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Exam 2: Corporate Financial Statements

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Question 21

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Which set of items below are classified as current assets?

A) Accounts receivable, Net income, Inventory, and Dividends
B) Cash, Accounts receivable, Capital stock, and Sales
C) Net income, Cash, Office supplies, and Inventory
D) Cash, Accounts receivable, Inventory, and Office supplies

E) All of the above
F) A) and B)

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Question 22

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Pacific Corporation Calculate the total amount of current assets for Pacific Corporation.

A) $ 842,000
B) $1,022,000
C) $ 732,000.
D) $ 842,000

E) None of the above
F) All of the above

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Question 23

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In a common-size financial statement, which of the following is given a percentage of 100 percent?

Countries outside the U.S. use financial accounting standards issued by the:

Significant changes in stockholders' equity are reported in:

In ____________________ analysis, each financial statement line item is expressed as a percent of a base year, which is typically the earliest year shown.

Which of the following statements is true regarding a corporation's purchase of treasury stock?

On a multi-step income statement, subtracting total operating expenses from gross profit will equal:

Paradise Company reports the following information at December 31, 2012: What is Natural Company's Gross Profit?

Which of the items below is a business entity?

Trump Company - Refer to the information provided for Trump Company. What is Trump Company's net income?

An analysis in which all the components of an income statement are expressed as a percentage of net sales is called:

____________________ is a part of issued stock that is repurchased by the corporation but not retired.

Which of the following is one of the elements of stockholders' equity?

Which organization has the power to set accounting rules for companies whose stock is publicly-traded in the U.S. stock markets, but has delegated its power to another organization?

The step of listing the liabilities of the company in order of their time to maturity is performed for a financial statement called ____________________.

If assets are expected to be realized in cash, sold, or consumed within one year, how are they reported on a classified balance sheet?

Short-term investments are:

Classify the following items according to the financial statement on which each belongs, either the income statement (IS), statement of retained earnings (RE), or the balance sheet (BS). Also indicate whether each is a revenue (R), expense (E), asset (A), liability (L), or stockholders' equity (SE) item.

Potential stockholders and lenders are interested in a company's financial statements. Several financial statement items appear below. Answer the questions that follow.