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You are interested in reviewing the information corporations file with the SEC. Which one of the following is the archive of these filings? A. SAMSONB. REG FDC. EDGARD. Nonpublic information filesE. ROA filings C. EDGAR
How frequently do corporations file 10K reports with the SEC? A. monthlyB. quarterlyC. semi-annuallyD. annuallyE. only when the firm engages in a merger or an acquisition D. annually
Better Products just filed its quarterly report with the SEC. This report is referred to as which one of the following? A. 10FB. 10KC. 10QD. EDGAR 10E. 10FD C. 10Q
Regulation FD requires companies to do which one of the following when discloA. advise the SEC 7 B. disclose the information without preference to any partyC. only disclose the informatiE. disclose the information only after a 24-hour B. disclose the information without preference to any party or parties
Material nonpublic information is defined as any information that could reasonably be expected to do which: A. affect the price of the firm's securitiesB. cause great embarrassment to the firmC. affect the manner in which the firm A. affect the price of the firm's securities
Which one of the following provides information on a firm's assets and liabilities as of a particular date? A. cash flow statementB. pro-forma income statementC. income statementD. tax returnE. balance sheet E. balance sheet
Which one of the following is an accounting statement that provides information on a firm's revenues and expenses? A. balance sheetB. cash budgetC. pro-forma balance sheetD. income statementE. cash flow statement D. income statement
Which one of the following is an analysis of a firm's sources and uses of cash over a period of time? A. income statementB. pro-forma income statementC. cash flow statementD. tax returnE. balance sheet C. cash flow statement
Which one of the following is defined as anything a firm owns that has value? A. equityB. assetC. liabilityD. cash inflowE. cash outflow B. asset
Which one of the following represents the amounts owed by a firm to other parties? A. assetsB. cash inflowsC. equitiesD. liabilitiesE. expenses D. liabilities
Which one of the following is an ownership interest in a firm? A. assetB. expenseC. net incomeD. liabilityE. equity E. equity
Which one of the following is used to pay dividends or kept as retained earnings by a firm? A. equityB. net cash flowC. revenueD. net incomeE. expense D. net income
Which one of the following is income realized in cash form? A. net incomeB. revenueC. cash flowD. retained earningsE. dividends C. cash flow
Income and expense items NOT realized in cash form are called which one of the following? A. deductible expensesB. noncash itemsC. intangible assetsD. operating incomeE. financing activities B. noncash items
Which one of the following is the definition of operating cash flow?A. revenue minus expensesB. cash realized from the sale of assetsC. cash flow originatedD. cash generated by a firm's normal business activities D. cash generated by a firm's normal business activities
Which one of the following is the definition of investment cash flow? A. revenue minus expensesB. cash flow from the purchases and sales of fixed assets and investmentsC. cash flow originating from the issuance of securities B. cash flow from the purchases and sales of fixed assets and investments
Which one of the following is the cash flow resulting from the payment of dividends and the issuance or repurchaseA. balance sheet cash flowB. operating cash flowC. financing cash flowD. business cash flowE. investment cash flow C. financing cash flow
Which one of the following is equal to net income expressed as a percentage of total assets? A. return on equityB. return on the balance sheetC. operating yieldD. net yieldE. return on assets E. return on assets
Return on equity is equal to which one of the following? A. dividend yield divided by total equityB. retained earnings divided by total equityC. revenue divided by total equityD. net income divided by total equity D. net income divided by total equity
Pro forma financial statements are statements based on which one of the following? A. projected future income, cash flows, and other non-cash itemsB. historical revenue and expensesC. historical asset and liability values A. projected future income, cash flows, and other non-cash items
Which one of the following is a financial planning method wherein some account values vary in relation to expected sales? A. common size approachB. linear methodC. percentage of net income methodD. percentage of sales approach D. percentage of sales approach
Which one of the following ratios tells you the amount of assets a firm needs to generate $1 in sales? A. capital intensity ratioB. return on assetsC. asset turnover rateD. profit marginE. earnings ratio A. capital intensity ratio
