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- This pack of FIN 324 Final Exam includes answers to the next questions: 1. The primary users of external financial reports are
- a. Those who direct day to day operations of a business enterprise
- b. Individuals who have an economic interest in the firm but who are not part of management
- c. Managers of an enterprise who plan, implement plans, and control costs
- d. None of the above
- 2. If a company has $15,000 in assets and $10,000 in equities, then liabilities are
- a. $25,000
- b. $10,000
- c. $5,000
- d. $0
- 3. A revenue account is increased with
- a. Debits
- b. Credits
- c. Equities
- d. None of the above
- 4. Expense items that have been incurred during a period but not recorded by the end of the period are:
- a. Prepaid liabilities
- b. Prepaid expenses
- c. Deferred expenses
- d. Unrecorded liabilities
- 5. A purchase of $900 of supplies on account was journalized and posted as $900 debit to Supplies on Hand and a $900 credit to Accounts Receivable. The entry to correct this error is
- a. A $900 debit to accounts payable and a $900 credit to accounts receivable
- b. A $900 debit to supplies on hand and a $900 credit to accounts payable
- c. A $900 debit to accounts receivable and a $900 credit to accounts payable
- d. A $900 debit to accounts receivable and a $900 credit to supplies on hand
- 6. The retained earnings balance of Werner Company was $46,800 on January 1, 2005. Net income for 2005 was $26,480. If retained earnings had a credit balance of $21,000 after closing entries were posted on December 31, 2005 and if additional stock of $13,000 was issued during the year, dividends paid during 2005 were:
- a. $38,800
- b. $52,280
- c. $65,280
- d. none of the above
- 7. If net purchases are $200,000 and beginning and ending accounts payable -balances are $25,000 and $20,000, respectively, cash paid for purchases is
- a. $195,000
- b. $200,000
- c. $205,000
- d. $210,000
- 8. The tools of financial statement analysis are not
- Business - Finance
- Part A: Answer each of the following two questions. Each answer is worth 20 points.
- 1. The following information was made available from the income statement and balance sheet of Miranda Company.
- Item 12/31/10 12/31/09
- Accounts Receivable $ 42,000 $ 45,100
- Accounts Payable 27,900 24,500
- Merchandise Inventory 68,000 63000
- Sales 2010 170,000
- Interest Revenue 2010 3,200
- Dividends Revenue 2010 1,800
- Tax expense 2010 11,600
- Salaries Expenses 2010 22,400
- COGS 2010 57,000
- Interest Expenses 2010 2,200
- Operating Expenses 19,400
- Complete the cash flow from operating activities section for Meranda Company using the direct method for the year ended December 31, 2010.
- 2. Given the following balance sheet, complete a horizontal analysis. Compute the percentage to the nearest tenth of a percent.
- Jessica jewel store comparative Balance sheet for year ended December 31, 2011 and 2010
- In thousands 2011 2010 Difference Percentage
- Assets
- Current Assets
- Cash Equivalents $319 $288
- Accounts Receivable, net 166 173
- Inventory 437 400
- Total Current Asset 922 861
- Property, Plant and equipment 377 412
- Total Assets $1,299 $1273
- Liabilities
- Current liabilities
- Accounts Payables 132 144
- Accrued Liabilities 90 84
- Total current liabilities 222 228
- Long Term Liabilities 84 96
- Total Liabilities 306 324
- Stockholder Equity
- Common Stock 288 255
- Retained Earnings 705 694
- Total Stockholder Equity 993 949
- Total Liabilities and Stockh
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