ACCT 221 ACCT221 Quiz 3 Answers / Principles of Accounting II
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ACCT 221 Principles of Accounting II Quiz 3 Homework Answers
Question 1:
items: cash $45,000, accounts receivable $160,000, inventories $150,000, prepaid expenses $20,000, accounts payable $95,000, and accrued expenses $75,000. Use this information to determine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Quick Ratio
2. Current Ratio
2. Working Capital
For the FY 2016, Alpha Company had net sales of $950,000 and net income of $65,000, paid income taxes of $30,000, and had before tax interest expense of $15,000. Use this information to determine the: (Round & enter your answers to one decimal place and enter the value.)
1. Times Interest Earned Ratio
2. Profit Margin
Question 3:
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
4. Profit Margin
Question 4:
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the accounts receivable turnover ratio
2. average collection period accounts receivable
3. Gross Profit Margin
4. Profit Margin
Question 5:
Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at December 31, 2016. Net cash sales for 2016 were $200,000. The accounts receivable turnover for 2016 was 5.0. Use this information to determine the Fiscal Year 2016: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Total Net Sales
2. Total Net Credit Sales
Question 6:
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
Question 7:
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the Accounts Receivable turnover ratio
2. Average Accounts Receivable collection period
3. Gross Profit Margin
Question 8:
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
|
2017
|
2016
|
Cash
|
$26,000
|
$16,000
|
Accounts Receivable
|
30,000
|
50,000
|
Inventory
|
30,000
|
22,000
|
Current Liabilities
|
76,000
|
42,000
|
Net Sales (all credit)
|
390,000
|
360,000
|
Cost of Goods Sold
|
260,000
|
250,000
|
Use this information to determine the quick ratio for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
Question 9:
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
|
2017
|
2016
|
Cash
|
$26,000
|
$16,000
|
Accounts Receivable
|
40,000
|
50,000
|
Inventory
|
30,000
|
22,000
|
Current Liabilities
|
76,000
|
42,000
|
Net Sales (all credit)
|
390,000
|
360,000
|
Cost of Goods Sold
|
260,000
|
250,000
|
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. the Current Ratio
2. Working Capital
Question 10:
Alpha's Company's Fiscal Year 2017 Statement of Cash Flows reflected information that cash provided by operating activities was $800,000. The following additional information was provided:
Depreciation Expense
|
$380,000
|
Common Stock Dividends
|
200,000
|
Accounts Receivable increase
|
110,000
|
Accounts Payable increase
|
60,000
|
Use this information and determine Alpha Company's the Net Income (Net Loss) the 2017 Fiscal Year.
Question 11:
Alpha's Company's Fiscal Year 2017 Statement of Cash Flows reflected information that cash provided by operating activities was $800,000. The Fiscal Year 12/31/17 Balance Sheet showed the value of Retained Earnings to be $625,000. The following additional information was provided:
Depreciation Expense
|
$380,000
|
Common Stock Dividends
|
200,000
|
Accounts Receivable increase
|
110,000
|
Accounts Payable increase
|
60,000
|
Use this information and determine Alpha Company's:
a. the Net Income (Net Loss) the 2017 Fiscal Year.
b. the beginning balance for Retained Earnings
Question 12:
The following information is related to Alpha Company's fiscal year 2017.
Income Statement:
Net Income $3,000,000
Depreciation Expense 500,000
Gain on Sale of Plant Assets 25,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable ($40,000)
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $125,000
Dividends paid were $30,000
Use this information to prepare a partial Statement of Cash Flows for Alpha Company. Prepare only the section related to Cash Flows from Operating Activities.
Question 13:
The following information is related to Alpha Company's fiscal year 2017.
Income Statement:
Net Income $3,000,000
Depreciation Expense 500,000
Gain on Sale of Plant Assets 50,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable ($40,000)
Plant Assets - Disposals 250,000
Plant Assets - Purchased (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $125,000
Dividends paid were $30,000
Use this information to determine Alpha Company's Net Cash Flows from Investing Activities. If the amount is an outflow then enclose the amount with dollar sign inside of brackets ( ):
Question 14:
The following information is related to Alpha Company's fiscal year 2017.
Income Statement:
Net Income $3,000,000
Depreciation Expense 500,000
Gain on Sale of Plant Assets 50,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable ($40,000)
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $135,000
Dividends paid were $45,000
Use this information to determine Alpha Company's Net Cash Flows from Financing Activities. If the amount is an outflow then enclose the amount with dollar sign inside of brackets ( ):
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