can i please have the answers for this questions thank you

Multiple Choice Question 28 The assumption of arm's-length transaction states that: a. both parties to a transaction can act independently of each other and make economically rational decisions. b. both parties to a transaction must have had previous transactions. c. one of the parties to the transaction is a bank that has full knowledge of the firm's creditworthiness. d. none of these. Answer: Multiple Choice Question 32 Tyson Corporation bought raw materials on April 23, 2008 and also on July 2, 2008. Products produced during the months of May were sold in July. The firm uses FIFO to value its inventory. According to the matching principle, the firm's accountant should associate: a. the inventory acquired on July 2 with the products sold. b. the inventory acquired on April 23 with the products sold. c. neither of these dates is valid because the products were sold in July. d. none of these. Answer: Multiple Choice Question 35 The cost principle states that an asset should be recognized on the balance sheet: a. at the market value less the accumulated depreciation on the asset. b. at its historical cost. c. at its historical cost plus the accumulated depreciation on the asset. d. at the market value of the asset. Answer: Post-Lecture Question 1 The generally accepted accounting principles (GAAP) are set by: a. The Federal Reserve Board (FRB). b. The Financial Accounting Standards Board (FASB). c. Securities Exchange Commission (SEC). d. The United States Congress. Answer: Problem 3.1 Given the following information about Elkridge Sporting Goods, Inc., construct a balance sheet for June 30, 2014. On that date the firm had cash and marketable securities of $25,135, accounts receivable of $43,758, inventory of $165,900, net fixed assets of $327,800, and other assets of $13,125. It had accounts payables of $67,855, notes payables of $36,454, long-term debt of $224,500, and common stock of $150,000. How much retained earnings did the firm have? Retained earnings $ Problem 3.5 Laurel Electronics reported the following information at its annual meeting: The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,169,200, accounts receivables of $3,457,300, short-term notes payable worth $1,127,900, and other current assets of $121,455. What is the company's net working capital? Net working capital $ Problem 3.18 Tim Dye, the CFO of Blackwell Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $314,000, retained earnings of $512,159, inventory of $211,200, goodwill and other assets equal to $78,656, net plant and equipment of $711,800, and short-term notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. How much long-term debt does Blackwell Automotive have? Long-term debt $ Sample Test Problem 3.2 Wolf Pack Enterprises has total current assets of $346,002 and fixed assets of $478,306. The company also has long-term debt of $276,400, $100,000 in its common stock account, and retained earnings of $187,578. What is the value of its total current liabilities? Total current liabilities $ Multiple Choice Question 41 Which of the following is NOT true about goodwill? a. When goodwill appears on a firm's balance sheet, it reduces the firm's net worth by that amount. b. It represents the value of all unrecorded assets acquired in a merger. c. It is an intangible asset. d. It equals the premium paid over the fair market value of the assets acquired in a merger. Answer: Multiple Choice Question 44 Galan Associates prepared its financial statement for 2008 based on the information given here. The company had cash worth $1,234, inventory worth $13,480, and accounts receivables worth $7,789. The company's net fixed assets are $42,331, and other assets are $1,822. It had accounts payables of $9,558, notes payables of $2,756, common stock of $22,000, and retained earnings of $14,008. How much long-term debt does the firm have? a. $18,334 b. $76,342 c. $54,342 d. $12,314 Answer: Multiple Choice Question 47 Chandler Sporting Goods produces baseball and football equipment and lines of clothing. This year the company had cash and marketable securities worth $335,485, accounts payables worth $1,159,357, inventory of $1,651,599, accounts receivables of $1,488,121, short-term notes payable worth $313,663, and other current assets of $121,427. What is the company's net working capital? a. $3,596,632 b. $2,123,612 c. $1,673,421 d. $1,801,784 Answer: Practice Question 3 Which of the following would appear as part of equity on a