Which of the following reports are always included in a 10K filing with the SEC?I. statement of cash flowsII. balance sheetIII. pro-forma statementIV. income statement D. I, II, and IV only
Which one of the following means of communication do most firms use for announcements in order to comply with Regulation FD? A. TV spotsB. e-mail alertsC. public newspapersD. radioE. analyst networks B. e-mail alerts
Which of the following are current assets?I. inventoryII. goodwillIII. fixed assetsIV. cash D. I and IV only
Which one of the following is an intangible fixed asset? A. accounts receivableB. patentC. inventoryD. equipmentE. building B. patent
Which one of the following is a tangible fixed asset? A. cashB. equipmentC. accounts receivableD. rightE. inventory B. equipment
Stephen's Auto recently purchased Auto Express for $9.8 million. Auto Express had a market value of $9.5 million at the time of acquisition. A. patentB. depreciationC. licensesD. goodwillE. acquisition expense D. goodwill
Winter's Clothing has a loan payable to a bank which is due 18 months from now. How is this loan classified on the firm's financial statements? A. fixed assetB. current liabilityC. long-term debtD. equityE. expense C. long-term debt
Sugar Tree Cookies has current net income of $268,000 of which $110,000 was paid out in dividends. The remaining $158,000 will be shown in whicA. long-term debtB. common stockC. net incomeD. retained earningsE. paid in surplus D. retained earnings
Which of the following are classified as equity accounts on a balance sheet? I. goodwillII. paid in capitalIII. net incomeIV. retained earnings C. II and IV only
Sales minus cost of goods sold are equal to which one of the following? A. net salesB. operating incomeC. gross profitD. pretax incomeE. net income C. gross profit
The costs of materials used in the production of a product are recorded in which one of the following accounts? A. net salesB. fixed costsC. operating incomeD. depreciationE. cost of goods sold E. cost of goods sold
Which one of the following is NOT included in operating income? A. salesB. depreciationC. interest expenseD. cost of goods soldE. other operating expenses C. interest expense
Net income is equal to which one of the following? A. operating income plus interest expense minus taxesB. gross profit minus depreciation and interest expenseC. pretax income plus income taxesD. dividends plus the change in retained earnings D. dividends plus the change in retained earnings
Which one of the following statements is correct? A. Pretax income is equal to gross profit minus interest expense.B. Gross profit is equal to sales minus costs of goods sold and depreciation.C. Operating expenses are indirect costs. C. Operating expenses are indirect costs.
Which one of the following is the primary difference between operating cash flow and net income? A. interest expenseB. indirect costsC. taxesD. fixed costsE. depreciation E. depreciation
Which one of the following will increase the investment cash flow? A. purchase of an investmentB. issuing new shares of stockC. repaying a bond issueD. sale of a buildingE. payment of interest on a bond issue D. sale of a building
Which one of the following is NOT a financing cash flow according to standard accounting practice? A. new issue of stockB. repurchase of stockC. new issue of debtD. interest paymentsE. dividend payments D. interest payments
The summation of the operating, investment, and financing cash flows for a stated period of time must equal which one of the following for the same time period? A. net incomeB. total assetsC. ending cash balanceD. change in the cash balance D. change in the cash balance
A decrease in which one of the following will increase the gross margin? A. taxesB. salesC. depreciationD. variable costsE. fixed costs D. variable costs
Which one of the following is generally used as the basis for computing the cash flow per share? A. operating cash flowB. investment cash flowC. financing cash flowD. net cash increaseE. retained cash earnings A. operating cash flow
A decrease in which one of the following will increase the return on assets? A. long-term debtB. salesC. inventoryD. retained earningsE. dividends paid C. inventory
Which one of the following will increase the return on equity? A. increase in the corporate tax rateB. decrease in fixed costsC. issuance of debt to purchase equipmentD. increase in variable costs per unitE. decrease in net sales B. decrease in fixed costs
Which of the following affect the earnings per share?I. decrease in interest expenseII. share repurchaseIII. increase in tax ratesIV. preferred stock dividend E. I, II, III, and IV
Which one of the following statements related to book value per share (BVPS) is correct?A. BVPS is equal to B. An increase in the market value C. The payment of a dividend D. BVPS is equal to the market price E. The issuance of new shares E. The issuance of new shares at market value may increase the BVPS.
