101. A company had a profit margin of 5%. If net income equaled $83,000 and average total assets equaled $45,000, how much were net sales? A. $4,150B. $2,250C. $1,660,000D. $6,400E. $128,000
102. A company had a return on common stockholders’ equity of 22%. Net income equaled $600,000 and average common stockholders’ equity equaled $2,500,000. Compute the amount of the preferred dividends declared. A. $50,000B. $550,000C. $132,000D. $10,763,636E. $10,000
103. A company had a return on common stockholders’ equity of 25%. Net income equaled $200,000 and average common stockholders’ equity equaled $700,000. Compute the amount of the preferred dividends declared. A. $200,000B. $500,000C. $50,000D. $25,000E. $175,000
104. Corona Company’s balance sheet accounts follow:
At December 31
2014
2013
2012
Assets
Cash
$25,868
$31,163
$31,182
Accounts receivable, net
78,034
53,995
41,152
Merchandise inventory
95,120
73,491
46,095
Prepaid expenses
8,330
8,099
3,429
Plant assets, net
241,854
218,932
199,542
Total assets
$449,206
$385,680
$321,400
Liabilities and Equity
Accounts payable
$108,058
$67,135
$42,849
Long-term notes payable secured by mortgages on plant assets
85,791
87,819
71,029
Common stock, $10 par value
162,500
162,500
162,500
Retained earnings
92,857
68,226
45,022
Total liabilities and equity
$449,206
$385,680
$321,400
What is Corona Company’s debt to equity ratio for 2013? A. 1.49B. .71C. .40D. 4.39E. .67
105. Corona Company’s balance sheet accounts follow:
At December 31
2014
2013
2012
Assets
Cash
$25,868
$31,163
$31,182
Accounts receivable, net
78,034
53,995
41,152
Merchandise inventory
95,120
73,491
46,095
Prepaid expenses
8,330
8,099
3,429
Plant assets, net
241,854
218,932
199,542
Total assets
$449,206
$385,680
$321,400
Liabilities and Equity
Accounts payable
$108,058
$67,135
$42,849
Long-term notes payable secured by mortgages on plant assets
85,791
87,819
71,029
Common stock, $10 par value
162,500
162,500
162,500
Retained earnings
92,857
68,226
45,022
Total liabilities and equity
$449,206
$385,680
$321,400
What is Corona Company’s accounts receivable turnover ratio for 2013, assuming net sales for the period were $1,236,783? A. 27.21B. 25.99C. 22.91D. 30.05E. 15.85
106. Corona Company’s balance sheet accounts follow:
At December 31
2014
2013
2012
Assets
Cash
$25,868
$31,163
$31,182
Accounts receivable, net
78,034
53,995
41,152
Merchandise inventory
95,120
73,491
46,095
Prepaid expenses
8,330
8,099
3,429
Plant assets, net
241,854
218,932
199,542
Total assets
$449,206
$385,680
$321,400
Liabilities and Equity
Accounts payable
$108,058
$67,135
$42,849
Long-term notes payable secured by mortgages on plant assets
85,791
87,819
71,029
Common stock, $10 par value
162,500
162,500
162,500
Retained earnings
92,857
68,226
45,022
Total liabilities and equity
$449,206
$385,680
$321,400
What is Corona Company’s inventory turnover ratio for 2014, assuming net sales and gross profit for the period were $1,236,783, $927,587 respectively? A. 10.96B. 3.25C. 3.00D. 3.65E. 4.20
107. Corona Company’s balance sheet accounts follow:
At December 31
2014
2013
2012
Assets
Cash
$25,868
$31,163
$31,182
Accounts receivable, net
78,034
53,995
41,152
Merchandise inventory
95,120
73,491
46,095
Prepaid expenses
8,330
8,099
3,429
Plant assets, net
241,854
218,932
199,542
Total assets
$449,206
$385,680
$321,400
Liabilities and Equity
Accounts payable
$108,058
$67,135
$42,849
Long-term notes payable secured by mortgages on plant assets
85,791
87,819
71,029
Common stock, $10 par value
162,500
162,500
162,500
Retained earnings
92,857
68,226
45,022
Total liabilities and equity
$449,206
$385,680
$321,400
What is Corona Company’s days’ sales uncollected ratio for 2014 assuming net sales and gross profit for the period were $1,236,783, $927,587 respectively? A. 25.20B. 23.03C. 20.99D. 24.58E. 22.17
108. Corona Company’s balance sheet accounts follow:
At December 31
2014
2013
2012
Assets
Cash
$25,868
$31,163
$31,182
Accounts receivable, net
78,034
53,995
41,152
Merchandise inventory
95,120
73,491
46,095
Prepaid expenses
8,330
8,099
3,429
Plant assets, net
241,854
218,932
199,542
Total assets
$449,206
$385,680
$321,400
Liabilities and Equity
Accounts payable
$108,058
$67,135
$42,849
Long-term notes payable secured by mortgages on plant assets
85,791
87,819
71,029
Common stock, $10 par value
162,500
162,500
162,500
Retained earnings
92,857
68,226
45,022
Total liabilities and equity
$449,206
$385,680
$321,400
What is Corona Company’s days’ sales in inventory ratio for 2014, assuming net sales and gross profit for the period were $1,236,783, $927,587 respectively? A. 86.75B. 112.29C. 105.41D. 75.35E. 107.11
109. Corona Company’s balance sheet accounts follow:
At December 31
2014
2013
2012
Assets
Cash
$25,868
$31,163
$31,182
Accounts receivable, net
78,034
53,995
41,152
Merchandise inventory
95,120
73,491
46,095
Prepaid expenses
8,330
8,099
3,429
Plant assets, net
241,854
218,932
199,542
Total assets
$449,206
$385,680
$321,400
Liabilities and Equity
Accounts payable
$108,058
$67,135
$42,849
Long-term notes payable secured by mortgages on plant assets
85,791
87,819
71,029
Common stock, $10 par value
162,500
162,500
162,500
Retained earnings
92,857
68,226
45,022
Total liabilities and equity
$449,206
$385,680
$321,400
What is Corona Company’s current ratio for 2014?
A. 1.96B. 2.32C. 1.07D. 1.92E. 2.17
110. A company’s balance sheet and income statement accounts follow:
At December 31
2014
2013
2012
Assets
Cash
$30,872
$36,086
$37,974
Accounts receivable, net
89,476
63,151
50,632
Merchandise inventory
112,499
83,450
54,467
Prepaid expenses
9,942
9,473
4,219
Plant assets, net
291,143
268,126
244,108
Total assets
$533,932
$460,286
$391,400
Liabilities and Equity
Accounts payable
$130,290
$76,233
$50,632
Long-term notes payable secured by mortgages on plant assets
98,372
103,748
107,769
Common stock, $10 par value
142,500
132,500
102,500
Retained earnings
182,770
147,805
130,499
Total liabilities and equity
$533,932
$460,286
$391,400
For Year Ended December 31
2014
2013
Sales
$694,112
$547,740
Cost of goods sold
$423,408
$356,031
Other operating expenses
215,175
138,578
Interest expense
11,800
12,598
Income taxes
9,023
8,216
Total costs and expenses
659,406
515,423
Net income
$34,706
$32,317
Earnings per share
$2.14
$1.99
What is the company’s return on common stockholders’ equity ratio for 2013?
A. 27.5%B. 25.4%C. 12.6%D. 29.4%E. 19.5%
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