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QuestionMBA 503 Final Examination-40 Questions Contained(1.) The inventory system that makes use of laptop computer software program program to take care of a working file of inventory obtainable is the:A- Hybrid inventory systemB- Periodic inventory systemC- Costs of merchandise inventory systemD- Perpetual inventory system(2.) When a LIFO liquidation occurs:A- The company ought to dip into the older layers of inventory value to compute the worth of things soldB- And prices are rising, newer, elevated, costs are shifted into value of merchandise soldC- Web earnings decreasesD- Income taxes decrease(three.) Given the following info, calculate the buck amount of ending inventory using the frequent value methodology. Spherical ending inventory to the closest buck.Date Merchandise Unit1/1 Beginning Inventory 40 fashions @ $12 per unit3/5 Purchase of Property 18 fashions @ $14 per unit5/30 Purchase of Inventory 24 fashions @ $18 per unit12/31 Ending Inventory 20 unitsA- $1,419B- $852C- $1,164D- $284(4.) The inventory turnover ratio:A- Will probably be lower for firms which have many low-priced objects throughout the inventory.B- Reveals what variety of events the company purchased its frequent stage of inventory.C- Should be extreme for a company that sells high-priced inventory objects.D- Is set by dividing costs of merchandise purchased by web product sales.(5.) Agency B purchased some land and is preparing the land for a model new developing. Agency B should embody which of the following within the value of the land?A- Value of sprinkler system for the shrubbery.B- Grading and cleaning the land.C- Costs of driveways.D- Value of fencing.(6.) Which of the following must be included throughout the costs of equipment?A- Freights costs to ship the gear.B- Arrange costs for the gear.C- Testing costs to get the gear ready for use.D- Your complete above.(7.) Costs that do not lengthen the belongings functionality or itâs useful life, nevertheless merely preserve the asset or restore it to working order are recorded as:A- AdditionsB- ImprovementsC- ExpensesD- Capital Expenditures(eight.) The tactic of allocating the worth of a plant asset to expense over the interval by which the asset is used is called:A- AllocationB- DisclosureC- DepreciationD- Amortization(9.) On the end of an assetâs useful life, the stableness in amassed depreciation could be the same as a result of the:A- Salvage valueB- Cumulative depreciation expenseC- Information valueD- Tax obligation(10.) Thomas agency trades in a printing press for a newer model. The worth of the outdated printing press was $61,500, and amassed depreciation as a lot because the date of the trade-in portions to $38,000. The company moreover pays $41,200 cash for the newer printing press. The journal entry to amass the model new printer, press would require a debit to Instruments for:A- $41,200B- $64,700C- $102,700D- $61,500(11.) The long term price of 1 will on a regular basis be:A- Decrease than 1B- Equal to 1C- Equal to the curiosity rateD- Greater than 1(12.) Which of the following low price expenses will produce the smallest present price?A- 8percentB- 10%C- 6percentD- 4%(13.) Failure to file an accrued obligation causes a company to:A- Overstate assetsB- Understate liabilitiesC- Understate incomeD- Understate ownerâs equity(14.) Product sales taxes collected by a retailer as reported are:A- Current liabilities B- Current assetsC- RevenuesD- Contingent liabilities(15.) The market charge of curiosity will also be often known as the:A- Start rateB- Contractural rateC- Coupon rateD- Environment friendly value(16.) On January 1, Multichip Firm issued $2,000,000, 10-year, eight% bonds at 102. The journal entry to file this transaction would include a :A- Debit to cash $2,000,000.B- Credit score rating to bond payable $2,zero40,000.C- Debt to low price on bonds payable $40,000.D- Credit score rating to premium on bonds payable $40,000.(17.) An impediment of using bonds as a means of long-term financing is that:A- Issuing bonds ends in elevated earnings per share.B- Interestâs expense is tax deductible.C- Bond holders shouldn’t have voting rights.D- Curiosity must be paid regardless of earnings.