice Question 27
Which of the following ratios measures the ability of the
company to survive over a long period of time?
[removed]

Solvency ratios
[removed]
Profitability ratios
[removed]
Liquidity ratios
[removed]
Current ratios
Practice Question 38
What are the accounting rules that have substantial authoritative
support and are recognized as a general guide for financial
reporting purposes in the U. S.?
[removed]
Generally accepted accounting standards
[removed]
Generally accepted accounting principles
[removed]
General accounting principles

[removed]
Generally accepted auditing principles

FIN /571 Final Exam Question 1 Which of the following is considered a hybrid organizational form? [removed] corporation [removed] sole proprietorship [removed] limited liability partnership [removed] partnership Question 2 Which of the following is a principal within the agency relationship? [removed] the CEO of the firm [removed] a shareholder [removed] the board of directors [removed] a company engineer Question 3 Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have? [removed] $1,844,022 [removed] $2,303,010 [removed] $2,123,612 [removed] $803,010 Question 4 Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period? [removed] The statement of working capital. [removed] The statement of cash flows. [removed] The statement of retained earnings. [removed] The statement of net worth. Question 5 Efficiency ratio : Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm's days's sales in inventory? [removed] 57.9 days [removed] 64.3 days [removed] 65.2 days [removed] 61.7 days Question 6 Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio? [removed] 1.47 [removed] 0 [removed] 1.74 [removed] 0.60 Question 7 Which of the following is not a method of “benchmarking”? [removed] Evaluating a single firm’s performance over time. [removed] Identify a group of firms that compete with the company being analyzed. [removed] Utilize the DuPont system to analyze a firm’s performance. [removed] Conduct an industry group analysis. Question 8 Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.) [removed] $26,454 [removed] $16,670 [removed] $19,444 [removed] $22,680 estion 9 PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.) [removed] $2,615,432 [removed] $2,815,885 [removed] $2,431,224 [removed] $2,735,200 Question 10 PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years. If the company's opportunity cost is 15 percent, what is the present val.

There are 76 red xxx’s – each worth 1.18 points. You only need to.docx

christalgrieg

There are 76 red xxx’s – each worth 1.18 points. You only need to fill in where you see red xxx’s (big or small) CHAPTER 1 THE McGEE CAKE COMPANY 1. The advantages to a LLC are: xxxx The biggest disadvantage is: xxxx 2. .xxxx C-2 CASE SOLUTIONS 3. .xxxx CHAPTER 2 CASH FLOWS AND FINANCIAL STATEMENTS Below are the financial statements that you are asked to prepare. 1. The income statement for each year will look like this: Income Statement 2010 2011 Sales xxxx xxxx Cost of goods sold 163,849 206,886 Selling and administrative xxxx xxxx Depreciation 46,255 52,282 EBIT $79,110 $90,584 Interest 10,056 11,526 EBT $69,054 $79,058 Taxes (use the problem to figure This amount out xxxx xxxx Net income $55,243 $63,246 Dividends(read the case to find out how much this is) xxxx xxxx Addition to retained earnings (this would be whatever the net income is less the dividends paid out) xxxx xxxx 2. The balance sheet for each year will be: Balance Sheet as of Dec. 31, 2010 Cash xxxx Accounts payable xxxx Accounts receivable xxxx Notes payable xxxx Inventory xxxx Current liabilities $60,832 Current assets $72,651 Long-term debt xxxxx Net fixed assets xxxxxx Owners' equity xxxxx Total assets $276,719 Total liab. and equity $276,719 In the first year, equity is not given. Therefore, we must calculate equity as a plug variable. Since total liabilities and equity is equal to total assets, equity can be calculated as: Equity = $276,719 – 60,832 – 103,006 Equity = $112,881 Balance Sheet as of Dec. 31, 2011 Cash xxxx Accounts payable xxxx Accounts receivable xxxx Notes payable xxxx Inventory xxxx Current liabilities $68,121 Current assets $100,834 Long-term debt xxxx Net fixed assets xxxx Owners' equity Xxxx(see below) Total assets $349,459 Total liab. and equity $349,459 The owner’s equity for 2011 is the beginning of year owner’s equity, plus the addition to retained earnings, plus the new equity, so: Equity = $112,881 + 31,623 + 20,500 Equity = $165,004 3-6 are completed for you so you can answer the questions 3. Using the OCF equation: ( OCF = EBIT + Depreciation – Taxes The OCF for each year is: OCF2010 = $79,110 + 46,255 – 13,811 OCF2010 = $111,554 OCF2011 = $90,584 + 52,282 – 15,812 OCF2011 = $127,054 4. To calculate the cash flow from assets, we need to find the capital spending and change in net working capital. The capital spending for the year was: Capital spending Ending net fixed assets $248,625 – Beginning net fixed assets 204,068 + Depreciation 52,282 Net capital spending $96,839 And the change in net working capital was: Change in net working capital Ending NWC $32,713 – Beginning NWC 11,819 Change in NWC $20,894 So, the cash flow from assets was: Cash flow from assets Operating cash flow $127,054 – Net capital spending 96,839 – Change in NWC ...

