Reference no: EM132440848
Questions -
Q1. ABC Inc. was incorporated two years ago by issuing 5,000 shares of common stock at $400 each and borrowing $240,000 from a bank on a long-term note. Last year, ABC reported net income of $40,000 and paid a cash dividend of $1,800. Last year the company also borrowed an additional $320,000 from the bank. What was total assets on ABC's balance sheet at the end of the year last year?
a. None of these
b. $2,600,000
c. $2,558,200
d. $2,598,200
Q2. On December 31, 2017, Johnson Inc. has total liabilities of $520,000 and total equity of $446,000. The company needs to raise additional funds through debt and equity. The company will issue 1,000 shares of common stock at $9 per share and in addition it intends to borrow as much as it can from Bank of Morganville. Bank of Morganville requires a maximum debt-to-asset ratio of 0.8.
What is the maximum additional amount that Johnson Inc. can borrow after the additional stock is issued?
a. $1,264,000
b. $1,300,000
c. $260,000
d. $0 (the company already exceeds the 0.8 debt-to-asset ratio)
Q3. Paper Inc. sells markers. During January 2018, its inventory records for one brand of its markers were as follows:
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Quantity
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Price per market
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Total
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Beginning Inventory
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16
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$1.21
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= $19.36
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January 6 Purchase
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6
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$0.88
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= $5.28
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January 10 Sale
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9
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N/A
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January 15 Purchase
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8
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$0.91
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= $7.28
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January 20 Sale
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3
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N/A
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January 25 Purchase
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9
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$0.85
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= $7.65
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Determine the cost of goods sold using the perpetual weighted average cost method.
a. $12.96
b. $13.20
c. $13.58
d. $12.18
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