(18.) If a company factors 5,000 shares of $5 par price frequent stock for $95,000, the entry would include a credit score rating to:A- Frequent stock for $70,000.B- Paid-in capital in Additional of Par for $95,000.C- Paid-in Capital in Additional of Par for $70,000.D- Frequent stock for $95,000.(19.) ABC Firm purchases 40,000 shares of its private $10 par price, frequent stock for $25 per share. What could be the impression of stockholders equity?A- Decrease $1,000,000.B- Decrease $400,000.C- Enhance $400,000.D- Enhance $1,000,000.(20.) If a company declares a $1,000,000 cash dividend, the account to be debited on the date of declaration is:A- Paid-in Capital in Additional of Par.B- Frequent stock.C- Dividends payable.D- Retained Earnings.(21.) An increase throughout the number of licensed, factors and glorious shares of stock along with a proportional low cost throughout the stock throughout the par price is a:A- Stock dividendB- Stock splitC- Cash dividendD- Deficit(22.) On the entire, the order of reporting stockholderâs equity on the stableness sheet is:A- Hottest stock, Frequent stock, Paid-in Capital, Retained Earnings, Treasury Stock.B- Frequent Stock, Hottest Stock, Paid-in Capital, Retained Earnings, Treasury Stock.C- Hottest Stock, Frequent Stock, Treasury Stock, Paid-in Capital, Retained Earnings.D- Retained Earnings, Hottest Stock, Frequent Stock, Paid-in Capital, Treasury Stock.(23.) Income tax payable appears on the:A- Assertion of stockholderâs equity.B- Tax returns.C- Stability Sheet.D- Income Assertion.(24.) Changes in accounting estimates:A- Require prior financial statements to be restated.B- Is not going to be allowed under GAAP.C- Are a earlier interval adjustment.D- Are reported for the current and future durations on the model new basis.(25.) Wildcat firm reported web earnings for the current 12 months of $700,000. Wildcat had 5,000 shares of $100 par price, 10% hottest stock glorious and $40,000 shares of $1 par price frequent stock glorious in your total 12 months. Earnings per share was:A- $16.25B- $17.50C- $18.75D- $16.67(26.) An announcement of cash flows:A- May be blended with the stableness sheet.B- May be blended with the earnings assertion on the selection of administration.C- Is a major financial assertion recruited for publicly- held companies.D- Is often prepared for request of foremost collectors.(27.) Together with preparing the earnings assertion, steadiness sheet, and assertion of retained earnings, which of the following will also be a required financial assertion?A- Assertion of Cash flows.B- Cash Reconciliation Assertion.C- Assertion of cash inflows and outflows.D- Cash Reform Statements.(28.) Cash obtained from purchasers might be reported on the assertion of cash flows under:A- Investing actions.B- Financing actions.C- Working Actions.D- Non-cash actions.(29.) The receipt of curiosity on loans might be reported on a press launch of cash flows under:A- Inventory activitiesB- Financing ActivitiesC- Working ActivitiesD- Non-cash actions(30.) Horizontal analysis is carried out on:A- Solely the earnings assertion.B- Solely the stableness sheet.C- Solely the statements of retained earnings.D- The earnings assertion, the stableness sheet, and the assertion of retained earnings.(31.) Tech help firm research the following info:Web Product sales $275,000Costs of merchandise purchased $175,000Gross income $100,000In a vertical analysis, the gross income proportion is closest to:A- 36%B- 63%C- 57%D- 157%(32.) In performing a vertical analysis, the underside for curiosity expense is:A- Web earnings.B- Web product sales.C- Full working payments.D- Curiosity incomes.(33.) Depots Garments Retailer had an accounts receivable steadiness of $420,000 initially of the 12 months and a 12 months âend steadiness of $510,000. Web product sales of the 12 months totaled $2,100,000. The frequent assortment interval for the receivables was:A- 162 daysB- 51 daysC- 41 daysD- 81 days(34.) Thames, Incâs inventory knowledge for a specific development program reveals the following at July 31:Info TableJuly 1 Beginning Inventory â¦â¦â¦â¦â¦â¦.. 4 fashions @$150 = $60015 Purchasesâ¦â¦â¦â¦â¦â¦â¦â¦â¦…….. 5 fashions @ 150 = $75026 Purchasesâ¦â¦â¦â¦â¦â¦â¦â¦â¦â¦â¦.. 