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The document provides an overview of financial statement analysis and accounting principles. It explains that the three main financial statements - the income statement, balance sheet, and statement of cash flows - are interconnected and provide important information about a company's performance, financial position, and cash flows. Key accounting concepts discussed include the accounting equation, double-entry bookkeeping, accrual vs cash accounting, depreciation, and the components and uses of each financial statement. Understanding these statements and principles is important for evaluating business decisions.

Multiple Choice Question 51Which of the following is considered .docx

adelaidefarmer322

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Chapter 18, Question 1- The following is the financial statement o.docx

DinahShipman862

Chapter 18, Question 1- The following is the financial statement of Executive Fruit Company for the year ended December 2014. INCOME STATEMENT, 2014 (Figures in $ Thousands) Revenue $ 3,500 Cost of goods sold 3,150 EBIT $ 350 Interest 70 Earnings before taxes $ 280 State and federal tax 112 Net income $ 168 Dividends 112 Additions to retained earnings $ 56 BALANCE SHEET (Year-End, 2014) (Figures in $ Thousands) Assets Net working capital $ 350 Fixed assets 1,400 Total assets $ 1,750 Liabilities and shareholders' equity Long-term debt $ 700 Shareholders' equity 1,050 Total liabilities and shareholders' equity $ 1,750 The following are the first stage and second stage pro forma financial statements of Executive Fruit Company for the year ended December 2015. First stage pro forma statements: PRO FORMA INCOME STATEMENT, 2015 (Figures in $ Thousands) Revenue $ 3,850 Cost of goods sold 3,465 EBIT $ 385 Interest 70 Earnings before taxes $ 315 State and federal tax 126 Net income $ 189 Dividends 126 Additions to retained earnings $ 63 PRO FORMA BALANCE SHEET (Year-End, 2015) (Figures in $ Thousands) Assets Net working capital $ 385 Fixed assets 1,540 Total assets $ 1,925 Liabilities and shareholders' equity Long-term debt $ 700 Shareholders' equity 1,113 Total liabilities and shareholders' equity $ 1,813 Required external financing $ 112 Second stage pro forma balance sheet: PRO FORMA BALANCE SHEET (Year-End, 2015) (Figures in $ Thousands) Assets Net working capital $ 385 Fixed assets 1,540 Total assets $ 1,925 Liabilities and shareholders' equity Long-term debt $ 812 Shareholders' equity 1,113 Total liabilities and shareholders' equity $ 1,925 How would Executive Fruit’s financial model change if the dividend payout ratio were cut to 1/3? Use the revised model to generate a new financial plan for 2015 assuming that debt is the balancing item. What would be the required external financing? (Do not round intermediate calculations.) Dividends fall by $ [removed]. Therefore, the requirement for external financing falls from $ [removed]to $ [removed]. On the other hand, shareholders' equity will be increased by $ [removed]. The right-hand side of the balance sheet becomes (Do not round intermediate calculations. Enter your answers in thousands.) : Long-term debt $ [removed] Shareholders' equity [removed] Total $ [removed] Chapter 18, Question 2- Find the sustainable and internal growth rates for a firm with the following ratios: asset turnover = 1.60; profit margin = 6%; payout ratio = 30%; equity/assets = .50. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Sustainable growth rate [.

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avengersendgame208

This document provides a 30 question multiple choice quiz on accounting concepts. It covers topics like the definition of assets and liabilities, the key financial statements, accounting equations, revenue and expense recognition principles, inventory methods, and financial ratios. It also includes two short practice problems calculating inventory turnover ratio and days in inventory. The document directs students to an online tutorial for more guidance on preparing for the ACC 290 final exam.

