acct 202 first exam

Question
There are 31 questions in the file attached

1.

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award:
1.61 out of
1.61 points

Ozols Corporation’s most recent income statement appears below:
Sales (all on account)

$713,000

Cost of goods sold

305,000

Gross margin

408,000

Selling and administrative expense

175,000

Net operating income

233,000

Interest expense

64,000

Net Income before taxes

169,000

Income taxes

60,000

Net income

$109,000

The gross margin percentage is closest to:

2.

award:
1.61 out of
1.61 points

Crandler Company’s net income last year was $65,000. The company paid preferred dividends of $22,500 and its average common stockholders’ equity was $500,000. The company’s return on common stockholders’ equity for the year was closest to:

3.

award:
0 out of
1.61 points

The average stockholders’ equity for Horn Co. last year was $2,800,000. Included in this figure was $280,000 of preferred stock. Preferred dividends were $32,000. If the return on common stockholders’ equity was 12.5% for the year, net income was:

4.

award:
0 out of
1.61 points

Artist Company’s net income last year was $540,000. The company has 152,000 shares of common stock and 41,900 shares of preferred stock outstanding. There was no change in the number of common or preferred shares outstanding during the year. The company declared and paid dividends last year of $1.80 per share on the common stock and $0.80 per share on the preferred stock. The earnings per share of common stock is closest to:

5.

award:
1.61 out of
1.61 points

Archer Company had net income of $86,800 last year. The company has 6,800 shares of common stock and 4,300 shares of preferred stock outstanding. There was no change in the number of common or preferred shares outstanding during the year. Preferred dividends were $2 per share. The earnings per share of common stock was:

6.

award:
1.61 out of
1.61 points

The following data have been taken from your company’s financial records for the current year:
Earning per share

$30

Dividend per share

$8

Market price per share

$390

Book value per share

$225

The price-earnings ratio is:

7.

award:
0 out of
1.61 points

Last year the return on total assets in Jeffrey Company was 8.00%. The total assets were 3 million at the beginning of the year and 3.25 million at the end of the year. The tax rate was 30%, interest expense totaled $115 thousand, and sales were $5.3 million. Net income for the year was:

9.

award:
0 out of
1.61 points

The following account balances have been provided for the end of the most recent year:
Total assets

$180,000

Total stockholder’s equity

$150,000

Total common stock (5,000 shares)

$50,000

Total preferred stock (1,000 shares)

$10,000

10.

award:
0 out of
1.61 points

Delatrinidad Corporation’s net income last year was $7,748,000. The dividend on common stock was $13.4 per share and the dividend on preferred stock was $3.2 per share. The market price of common stock at the end of the year was $54.5 per share. Throughout the year, 480,000 shares of common stock and 240,000 shares of preferred stock were outstanding. The dividend payout ratio is closest to:

11.

award:
1.61 out of
1.61 points

Last year, Shadow Corporation’s dividend on common stock was $21.75 per share and the dividend on preferred stock was $20.86 per share. The market price of common stock at the end of the year was $75.00 per share. The dividend yield ratio is closest to:

12.

award:
1.61 out of
1.61 points

Hagerman Corporation’s most recent income statement appears below:
Sales (all on account)

$625,000

Cost of goods sold

375,000

Gross margin

250,000

Selling and administrative expense

125,000

Net operating income

125,000

Interest expense

31,250

Net income before taxes

93,750

Income taxes (30%)

28,125

Net income

$65,625

The beginning balance of total assets was $330,000 and the ending balance was $204,000. The return on total assets is closest to:

13.

award:
0 out of
1.61 points

Excerpts from Lasso Corporation’s most recent balance sheet appear below:
Year 2

Year 1

Preferred stock

$280,000

$280,000

Common stock

760,000

760,000

Additional paid-in capital–common stock

286,000

286,000

Retained earnings

760,000

690,000

Total stockholder’s equity

$1,186,000

$1,116,000

Net income for Year 2 was $181,000. Dividends on common stock were $73,000 in total and dividends on preferred stock were $38,000 in total. The return on common stockholders’ equity for Year 2 is closest to:

14.

award:
0 out of
1.61 points

Drama Company’s working capital is $136,000 and its current liabilities are $214,000. The company’s current ratio is closest to:

15.

award:
1.61 out of
1.61 points

Brewster Company has an acid-test ratio of 1.5 and a current ratio of 2.5. Current assets equal $440,000, of which $12,400 is prepaid expenses. The company’s current assets consist of cash, marketable securities, accounts receivable, prepaid expenses, and inventory. Brewster Company’s inventory must be:

6.

award:
1.61 out of
1.61 points

Fraser Company had $390,000 in sales on account last year. The beginning accounts receivable balance was $23,000 and the ending accounts receivable balance was $32,200. The company’s accounts receivable turnover was closest to:

17.

award:
1.61 out of
1.61 points

Irastan Company, a retailer, had cost of goods sold of $320,000 last year. The beginning inventory balance was $56,000 and the ending inventory balance was $48,000. The company’s average sale period was closest to:(Assume 365 days a year.)

18.

award:
1.61 out of
1.61 points

Deschambault Corporation’s total current assets are $264,000, its noncurrent assets are $708,000, its total current liabilities are $132,000, its long-term liabilities are $520,000, and its stockholders’ equity is $330,000. Working capital is:

19.

award:
1.61 out of
1.61 points

Hartzog Corporation’s most recent balance sheet and income statement appear below:
Statement of Financial Position
December 31, Year 2 and Year 1
(in thousands of dollars)

Year 2

Year 1

Assets

Current assets:

Cash

$340

$310

Accounts receivable

580

560

Inventory

290

620

Prepaid expenses

40

40

Total current assets

1,250

1,530

Plant and equipment, net

1,190

1,200

Total assets

$2,440

$2,730

Liabilities and Stockholder’s Equity

Current liabilities:

Accounts payable

$320

$330

Accrued liabilities

20

20

Notes payable, short term

100

250

Total current liabilities

440

600

Bonds payable

260

340

Total liabilities

700

940

Stockholder’s equity:

Preferred stock, $10 par, 5%

200

420

Common stock, $2 par

660

880

Additional paid-in capital–common stock

290

290

Retained earnings

590

200

Total stockholder’s equity

1,740

1,790

Total liabilities and stockholder’s equity

$2,440

$2,730

Income Statement
For the Year Ended December 31, Year 2
(in thousands of dollars)

Sales (all on account)

$7,350

Cost of goods sold

4,410

Gross margin

2,940

Selling and administrative expense

2,178

Net operating income

762

Interest expense

105

Net income before taxes

657

Income taxes (30%)

197

Net income

$460

Dividends on common stock during Year 2 totaled $60 thousand. Dividends on preferred stock totaled $10 thousand. The market price of common stock at the end of Year 2 was $7.04 per share.

The earnings per share of common stock for Year 2 is closest to:

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