ACC 291 Principles Of Accounting II Week 5 Quiz Answers

ACC 291 Principles Of Accounting II Week 5 Quiz Answers

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Phoenix ACC 291 Week 5 Quiz Answers (2017)

1. Which of the following is an operating activity?

2. Which is an example of a cash flow from an investing activity?

3. Hanover, Inc. purchased land through the issuance of long-term bonds. How is this reported on the statement of cash flows?

4. Under the indirect method of preparing the statement of cash flows, which of the following is added to net income in the operating activities section?

5. In what section of the statement of cash flows will the issuance of bonds payable to acquire a building be reported?

6. Which of the following items is reported in the operating activities section of a statement of cash flows prepared using the direct method?

7. In horizontal analysis of a balance sheet, of what amount is each item expressed as a percentage?

8. The following schedule is a display of what type of analysis?

		Amount		Percent
Current assets		$200,000		25%
Property, plant, and equipment		600,000		75%
Total assets		$800,000		100%

9.  

10. Ceradyne, Inc. presented the following data for a company:

Current liabilities		$360
Long-term debt		480
Common stock		640
Retained earnings		520
Total liabilities & stockholders’ equity		$2,000

11. 
How would common stock appear on a common size balance sheet using vertical analysis?

12. Use the following financial statement information as of the end of each year to answer this question.

	2017	2016
Inventory	$54,000	$48,000
Current assets	81,000	106,000
Total assets	392,000	336,000
Current liabilities	27,000	36,000
Total liabilities	102,000	88,000
Total stockholders’ equity	290,000	248,000
Preferred stock	10,000	10,000
Net sales	784,000	697,000
Cost of goods sold	306,000	277,000
Net income	34,000	90,000
Tax expense	22,000	18,000
Interest expense	12,000	12,000
Dividends paid to preferred stockholders	2,000	2,000
Dividends paid to common shareholders	1,000	1,000

13. 
Compute the profit margin for 2017.