Uop acc 290 final exam guide latest

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This document provides information about corporate social responsibility (CSR) requirements for companies in India under the Companies Act 2013. It defines CSR as activities that benefit society and the environment. The document outlines which companies must spend 2% of their net profits on CSR based on net worth, turnover or profit criteria. It lists eligible CSR activities and ineligible expenditures. Companies can undertake CSR through trusts, societies or their own programs. The board is responsible for CSR policy and oversight, while a CSR committee monitors implementation. Disclosures in financial statements are also required.

Nz workshop2017

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Acc 291 final exam guide

firstcome01

This document provides a guide to help students score 100% on ACC 291's final exam. It includes 30 multiple choice practice questions covering various accounting concepts tested on the exam, such as accounts receivable, property, plant and equipment, current and long-term liabilities, financial statements, ratios, cash flows, and corporate forms of organization. Answering these questions correctly would help ensure students pass the final.

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Timia-admin

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This document provides instructions for completing a weekly assignment in WileyPLUS for a chapter 8 accounting course. It lists specific exercises, brief exercises, and problems to complete. It also provides a sample journal entry question to practice accounting for uncollectible accounts and adjusting entries. The summary is: The document outlines a weekly WileyPLUS assignment for an accounting chapter that includes exercises, brief exercises, and problems to complete related to accounts receivable, sales, allowances, and adjusting entries. It provides an example journal entry question to practice accounting for uncollectible accounts.

Running Head TEMID RETAILERS FINANCIAL STATEMENTS .docx

toltonkendal

Running Head: TEMID RETAILERS FINANCIAL STATEMENTS 1 TEMID RETAILERS FINANCIAL STATEMENTS 2 Temid Retailers Financial Statements PART ONE Company Overview Temid retailers are one of the biggest retail company located in the United States. The company has more than 45 branches in the United States where it has an established market for its products. The company has been in the industry for more than 25 years now, and it has been able to strive in the industry because of its strategic plan that it has implemented to help it establish itself in the retail industry. The company like earlier said has more than 45 branches in the United States and it has continued to accrue popularity in the country and the world over. The organization has more than 780 employees who work for the company in its four branches in America (Williams, & Connell, 2010). For the past few years, the company has been earning profit year in year out. Temid retailers are based locally and have no foreign subsidiaries in the world or rather in the other nations. The company has been making more than $45 billion which is the highest in the company history. The company has faced challenges and competitions from other retailers in America including the giant retailer Wal-Mart among other companies. The company has been buying goods from other manufacturers, and it has been able to maintain its place in the retail industry because of its strategic plan which has witnessed the company add value to the products it sells to the people (Agrawal, & Smith, 2015). Other competitors include Home Depot and the Costco. Based on the company profit or rather a revenue, the company is one of the leading retailers in America, and it has been in operation for more than 24 years in the retail industry in the country. Company Budgeted Financial Statement Company balance sheet The company has been in operation in the industry for more than 24 years, and it has been able to gain its current position in the industry because of its strategic plans. A balance sheet is also known as the financial position statement. A balance sheet is made of three parts, the assets, liabilities, and the owners' equity. Assets are tangible properties that are used to make the business possible. Liabilities are the bills that the business accrues during operations while equity can be described as what the business is worthy (Adrian et al. 2010). A balance sheet can be used to indicate the progress of the business early enough so that appropriate actions can be taken to make amends. It is recommended that company owners examine the balance sheet from time to time to ensure that the business is fine financially. A balance sheet shows the financial ratio of assets and liabilities information that is very important as far as understanding the financial health is concerned. Balance sheets are also important to the potential shareholders as it indicates the growth of the company ...

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indah389745

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4Good.org

Like it or not, a not-for-profits financial statements are often used by a variety of stakeholders as a tool by which to judge an organization’s potential for success. Making sure your statements do more than just reveal the value of your assets is essential, especially when donors receive more requests for support than they can ever hope to meet. This webinar will provide attendees with tips for improved financial communication & insight into the analysis that would be funders may conduct.

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This document provides an overview of financial analysis and ratio analysis. It defines key terms like common size statements, liquidity ratios, and different types of financial ratios. Specific examples are provided from a company called H. J. Boswell, Inc. to demonstrate how to calculate ratios like the current ratio, acid-test ratio, average collection period, accounts receivable turnover ratio, and inventory turnover ratio. The examples analyze Boswell's 2016 financial performance and compare various ratios to peer industry averages.