9units @ 160 = $1,440Requirements(1.) Compute the costs of merchandise purchased and ending inventory, using each of the following methods:a.) Explicit unit costs, with one $150 fashions and seven $160 fashions nonetheless obtainable on the end.b.) Widespread costc.) Firs-in, First-outd.) Remaining-in, First-out(2.) Which methodology produces the perfect value of merchandise purchased?What causes the excellence in costs of merchandise purchased?Requirement 1: Compute the costs of merchandise purchased and ending inventory, using each if the following for inventory methods:(a.) Compute ending inventory and costs of merchandise purchased using specific costs methodology with one $150 fashions and seven $160 fashions nonetheless obtainable on the end.(b.) Compute ending inventory and costs of merchandise purchased using the frequent costs methodology. Begin by calculating the frequent costs per unit. ( Spherical the frequent costs per unit to the closest cent).Calculate the ending inventory and costs of merchandise purchased. ( Use the frequent costs per unit to calculate ending inventory and costs of merchandise purchased. Spherical your closing reply to the closest total buck).(c.) Compute ending inventory and costs of merchandise purchased, using the First-in, First-out methodology.(d.) Compute ending inventory and costs of merchandise purchased using the Remaining-in, First-out methodology.Requirement 2. Which methodology produces the perfect costs of merchandise purchased? Which methodology produces the underside costs gadgets purchased? Which causes the excellence in costs of merchandise purchased?Which methodology produces the perfect costs of merchandise purchased? âFIFO, LIFO, or Explicit Unit Costâ Please choose one.Which methodology produces the underside costs of merchandise purchased? âFIFO, LIFO, or specific Unit Costâ Please choose one.The excellence in costs of merchandise purchased under the two methods acknowledged above was attributable to: â the decrease in inventory costs, the rise in inventory costs, or the excellence throughout the number of fashions soldâ, Please choose one.(35.) Little Townâs Pizza- bought a used Toyota provide van onJan2, 2012 for $18,000. The van was anticipated to remain in service for four years (39,250 miles). On the end of its useful life, Little Townâs officers estimated that the vanâs residual price might be $2,300. The van traveled 13,000 miles the first 12 months, 11,250 miles the second 12 months, 6,000 miles the third 12 months, and 9,000 miles throughout the fourth 12 months. Requirement 1: Put collectively a schedule of depreciation expense per 12 months for the van under the three depreciation methods. (For units-of âmanufacturing, and double-declining-balance, spherical to the closest two decimals after each step of the calculation. For years with $zero depreciation, make certain that to enter â0â throughout the relevant columns).Requirements:(1.) Put collectively a schedule of depreciation expense per 12 months for the van under the three depreciation methods.(2.) Which methodology best tracks the harm and tear on the van?(three.) Which methods would Little Metropolis select to utilize for earnings tax features? Make clear intimately why Little Townâs prefers this system?Requirement 2: Which methodology best tracks the harm and tear on the van?Requirement three: Which methodology would Little Metropolis select to utilize for earnings tax features?Make clear intimately why Little Townâs select this system.(36.) Calculate the present price of the following portions:(1.) $5,000 on the end of ten years at eight%(2.) $5,000 a 12 months on the end of the next ten years at eight%(Spherical your options to the closest total buck)(37.) Assume that Cart Agency achieved the following observe payable transactions.2012Jul1 Purchased provide truck costing $85,000 by issuing a one-year eight% observe payable.Dec 31 Accrued pursuits on the observe payable2013Jul 11 Paid the observe payable at maturityRequirement 1. How loads pursuits expense must be accrued at December 31, 2012? (spherical your reply to the closest total buck).Requirement 2. Determine the amount of Cartâs closing payment on July 1, 2013.Requirement three. How loads curiosity expense will Cart report for 2012 and for 2013? (Spherical your reply to the closest total buck)(38.) Colonel Sporting Gadgets is permitted to issue 12,000 shares of frequent stock. All through a two-month interval, Colonel achieved these stock issuance transactions:Info TableJuly 23 Issued 2,500 shares of $4.00 per frequent stock for cash of $14.50 per share.July 