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# ACC 100 Quiz Chapter 18

ACC 100 Quiz Chapter 18 -

Multiple Choice Question 105

A company has an average inventory on hand of \$60,000 and the days in inventory is 73 days. What is the cost of goods sold?

• \$600,000
• \$300,000
• \$2,190,000
• \$4,380,000

Multiple Choice Question 131

The following information is available for Oakland 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

• 5.4 times.
• 4.6 times.
• 5.0 times.
• 6.7 times.

Multiple Choice Question 147

Beta’s Bunny Barn has experienced a \$80,000 loss due to tornado damage to its inventory. Tornados have never before occurred in this area. Assuming that the company’s tax rate is 30%, what amount will be reported for this loss on the income statement?

• \$56,000
• \$80,000
• \$24,000
• \$72,000

Multiple Choice Question 108

Net sales are \$8,000,000, beginning total assets are \$2,500,000, and the asset turnover is 4.0 times. What is the ending total asset balance?

• \$1,500,000
• \$2,000,000
• \$2,500,000
• \$2,500,000

Multiple Choice Question 148

Flite Company reported income before taxes of \$900,000 and an extraordinary loss of \$250,000. Assume that the company’s tax rate is 35%. What amounts will be reported on the income statement for income before irregular items and extraordinary items, respectively?

• \$585,000 and \$250,000
• \$585,000 and \$162,500
• \$650,000 and \$250,000
• \$650,000 and \$162,500

Multiple Choice Question 45

A technique for evaluating financial statements that expresses the relationship among selected items of financial statement data is

• vertical analysis.
• common size analysis.
• horizontal analysis.
• ratio analysis.

Multiple Choice Question 91

A supplier to a company would be most interested in the company’s

• current ratio.
• profit margin.
• earnings per share.
• asset turnover.

Multiple Choice Question 68

In performing a vertical analysis, the base for sales returns and allowances is

• sales discounts.
• net sales.
• total revenues.
• sales.

Multiple Choice Question 99

The acid-test ratio

• does include prepaid expenses as part of the numerator.
• is a quick calculation of an approximation of the current ratio.
• does not include all current liabilities in the calculation.
• does not include inventory as part of the numerator.

Multiple Choice Question 161

Comparisons can be made on each of the following bases except

• intercompany basis.
• intracompany basis.
• industry averages.
• Each of these is a basis for comparison.