Question 1

Match the following terms with their definitions.
-Accounts receivable

Accepted Answer

A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total 
A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total

Question 2

Calculate the total of (A)current assets, (B)plant assets, and (C)stockholders' equity.
Cash $7,000, common stock $21,000, retained earnings $41,000, prepaid rent $21,000, accounts payable $2,300, accounts receivable $4,000, merchandise inventory $18,000, total liabilities $10,800, land $25,000, building $1,900.

Accepted Answer

A. $7,000 + $21,000 + $4,000 +

Question 3

Bill's Pizza has an asset turnover of 3.5. The total assets of Bill's were $95,000. The net sales of Bill's Pizza is:

Accepted Answer

A) $27,142.85 
B) $332,500.00 
C) $271,428.50 
D) $33,250.00 
E) None of these 
A) $27,142.85 
B) $332,500.00 
C) $271,428.50 
D) $33,250.00 
E) None of these

Question 4

Solve for (A)current ratio, (B)acid test (quick), (C)average day's collection, (D)asset turnover, and (E)profit margin on sales. Round to nearest hundredth or hundredth percent as needed.
 $$\begin{array} { | l | l | } 
\hline \text { Current Assets } & \$ 24,000 \
\hline \text { Accounts Receivable } & \$ 4,300 \
\hline \text { Current Liabilities } & \$ 17,000 \
\hline \text { Inventory } & \$ 3,900 \
\hline \text { Net Sales } & \$ 44,000 \
\hline \text { Total Assets } & \$ 33,000 \
\hline \text { Net Income } & \$ 7,000 \
\hline
\end{array}$$

Accepted Answer

A. 1.41; B

Question 5

Match the following terms with their definitions.
-Assets

Accepted Answer

A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total 
A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total

Question 6

Retained earnings are the same as cash.

Accepted Answer

A) True 
 B)False

Question 7

Complete:
 $$\begin{array} { | c | c | c | c | c | } 
\hline & 2017 & 2016 & \text { Increase Amount } & \text { Increase } \% \
\hline \text { Cash } & \$ 10,000 & \$ 8,000 & \mathrm {~A} & \mathrm {~B} \
\hline
\end{array}$$

Accepted Answer

The answer of Complete:
 \[\begin{array} { | c | c...

Question 8

Assets, liabilities, capital, and revenues are listed on the balance sheet.

Accepted Answer

A) True 
 B)False

Question 9

Match the following terms with their definitions.
-Common size statement

Accepted Answer

A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total 
A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total

Question 10

Calculate the amount of increase or decrease and the percent change of each title (round to nearest hundredth percent):
 $$\begin{array} { | l | l | l | l | l | } 
\hline & 2017 & 2016 & \text { Amount } & \text { Percent } \
\hline \text { Cash } & \$ 15,000 & \$ 6,000 & \text { A } & \text { B } \
\hline \text { Land } & \$ 39,000 & \$ 18,500 & \text { C } & \text { D } \
\hline \text { Accounts Payable } & \$ 12,000 & \$ 4,000 & \text { E } & \text { F } \
\hline
\end{array}$$

Accepted Answer

A. $9,000; B. 150%;

Question 11

Moore Corporation has earned $205,500 after tax. The return on equity for Moore Corporation is 18%. What is Moore's stockholders' equity?

Accepted Answer

$205,500/.

Question 12

Complete:
 $$\begin{array} { | l | l | l | } 
\hline \text { Current Assets } & \text { Amount } & \begin{array} { l } 
\text { Round to Nearest Hundredth } \
\text { Percent }
\end{array} \
\hline \text { Cash } & \$ 12,000 & \text { B } \
\hline \text { Accounts Receivable } & \$ 9,000 & \text { C } \
\hline \text { Prepaid Rent } & \$ 5,000 & \text { D } \
\hline \text { Merchandise Inventory } & \$ 28,000 & \text { E } \
\hline \text { Total Current Assets } & \text { A } & 100 \% \
\hline
\end{array}$$

Accepted Answer

A. $54,000; B. 22.22

Question 13

Complete the following ratios:
Current assets = $13,000 Inventory = $4,400 Current liabilities = $10,000 Net income = $7,700 Net sales = $24,400
A. Profit margin on sales (round to nearest tenth percent)
B. Acid test (Round to nearest tenth percent.)

