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
- 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?
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?
- $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.
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.