Minutes, 26 seconds. Question Completion Status: . $79,500 and $62,750, respectively. $62,750 and $79,500, respectively. $79,500 and $79,500, respectively. $79,500 and $129,500 respectively. QUESTION 79 Which of the following explains why a company's book value as reported in the balance sheet may not equal the company's market value ? 1. Many assets are measured at their historical cost rather than amounts for which the assets could be sold II. Many valuable resources of the company are not directly reported as assets in the balance sheet III. Investors do not use the balance sheet to judge a company's value 1. III. 1.11, and III. I and II QUESTION 80 The Trident Corporation's results for the year ended December 31, 2021, include the following material items Click Save and Submit to save and submit. Click Save All Answers to save all answers. Method used to record depreciation Related-party transactions Errors and fraud QUESTION 70 Cal Farms reported supplies expense of $2,800,000 this year. The supplies account decreased by S160,000 during the year to an ending balance of 5340.000. What was the cost of supplies the Cal Farms purchased during the year? $2,640,000 $2,960,000 $3.140.000 $2.460.000 QUESTION 71 Earnings per share should be reported for each of the following income statement captions except Net income. Operating income Discontinued operations. Income from continuing operations Click Save and Submit to save and submit. Click Save All Answers to save all answers, Qualified opinion QUESTION 73 Which of the following is not a method to record expenses? Direct method Indirect method Consumption method Write off method QUESTION 74 Smith Company earns a 12% return on assets. If net income is 5720,000, average total assets must be: $6.000.000 $6,086,400 $3.000.000 S86,4040 $86,400 Click Save and Submit to save and submit. Click Save All Answers to save all answers. minutes, 42 seconds. Question Completion Status: QUESTION 75 On May 31, 20x1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. The assets of the component were sold on October 13, 20X1. for $1.200.000. The book value of those assets equaled $1,000,000 at the time of the sale. The component generated an operating loss of $300,000 from January 1, 20x1, through disposal. The company's tax rate is 25%. For what amount would the company report income from discontinued operations? Loss of $25,000 Loss of S100.000 Loss of $75,000 Loss of $225.000 QUESTION 76 Nevada Boot Co. reported net income of $216,600 for its year ended December 31, 2021. Purchases totaled $153.000. Accounts payable balance at the beginning and end of the year were $36,800 and $32,200, respectively. Beginning and ending inventory balances were 544000 and 547 400 respectively Assuming that all relevant information has been presented, Nevada Boot would report operating cash fows of $224,600 $208,600 $156,400 $157,600 QUESTION 77 Click Save and Submit to save and submit. Click Save All Answers to save all ansters. X XC Remaining Time: 28 minutes, 36 seconds. Question Completion Status: QUESTION 77 Which of the following is not true about net operating cash flow? It is a measure used in accrual accounting and is recognized as the best predictor of future operating cash flows. Over short periods, it may not be indicative of long-run cash-generating ability. It is the difference between cash receipts and cash disbursements from providing goods and services. It is easy to understand and all information required to measure it is factual QUESTION 78 Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021 $ 251,000 67.000 Operating income Income on discontinued operations All income statement items are subject to a 25% income tax rate. In its 2021 income statement Freda's separately stated income tax expense and total income ta expense would be: 579 500 and $62,750, respectively. Remaining Time: 28 minutes, 30 seconds. Question Completion Status: QUESTION 78 Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2021: Operating income Income on discontinued operations $ 251,000 67,000 All income statement items are subject to a 25% income tax rate. In its 2021 income statement, Freda's separately stated income tax expense and total in expense would be: $79,500 and $62,750, respectively. $62,750 and $79,500, respectively. $79,500 and $79,500, respectively. $79,500 and $129,500, respectively. QUESTION 79 Which of the following explains why a company's book value as reported in the balance sheet may not equal the company's market value? 1. Many assets are measured at their historical cost rather than amounts for which the assets could be sold II. Many valuable resources of the company are not directly reported as assets in the balance sheet III. Investors do not use the balance sheet to judge a company's value. Clio Sedll Answers to save all answers