A company has current assets of $70,000, quick assets of $30,000, total assets of $150,000, current liabilities of $50,000, and net sales of $80,000. What is the current ratio of this company?

A.3.00

B.1.40

C.1.00

D.0.20

On the income statement, extraordinary items are reported

A.net of income tax or net of income tax savings.

B.immediately before the discontinued operations section.

C.immediately after the continuing operations section.

D.before the operating income section

On the income statement, extraordinary items are reported

A.net of income tax or net of income tax savings.

B.immediately before the discontinued operations section.

C.immediately after the continuing operations section.

D.before the operating income section

Which is a value placed on a certificate for a share of the company's stock?

A.Market value

B.Stated value

C.Additional paid-in capital

D.Paid-in capital

R&R Heating, Inc. has 350,000 shares of $3-par common stock outstanding. They have declared a 5% stock dividend. The current market price of the common stock is $7.50 per share. The amount that will be credited to common stock on the date of declaration is

A.$52,500.

B.$78,750.

C.$131,250.

D.$183,750.

Operating activities are transactions and events associated with selling a product or providing a service related to the

A.assets and liabilities reported on the balance sheet.

B.retained earnings reported on the balance sheet.

C.revenues and expenses reported on the income statement.

D.net income reported on the statement of retained earnings.

Tucker, Inc.'s net sales decreased from $90,000 in year one to $45,000 in year two, and its cost of goods sold decreased from $30,000 in year one to $20,000 in year two. The vertical analysis based on sales for cost of goods sold for the two periods (rounded to nearest tenth of a percent) is

A.300% and 225%.

B.44.4% and 33.3%.

C.33.3% and 44.4%.

D.225% and 300%.

Hallett Industries, Inc. reported net sales of $306,000, cost of goods sold of $192,600, operating expenses of $58,900, and income tax expense of 12,300. What is Hallett Industries' net income percentage?

A.17.81

B.13.79

C.62.94

D.37.06

The statement of cash flows reports the sources and uses of cash from financing, investing, and _______ activities.

A.liquidation

B.credit

C.managerial

D.operating

An example of a cash outflow from investing activities is

A.the purchase of treasury stock.

B.making a loan to another company.

C.paying cash dividends.

D.issuance of a note payable

The stockholders' right of _______ means that stockholders will receive a proportionate share of any assets left after a company goes out of business.

A.liquidation

B.voting

C.preemption

D.dividends

Which of the following isnota part of financing activities?

A.Paying dividends

B.Issuing stock

C.Buying land

D.Paying off loans

Which isnotincluded in paid-in capital?

A.Cash

B.Additional Paid-in Capital

C.Common Stock

D.Preferred Stock

Allied Industrial has net sales of $1,200,000, net income of $85,000, average current assets of $53,000, average fixed assets of $184,000, and average total assets of $237,000. What is Allied Industrial's total asset turnover ratio?

A.0.20

B.22.64

C.5.06

D.6.52

A business's Accounts Payable balance has decreased during the year. How would this affect the statement of cash flows operations section under the indirect method?

A.It is already included in the net income.

B.It would be added back to net income.

C.It does not affect the cash flow from operations.

D.It would be subtracted from net income.

On the _______ of a cash dividend, no journal entry is required.

A.preferred date

B.date of record

C.payment date

D.declaration date

The following information applied to Advanced Industries, Inc. for 2014:

Earnings/share

$17.68

Market price per share of common stock

$52

Number of shares of common stock outstanding

52,000

Net income

$48,000

Dividends/share

$7.14

What is the dividend yield for Advanced Industries, Inc. (to the nearest tenth of a percent)?

A.13.7%

B.92.3%

C.40.4%

D.34.0%

Hanna Industries has an inventory turnover of 112 days, an accounts payable turnover of 73 days, and an accounts receivable turnover of 82 days. Hanna's cash conversion cycle is

A.103 days.

B.121 days.

C.9 days.

D.43 days.

Knutson Company reacquired 5,000 shares of its $15-par common stock for $13/share. The debit to Treasury Stock is

A.$75,000.

B.$10,000.

C.$8,000.

D.$65,000.

A purchase of new equipment on a note payable under the direct method is reported

A.in the investing section of the cash flow statement.

B.in the financing section of the cash flow statement.

C.as a separate disclosure as a non-cash transaction.

D.in the operating section of the cash flow statement.