Reference no: EM132719889
Questions -
Q1. During fiscal 2007, Mattel had sales of $5,970,090, total expenses of $5,370,097 and gross profit of $2,777,300. What was Mattel's cost of goods sold for 2007?
A. $599,993
B. $3,192,790
C. $2,592,797
D. $8,147,397
E. There is not enough information to calculate the cost of sales.
Q2. How would cash collected on accounts receivable affect the balance sheet? (only one answer)
A. Increase liabilities and decrease equity
B. Decrease liabilities and increase equity
C. Increase an asset and decrease an asset
D. Increase an asset and increase equity
Q3. Jay Company has net income of $10,000 in 2010. They pay common stock dividends of $2,400 and preferred stock dividends of $1,000. Their beginning common shares outstanding is 20,000. The ending share balance is 15,000. What is their EPS (earnings per share) for the year?
A. .57 cents per sh
B. .51 cents per sh
C. .65 cents per sh
D. 1.15 cents per sh
Q4. What is the ending balance in the Retained Earning account given these facts about 2010.
Beginning Balance in Retained earnings at 1/1/2010 $10,000, Net income of $5,000, Dividends paid of $3,500.
A. $18,500
B. $12,500
C. $11,500
D. $15,000
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