ACC 556 Week 10 Homework

1. Comprehensive income includes all revenues, expenses, gains, losses, and dividends.


2. A primary purpose of vertical analysis is to observe trends over a three-year period.


3. In the vertical analysis of an income statement, each item is generally stated as a percentage of net income.


4. Leverage and return on equity are closely related.


5. Because pro forma earnings are based on specific rules, these amounts are highly reliable.


6. Which of the following income statement figures would probably be the best indicator of a company’s future performance?


7. The discontinued operations section of the income statement refers to


8. Patchett Company reported income before taxes of $800,000 and an extraordinary loss of $200,000. Assume that the company’s tax rate is 25%. What amounts will be reported on the income statement for income before irregular items and extraordinary items, respectively?


9. Comprehensive income would not include


10. All of the following statements are true regarding comprehensive income except


11. Horizontal analysis of comparative financial statements includes the


12. Assume the following cost of goods sold data for a company:


13. The best way to study the relationship of the components within a financial statement is to prepare


14. The following schedule is a display of what type of analysis?


15. Stockholders are most interested in evaluating


16. Somen to Park Corporation had net credit sales of $4,060,000 and cost of goods sold of $3,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $650,000 and $750,000, respectively. The accounts receivable turnover was


17. BVI Corporation had net income of $1,600,000 and paid dividends to common stockholders of $400,000 in 2014. The weighted average number of shares outstanding in 2014 was 500,000 shares. BVI Corporation’s common stock is selling for $50 per share on the NASDAQ. BVI Corporation’s payout ratio for 2014 is


18. A successful grocery store would probably have


19. The following information pertains to Blue Flower Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.


20. For each of the ratios listed below, indicate by the appropriate code letter, whether it is a liquidity ratio, a profitability ratio, or a solvency ratio.

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ACC 556 Week 10 Homework

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ACC 556 Week 10 Homework