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Financial Accounting and Reporting

Financial Accounting and Reporting

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(5) Which of the following current liabilities is/are a known amount?

Payroll Liabilities

Unearned Revenue

Accounts Payable

All of the above are known amounts.

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(4) Which of the following is/are part of stockholders equity?

None of the above.

Retained earnings

Both A and B.

Paid-in capital

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(3) Which of the following does not have an effect on cash?

recording depletion expense.

borrowing on a long-term note payable.

issuance of common stock.

purchase of supplies.

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(2) Cash payment of dividends is reported in the ______ activities section of the statement of cash flows.

Dividends are not reported on the statement of cash flows.

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(1) Cash purchases of long-term assets are reported in the _______ activities section of the statement of cash flows.

Non-cash investing and financing

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Refer to Alpha Corporation. The common-size percentage of retained earnings in 20X1 is:

Shown below are the financial statements for the Alpha Corporation

16.7%

34.5%

32.6%

92.5%

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Ferguson Corporation reports cost of goods sold of $176,000 and a decrease in inventory during the year of $10,000. All accounts payable relate to inventory purchases; accounts payable decreased by $4,800 during the year. How much cash did Ferguson pay for inventory during the year?

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Which statement is false?

Depreciation is based on the matching principle because it matches the cost of the asset with the revenue generated over the asset's useful life.

Depreciation creates a fund to replace the asset at the end of its useful life.

Depreciation is a process of allocating the cost of a PPE over its useful life.

The cost of a PPE minus accumulated depreciation equals the asset's book value.

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Questions the following data of Dana, Inc. Dana uses a FIFO inventory system. Cost of goods sold for the period is

Beginning Inventory

Purchase on April 25

Purchase on November

13

Sales

Units

15

40

10

40

Unit Cost

$6

$7

$9

?

Total Cost

$90

$280

$90

?

Units Sold

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Refer to Alpha Corporation. The debt ratio in 20X1 is:

Shown below are the financial statements for the Alpha Corporation

51.2%

47.7%

19.1%

40.1%

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