Reference no: EM132518318

Question 1: On the date of issue, Chudzick Corporation sells $6.0 million of 5-year bonds at 97. The entry to record the sale will include the following debits and credits:

Bonds Payable Discount on Bonds Payable

a. $5820000 Cr. $0 Dr.

b. $6000000 Cr. $180000 Dr.

c. $6000000 Cr. $1500000 Dr.

d. $6000000 Cr. $18000 Dr.

Question 2: A bond with a face value of $204000 and a quoted price of 104¼ has a selling price of

a. $204450.

b. $244450.

c. $208050.

d. $212670.

Question 3: Crane's Vegetable Market had the following transactions during 2017:

1. Issued $45000 of par value common stock for cash.

2. Repaid a 6 year note payable in the amount of $15000.

3. Acquired land by issuing common stock of par value $45000.

4. Declared and paid a cash dividend of $6500.

5. Sold a long-term investment (cost $2500) for cash of $5500.

6. Acquired an investment in IBM stock for cash of $9500.

What is the net cash provided by financing activities?

a. $61000

b. $30000

c. $23500

d.$0

Question 4: Oriole's by the Tracks has the following partial balance sheet:

ORIOLE'S BY THE TRACKS.

Balance Sheet (partial)Stockholders' equity: Common stock$6030000 Retained earnings 2040000 Total paid-in capital and retained earnings 8070000 Accumulated other comprehensive income 807000 Total stockholders' equity:$8877000

What effect will the accumulated other comprehensive income have on comprehensive income?

Question 5: Sunland Corporation, Inc. has the following income statement (in millions):

Sunland Corporation, Inc.

Income Statement

For the Year Ended December 31, 2017 Net Sales$220 Cost of Goods Sold 121 Gross Profit 99 Operating Expenses 50 Net Income$ 49

Using vertical analysis, what percentage is assigned to cost of goods sold?

a. 45%

b. 55%

c. 100%

d. 50%

Question 6: Given the following data for the Bonita Company:

Current liabilities$ 350

Long-term debt 350

Common stock 670

Retained earnings 1130

Total liabilities & stockholders' equity$2500

How would common stock appear on a common size balance sheet?

a. 18.8%

b. 68.8%

c. 26.8%

d. 28.8%

Question 7: Oriole Company had net credit sales of $5001000 and cost of goods sold of $3520000 for the year. The Accounts Receivable balances at the beginning and end of the year were $620000 and $1047000, respectively. The accounts receivable turnover was

a. 8.1 times.

b. 6.0 times.

c. 3.0 times.

d. 4.8 times.

Question 8: The current assets of Vaughn Company are $292900. The current liabilities are $146450. The current ratio expressed as a proportion is

a. 200%.

b. 2.00:1.

c. 0.50:1.

d. $146450 ÷ $292900.

Question 9: The following information pertains to Coronado Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets Cash and short-term investments$ 40000

Accounts receivable (net)26000

Inventory 19000

Property, plant and equipment 205000

Total Assets $290000

Liabilities and Stockholders' Equity Current liabilities$ 57000

Long-term liabilities 88000

Stockholders' equity-common 145000

Total Liabilities and Stockholders' Equity$290000

Income Statement Sales revenue$ 84200

Cost of goods sold 45900

Gross margin 38300

operating expenses 20320

Net income$ 17980

Number of shares of common stock 6100

Market price of common stock$18

Dividends per share on common stock 0.90

Cash provided by operations$29500

What is the return on assets for this company?

a. 6.2%

b. 10.0%

c. 11.7%

d. 26.1%