Which one of the following accounts is least likely to vary directly with the level of sales? A. accounts payableB. inventoryC. cost of goods soldD. interest expenseE. accounts receivable D. interest expense
Which one of the following is most apt to be constant given the percentage of sales approach to creating pro forma statements? A. book value per shareB. gross marginC. earnings per shareD. return on equityE. cash flow per share B. gross margin
A firm maintains a constant dividend payout ratio of .40. What must the plowback ratio be? A. 1 + .40B. 1 – .40C. 1 ? .40D. 1/.40E. .40 B. 1 – .40
Which one of the following is most apt to vary directly with sales? A. current assetsB. long-term debtC. shareholders' equityD. paid-in capitalE. retained earnings A. current assets
Which two of the following are generally used to fund the external financing need?I. sale of fixed assetsII. increase in accounts payableIII. issuance of long-term debtIV. sale of equity securities E. III and IV
The management of the Uptown Bikes recently voted to limit any future borrowing or sales of company stock. A. lowered income taxesB. maximized future dividendsC. maximized future retained earningsD. limited future growth D. limited future growth
A firm has $2,500 of cash, equipment worth $45,000, inventory of $16,300, $14,000 worth of patents, and $12,200 of accounts receivable. What is the value of the total current assets? A. $1,500B. $14,700C. $16,700D. $31,000E. $72,900 D. $31,000
A firm has $4,200 of cash, equipment worth $46,300, inventory of $38,400, a building worth $130,500, and $21,500 of accounts receivable. What is the value of the total fixed assets? A. $176,800B. $203,500C. $196,400D. $223,100E. $226,900 A. $176,800
Young Industries has a 3-year bank loan of $85,000, a 6-month note payable of $6,000, a $67,300 mortgage, and accounts payable of $22,500. ) A. $5,000B. $16,200C. $28,500D. $64,200E. $117,000 C. $28,500
ABC Construction, Inc. has buildings and equipment of $315,600, long-term debt of $154,700, accounts payable of $52,000, cash A. $5,200B. $97,000C. $147,000D. $199,000E. $228,000 E. $228,000
GH Enterprises has annual sales of $5.2 million, depreciation of $350,000, operating expenses of $390,000, and cost of goods sold of $3.1 million. What is the gross profit? A. $460,000B. $850,000C. $2,100,000D. $2,650,000E. $3,710,000 C. $2,100,000
Behrend Corporation has annual sales of $4.5 million, depreciation of $425,000, operating expenses of $679,000, cost of goods sold of $2.3 million, and interest A. $1,096,000B. $2,036,000C. $3,525,000D. $4,000,000E. $4,811,000 A. $1,096,000
Gold Jewelry, Inc. has annual sales of $4.5 million and a gross profit margin of 55 percent. The operating expenses are $540,750 and depreciation is $170,300.A. $1,002,980B. $1,084,818C. $1,356,220D. $1,589,200E. $2,385,000 B. $1,084,818
The Cruise Ship Co. has taxable income of $4,000,000. The company paid out $550,000 in interest expense. The tax rate is 35 percent and the dividend payout ratio is 30 percent.A. $420,000B. $550,000C. $682,500D. $780,000E. $980,000 C. $682,500
Handy Man Services, Inc. has net income of $525,000. What is the addition to retained earnings if the dividend payout ratio is 40 percent? A. $123,253B. $157,250C. $183,750D. $221,813E. $315,000 E. $315,000
HNW Manufacturing, Inc. has 255,000 shares of stock outstanding. The firm paid out $255,000 in dividends, $195,000 in interest, and added $193,700 to retained earnings for the year. A. $0.70B. $0.78C. $1.47D. $1.63E. $1.76 E. $1.76