12 Acquired inventory valued at $20,000 and equipmentâs with market price of $46,000 for 3,500 shares of the $4.00 per frequent stock.Requirement (1.) Put collectively the stockholderâs equity a part of Colonel Sporting Goodâs steadiness sheet for the transactions given on this practice. Retained earnings had a steadiness of $45,000. Journal entries often are usually not required.Requirement 1. Put collectively the stockholderâs equity a part of Colonel Sporting Goodâs steadiness sheet for the transactions given on this practice. Retained earnings has a steadiness of $45,000. Journal entries often are usually not required. ( Enter the accounts throughout the right order for the stockholders, equity a part of the stableness sheet.)Decisions To pick and use on the stableness sheet above:â¢ three,000 shares licensed, 500 shares issuedâ¢ 12,000 shares licensed, 6000 shares issuedâ¢ Additional paid-in capitalâ¢ Frequent stock, $400 par.â¢ Hottest stock, $7.00, no par.â¢ Retained earningsâ¢ Full stockholderâs equityâ¢ Treasury stock(39.) Mc-Taggart-Hicks investments focuses on low-risk authorities bonds.RequirementIdentify each of Mc-Taggart-Hicks transactions as working (O), investing (I), Financing (F), non-cash investing and financing (NIF) , or a transaction that is not reported on the assertion of cash flows (N). Level out whether or not or not each will enhance (+) or decreases (-) cash. The indirect methodology is used for working actions.(a.) Sale of long-term investments (b.) Issuance of long-term observe payable to borrow cash Enhance in pay as you go payments (c.) Value of cash dividends (d.) Lack of sale of equipment (e.) Decrease in merchandise inventory (f.) Acquisition of equipment by issuance of observe payable (g.) Enhance in accounts payable (h.) Amortization of intangible belongings (i.) Web earnings (j.) Value long-term debt (okay.) Accrual of wage expense (l.) Cash sale of land (m.) Purchase of long-term funding (n.) Acquisition of developing by cash payment (o.) Purchase of treasury stock (p.) Issuance of frequent stock for cash (q.) Decrease in accrued liabilities (r.) Depreciation of equipment(40.) The financial assertion of Homer, Inc. observe:Homer, IncBalance Sheet , (Tailor-made)December 31, 2012 and 2011( portions in hundreds and hundreds) 2012 2011 Amount % (Inc/Dec)AssetsCurrent AssetsCash and cash equivalents $398 $310 $88 28.4percentShort-term investments 16 42 (26) (61.9)Receivables, web 258 262 (4) (1.5)Inventories 108 82 26 31.7Prepaid payments and totally different belongings 262 394 (132) (33.5)Full Current belongings 1,zero42 1,zero90 (48) (4.4)Property, plant, and equipment, web three,642 three,306 336 10.2Intangible belongings 1,100 828 272 32.9Other belongings 814 724 90 12.4Total Property $6,598 $5,948 $650 10.9percentLiabilities & stockholderâs EquityCurrent Liabilities 2012 2011 Amount %Accounts Payable $1,326 $1,226 $100 eight.2percentIncome tax payable 30 78 (48) (61.5)Transient-term debt 220 218 2 zero.9Other 70 72 (2) (2.eight)Prolonged-term debt 2,328 1,744 584 33.5Other Liabilities 1,198 1,096 102 9.3Total Liabilities 5,172 4,434 738 16.6Stockholderâs Equity Frequent Stock 2 2 — —–Retained Earnings 1,574 1,690 (116) (6.9)Collected totally different comp loss (150) (178) 28 15.7Total stockholderâs equity 1,425 1,514 (88) (5.eight)Full liabilities & Stockholderâs $6,598 $5,948 $650 10.9%(Buck Portions In Hundreds and hundreds) 2012 2011Revenues $9,507 $9,309ExpensesFood & paper (costs of merchandise purchased) 2,200 2,236Payroll & Employee Benefits 2,119 2,181Occupancy & totally different working payments 2,453 2,375Regular & Administrative Payments 1,207 1,138Curiosity Expense 194 133Totally different Expense (Income), web 11 (36)Income sooner than earnings taxes 1,323 1,282Income tax expense 273 269Web earnings $1,zero50 $1,zero13Compute these profitability measures, for 2012. Current each computation:(a.) Value of return on product sales(b.) Asset turnover(c.) Value of return on full belongings(d.) Leverage (equity multiplier0 ratios(e.) Value of return of frequent stockholder râs equity(f.) Is Homer, Incâs profitability sturdy, medium or weak.Amacon is a bicycle manufacturer that produces approximately 5,000 bikes each month »University of Phoenix QNT 561 Week 1 Individual Assignment Solution
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