Accepted Answer

A. $7,700 / $24,400

Question 14

Match the following terms with their definitions.
-Accounts payable

Accepted Answer

A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total 
A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total

Question 15

Complete using trend analysis for sales. (Round to nearest percent and use 2017 as the base year.)
 $$\begin{array} { | c | c | c | c | c | } 
\hline & 2014 & 2015 & 2016 & 2017 \
\hline \text { SALES } & \$ 179,000 & \$ 585,000 & \$ 340,000 & \$ 600,000 \
\hline & ( \mathrm { A } ) & ( \mathrm { B } ) & ( \mathrm { C } ) & ( \mathrm { D } ) \
\hline
\end{array}$$

Accepted Answer

A. 30%; B.

Question 16

Match the following terms with their definitions.
-Prepaid expense

Accepted Answer

A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total 
A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total

Question 17

The cost of merchandise (goods)sold by Ryan Corporation decreased by 9.3% from 2015 to 2017. The cost of merchandise (goods)was $22,000 in 2017. What was the cost of merchandise (goods)sold in 2015?

Accepted Answer

$22,000/(1

Question 18

Complete using trend analyses for sales. (Round to nearest percent and use 2014 as the base year.)
 $$\begin{array} { | c | c | c | c | c | } 
\hline & 2017 & 2016 & 2015 & 2014 \
\hline \text { Sales } & \$ 158,000 & \$ 615,000 & \$ 280,000 & \$ 500,000 \
\hline & \mathrm { A } & \mathrm { B } & \mathrm { C } & \mathrm { D } \
\hline
\end{array}$$

Accepted Answer

A. 32%; B.

Question 19

Match the following terms with their definitions.
-Comparative statements

Accepted Answer

A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total 
A) Uses a base year 
B) Inventory and prepaid expenses are subtracted 
C) A liability 
D) Net sales ÷ total assets 
E) Actual sale after returns on discounts
F)Current assets ÷ current liabilities
G)What we owe creditors
H)Data placed side by side
I)Cash, supplies
J)Obligations due within one year
K)Cost of goods for resale
L)Obligations that are not due for at least one year
M)Total this period is compared by amount of percent to same total last period
N)Part of stockholders' equity
O)What customers owe
P)Dollars not shown
Q)Paid in advance
R)Profit
S)Revenues and expense for a specific period of time
T)Prepared as of a particular date
U)Beginning inventory plus new purchases - ending inventory
V)True cost of purchases
W)Includes no plant and equipment assets
X)Sales - cost of goods sold
Y)Each liability and equity is analyzed as a percent of the total

Question 20

The total debt to total assets of Mose Corporation was .22. Mose's total assets were $220,000. What was the amount of total debt to Mose Corporation?

Accepted Answer

$220,000 ×

Match the following terms with their definitions. -Accounts receivable

Bill's Pizza has an asset turnover of 3.5. The total assets of Bill's were $95,000. The net sales of Bill's Pizza is:

Match the following terms with their definitions. -Assets

Retained earnings are the same as cash.

Complete: 2017 2016 Increase Amount Increase \% Cash \ 10,000 \ 8,000

Assets, liabilities, capital, and revenues are listed on the balance sheet.

Match the following terms with their definitions. -Common size statement

Calculate the amount of increase or decrease and the percent change of each title (round to nearest hundredth percent): 2017 2016 Amount Percent Cash \ 15,000 \ 6,000 A B Land \ 39,000 \ 18,500 C D Accounts Payable \ 12,000 \ 4,000 E F

Moore Corporation has earned $205,500 after tax. The return on equity for Moore Corporation is 18%. What is Moore's stockholders' equity?

Complete: Current Assets Amount Round to Nearest Hundredth Percent Cash \ 12,000 B Accounts Receivable \ 9,000 C Prepaid Rent \ 5,000 D Merchandise Inventory \ 28,000 E Total Current Assets A 100\%

Complete the following ratios: Current assets = $13,000 Inventory = $4,400 Current liabilities = $10,000 Net income = $7,700 Net sales = $24,400 A. Profit margin on sales (round to nearest tenth percent) B. Acid test (Round to nearest tenth percent.)

