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    Below Are Sample Questions Question 1 (1 Point) : Round The Answers To Two Decimal Places in Percentage Form.

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    Ayushi Singhal
    The document contains 4 sample accounting questions. Question 1 asks to calculate return on equity given information about total asset turnover, net profit margin, and total assets to equity ratio. Question 2 asks to calculate net income given information about sales, expenses, cost of goods sold, and interest expense. Questions 3 and 4 provide financial statements for a company and ask to calculate average day's cost of goods sold and inventory turnover ratio respectively based on the information provided.

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    Below Are Sample Questions Question 1 (1 Point) : Round The Answers To Two Decimal Places in Percentage Form.

    Uploaded by

    Ayushi Singhal
    132 views3 pages
    The document contains 4 sample accounting questions. Question 1 asks to calculate return on equity given information about total asset turnover, net profit margin, and total assets to equity ratio. Question 2 asks to calculate net income given information about sales, expenses, cost of goods sold, and interest expense. Questions 3 and 4 provide financial statements for a company and ask to calculate average day's cost of goods sold and inventory turnover ratio respectively based on the information provided.

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    Quiz

    Original Title

    business-finance-quiz-04bg4inv

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    The document contains 4 sample accounting questions. Question 1 asks to calculate return on equity given information about total asset turnover, net profit margin, and total assets to equity ratio. Question 2 asks to calculate net income given information about sales, expenses, cost of goods sold, and interest expense. Questions 3 and 4 provide financial statements for a company and ask to calculate average day's cost of goods sold and inventory turnover ratio respectively based on the information provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    132 views3 pages

    Below Are Sample Questions Question 1 (1 Point) : Round The Answers To Two Decimal Places in Percentage Form.

    Uploaded by

    Ayushi Singhal
    The document contains 4 sample accounting questions. Question 1 asks to calculate return on equity given information about total asset turnover, net profit margin, and total assets to equity ratio. Question 2 asks to calculate net income given information about sales, expenses, cost of goods sold, and interest expense. Questions 3 and 4 provide financial statements for a company and ask to calculate average day's cost of goods sold and inventory turnover ratio respectively based on the information provided.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Below are sample questions

    Question 1 (1 point)


     
    Vintage, Inc. has a total asset turnover of 1.82 and a net profit margin
    of 6.50 percent. The total assets to equity ratio for the firm is 3.0.
    Calculate Vintage’s return on equity.
    Round the answers to two decimal places in percentage form.  (Write the percentage sign in
    the "units" box).

    Your Answer:

    Question 2

     
    Garden Pro Corporation has sales of $4,375,935; income tax of
    $507,097; the selling, general and administrative expenses of
    $294,139; depreciation of $309,476; cost of goods sold of $2,854,727;
    and interest expense of $105,196. Calculate the firm’s net income?

    Question 3:

    Question 1 (1 point)


     
     
    a)      Canadian Bacon Inc. financial statements are presented in the table below.

    Based on the information in the table, and using a 365-day year, calculate Average Day’s
                
    Cost of Goods Sold.

      Round the answers to two decimal places

    Balance Sheet December 31, 2015

    Cash and marketable


    $187,000 Accounts payable  $217,000
    securities
    Accounts receivable $498,000 Notes payable $51,500

    Inventories $799,000 Accrued expenses $58,300


    Prepaid expenses $19,300 Total current liabilities $326,800
    Total current assets $1,503,300 Long-term debt $215,400
    Par value and paid-in-
    Gross fixed assets $1,978,000 $128,000
    capital
    Less: accumulated
    $478,000 Retained Earnings $2,333,100
    depreciation
    Net fixed assets  $1,500,000 Common Equity 2,461,100
    Total liabilities and
    Total assets $3,003,300 $3,003,300
    owner’s equity
    Income Statement, Year of 2015

    Net sales (all credit) $5,386,600.00

    Less: Cost of goods sold $3,716,754.00


    Selling and administrative
    $329,000.00
    expenses
    Depreciation expense $138,000.00

    EBIT $1,202,846.00

    Interest expense $39,600.00

    Earnings before taxes $1,163,246.00

    Income taxes $465,298.40

    Net income  $697,947.60

    Question 4:

     Canadian Bacon Inc. financial statements are presented in the table below.

     Based on the information in the table, calculate the firm’s inventory turnover ratio.
    Round the answers to two decimal places

    Balance Sheet December 31, 2011

    Cash and marketable $143,000 Accounts payable  $278,000


    securities
    Accounts receivable $354,000 Notes payable $87,000

    Inventories $672,000 Accrued expenses $65,000


    Prepaid expenses $12,500 Total current liabilities $430,000
    Total current assets $1,181,500 Long-term debt $284,000
    Par value and paid-in-
    Gross fixed assets $1,675,000 $228,000
    capital
    Less: accumulated
    $500,000 Retained Earnings $1,414,500
    depreciation
    Net fixed assets  $1,175,000 Common Equity 1,642,500
    Total liabilities and
    Total assets $2,356,500 $2,356,500
    owner’s equity
    Income Statement Year of 2011

    Net sales (all credit) $3,136,600.00

    Less: Cost of goods sold $2,195,620.00


    Selling and administrative
    $345,000.00
    expenses
    Depreciation expense $146,000.00

    EBIT $449,980.00

    Interest expense $45,300.00

    Earnings before taxes $404,680.00

    Income taxes $161,872.00

    Net income  $242,808.00


    Your Answer:

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