Quiz ch018
Question 1
Assume the following sales data for a company:
2014
$1,050,000
2013
950,000
2012
800,000
2011
650,000
If 2011 is the base year, what is the percentage increase in sales from 2011 to
2013?
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61.5%
46.2%
68.4%
100%
Question 2
The following information is available
forOakland Company:
2014
2013
Accounts receivable
$ 430,000
$ 460,000
Inventory
280,000
320,000
Net credit sales
2,670,000
1,600,000
Cost of goods sold
1,860,000
1,060,000
Net income
300,000
170,000
The accounts receivable turnover ratio for 2014 is
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6.0 times.
6.2 times.
5.8 times.
1.4 times.
Question 3
Swiss Clothing Store had a balance in the Accounts
Receivable account of $920,000 at the beginning of the year and a balance of
$980,000 at the end of the year. Net credit sales during the year amounted to
$6,650,000. The average collection period of the receivables in terms of days
was
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52.1 days.
50.7 days.
53.7 days.
30 days.
Question 4
Country Company reported the following on its
income statement:
Income before income taxes
$850,000
Income tax expense
250,000
Net income
$600,000
An analysis of the income statement revealed that interest expense was
$100,000. Country Company’s times interest earned was
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6.5 times.
9.5 times.
8.5 times.
3.4 times.
Question 5
The following information is available forOakland
Company:
2014
2013
Accounts receivable
$ 360,000
$ 400,000
Inventory
340,000
400,000
Net credit sales
2,470,000
1,400,000
Cost of goods sold
1,850,000
1,060,000
Net income
300,000
170,000
The inventory turnover ratio for 2014 is
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4.6 times.
5.4 times.
6.7 times.
5.0 times.
Question 6
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The current ratio is
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used to evaluate a company’s solvency and
long-term debt paying ability.
calculated by subtracting current liabilities
from current assets.
used to
evaluate a company’s liquidity and short-term debt paying ability.
calculated by dividing current liabilities by
current assets.
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Question 7
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The discontinued operations section of the income
statement refers to
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obsolete equipment and discontinued inventory
items.
discontinuance of a product line.
the income or loss on products that have been
completed and sold.
the disposal of a
significant component of a business.
Question 8
Comparisons of data within a company
are an example of the following comparative basis:
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Intercompany
Intracompany
Interregional
Industry averages
Question 9
The acid-test ratio
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is a quick calculation of an approximation of the
current ratio.
does include prepaid expenses as part of the
numerator.
does not include all current liabilities in the
calculation.
does not
include inventory as part of the numerator.
Question 10
A weakness of the current ratio is
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that it can be expressed as a percentage, as a
rate, or as a proportion.
that it is rarely used by sophisticated analysts.
the difficulty of the calculation.
that it
doesn’t take into account the composition of the current assets.
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