practice and analyze the gross profit percentage.
Topic Area: Financial statements-Income statement
66.
In which of the following classifications would cash dividend payments to stockholders be
reported in the statement of cash flows?
67.
Which of the following items is not part of disclosure notes to the financial statements?
68.
Anjou Company had 10,000 shares of common stock outstanding at December 31, 2015 and
14,000 shares of common stock outstanding at December 31, 2016. Anjou had sales of
$3,600,000 in 2016 and net income of $280,000 in 2016. What is Anjou’s earnings per share
reported for 2016?
69.
What additional information is required to be presented on the same page as the income
statement?
70.
Where are shares of the reporting company’s common stock issued in exchange for cash
reported on a statement of cash flows?
71.
In what order are cash flow activities presented on the statement of cash flows?
72.
A company has paid cash to repurchase its common stock that was previously issued. Where
will this cash flow be reported on the statement of cash flows?
73.
Which of the following statements is false when a company sells inventory costing $700 for
$1,200 cash and operating expenses are $200?
74.
Which of the following statements is false when a company sells inventory costing $900 for
$1,500 cash?
75.
Which one of the following statements is true when a company sells inventory costing $800
for $1,400 cash, and operating expenses are $500?
76.
Huron has provided the following year-end balances:
Cash, $25,000
Patents, $7,900
Accounts receivable, $9,300
Property, plant, and equipment, $98,700
Prepaid insurance, $3,600
Accumulated depreciation, $10,000
Inventory, $37,000
Retained earnings, 15,500
Trademarks, $12,600
Accounts payable, $8,000
Goodwill, $11,000
How much are Huron’s current assets?
77.
Huron has provided the following year-end balances:
Cash, $25,000
Patents, $7,900
Accounts receivable, $9,300
Property, plant, and equipment, $98,700
Prepaid insurance, $3,600
Accumulated depreciation, $10,000
Inventory, $37,000
Retained earnings, 15,500
Trademarks, $12,600
Accounts payable, $8,000
Goodwill, $11,000
How much are Huron’s net noncurrent assets?
78.
Huron has provided the following year-end balances:
Cash, $25,000
Patents, $7,900
Accounts receivable, $9,300
Property, plant, and equipment, $98,700
Prepaid insurance, $3,600
Accumulated depreciation, $10,000
Inventory, $37,000
Retained earnings, 15,500
Trademarks, $12,600
Accounts payable, $8,000
Goodwill, $11,000
How much is Huron’s stockholders’ equity?
79.
Which of the following would not be included on an income statement?
80.
Which of the following is true?
81.
Farrell Company has rent expense, wages expense, and utilities expense. Where will the
company present these expenses on the income statement?
82.
Which of the following statements regarding international financial reporting standards (IFRS)
is false?
83.
Which of the following statements does not accurately describe the effect of the sale of
inventory at a profit on the financial statements?
84.
Which of the following statements regarding international financial reporting standards (IFRS)
is false?
85.
Which of the following would not be included within the operating activities section of a cash
flow statement?
86.
Which of the following would not be reported in the operating activities section of the
statement of cash flows, which has been prepared using the indirect method?
87.
Which of the following statements is correct?
88.
Which of the following statements is false?
89.
On January 1, 2016 Gucci Brothers Inc. had a $500,000 credit balance in retained earnings and
$600,000 balance in common stock. During 2016, the company earned net income of
$100,000, declared a dividend of $15,000, and issued additional stock for $25,000. What is
total stockholders’ equity on December 31, 2016?
90.
Which of the following transactions results in a decrease in the return on assets ratio?
91.
Which of the following results in an increase in the return on assets ratio?
92.
Marino Company has provided the following information:
Net sales, $480,000
Net income, $24,000
Average total assets, $200,000
What is Marino’s net profit margin?
93.
Marino Company has provided the following information:
Net sales, $480,000
Net income, $24,000
Average total assets, $200,000
What is Marino’s total asset turnover?
94.
Marino Company has provided the following information:
Net sales, $480,000
Net income, $24,000
Average total assets, $200,000
What is Marino’s return on assets?