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?
Multiple Choice Question 131
The following information is available for Oakland Company:
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
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?
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?
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?
- $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.
Multiple Choice Question 91
A supplier to a company would be most interested in the company’s
- profit margin.
- earnings per share.
- asset turnover.
Multiple Choice Question 68
In performing a vertical analysis, the base for sales returns and allowances is
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.