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Question : 41.Changes in accounting methods must be disclosed in three prominent : 1241758

Economics

 

 

41.Changes in accounting methods must be disclosed in three prominent places. These are

a.the auditor’s report, financial statement notes, and the balance sheet.

b.financial statement notes, the income statement, and the auditor’s report.

c.the balance sheet, the income statement, and the statement of cash flows.

d.notes to financial statements, the management letter, and the income statement.

 

 

 

 

43.Makar Corporation reported net income before extraordinary items and taxes of $200,000 for the year 2015.  During 2015, the average number of common shares outstanding was 35,000.  Basic net earnings per share for 2015 are reported to be only $2.00.  Makar’s income tax rate is 30%.  How much was Makar’s extraordinary gain or loss (before tax) from a major earthquake?  The earthquake was the only item that was reported net of tax in the income statement for 2015.

a.$70,000.

b.$100,000.

c.$130,000.

d.none of the above

 

 

 

44.Anderson Industries has the following transactions reported in the financial statements:

 

1.Income effect due to changing from the double-declining balance method to the straight-line method of depreciation.

2.Collection of accounts receivable.

3.Purchase of an insurance policy on December 31 that provides coverage for the following year.

4.Accrued wages earned by the employees.

5.Estimated uncollectible accounts receivable using the aging method.

6.Recognized a gain on the sale of plant equipment.

 

Which of the above transactions would be considered as “usual and frequent” for income statement purposes?

 

a.  Transactions 1, 2, 3, 4, & 5

b. Transactions 4 & 5

c. Transactions 4, 5 & 6

d. All transactions 1 through 6

 

 

45.Anderson Industries has the following transactions reported in the financial statements:

 

1.Income effect due to changing from the double-declining balance method to the straight-line method of depreciation.

2.Collection of accounts receivable.

3.Purchase of an insurance policy on December 31 that provides coverage for the following year.

4.Accrued wages earned by the employees.

5.Estimated uncollectible accounts receivable using the aging method.

6.Recognized a gain on the sale of plant equipment.

 

Which of the above transactions would be considered as “unusual or infrequent” for income statement purposes?

 

a.  Transactions 1, 5, & 6

b.  Transactions1, 3, & 6

c.  Transaction 6

d.  All transactions 1 through 6

 

 

 

46.Damron Inc. has the following transactions reported in the financial statements:

 

1.Recognized a loss when the government expropriated land to build a bridge.

2.Declared a dividend valued at $100,000.

3.A lender covenant required the company to appropriate a portion of retained earnings.

4.Received dividends on stocks held as short-term investments.  The dividends were declared and paid on the same day.

5.Recognized the cost of inventory sold during the year under the periodic method.

6.The company paid rent for the current year.

 

Which of the above transactions would be included on the company’s statement of shareholders’ equity?

 

a.  Transactions  2 & 4

b.  Transactions 1, 2, 3, & 4

c.  Transactions 2 & 3

d.  All transactions 1 through 6

 

 

47.Damron Inc. has the following transactions reported in the financial statements:

 

1.Recognized a loss when the government expropriated land to build a bridge.

2.Declared a dividend valued at $100,000.

3.A lender covenant required the company to appropriate a portion of retained earnings.

4.Received dividends on stocks held as short-term investments.  The dividends were declared and paid on the same day.

5.Recognized the cost of inventory sold during the year under the periodic method.

6.The company paid rent for the current year.

 

Which of the above transactions would be considered as “usual and frequent” for income statement purposes?

 

a.  Transactions 2, 4, 5, & 6

b. Transactions 2 through 6

c. Transactions 4, 5, & 6

d. Transactions 5 & 6

 

 

 

48.Damron Inc. has the following transactions reported in the financial statements:

 

1.Recognized a loss when the government expropriated land to build a bridge.

2.Declared a dividend valued at $100,000.

3.A lender covenant required the company to appropriate a portion of retained earnings.

4.Received dividends on stocks held as short-term investments.  The dividends were declared and paid on the same day.

