Accounting Chapter 13 9 Year Totaled 1600 The Market Price Common stock

subject Type Homework Help
subject Pages 14
subject Words 1748
subject Textbook Introduction to Managerial Accounting with Connect 7th Edition
subject Authors Peter Brewer
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page-pf1
171.
Ribaudo Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Cash
$74,000
$130,000
Accounts
receivable
$255,000
$240,000
Inventory
$173,000
$180,000
Total current
assets
$564,000
$610,000
Total assets
$1,350,000
$1,330,000
Accounts
payable
$170,000
$160,000
Total liabilities
$633,000
$620,000
Total
stockholders'
equity
$717,000
$710,000
Sales (all on
account)
$1,290,000
Cost of goods
sold
$700,000
The company's inventory turnover for Year 2 is closest to:
page-pf2
13-446
page-pf3
172.
Ribaudo Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Cash
$74,000
$130,000
Accounts
receivable
$255,000
$240,000
Inventory
$173,000
$180,000
Total current
assets
$564,000
$610,000
Total assets
$1,350,000
$1,330,000
Accounts
payable
$170,000
$160,000
Total liabilities
$633,000
$620,000
Total
stockholders'
equity
$717,000
$710,000
Sales (all on
account)
$1,290,000
Cost of goods
sold
$700,000
The company's average sale period (turnover in days) for Year 2 is closest to:
page-pf4
13-448
page-pf5
13-449
173.
Ribaudo Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Cash
$74,000
$130,000
Accounts
receivable
$255,000
$240,000
Inventory
$173,000
$180,000
Total current
assets
$564,000
$610,000
Total assets
$1,350,000
$1,330,000
Accounts
payable
$170,000
$160,000
Total liabilities
$633,000
$620,000
Total
stockholders'
equity
$717,000
$710,000
Sales (all on
account)
$1,290,000
Cost of goods
sold
$700,000
The company's operating cycle for Year 2 is closest to:
page-pf6
13-450
page-pf7
174.
Ribaudo Corporation has provided the following financial data from its balance sheet and
income statement:
Year 2
Year 1
Cash
$74,000
$130,000
Accounts
receivable
$255,000
$240,000
Inventory
$173,000
$180,000
Total current
assets
$564,000
$610,000
Total assets
$1,350,000
$1,330,000
Accounts
payable
$170,000
$160,000
Total liabilities
$633,000
$620,000
Total
stockholders'
equity
$717,000
$710,000
Sales (all on
account)
$1,290,000
Cost of goods
sold
$700,000
The company's total asset turnover for Year 2 is closest to:
page-pf8
13-452
page-pf9
13-453
175.
Dahn Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$227,000
$150,000
Accounts receivable
134,000
130,000
Inventory
150,000
130,000
Prepaid expenses
83,000
80,000
Total current assets
594,000
490,000
Plant and equipment, net
769,000
840,000
Total assets
$1,363,000
$1,330,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$200,000
$180,000
Accrued liabilities
63,000
70,000
Notes payable, short term
71,000
60,000
Total current liabilities
334,000
310,000
Bonds payable
290,000
290,000
Total liabilities
624,000
600,000
Stockholders' equity:
Common stock, $5 par value
400,000
400,000
Additional paid-in capital-common stock
50,000
50,000
Retained earnings
289,000
280,000
Total stockholders' equity
739,000
730,000
Total liabilities & stockholders' equity
$1,363,000
$1,330,000
Income Statement—Year 2
For the Year Ended December 31,
page-pfa
Year 2
Sales (all on account)
$1,370,000
Cost of goods sold
850,000
Gross margin
520,000
Operating expenses
482,692
Net operating income
37,308
Interest expense
21,000
Net income before taxes
16,308
Income taxes (35%)
5,708
Net income
$10,600
Dividends on common stock during Year 2 totaled $1,600. The market price of common
stock at the end of Year 2 was $2.37 per share.
The company's accounts receivable turnover for Year 2 is closest to:
page-pfb
13-455
176.
Dahn Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$227,000
$150,000
Accounts receivable
134,000
130,000
Inventory
150,000
130,000
Prepaid expenses
83,000
80,000
Total current assets
594,000
490,000
Plant and equipment, net
769,000
840,000
Total assets
$1,363,000
$1,330,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$200,000
$180,000
Accrued liabilities
63,000
70,000
Notes payable, short term
71,000
60,000
Total current liabilities
334,000
310,000
Bonds payable
290,000
290,000
Total liabilities
624,000
600,000
Stockholders' equity:
Common stock, $5 par value
400,000
400,000
Additional paid-in capital-common stock
50,000
50,000
Retained earnings
289,000
280,000
Total stockholders' equity
739,000
730,000
Total liabilities & stockholders' equity
$1,363,000
$1,330,000
Income Statement—Year 2
For the Year Ended December 31,
page-pfc
Year 2
Sales (all on account)
$1,370,000
Cost of goods sold
850,000
Gross margin
520,000
Operating expenses
482,692
Net operating income
37,308
Interest expense
21,000
Net income before taxes
16,308
Income taxes (35%)
5,708
Net income
$10,600
Dividends on common stock during Year 2 totaled $1,600. The market price of common
stock at the end of Year 2 was $2.37 per share.