O'Hara's Market has net income of $1.6 million and 525,000 shares of stock outstanding. What is the amount of the dividends per share if the plowback ratio is 60 percent? A. $0.94B. $1.07C. $1.22D. $1.67E. $1.98 C. $1.22
Glassmakers, Inc. purchased $137,600 of new equipment this year and also increased the inventory by $36,800. Thirty-three thousand dollars worth of old equipment was sold. A. -$49,300B. -$98,000C. -$104,600D. -$125,500E. -$133,300 C. -$104,600
For the year, Widgets Manufacturing, Inc. increased its current accounts by $52,000, decreased its current liabilities by $38,000, and decreased its fixed assets by $31,000. A. -$31,000B. -$12,000C. $19,000D. $31,000E. $48,000 D. $31,000
Healthy Supplements, Inc. paid $7,300 in interest and $4,300 in dividends for the year. The firm also issued $15,000 worth of new equity securities. A. $2,500B. $5,200C. $6,800D. $7,700E. $10,700 E. $10,700
Whole Wheat Farms, Inc. has a net income of $20,000 and a dividend payout ratio of 30 percent. The firm issued $12,000 worth of common stock during the period. A. $2,500B. $3,000C. $6,000D. $9,000E. $25,000 C. $6,000
Marley Enterprises has financing cash flow of -$41,400 and investment cash flow of $28,600 for the year. The beginning cash balance was $65,300 and the ending cash balance was $44,800. A. -$15,500B. -$9,600C. -$7,700D. $8,900E. $15,500 C. -$7,700
A firm has net sales of $35,000, operating expenses of $6,100, depreciation of $1,700, and cost of goods sold of $18,300. What is the gross margin? A. 31.1 percentB. 35.4 percentC. 47.7 percentD. 52.9 percentE. 59.2 percent C. 47.7 percent
A firm has net sales of $65,000, operating expenses of $21,300, depreciation of $5,000, cost of goods sold of $36,500, and interest expense of $4,500. A. -2.8 percentB. 2.6 percentC. 3.4 percentD. 9.2 percentE. 10.3 percent C. 3.4 percent
Smith's Corner Market had annual sales of $425,300 and total assets of $366,000. What is the return on assets if the profit margin is 11 percent? A. 8.2 percentB. 9.8 percentC. 10.6 percentD. 11.0 percentE. 12.8 percent E. 12.8 percent
Wholesale Grocer's has total assets of $580,000 and total liabilities of $375,000. Net sales for the year are $523,000 and the profit margin is 10.5 percent. A. 10.6 percentB. 26.8 percentC. 31.2 percentD. 37.4 percentE. 44.6 percent B. 26.8 percent
A firm has a price-cash flow ratio of 12.5 and a price-book value ratio of 7.6. If the cash flow per share is $4.67, what is the book value per share? A. $2.84B. $3.55C. $4.44D. $6.45E. $7.68 E. $7.68
A company has a price-earnings ratio of 23 and a price-cash flow ratio of 11.5. If the earnings per share are $1.75, what is the cash flow per share? A. $2.16B. $2.51C. $3.06D. $3.14E. $3.50 E. $3.50
Green Recycling, Inc. has 150,000 shares of stock outstanding. The firm has total assets of $568,000 and total liabilities of $415,000. The firm's stock is selling for $31 a share. A. 22.3B. 26.5C. 27.5D. 30.4E. 37.8 D. 30.4
A firm has net income of $22,500 and a book value per share of $3.10. The firm has 30,000 shares of stock outstanding and a price-earnings ratio of 15.9. What is the price-book ratio? A. 1.7B. 2.4C. 2.7D. 3.8E. 4.3 D. 3.8
Children's Books, Inc. has net income of $48,000 and a plowback ratio of 85 percent. There are 25,000 shares of stock outstanding at a market price of $18.64 a share. What is the price-earnings ratio? A. 6.9B. 7.1C. 9.7D. 11.1E. 11.6 C. 9.7
Bay Marina, Inc. has net income of $53,700 and has 30,000 shares of stock outstanding. Similar firms have a price-earnings ratio of 20. A. $28.91B. $29.29C. $30.40D. $33.91E. $35.80 E. $35.80