5.Recognized the cost of inventory sold during the year under the periodic method.

6.The company paid rent for the current year.

 

Which of the above transactions would be considered as “unusual or infrequent” for income statement purposes?

 

a. Transaction 1

b. Transaction 3

c. Transaction 4

d. None of these transactions

 

 

49.Damron Inc. has the following transactions reported in the financial statements:

 

1.Recognized a loss when the government expropriated land to build a bridge.

2.Declared a dividend valued at $100,000.

3.A lender covenant required the company to appropriate a portion of retained earnings.

4.Received dividends on stocks held as short-term investments.  The dividends were declared and paid on the same day.

5.Recognized the cost of inventory sold during the year under the periodic method.

6.The company paid rent for the current year.

 

Which of the above transactions would be considered as “unusual and infrequent” for income statement purposes?

 

a. Transactions 1 & 4

b. Transaction 1

c. Transactions 1 & 3

d.  None of these transactions

 

 

50.Sunrise Designs maintains a credit line with Ohio River Bank that allows the company to borrow up to $1 million.  A covenant associated with the loan contract limits the company’s dividends in any one year.  The 2015 income statement data for the company is as follows:

 

Net sales

$840,000

Less: Cost of goods sold

500,000

Gross profit

$340,000

Selling and administrative expenses

120,000

Net operating income

$220,000

Gain on sale of securities

24,000

Interest expense

(4,000)

Net income from continuing operations before tax

$240,000

Less: Income tax

51,200

Net income from continuing operations

$188,800

Extraordinary gain (net of tax)

22,000

Net income before change in accounting principle

$210,800

Income effect due to change in accounting principle

52,000

Net income

$262,800

 

What is the maximum amount of dividends Sunrise can pay if the covenant associated with the credit line is expressed as 20 percent of net income?

 

a. $55,000

b. $60,000

c. $52,560

d. $53,700

 

Solution:

 

Net income

Maximum Dividend=20% ? $262,800

=$52,560

 

 

 

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July 1, 2023
    

 

41. Which of the following statements is correct? 
A. When cost of goods sold as a percentage of sales increases the gross margin percentage will increase.
B. It is possible for cost of goods sold in dollars to increase while cost of goods sold as a percentage of sales decreases.
C. If gross margin percentage is the same for the current and past year, then sales and cost of goods sold in dollars did not change.
D. If gross margin percentage increases from one year to the next, then the net income percentage will also increase from one year to the next.

42. Which of the following statements is incorrect? 
A. If selling and administrative expenses as a percentage of sales increases, then gross margin percentage will decrease.
B. If the cost of goods sold percentage decreases and other expenses do not change, then profit margin will increase as a percentage of sales.
C. If sales dollars decrease, a company might still report a higher gross profit percentage if cost of goods sold decreases at a faster rate than the decrease in sales.
D. It is possible for selling and administrative expense in dollars to decrease, while selling and administrative expenses as a percentage of sales to increase.

43. During 2010, Home Style's cost of goods sold percentage was 68.2% and selling and store operating costs was 19.3% of sales. During 2009, their cost of goods sold percentage was 68.9% while selling and store operating costs was 19.2% of sales. What effect would the change in these percentages have on 2010's gross margin percentage and profit margin percentage? 
A. The decrease in the cost of goods sold percentage would increase both the gross margin and profit margin percentages, but the increase in the selling and store operating costs percentage would decrease both the gross margin and profit margin percentages.
B. The decrease in the cost of goods sold percentage would decrease both the gross margin and profit margin percentages, but the increase in the selling and store operating costs would increase both the gross margin and profit margin percentages.
C. The decrease in the cost of goods sold percentage would increase both the gross margin and profit margin percentages and the decrease in the selling and store operating costs percentage would decrease the profit margin percentage.
D. The decrease in the cost of goods sold percentage would decrease both the gross margin and profit margin percentages, but selling and store operating costs would increase the profit margin percentage.