The company's average collection period (age of receivables) for Year 2 is closest to:
page-pfd
13-457
177.
Dahn Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$227,000
$150,000
Accounts receivable
134,000
130,000
Inventory
150,000
130,000
Prepaid expenses
83,000
80,000
Total current assets
594,000
490,000
Plant and equipment, net
769,000
840,000
Total assets
$1,363,000
$1,330,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$200,000
$180,000
Accrued liabilities
63,000
70,000
Notes payable, short term
71,000
60,000
Total current liabilities
334,000
310,000
Bonds payable
290,000
290,000
Total liabilities
624,000
600,000
Stockholders' equity:
Common stock, $5 par value
400,000
400,000
Additional paid-in capital-common stock
50,000
50,000
Retained earnings
289,000
280,000
Total stockholders' equity
739,000
730,000
Total liabilities & stockholders' equity
$1,363,000
$1,330,000
Income Statement—Year 2
For the Year Ended December 31,
page-pfe
Year 2
Sales (all on account)
$1,370,000
Cost of goods sold
850,000
Gross margin
520,000
Operating expenses
482,692
Net operating income
37,308
Interest expense
21,000
Net income before taxes
16,308
Income taxes (35%)
5,708
Net income
$10,600
Dividends on common stock during Year 2 totaled $1,600. The market price of common
stock at the end of Year 2 was $2.37 per share.
The company's inventory turnover for Year 2 is closest to:
page-pff
13-459
178.
Dahn Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$227,000
$150,000
Accounts receivable
134,000
130,000
Inventory
150,000
130,000
Prepaid expenses
83,000
80,000
Total current assets
594,000
490,000
Plant and equipment, net
769,000
840,000
Total assets
$1,363,000
$1,330,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$200,000
$180,000
Accrued liabilities
63,000
70,000
Notes payable, short term
71,000
60,000
Total current liabilities
334,000
310,000
Bonds payable
290,000
290,000
Total liabilities
624,000
600,000
Stockholders' equity:
Common stock, $5 par value
400,000
400,000
Additional paid-in capital-common stock
50,000
50,000
Retained earnings
289,000
280,000
Total stockholders' equity
739,000
730,000
Total liabilities & stockholders' equity
$1,363,000
$1,330,000
Income Statement—Year 2
For the Year Ended December 31,
Year 2
page-pf10
Sales (all on account)
$1,370,000
Cost of goods sold
850,000
Gross margin
520,000
Operating expenses
482,692
Net operating income
37,308
Interest expense
21,000
Net income before taxes
16,308
Income taxes (35%)
5,708
Net income
$10,600
Dividends on common stock during Year 2 totaled $1,600. The market price of common
stock at the end of Year 2 was $2.37 per share.
The company's average sale period (turnover in days) for Year 2 is closest to:
page-pf11
13-461
179.
Dahn Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$227,000
$150,000
Accounts receivable
134,000
130,000
Inventory
150,000
130,000
Prepaid expenses
83,000
80,000
Total current assets
594,000
490,000
Plant and equipment, net
769,000
840,000
Total assets
$1,363,000
$1,330,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$200,000
$180,000
Accrued liabilities
63,000
70,000
Notes payable, short term
71,000
60,000
Total current liabilities
334,000
310,000
Bonds payable
290,000
290,000
Total liabilities
624,000
600,000
Stockholders' equity:
Common stock, $5 par value
400,000
400,000
Additional paid-in capital-common stock
50,000
50,000
Retained earnings
289,000
280,000
Total stockholders' equity
739,000
730,000
Total liabilities & stockholders' equity
$1,363,000
$1,330,000
Income Statement—Year 2
For the Year Ended December 31,
Year 2
page-pf12
13-462
Sales (all on account)
$1,370,000
Cost of goods sold
850,000
Gross margin
520,000
Operating expenses
482,692
Net operating income
37,308
Interest expense
21,000
Net income before taxes
16,308
Income taxes (35%)
5,708
Net income
$10,600
Dividends on common stock during Year 2 totaled $1,600. The market price of common
stock at the end of Year 2 was $2.37 per share.
The company's operating cycle for Year 2 is closest to:
page-pf13
13-463
page-pf14
13-464
180.
Dahn Corporation has provided the following financial data:
Balance Sheet
December 31, Year 2 and Year 1
Assets
Year 2
Year 1
Current assets:
Cash
$227,000
$150,000
Accounts receivable
134,000
130,000
Inventory
150,000
130,000
Prepaid expenses
83,000
80,000
Total current assets
594,000
490,000
Plant and equipment, net
769,000
840,000
Total assets
$1,363,000
$1,330,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$200,000
$180,000
Accrued liabilities
63,000
70,000
Notes payable, short term
71,000
60,000
Total current liabilities
334,000
310,000
Bonds payable
290,000
290,000
Total liabilities
624,000
600,000
Stockholders' equity:
Common stock, $5 par value
400,000
400,000
Additional paid-in capital-common stock
50,000
50,000
Retained earnings
289,000
280,000
Total stockholders' equity
739,000
730,000
Total liabilities & stockholders' equity
$1,363,000
$1,330,000
Income Statement—Year 2
For the Year Ended December 31,
Year 2

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