A firm has earnings per share of $3.50 and cash flow per share of $3.84. The price-earnings ratio is 24.1. What is the price-cash flow ratio? A. 19.8B. 20.1C. 22.0D. 26.0E. 27.1 C. 22.0
A company has net income of $65,430, a price-earnings ratio of 22.6, and 25,800 shares of stock outstanding. If the price-cash flow ratio is 20.4, what is the cash flow per share? A. $2.05B. $2.34C. $2.50D. $2.81E. $3.14 D. $2.81
A firm has total equity of $61,600 and total liabilities of $18,900. Current assets are $44,700 and current liabilities are $15,200. What is the value of the net fixed assets? A. $8,300B. $10,600C. $29,500D. $35,800E. $42,700 D. $35,800
A company has the following account balances. How much cash does the firm have assuming there are no other accounts?(inventory = $22,500) A. $27,300B. $27,900C. $30,900D. $47,300E. $50,300 C. $30,900
The Erie Bay Liner Company has sales of $2.6 million and operating expenses of $175,000. The firm uses the percentage of sales approach and estimates next year's sales at $2.8 million. A. $171,231B. $175,123C. $179,400D. $182,549E. $188,462 E. $188,462
A firm has sales of $685,000 and cost of goods sold of $435,000. The firm expects sales to increase by 6 percent next year. What is the gross profit amount expected to be next year if the firm uses A. $235,100B. $265,000C. $335,000D. $355,100 B. $265,000
Your company has pretax income of $52,000 on sales of $506,000. Sales are expected to increase by 6 percent next year and the tax rate is 40 percent. A. $28,938B. $31,835C. $33,072D. $35,582E. $44,520 C. $33,072
A firm has net income of $25,000 on sales of $210,000. Sales are expected to increase by 8 percent next year and the dividend payout ratio is 35 percent. A. $14,300B. $15,400C. $15,686D. $17,550E. $21,600 D. $17,550
Last year, a firm had net income of $62,000 on sales of $595,000. The projected sales for next year are $654,500. Assume the firm uses the percentage of sales method for pro forma statements.A. $59,500B. $65,500C. $68,200D. $71,500 C. $68,200
Zonvier, Inc. has sales of $53,800, a profit margin of 10.5 percent, and a plowback ratio of 40 percent. The company has 15,000 shares of stock outstanding. A. $0.249B. $0.250C. $0.260D. $0.268E. $0.274 C. $0.260
A firm has current sales of $32,000. Projected sales for next year are $35,520. The percentage of sales approach is used for pro forma purposes. A. -$3,532B. -$1,969C. -$1,390D. $231E. $1,341 E. $1,341
A firm has the following account balances for this year. Sales for the year are $500,000. Projected sales for next year are $545,000. A. $10,520B. $14,720C. $18,520D. $20,720E. $25,620 B. $14,720
A firm has the following account balances for this year. Sales for the year are $420,000. Projected sales for next year are $441,000. A. -$14,150B. -$6,850C. $32,850D. $36,000E. $56,350 D. $36,000
What is the operating cash flow, given the following information?(Net Income= $550) A. $400B. $470C. $530D. $540E. $610 E. $610
What is the investment cash flow, given the following information? (Net Income = $600)A. -$20B. -$10C. $10D. $20E. $100 A. -$20
What is the financing cash flow, given the following information?(Net Income= $550) A. -$180B. -$150C. -$110D. -$75E. -$10 D. -$75
What is the operating cash flow, given the following information?(net income = $800) A. $680B. $650C. $780D. $890E. $930 E. $930
What is the investment cash flow?(net income = $550)A. -$220B. -$140C. -$120D. -$20E. -$10 D. -$20
What is the financing cash flow, given the following information?(net income = $800)A. -$210B. -$160C. -$110D. -$60E. -$50 E. -$50

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