44. Which of the following ratios is not considered to be a test of profitability? 
A. Current ratio
B. Profit margin
C. Return on assets
D. Earnings per share

45. The records of Everyday Electronics Corporation for a particular period include the following:
  
What is the return on equity ratio? 
A. 13.2%.
B. 23.8%.
C. 24.0%.
D. 8.4%.

46. The records of Marshall Company include the following:
  
The return on assets is (round to the nearest tenth of a percent) 
A. 14.9%.
B. 18.3%.
C. 15.3%.
D. 14.7%.

47. The records of Marshall Company include the following:
  
The return on equity is (round to the nearest tenth of a percent) 
A. 21.1%.
B. 10.2%.
C. 16.4%.
D. 17.1%.

48. The records of Marshall Company include the following:
  
The financial leverage percentage is which of the following? 
A. 1.8%
B. 2.8%.
C. 5.8%.
D. 6.4%.

49. Which of the following transactions decreases earnings per share? 
A. Declaring cash dividends payable to the common stockholders.
B. Purchasing treasury stock.
C. The accrual of revenue.
D. Declaring and distributing a 10% common stock dividend.

50. Which of the following transactions decreases earnings per share? 
A. Collection of an account receivable.
B. Selling treasury stock for an amount less than its cost.
C. A decrease in the market value per share.
D. Paying cash in advance for rent.

 

 

default image
July 1, 2023
    

 

41. Which of the following statements is correct? 
A. When cost of goods sold as a percentage of sales increases the gross margin percentage will increase.
B. It is possible for cost of goods sold in dollars to increase while cost of goods sold as a percentage of sales decreases.
C. If gross margin percentage is the same for the current and past year, then sales and cost of goods sold in dollars did not change.
D. If gross margin percentage increases from one year to the next, then the net income percentage will also increase from one year to the next.

42. Which of the following statements is incorrect? 
A. If selling and administrative expenses as a percentage of sales increases, then gross margin percentage will decrease.
B. If the cost of goods sold percentage decreases and other expenses do not change, then profit margin will increase as a percentage of sales.
C. If sales dollars decrease, a company might still report a higher gross profit percentage if cost of goods sold decreases at a faster rate than the decrease in sales.
D. It is possible for selling and administrative expense in dollars to decrease, while selling and administrative expenses as a percentage of sales to increase.

43. During 2010, Home Style's cost of goods sold percentage was 68.2% and selling and store operating costs was 19.3% of sales. During 2009, their cost of goods sold percentage was 68.9% while selling and store operating costs was 19.2% of sales. What effect would the change in these percentages have on 2010's gross margin percentage and profit margin percentage? 
A. The decrease in the cost of goods sold percentage would increase both the gross margin and profit margin percentages, but the increase in the selling and store operating costs percentage would decrease both the gross margin and profit margin percentages.
B. The decrease in the cost of goods sold percentage would decrease both the gross margin and profit margin percentages, but the increase in the selling and store operating costs would increase both the gross margin and profit margin percentages.
C. The decrease in the cost of goods sold percentage would increase both the gross margin and profit margin percentages and the decrease in the selling and store operating costs percentage would decrease the profit margin percentage.
D. The decrease in the cost of goods sold percentage would decrease both the gross margin and profit margin percentages, but selling and store operating costs would increase the profit margin percentage.

44. Which of the following ratios is not considered to be a test of profitability? 
A. Current ratio
B. Profit margin
C. Return on assets
D. Earnings per share

45. The records of Everyday Electronics Corporation for a particular period include the following:
  
What is the return on equity ratio? 
A. 13.2%.
B. 23.8%.
C. 24.0%.
D. 8.4%.

46. The records of Marshall Company include the following:
  
The return on assets is (round to the nearest tenth of a percent) 
A. 14.9%.
B. 18.3%.
C. 15.3%.
D. 14.7%.

47. The records of Marshall Company include the following:
  
The return on equity is (round to the nearest tenth of a percent) 
A. 21.1%.
B. 10.2%.
C. 16.4%.
D. 17.1%.

