Exam 2: Measuring and Evaluating Financial Position and Financial Performance

A company buys 100 televisions for $500 each.It sells 60 televisions for $900 each.What is the 'cost of goods sold' expense?

Which of the following is a liability?

Which of the following is NOT an intangible asset?

Given only the following information,calculate net profit.

Which of the following CANNOT be classified as a current liability?

James has a business mowing lawns.On 31 December 2016,he has a utility truck worth $7000,a mower worth $250 and an edger worth $110.Fuel on hand cost $70.Customers owe him $360 and he owes his fuel supplier $90.He owes his sister $5000,which is a long-term loan,and he has $110 in his business bank account. - What is James's current ratio?

The balance sheet of Hemp Ltd at 30 June 2016 showed: noncurrent assets $500 000;noncurrent liabilities $320 000;total liabilities $400 000;and shareholders' equity $300 000.What was the working capital of Hemp Ltd at 30 June 2016?

During the year,Grasso Ltd sold 2000 items at $30 each.The cost price of the items was $22 each.Operating expenses totalled $7000 and income tax expense was $4000. -What was the gross profit of Grasso Ltd for the year?

Consider the following transactions: Which of the above transactions increase June 2016 expenses?

The balance of retained profits at the beginning of a period was $1000 and at the end of the period it was $850.A dividend of $50 was declared and paid.What was the net profit/loss for the period?

During 2016,Beta Ltd incurred expenses of $250 and earned a net profit of $50.Retained profits at 1 January 2016 stood at $70 and dividends declared and paid totalled $30. -What were the revenues of Beta Ltd during 2016?

Which of the following is NOT an expense of a company?

Bruce operates a coffee stall at the university.On 30 June 2016,he has $400 in his business bank account,the stall and equipment are worth $5200,ingredients on hand cost $60 and paper cups cost $10.Students owe him $120 and he owes his suppliers $370.He also owes his mother $4100,which enabled him to get started.What is Bruce's owners' equity?

Shareholders invest $100 000 in a business.Inventory of $80 000 is bought on credit and damaged inventory that was purchased on credit for $10 000 was returned.Equipment costing $200 000 was purchased,which was financed by a loan from the seller,repayable in five years.The business paid $40 000 to accounts payable.Total assets increased by:

During 2016,Lift Ltd earned revenues of $500 and incurred expenses of $650.Retained profits at 1 January 2016 were $400,and at 31 December 2016 they were $225. -What was the dividend declared by Lift Ltd during the year?

A company buys 60 refrigerators for $600 each.It sells 40 refrigerators for $1000 each.What is cost of goods sold?

If a business pays a 12-month insurance premium of $1200 on 1 April 2016,at 30 June 2016 the prepayment will be equal to:

What is total revenue for the period in which credit sales are $20 000,cash sales are $16 000 and $14 000 cash is received from a customer as a deposit for work done in the next period?

Which of the following is NOT a revenue of a company?

Which of the following is an expense?