GBM 381 Week 2 DQs

  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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