48. The records of Marshall Company include the following:
  
The financial leverage percentage is which of the following? 
A. 1.8%
B. 2.8%.
C. 5.8%.
D. 6.4%.

49. Which of the following transactions decreases earnings per share? 
A. Declaring cash dividends payable to the common stockholders.
B. Purchasing treasury stock.
C. The accrual of revenue.
D. Declaring and distributing a 10% common stock dividend.

50. Which of the following transactions decreases earnings per share? 
A. Collection of an account receivable.
B. Selling treasury stock for an amount less than its cost.
C. A decrease in the market value per share.
D. Paying cash in advance for rent.

 

 

default image
July 1, 2023
    

 

41. Which of the following statements is correct? 
A. When cost of goods sold as a percentage of sales increases the gross margin percentage will increase.
B. It is possible for cost of goods sold in dollars to increase while cost of goods sold as a percentage of sales decreases.
C. If gross margin percentage is the same for the current and past year, then sales and cost of goods sold in dollars did not change.
D. If gross margin percentage increases from one year to the next, then the net income percentage will also increase from one year to the next.

42. Which of the following statements is incorrect? 
A. If selling and administrative expenses as a percentage of sales increases, then gross margin percentage will decrease.
B. If the cost of goods sold percentage decreases and other expenses do not change, then profit margin will increase as a percentage of sales.
C. If sales dollars decrease, a company might still report a higher gross profit percentage if cost of goods sold decreases at a faster rate than the decrease in sales.
D. It is possible for selling and administrative expense in dollars to decrease, while selling and administrative expenses as a percentage of sales to increase.

43. During 2010, Home Style's cost of goods sold percentage was 68.2% and selling and store operating costs was 19.3% of sales. During 2009, their cost of goods sold percentage was 68.9% while selling and store operating costs was 19.2% of sales. What effect would the change in these percentages have on 2010's gross margin percentage and profit margin percentage? 
A. The decrease in the cost of goods sold percentage would increase both the gross margin and profit margin percentages, but the increase in the selling and store operating costs percentage would decrease both the gross margin and profit margin percentages.
B. The decrease in the cost of goods sold percentage would decrease both the gross margin and profit margin percentages, but the increase in the selling and store operating costs would increase both the gross margin and profit margin percentages.
C. The decrease in the cost of goods sold percentage would increase both the gross margin and profit margin percentages and the decrease in the selling and store operating costs percentage would decrease the profit margin percentage.
D. The decrease in the cost of goods sold percentage would decrease both the gross margin and profit margin percentages, but selling and store operating costs would increase the profit margin percentage.

44. Which of the following ratios is not considered to be a test of profitability? 
A. Current ratio
B. Profit margin
C. Return on assets
D. Earnings per share

45. The records of Everyday Electronics Corporation for a particular period include the following:
  
What is the return on equity ratio? 
A. 13.2%.
B. 23.8%.
C. 24.0%.
D. 8.4%.

46. The records of Marshall Company include the following:
  
The return on assets is (round to the nearest tenth of a percent) 
A. 14.9%.
B. 18.3%.
C. 15.3%.
D. 14.7%.

47. The records of Marshall Company include the following:
  
The return on equity is (round to the nearest tenth of a percent) 
A. 21.1%.
B. 10.2%.
C. 16.4%.
D. 17.1%.

48. The records of Marshall Company include the following:
  
The financial leverage percentage is which of the following? 
A. 1.8%
B. 2.8%.
C. 5.8%.
D. 6.4%.

49. Which of the following transactions decreases earnings per share? 
A. Declaring cash dividends payable to the common stockholders.
B. Purchasing treasury stock.
C. The accrual of revenue.
D. Declaring and distributing a 10% common stock dividend.

50. Which of the following transactions decreases earnings per share? 
A. Collection of an account receivable.
B. Selling treasury stock for an amount less than its cost.
C. A decrease in the market value per share.
D. Paying cash in advance for rent.

 

 

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