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Exam 5: Communicating and Interpreting Accounting Information

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Question 31

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Huron has provided the following year-end balances: Cash,$25,000 Patents,$7,900 Accounts receivable,$9,300 Property,plant,and equipment,$98,700 Prepaid insurance,$3,600 Accumulated depreciation,$10,000 Inventory,$37,000 Retained earnings,$15,500 Trademarks,$12,600 Accounts payable,$8,000 Goodwill,$11,000 - How much is Huron's stockholders' equity?

A) $33,800.
B) $187,100.
C) $195,100.
D) $202,600.

E) A) and B)
F) B) and C)

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Question 32

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Determine the effect of the following transactions on the financial statements components identified.Code your answers as follows: A: If the transaction results in an increase in the financial statement component or ratio. B: If the transaction results in a decrease in the financial statement component or ratio. C: If the transaction does not affect the financial statement component or ratio. Transaction 1: A company sold inventory for an amount greater than its cost. Gross profit _____ Current assets _____ Stockholders' equity _____ Transaction 2: Advertising expense was recorded but has yet to be paid for. Net income _____ Gross Profit _____ Stockholders' equity _____

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Transaction 1: A company sold inventory ...

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Question 33

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Intangible assets are reported on the balance sheet as a current asset.

Determine the effect of the following transactions on the identified financial statement components and ratios.Code your answers as follows: A: If the transaction results in an increase in the financial statement component or ratio. B: If the transaction results in a decrease in the financial statement component or ratio. C: If the transaction does not affect the financial statement component or ratio. Transaction 1: A company issued common stock at a price in excess of par value. Revenues _____ Assets _____ Stockholders' equity _____ Return on assets ratio _____ Transaction 2: A company recorded depreciation expense at year-end. Net income _____ Assets _____ Stockholders' equity _____ Total asset turnover ratio _____

Which of the following transactions will decrease both the return on assets ratio and the total asset turnover ratio?

The Financial Accounting Standards Board (FASB)oversees the work of the Public Company Accounting Oversight Board (PCAOB).

Harley Company has provided the following selected financial information. -What is Harley's 2019 net profit margin (rounded) ?

Huron has provided the following year-end balances: Cash,$25,000 Patents,$7,900 Accounts receivable,$9,300 Property,plant,and equipment,$98,700 Prepaid insurance,$3,600 Accumulated depreciation,$10,000 Inventory,$37,000 Retained earnings,15,500 Trademarks,$12,600 Accounts payable,$8,000 Goodwill,$11,000 - How much are Huron's net noncurrent assets?

Which of the following is an objective of the external audit of a company's financial statements?

The following income statement was reported for Bauer Inc.for the first year of operations ending December 31,2019 reported (in thousands of dollars): A.Calculate gross profit percentage. B.Calculate net profit margin. C.Calculate earnings per share if there are 200,000 shares of common stock outstanding.

Which of the following tasks is not performed by the Securities & Exchange Commission (SEC) ?

Which one of the following statements is true when a company sells inventory costing $800 for $1,400 cash,and operating expenses are $500?

Which of the following transactions results in a decrease in the return on assets ratio?

The Securities & Exchange Commission requires publicly traded companies to have their financial statements audited by their internal auditors.

The form 10-K is the annual report that publicly traded companies must file with the Securities & Exchange Commission (SEC).

Intangible assets are reported on the balance sheet as noncurrent assets and include goodwill.

Huron has provided the following year-end balances: Cash,$25,000 Patents,$7,900 Accounts receivable,$9,300 Property,plant,and equipment,$98,700 Prepaid insurance,$3,600 Accumulated depreciation,$10,000 Inventory,$37,000 Retained earnings,15,500 Trademarks,$12,600 Accounts payable,$8,000 Goodwill,$11,000 - How much are Huron's current assets?

Brimmel Corp.has provided the following information: Sales were $780,000; Cost of goods sold was $429,000; Net income was $195,000. What was Brimmel's gross profit percentage?

Which of the following does not increase the net profit margin ratio?

Which of the following is true?