Match the following terms with their definitions. -Accounts payable

Complete using trend analysis for sales. (Round to nearest percent and use 2017 as the base year.) 2014 2015 2016 2017 SALES \ 179,000 \ 585,000 \ 340,000 \ 600,000 () () () ()

Match the following terms with their definitions. -Prepaid expense

The cost of merchandise (goods)sold by Ryan Corporation decreased by 9.3% from 2015 to 2017. The cost of merchandise (goods)was $22,000 in 2017. What was the cost of merchandise (goods)sold in 2015?

Complete using trend analyses for sales. (Round to nearest percent and use 2014 as the base year.) 2017 2016 2015 2014 Sales \ 158,000 \ 615,000 \ 280,000 \ 500,000

Match the following terms with their definitions. -Comparative statements

The total debt to total assets of Mose Corporation was .22. Mose's total assets were $220,000. What was the amount of total debt to Mose Corporation?

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Life, Fire, and Auto Insurance

Stocks, Bonds, and Mutual Funds

Business Statistics

Filters

Exam 16: How to Read, Analyze, and Interpret Financial Reports

Match the following terms with their definitions. -Accounts receivable

Bill's Pizza has an asset turnover of 3.5. The total assets of Bill's were $95,000. The net sales of Bill's Pizza is:

Match the following terms with their definitions. -Assets

Retained earnings are the same as cash.

Complete: 2017 2016 Increase Amount Increase \% Cash \ 10,000 \ 8,000

Assets, liabilities, capital, and revenues are listed on the balance sheet.

Match the following terms with their definitions. -Common size statement

Calculate the amount of increase or decrease and the percent change of each title (round to nearest hundredth percent): 2017 2016 Amount Percent Cash \ 15,000 \ 6,000 A B Land \ 39,000 \ 18,500 C D Accounts Payable \ 12,000 \ 4,000 E F

Moore Corporation has earned $205,500 after tax. The return on equity for Moore Corporation is 18%. What is Moore's stockholders' equity?

Complete: Current Assets Amount Round to Nearest Hundredth Percent Cash \ 12,000 B Accounts Receivable \ 9,000 C Prepaid Rent \ 5,000 D Merchandise Inventory \ 28,000 E Total Current Assets A 100\%

Complete the following ratios: Current assets = $13,000 Inventory = $4,400 Current liabilities = $10,000 Net income = $7,700 Net sales = $24,400 A. Profit margin on sales (round to nearest tenth percent) B. Acid test (Round to nearest tenth percent.)

Match the following terms with their definitions. -Accounts payable

Complete using trend analysis for sales. (Round to nearest percent and use 2017 as the base year.) 2014 2015 2016 2017 SALES \ 179,000 \ 585,000 \ 340,000 \ 600,000 () () () ()

Match the following terms with their definitions. -Prepaid expense

The cost of merchandise (goods)sold by Ryan Corporation decreased by 9.3% from 2015 to 2017. The cost of merchandise (goods)was $22,000 in 2017. What was the cost of merchandise (goods)sold in 2015?

Complete using trend analyses for sales. (Round to nearest percent and use 2014 as the base year.) 2017 2016 2015 2014 Sales \ 158,000 \ 615,000 \ 280,000 \ 500,000

Match the following terms with their definitions. -Comparative statements

The total debt to total assets of Mose Corporation was .22. Mose's total assets were $220,000. What was the amount of total debt to Mose Corporation?

Whole Numbers: How to Dissect and Solve Word Problems

Fractions

Decimals

Banking

Solving for the Unknown: a How-To Approach for Solving Equations

Percents and Their Applications

Discounts: Trade and Cash

Markups and Markdowns: Perishables and Breakeven Analysis

Payroll

Simple Interest

Promissory Notes, Simple Discount Notes, and the Discount Process

Compound Interest and Present Value

Annuities and Sinking Funds

Installment Buying

The Cost of Home Ownership

Depreciation

Inventory and Overhead

Sales, Excise, and Property Taxes

Life, Fire, and Auto Insurance

Stocks, Bonds, and Mutual Funds

Business Statistics

Filters