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QUESTION 46 A company reported the following amounts in its financial statements: Average inventory Cost of goods sold 2015 $100,000 2,000,000 2014 $ 60,000 1,500,000 From 2014 to 2015, the company's efficiency in managing inventory was declining, because the inventory turnover ratio is decreasing improving, because the inventory turnover ratio is increasing, declining, because the inventory turnover ratio is increasing, improving, because the inventory turnover ratio is decreasing, QUESTION 47 When a corporation makes a cash distribution despite having no retained earnings, this is called a dividend in arrears. call provision conversion privilege. liquidating dividend. QUESTION 48 A company reported net income of $950,000. Cash from operations will always be more than $950,000. will always be less than $950,000. will be equal to $950,000. cannot be determined without more information. QUESTION 49 Lanier Tech This company was incorporated as a new business on January 1, 2015. The company is authorized to issue 50,000 shares of $5 par common stock and 10.000 shares of 6%, $10 par, cumulative, participating preferred stock. On January 1. 2015, the company issued 8,000 shares of the common stock for $15 per share and 2.000 share of the preferred stock for $30 per share. Net income for the year ended December 31, 2015 was $375,000. Refer to Lanier Tech. What is the number of the company's unissued shares of common stock at December 31, 2015? 6,000 8,000 40,000 42.000 QUESTION 50 Rainsoft Company Selected data from the financial statements are provided below: Cash Accounts Receivable Inventory Prepaid Expenses Total Current Assets 2015 $ 44,000 84.000 44,000 46.000 $218.000 2014 $ 28,000 32.000 166,000 36,000 $262,000 2013 $ 14,000 114,400 100,000 41.600 $270,000 Total Current Liabilities Net Credit Sales Cost of Goods Sold Net Cash Flows from Operating Activities $130,000 442,000 336.000 32.000 $144,000 652.000 598.000 58,000 Refer to Rainsoft Company. Assume that competitors in the industry have an average accounts receivable turnover ratio of 7.8 times in 2015. What is the company's accounts receivable turnover ratio for 2015? 5.26 7.62 7.80 8.91 QUESTION 36 Which of the following statements is true regarding vertical analysis? Cross-sectional analysis compares financial data for a single entity over time. Common size financial statements are used to compare companies of different sizes. Trend analysis compares a company's financial data to industry averages. Time series analysis is effective for comparison of different companies over time. QUESTION 37 When a corporation issues a stock dividend, which of the following is true? Cash decreases Total stockholders' equity remains the same. Total stockholders' equity decreases. Retained earnings is increased. QUESTION 33 Which of the following statements is true regarding the relationship of the current ratio and the acid test ratio? The current ratio is based on a more conservative measure of liquidity. Both ratios focus on the relationship between all or part of a company's current assets and all of its current liabilities. Both ratios focus on the relationship between all of a company's current assets and all or part of its current liabilities. For a company which carries no inventories, the current ratio and acid test ratio will be significantly different