Exam 4: Understanding Accounting Information

Data from the financial statements of Kroger King and SuperDeal Inc. are presented below (in millions): To the nearest hundredth of a percent, what is the 2019 profit margin for SuperDeal, Inc.?

In a merchandising firm, sales minus cost of goods sold equals income before income taxes.

Listed below are selected accounts for Tercek Company, Inc. Select a letter from the following key and place it in the space to the left of the account title to indicate the proper balance sheet classification for the accou -Accounts receivable

The records of Jersey T's show the following information after all transactions are recorded for 2019. Jersey T's raised $8,000 cash through the issuance of additional common stock during the year. Based on this information, prepare Jersey T's statement of stockholders' equity for the year ending December 31, 2019.

Current assets are usually listed in the order of their:

During the current year, Pierce Company's total assets increased $25,000, and total liabilities decreased $15,000. During the same year, the company's investors invested an additional $30,000 and the company paid dividends of $15,000. What must have been the company's net income for year?

Which one of the following is not a current liability?

Prepare an income statement for the year ended December 31, 2019 for Winkleman Music. Winkleman's account balances for the year ending December 31, 2019 are:

Listed below are selected accounts for Tercek Company, Inc. Select a letter from the following key and place it in the space to the left of the account title to indicate the proper balance sheet classification for the accou -Long-term notes payable

On September 1, Baxter Inc. reported Retained Earnings of $136,000. During the month of September, Baxter generated revenues of $20,000, incurred expenses of $12,000, purchased equipment for $5,000 and paid dividends of $6,000. What is the balance in Retained Earnings on September 30?

Listed below are selected accounts for Tercek Company, Inc. Select a letter from the following key and place it in the space to the left of the account title to indicate the proper balance sheet classification for the accou -Accounts payable

Which of the following assets would not be classified as a current asset?

The following is selected financial information for Walkmart, Inc. for its year ending January 31, 2019: Prepare a statement of stockholders' equity for 2019 for Walkmart. All amounts are in millions.

Campbell reported the following selected information at August 2, 2019 ($ millions): Use this information to prepare a statement of stockholders' equity for Campbell's for the year ending August 2, 2019.

Trend analysis is a process in which we compare a company's results, or the results of a ratio, over time.

Traynham Tractors has a profit margin of 16.4% and Adel Automotive has a profit margin of 18.3%. Which of the following statements is true?

Net sales less cost of goods sold equals:

Terry Company began operations on January 1, 2019, with an investment of $62,000 by each of its two stockholders, or a total of $124,000. Net income for its first year of business was $218,000. During the year, the company paid dividends of $30,000 each to its two stockholders. How much is the company's ending Stockholders' Equity on December 31, 2019?

Compute the missing amounts in the table below:

For the two unrelated situations below, compute the unknown amounts indicated by the letters (a) and (b).