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Exam 14: Financial Statement Analysis

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Question 21

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Gallant Company reported net income of $2,500,000.The income statement included a $200,000 loss on discontinued operations,after applicable income tax.There were 100,000 shares of $10 par common stock and 40,000 shares of 4% preferred stock of $100 par outstanding throughout the current year. ​ Prepare the earnings per share section of Gallant Company's income statement.

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Question 22

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Unusual items affecting the prior period's income statement consist of changes in or errors in applying accounting principles.

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B) False

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Question 23

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The numerator in calculating the accounts receivable turnover is

Which of the following is required by the Sarbanes-Oxley Act?

Based on the data for Privett Company,what is the amount of quick assets?

When a corporation discontinues a segment of its operations at a loss,the loss should be reported as a separate item after income from continuing operations on the income statement.

In computing the asset turnover ratio,long-term investments are excluded from average total assets.

A balance sheet shows cash,$75,000; marketable securities,$115,000; receivables,$150,000; and inventories,$222,500.Current liabilities are $225,000.The current ratio is 2.5.

The return on total assets measures the profitability of total assets,without considering how the assets are financed.

The balance sheet data of Randolph Company for two recent years appears below: ​ ​ Round percentages to one decimal place.

Times interest earned is computed as

For Garrison Corporation,the working capital at the end of the current year is $10,000 more than the working capital at the end of the preceding year,reported as follows: ​ ​ Has the current position of Garrison Corporation improved? Explain.

Earnings per share amounts are only required to be presented for income from continuing operations and net income on the face of the statement.

Income statement information for Sadie Company is below: ​ Using vertical analysis of the income statement for Sadie Company,determine the gross profit margin.

Which of the following is considered an unusual item affecting the prior period's income statement?

All of the following are typically included in the management's discussion and analysis in annual reports except

The particular analytical measures chosen to analyze a company may be influenced by all of the following except

The analysis of increases and decreases in the amount and percentage of comparative financial statement items is referred to as horizontal analysis.

Revenue and expense data for Young Technologies Inc.are as follows: ​ ​

Balance sheet and income statement data indicate the following: ​ Based on the data presented,what is the times interest earned ratio? (Round to one decimal point.)