company's balance sheet? a. Buildings b. Accounts receivable c. Common stock d. Inventory Answer: Practice Question 5 Preferred stock is similar to a bond because: a. preferred dividends do not reduce a firm's taxes. b. it has no maturity date. c. it pays a fixed periodic amount. d. it represents ownership in a firm. Answer: Practice Question 7 Finore Manufacturing has the following amounts on its 12/31/14balance sheet. Cash $150 Other current assets 397 Property, plant,& equipment, net of depreciation 538 Current liabilities 324 Total Liabilities 504 What was Finore Manufacturing's equity as on December 31, 2014? a. $581 b. $257 c. $484 d. $214 Answer: Post-Lecture Question 2 Treasury stock represents stock that: a. a firm has sold to the U.S. Treasury Department. b. is being held to purchase preferred stock. c. a firm has purchased back from investors. d. is being held to purchase treasury securities. Answer: Multiple Choice Question 50 The major disadvantages of market-value accounting include: a. the difficulty in estimating the current value for some assets. b. the difficulty in applying some of the valuation models used to estimate market values. c. the resulting numbers are potentially open to abuse. d. all of the above are disadvantages of market-value accounting. Answer: Multiple Choice Question 52 Which of the following statements is NOT a limitation associated with market valuation of balance sheet accounts? a. Mark-to-market accounting can become inaccurate if market prices deviate from the \"fundamental\" values of assets and liabilities. b. It can be difficult to identify the market value of an asset, particularly if there are few transactions involving comparable assets. c. The estimates of market value can involve complex financial modeling, and the resulting numbers can be open to manipulation and abuse. d. Marking to market provides decision makers with a better chance of making the correct economic decision, given the information available. Answer: Problem 3.23 Fraser Corporation has announced that its net income for the year ended June 30, 2014, was $1,353,412. The company had EBITDA of $4,943,000, and its depreciation and amortization expense was equal to $1,114,000. The company's average tax rate is 34 percent. What was its interest expense? (Round answer to 2 decimal places, e.g. 15.25.) Interest expense Problem 3.25 Columbia Construction Company earned $438,000 during the year ended June 30, 2014. After paying out $225,794 in dividends, the balance went into retained earnings. If the firm's total retained earnings were $840,115 at the end of fiscal year 2014, what were the retained earnings on its balance sheet on July 1, 2013? Balance of retained earnings, July 1, 2013 $ Sample Test Problem 3.4 ACME Corporation had revenues of $877,030 in 2014. It also had expenses (excluding depreciation) of $363,240, depreciation of $103,439, and interest expense of $52,413. What was the company's net income after taxes if its average tax rate was 40 percent? (Round answer to 2 decimal places, e.g. 15.25.) Company's net income $ Multiple Choice Question 56 Simplex Healthcare had net income of $5,411,623 after paying taxes at 34 percent. The firm had revenues of $20,433,770.Its interest expense for the year was $1,122,376, while depreciation expense was $2,079,112. What was the firm's operating expenses excluding depreciation? (Round your intermediate calculations and final answer to the nearest dollar.) a. $8,199,429 b. $9,032,853 c. $9,321,805 d. None of these Answer: Multiple Choice Question 59 Arco Steel, Inc. generated total sales of $45,565,200 during fiscal 2010. Depreciation and amortization for the year totaled $2,278,260, and cost of goods sold was $27,339,120. Interest expense for the year was $9,641,300 and selling, general, and administrative expenses totaled $4,556,520 for the year. What is Arco's EBIT for 2010? a. $13,275,030 b. $18,490,000 c. $9,641,300 d. $11,391,300 Answer: Practice Question 10 Which of the following is a tax-deductible expense for a corporation? a. Common stock dividends paid b. Interest paid c. Preferred stock dividends paid d. Loan principal paid Answer: Problem 3.10 Caustic Chemicals management identified the following cash flows as significant in its year-end meeting with analysts: During the year Caustic repaid existing debt of $310,900 and raised additional debt capital of $646,200. It also repurchased stock in the open market for a total of $44,990. What is the net cash provided by financing activities? Net cash