Could you please assist me with this accounting assignment. Accounting is a struggle for me.

1. The term "receivables" refers to o o o o amounts due from individuals or companies. merchandise to be collected from individuals or companies. cash to be paid to debtors. cash to be paid to creditors. 2. Three accounting issues associated with accounts receivable are o o o o recognizing, valuing, and accelerating collections. accrual, bad debts, and accelerating collections. depreciating, valuing, and collecting. depreciating, returns, and valuing. 3. When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when o o o o a customer's account becomes past due. an account becomes bad and is written off. a sale is made. management estimates the amount of uncollectibles. 4. Which one of the following is not a principle of sound accounts receivable management? o o o o Delay cash receipts from receivables if necessary. Monitor collections. Determine a payment period. Determine to whom to extend credit. 5. The accounts receivable turnover is computed by dividing o o o o net credit sales by average receivables. net credit sales by ending receivables. total sales by average receivables. total sales by ending receivables. 6. The accounts receivable turnover is used to analyze o o o o risk. liquidity. long-term solvency. profitability. 7. The following information is provided for Sheridan Company and Concord Corporation: (in $ millions) Sheridan Company Concord Corporation $170 $390 Net income 2017 Net sales 2017 1625 Total assets 12/31/15 4550 1005 2280 Total assets 12/31/16 1160 3080 Total assets 12/31/17 1160 4000 What is Concord's return on assets (rounded) for 2017? o 9.8% 12.7% o 14.6% 11.0% 8. Which of the following is not properly classified as property, plant, and equipment? o o o o Land used in ordinary business operations. A truck held for resale by an automobile dealership. Land improvement, such as parking lots and fences. Building used as a factory. 9. A characteristic of a plant asset is that it is o o o o held for sale in the ordinary course of the business. used in the operations of a business. intangible. not currently used in the business but held for future use. 10. A current liability is a debt that can reasonably be expected to be paid o o o o between 6 months and 18 months. within one year, or the operating cycle, whichever is longer. out of currently recognized revenues. out of cash currently on hand. 11. Which of the following most likely would be classified as a current liability? o o o o Bonds payable in 5 years Dividends payable Three-year notes payable Mortgage payable as a single payment in 10 years 12. The 2017 financial statements of Pharoah Company contain the following selected data (in millions). Current assets $99 Total assets 157 Current liabilities 47 Total liabilities 80 Cash 8 Interest expense 7 Income taxes 11 Net income 19 The debt to assets ratio (rounded) is o o o o 1.96%. 5.2 times. 51.0%. 47.5%. 13. In a recent year Monty Corp. had net income of $152000, interest expense of $28700, and income tax expense of $41500. What was Monty Corp.'s times interest earned (rounded) for the year? o o o o 7.74 5.30 6.30 6.74 14. If bonds are issued at a discount, it means that the o o o o market interest rate is lower than the contractual interest rate. market interest rate is higher than the contractual interest rate. bondholder will receive effectively less interest than the contractual rate of interest. financial strength of the issuer is suspect. 15. If bonds are issued at a premium, the stated interest rate is o o o o higher than the market rate of interest adjusted to a higher rate of interest. lower than the market rate of interest. too low to attract investors. 16. The chief accounting officer in a company is known as the o o o o president. controller. treasurer. vice-president. 17. Which one of the following would not be considered an advantage of the corporate form of organization? o o o o Limited liability of stockholders. Government regulation. Continuous life. Separate legal existence. 18. Which of the following would not be true of a privately held corporation? o o o o Its shares are regularly traded on the New York Stock Exchange. It does not offer its shares for sale to the general public. It is usually smaller than a publicly held company. It is sometimes called a closely held corporation. 19. The following information pertains to Pharoah Company. Assume that all balance sheet amounts represent average balance figures. Total assets $420000 Stockholders' equity-common 300000 Total stockholders' equity 255000 Sales revenue 100000 Net income 22400 Number of shares of common stock 7000 Common dividends 6500 Preferred dividends 6900 What is Pharoah's payout ratio? o o o o 29.02%. 42%. 22%. 14%. 20. Swifty Corporation had net income of $73788 and paid dividends of $25500 to common stockholders and $20500 to preferred stockholders in 2017. Swifty Corporation common stockholders' equity at the beginning and end of 2017s was $465000 and $550000, respectively. Swifty Corporation return on common stockholders' equity is o o o o 11%. 10%. 15%. 6%. 21. The primary purpose of the statement of cash flows is to o o o o facilitate banking relationships. provide information about the investing and financing activities during a period. prove that revenues exceed expenses if there is a net income. provide information about the cash receipts and cash payments during a period. 22. Which one of the following items is not generally used in preparing a statement of cash flows? o o Additional information. Adjusted trial balance. o o Current income statement. Comparative balance sheets. 23. The category that is generally considered to be the best measure of a company's ability to continue as a going concern is o o o o usually different from year to year. cash flows from investing activities. cash flows from operating activities. cash flows from financing activities. 24. Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, a stock dividend declared and issued would be classified on the statement of cash flows. o o o o Investing activities section. Does not represent a cash flow. Operating activities section. Financing activities section. 25. Assume that the Fitzgerald Corporation uses the indirect method to depict cash flows. Indicate where, if at all, an inventory increase with cash would be classified on the statement of cash flows. o o o o Investing activities section. Financing activities section. Operating activities section. Does not represent a cash flow. 26. Free cash flow provides an indication of a company's ability to o o o o generate cash to pay dividends. generate cash to invest in capital expenditures. generate cash to invest in capital expenditures and to pay dividends. generate net income. 27. When using the indirect method to compute cash provided by operating activities o o o o income taxes paid may be ignored. amortization expense is added to net income. decreases in inventory are subtracted from net income. increases in accounts receivable are added to net income 28. o determine the net cash provided (used) by operating activities, it is necessary to analyze o o o o the current year's income statement. a comparative balance sheet. additional information. all of these answer choices are correct. 29. Which of these is not a liquidity ratio? o o o o Accounts receivable turnover Inventory turnover Current ratio Asset turnover 30. The current ratio would be of most interest to o o o o short-term creditors. long-term creditors. stockholders. customers