AC 210 – Spring 2012 Exam 2 Version A Name: CWID: Score: /100 1. McKinney‚ Inc has a debt-to-assets ratio of 0.45. This means that: A. stockholders’ equity is 55% of total assets. B. stockholders’ equity is 45% of total assets. C. the asset turnover ratio also is 0.55. D. the asset turnover ratio also is 0.45. 2. A company files a Form 10-K with the SEC to submit its: A. quarterly report. B. annual report. C. press releases. D. report
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first quarter were 1‚400 units at $75 per unit. The White Company uses a periodic inventory system. Using the White Company data‚ fill in the following chart to compare the results obtained under the FIFO‚ LIFO‚ and weighted-average inventory methods. Inventory Valuation Methods: Basic Computations FIFO Date Units available for sale 1-Jan 300 21-Feb 700 28-Mar 800 Total available for sale 1800 Cost of goods sold 1400 Units in ending inventory 1800 - 1400 = 400 Units Unit
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Inventory 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2 Beginning inventory Woods $21‚000 4/19 Purchase Sunset 21‚800 6/7 Purchase Earth 31‚200 12/16 Purchase Moon 4‚000 Woods and Moon were sold during the year for a total of $35‚000. Determine the firm’s a. Cost of goods sold.
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200 units at a total cost of $26‚000. At the end of the year‚ Jones had 80 units in ending inventory. Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO: ending inventory – 80 units $10‚400‚ Cost of Goods Sold - $25‚600 (2) LIFO: ending inventory –
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Chapter 8: Usefulness of Accounting Information to Investors and Creditors Instructor’s Manual CHAPTER HIGHLIGHTS Chapter 8 is concerned with the usefulness of external accounting reports for decision making. The FASB emphasizes decision usefulness in both the conceptual framework project and in policy deliberations for specific standards. It focuses on the primary user groups‚ investors and creditors. Earnings‚ dividends‚ and stock prices are inextricably linked. Dividends are the cash
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1565 Chenault St‚ Dallas‚ TX 75228 Teaching Asst. Office Hours Wednesday 11:45-12:45 4-5PM wxw107020@utdallas.edu Final EXAM December 19 (1-3:45) JSOM2.106 Fin. ST. Analysis Protect Industry name Company name1 ----- student1 2 2 3 3 4 4 Class1-5 content: Introduction to Accounting Business activities and financial statements Balance sheet valuation rules Income statement valuation rules Transaction analysis
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for Beginners. N.p.‚ n.d. Web. 21 Dec. 2012. <http://beginnersinvest.about.com/od/incomestatementanalysis/a/gross-profit.htm>. Merritt‚ Cam. "FIFO Inventory Cost Flow Method | Business & Entrepreneurship - azcentral.com." Business & Entrepreneurship - azcentral.com. N.p.‚ n.d. Web. 22 Dec. 2012. <http://yourbusiness.azcentral.com/fifo-inventory-cost-flow-method-8554.html>. Weygandt‚ Jerry J.‚ Donald E. Kieso‚ and Walter Gerry Kell. Accounting principles. 4th ed. New York: Wiley
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1. The final exam will be held from 9:30 to 11:30 am on Wednesday‚ October 19 in EX 200 (255 McCaul). 2. It is a closed book and closed note exam. No aid sheet is allowed. You will need a calculator‚ but no other electronic devices will be allowed during the exam. 3. The exam covers materials in classes 1 through 11 inclusive (i.e.‚ topics 1 through 8)‚ with more emphasis on topics 3 through 8. It will have both problem-solving and essay-type questions. It is not going to be an easy exam
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壹 1. Payments to acquire investment in debt securities 2. Dividends received on investments made in the stock of other corporations 3. Payments for the acquisition of inventory 4. Proceeds from issuance of stock 5. Payments for interest on loans 6. Interest received on loans made to outside entities 7. Repayment of the principal on loans 8. Payment to acquire productive assets 9. Proceeds from the sale of productive assets 10. Cash receipts from the sale of
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hand. Under the FIFO method‚ the December 31 inventory is $21‚750. $21‚000. $27‚000. $24‚000. Rudolf Diesel Company’s inventory records show the following data: Units Unit Cost Inventory‚ January 1 5‚000 $9.00 Purchases: June 18 4‚500 8.00 November 8 3‚000 7.00 A physical inventory on December 31 shows 3‚000 units on hand. Under the FIFO method‚ the December 31 inventory is $21‚750. $21‚000. $27‚000. $24‚000. In a period of rising prices‚ FIFO will have lower cost of goods sold than LIFO. lower net income
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