provided by financing activities $ Multiple Choice Question 64 Trident Corporation had the following cash flows in the current year. Which of the following will be categorized under the financing activities section of the statement of cash flows? a. Rent on a warehouse amounting to $1.1 million. b. Preferred dividends of $330,000 paid to shareholders. c. Purchase of $125,000 worth of five-year bonds issued by Towson Utilities. d. Lease income received on a piece of land. Answer: Multiple Choice Question 71 Which of the following is a cash flow from investing activities? a. Rent received from industrial property owned b. Cash from sale of products c. Cash payment of dividends to shareholders d. Purchase of plant and equipment Answer: Multiple Choice Question 72 Natural Lite, Inc. reported the following items during fiscal 2010. The firm purchased marketable securities of $87,500, paid down a long-term loan in the amount of $650,000, purchased $4,250,000 of new equipment. The firm also issued $6,250,000 of common stock, paid $350,225 in dividends to its common shareholders, and repurchased $1,250,000 of common stock in the open market. What is the net cash provided by financing activities? a. $1,733,285 b. $2,467,915 c. $3,999,775 d. $4,575,210 Answer: Multiple Choice Question 73 Which of the following presents a summary of the changes in a firm's balance sheet from the beginning of an accounting period to the ending of an accounting period? a. The statement of retained earnings b. The statement of working capital c. The statement of net worth d. The statement of cash flows Answer: Problem 3.12 The Oakland Mills Company has disclosed the following financial information in its annual reports for the period ending March 31, 2014: sales of $1,500,000, cost of goods sold of $808,000, depreciation expenses of $175,000, and interest expenses of $89,575. Assume that the firm has an average tax rate of 35 percent. Compute the cash flows to investors from operating activity. (Round answer to 2 decimal places, e.g. 15.25.) Cash flow from operating activity $ Problem 3.24 For its most recent fiscal year, Carmichael Hobby Shop recorded EBITDA of $513,547.50, EBIT of $362,450.20, zero interest expense, and cash flow to investors from operating activity of $348,415.00. Assuming there are no non-cash revenues recorded on the income statement, what is the firm's net income after taxes? (Round answer to 2 decimal places, e.g. 15.25.) Net income $ Sample Test Problem 3.6 Sun Devil Corporation reported EBITDA of $7,300,300 for the fiscal year ended December 31, 2014. During the same period, the company had $1,155,382 in interest expense, $1,023,294 in depreciation and amortization expense, and an average corporate tax rate of 35 percent. What was the cash flow to investors from operating activity during 2014? (Round answer to 0 decimal places, e.g. 5,275.) Cash flow from operating activity $ Practice Question 14 The following financial data of Covise Corp. for the past fiscal year is given. Net income $34,000 Increase in accounts payable 14,000 Increase in accrued income taxes 14,000 Increase in accounts receivable 16,000 Depreciation 22,000 Calculate company's cash flow to investors from operating activities? a. $56,000 b. $68,000 c. $46,000 d. $44,000 Answer: Problem 3.17 Manz Property Management Company announced that in the year ended June 30, 2014, its earnings before taxes amounted to $1,354,000. Calculate its taxes using Exhibit 3.6. (Round answers to 2 decimal places, e.g. 15.25.) Tax rate 15 % Tax $ 25 34 39 34 35 38 35 $ Multiple Choice Question 80 United Brands Corp. just completed their latest fiscal year. The firm had sales of $16,650,000. Depreciation and amortization was $832,500, interest expense for the year was $825,000, and selling general and administrative expenses totaled $1,665,000 for the year, and cost of goods sold was $9,990,000 for the year. Assuming a federal income tax rate of 34%, what was the United Brands net income after-tax? a. $3,505,100 b. $2,813,000 c. $1,745,325 d. $2,202,750 Answer: Practice Question 18 The average tax rate is: a. the tax rate that is paid on the last dollar of income earned. b. always higher than the marginal tax rate. c. the tax rate on the excess over the base. d. calculated by dividing the total taxes paid by the taxable income. Answer: Post-Lecture Question 15 Interest is a tax-deductible expense. This causes firms to have a preference for financing with: a. common stock. b. bonds. c. preferred stock. d. retained earnings