Chapter 18, Question 1- The following is the financial statement o.docx

cravennichole326

Chapter 18, Question 1- The following is the financial statement of Executive Fruit Company for the year ended December 2014. INCOME STATEMENT, 2014 (Figures in $ Thousands) Revenue $ 3,500 Cost of goods sold 3,150 EBIT $ 350 Interest 70 Earnings before taxes $ 280 State and federal tax 112 Net income $ 168 Dividends 112 Additions to retained earnings $ 56 BALANCE SHEET (Year-End, 2014) (Figures in $ Thousands) Assets Net working capital $ 350 Fixed assets 1,400 Total assets $ 1,750 Liabilities and shareholders' equity Long-term debt $ 700 Shareholders' equity 1,050 Total liabilities and shareholders' equity $ 1,750 The following are the first stage and second stage pro forma financial statements of Executive Fruit Company for the year ended December 2015. First stage pro forma statements: PRO FORMA INCOME STATEMENT, 2015 (Figures in $ Thousands) Revenue $ 3,850 Cost of goods sold 3,465 EBIT $ 385 Interest 70 Earnings before taxes $ 315 State and federal tax 126 Net income $ 189 Dividends 126 Additions to retained earnings $ 63 PRO FORMA BALANCE SHEET (Year-End, 2015) (Figures in $ Thousands) Assets Net working capital $ 385 Fixed assets 1,540 Total assets $ 1,925 Liabilities and shareholders' equity Long-term debt $ 700 Shareholders' equity 1,113 Total liabilities and shareholders' equity $ 1,813 Required external financing $ 112 Second stage pro forma balance sheet: PRO FORMA BALANCE SHEET (Year-End, 2015) (Figures in $ Thousands) Assets Net working capital $ 385 Fixed assets 1,540 Total assets $ 1,925 Liabilities and shareholders' equity Long-term debt $ 812 Shareholders' equity 1,113 Total liabilities and shareholders' equity $ 1,925 How would Executive Fruit’s financial model change if the dividend payout ratio were cut to 1/3? Use the revised model to generate a new financial plan for 2015 assuming that debt is the balancing item. What would be the required external financing? (Do not round intermediate calculations.) Dividends fall by $ . Therefore, the requirement for external financing falls from $ to $ . On the other hand, shareholders' equity will be increased by $ . The right-hand side of the balance sheet becomes (Do not round intermediate calculations. Enter your answers in thousands.): Long-term debt $ Shareholders' equity Total $ Chapter 18, Question 2- Find the sustainable and internal growth rates for a firm with the following ratios: asset turnover = 1.60; profit margin = 6%; payout ratio = 30%; equity/assets = .50. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Sustainable growth rate % Internal growth rat ...

Financial Fundamentals That Every Entrepreneur Should Know

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This document summarizes a workshop on key financial fundamentals for entrepreneurs. The workshop objectives are to learn important financial terms and concepts, understand corporate obligations, and gain exposure to basic financial management. The agenda covers corporate record keeping requirements, basic financial statements like the income statement and balance sheet, and key metrics like gross margin, breakeven point, customer acquisition cost and lifetime value. Advanced financing concepts are also discussed such as projecting cash flow, evaluating businesses for traditional debt or venture capital, and types of financing. Real-world examples are provided to illustrate financial statement calculations.

Uop acc-290-final-exam-guide-latest

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Uop acc 291 final exam guide

krystalhero123

This document provides a 30 question multiple choice quiz on accounting concepts related to receivables, liabilities, financial statements, ratios, and cash flows. It includes questions on accounts receivable, current and long-term liabilities, the basic components and purpose of financial statements, calculation of ratios like return on assets and times interest earned, and classifications of items on the statement of cash flows. The quiz appears to be a sample exam that could be given to assess understanding of introductory financial accounting topics.

Uop acc 291 final exam guide (new, 2017) new

krystalhero123

Chapter 1

mselaoudiy

The document provides an overview of financial statements and accounting. It discusses the key players in a business, the accounting system and financial statements. The four basic financial statements are the balance sheet, income statement, statement of retained earnings, and statement of cash flows. It also discusses accounting principles, auditing, business entities, careers in accounting and related topics.

Chapter 1

hannaspicer

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