The next 6 questions are based on the following information for Wagner Company for the years 2012, 2011, and 2010:

2012 2011 2010

Total revenues $910,000 $620,000 $540,000

Total expenses $780,000 $530,000 $450,000

Total assets $600,000 $300,000 $270,000

Total liabilities $320,000 $180,000 $140,000

Total owners equity $ ? $ ? $ ?

1. The percent increase in total revenues from 2010 to 2012 is (round to nearest whole percent)

A. 85%

B. 14%

C. 69%

D. 44%

E. None of the above.

2. The net profit margin percent for 2012 is (round to nearest whole percent)

A. 47%

B. 33%

C. 50%

D. 14%

E. None of the above.

3. The percent of liabilities to total liabilities and owner's equity at the end of 2012 is (round to nearest whole percent)

A. 47%

B. 53%

C. 56%

D. 31%

E. None of the above.

4. Total asset turnover based on average assets for 2012 is (round to one decimal place)

A. 2.5 times.

B. 1.5 times.

C. 2.0 times

D. 1.7 times.

E. None of the above.

5. The year the company had the highest percent of net income to total revenues was:

A. 2010

B. 2011

C. 2012

6. The year the company had the lowest risk in terms of a liability percent was:

A. 2010

B. 2011

C. 2012

7. A transaction caused a $14,000 increase in both total assets and total liabilities. This transaction could have been:

A. Purchase of office equipment of $14,000 for cash.

B. Purchase of office equipment for $24,000, paying $10,000 cash and issuing a note payable for the balance.

C. Repayment of a $14,000 bank loan.

D. Investment of $14,000 cash in the business by selling additional shares of common stock.

E. None of the above.

8. Joseph Company Retained Earnings increased by $20,000 during 2012. Total Revenues for 2012 were $200,000, the ending balance in Cash was $16,000, and Total Expenses were $172,000. Dividends declared and paid during 2012 were:

A. $18,000.

B. $12,000.

C. $8,000

D. $20,000.

E. None of the above.