95.
Harley Company has provided the following selected financial information.
2015
2016
Total assets
$3,200,000
$3,600,000
Net sales
$7,200,000
$9,000,000
Net income
$640,000
$450,000
What is Harley’s 2016 total asset turnover (rounded)?
96.
Harley Company has provided the following selected financial information.
2015
2016
Total assets
$3,200,000
$3,600,000
Net sales
$7,200,000
$9,000,000
Net income
$640,000
$450,000
What is Harley’s 2016 net profit margin (rounded)?
97.
Harley Company has provided the following selected financial information.
2015
2016
Total assets
$3,200,000
$3,600,000
Net sales
$7,200,000
$9,000,000
Net income
$640,000
$450,000
What is Harley’s 2016 return on assets (rounded)?
98.
Which of the following transactions will decrease both the return on assets ratio and the total
asset turnover ratio?
99.
Which of the following statements is false?
100.
Which of the following statements is true?
101.
Which of the following would most likely increase the net profit margin ratio?
102.
Which of the following statements is correct?
103.
Which of the following statements correctly describes the effect of accruing interest revenue
at year-end?
104.
The balance sheet for Glenwood Corporation at December 31, 2016 showed the following
subtotals:
Current assets
$140,000
Current liabilities
80,000
Buildings and equipment
420,000
Total stockholders’ equity
420,000
Retained earnings
120,000
Total liabilities
210,000
Other long-term assets
70,000
Required:
Based on the above data, calculate the following amounts:
A.
Total assets
_______
B.
Long-term liabilities
_______
C.
Common stock and Additional paid-in
capital
_______
D.
Total liabilities and stockholders’ equity
_______
105.
Ridgetop Corporation reported the following amounts on its balance sheet at December 31,
2016:
Total current assets
$1,800,000
Total long-term assets
900,000
Total current liabilities
1,300,000
Total long-term liabilities
500,000
Total stockholders’ equity
900,000
Net income
100,000
On January 1, 2016, total assets were $2,000,000, total liabilities were $1,200,000 and total
stockholders’ equity was $800,000.
Requirement:
Calculate Ridgetop’s return on assets.
106.
Complete the following balance sheet by entering the appropriate amounts in the blanks
provided.
ASSETS
Cash
$15,000
Accounts receivable
(A.)
_______
Building
$60,000
Accumulated
depreciation
(B.)
_______
35,000
Total Assets
(C.)
_______
LIABILITIES
Accounts Payable
$11,000
Notes payable, short-
term
12,000
Income taxes payable
Total current
liabilities
(D.)
_______
$25,000
Mortgage payable
25,000
Total Liabilities
50,000
STOCKHOLDERS’
EQUITY
Common stock
$25,000
Retained earnings
15,000
Total Stockholders’
Equity
(E.)
______
Total Liabilities and
Stockholders’ Equity
(F.)
______
107.
FocusMore, Inc., had the following list of accounts taken from its adjusted trial balance at
December 31, 2016:
Accounts Payable
$15,000
Accounts Receivable
18,000
Accumulated Depreciation-Building
26,200
Advertising Expense
12,800
Building
100,000
Common Stock
60,000
Cash
15,000
Cost of Goods Sold
56,500
Depreciation Expense
2,000
Utilities Expense
3,800
Utilities Payable
1,900
Inventory
25,000
Land
30,000
Prepaid Insurance
4,600
Interest Revenue
2,500
Retained Earnings (Jan. 1, 2016)
58,000
Wages Expense
48,000
Wages Payable
4,600
Sales
150,000
Supplies Inventory
1,200
Supplies Expense
2,000
Deferred Rent Revenue
700
Required:
Prepare a multiple step income statement for the year ended December 31, 2016. (Include
gross profit, but ignore income taxes.)
108.
The following data were taken from the adjusted trial balance of Kent Corporation.
Kent Corporation
Adjusted Trial Balance Data
December 31, 2016
Accounts Payable
$12,000
Accounts Receivable
13,000
Accumulated Depreciation-Building
6,000
Accumulated Depreciation-Equipment
9,000
Building
60,000
Common Stock
40,000
Cash
24,000
Copyrights
22,000
Dividends Declared
12,000
Equipment
15,000
Land
25,000
Note Payable (10%, due in 5 years)
40,000
Office Supplies
1,000
Prepaid Insurance
3,000
Retained Earnings (January 1, 2016)
23,000
Wages Payable
2,000
Service Revenue
85,000
Wages Expense
28,000
Utilities Expense
2,000
Depreciation Expense
5,000
Insurance Expense
2,000
Office Supplies Expense
1,000
Interest Expense
4,000
Requirement:
Prepare a classified balance sheet in good form at December 31, 2016. (Ignore income taxes).