ACC 556 Week 1 Homework Chapter 2 ACC556 Week 1 Homework Chapter 2?

• Question 1
Cash and supplies are both classified as current assets.
Answer
True
False
• Question 2

Earnings per share measures the net income earned on each share of common stock.
Answer
True
False
• Question 2
Earnings per share measures the net income earned on each share of common stock.
Answer
True
False
• Question 3
Net cash provided by operating activities takes into account that a company must invest in capital expenditures just to maintain its current level of operations.
Answer
True
False
Added (1). • Question 4
In order for information to be relevant, it must be reported on a monthly basis.
Answer
True
False
• Question 5
For accounting purposes, business transactions should be kept separate from the personal transactions of the stockholders of the business.
Answer
True
False
• Question 6
In a classified balance sheet, assets are usually classified as
• Question 7
Equipment is classified on the balance sheet as
Added (2). • Question 8
Use the following data to determine the total dollar amount of assets to be classified as current assets.
Koonce Office Supplies
Balance Sheet
December 31, 2014

Cash $ 130,000 Accounts payable $ 140,000
Accounts receivable 100,000 Salaries and wages payable 20,000
Inventory 110,000 Mortgage payable
Added (3). • Question 9
N3 Corporation has assets of $3,000,000, common stock of $780,000, and retained earnings of $475,000. What are the creditors’ claims on their assets?
• Question 10
The following information is available for Bradshaw Corporation and Newell Corporation:
(in millions) Bradshaw Corporation Newell Corporation
2014 2013 2014 2013
Preferred dividends 25 10 0 30
Net income 500 480 490 520
Shares outstanding at the end of the year 200 180 150 200
Shares outstanding at the beginni
Added (4). • Question 1
Reporting a net income of $95,000 will
• Question 12
Based on the following data, what is the amount of current assets?
Accounts payable $62,000
Accounts receivable 100,000
Cash 50,000
Intangible assets 100,000
Inventory 138,000
Long-term investments 160,000
Long-term liabilities 200,000
Short-term investments 80,000
Notes payable 56,000
Property, plant, and equipment 1,340,000
Prepaid insurance 2,000
Added (5). • Question 13
Using the following balance sheet and income statement data, what is the debt to assets ratio?
Current assets $ 14,000 Net income $ 21,000
Current liabilities 8,000 Stockholders’ equity 39,000
Average assets 80,000 Total liabilities 21,000
Total assets 60,000
Avera
Added (6). • Question 14
Which of the following is not considered a measure of liquidity?
• Question 15
Free cash flow provides an indication of a company’s ability to
• Question 16
If Morris Corporation has a negative $131 million free cash flow, which of the following statements is most likely true?
• Question 17
Accounting information should be neutral in order to enhance
• Question 18
The principle that indicates that assets should be reported at the price received to sell an asset is the
Added (7). • Question 19
Garrison Company prepares quarterly reports, which it distributes to all stockholders and other entities that rely on its accounting information. Which of the following is the best term for the key assumption in financial reporting that Garrison is following?
• Question 20
Each of the following statements is justified by a fundamental quality or an enhancing of quality accounting. Write the letter in the blank next to each statement corresponding to the quality involved.
Que
Added (8). ACC 556 Complete Course ACC556 Complete Course
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