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ACC 100 Quiz Chapter 18

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.

 

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