148 the following information relates to woolf unlimited for the past two years acco 4307895

148 the following information relates to woolf unlimited for the past two years acco 4307895

148) The following information relates to Woolf Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$237,250$180,000

Cost of goods sold$115,000$110,000

Gross profit$122,250$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$24,000$18,000

Cash$22,000$14,000

Accounts receivable, net$25,000$31,000

Inventory$56,000$44,000

Prepaid expenses$2,000$1,000

Total current assets$105,000$90,000

Total long-term assets$150,000$175,000

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$133,000$57,000

What is the current ratio for the current year?

A) 1.00

B) 13.00

C) 1.75

D) 2.30

149) The following information relates to Truman Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$219,000$180,000

Cost of goods sold$125,000$110,000

Gross profit$94,000$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$25,000$18,000

Cash$25,000$17,000

Accounts receivable, net$26,000$35,000

Inventory$65,000$60,000

Prepaid expenses$2,000$1,000

Total current assets$118,000$113,000

Total long-term assets$162,750$187,751

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$158,750$92,751

The acid-test ratio for the current year is

A) 0.85.

B) 0.57.

C) 1.12.

D) 2.00.

150) The following information relates to Truman Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$219,000$180,000

Cost of goods sold$125,000$110,000

Gross profit$94,000$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$25,000$18,000

Cash$25,000$17,000

Accounts receivable, net$26,000$35,000

Inventory$65,000$60,000

Prepaid expenses$2,000$1,000

Total current assets$118,000$113,000

Total long-term assets$162,750$187,751

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$158,750$92,751

The inventory turnover for the current year is

A) 1.76 times.

B) 0.85 times.

C) 13.50 times.

D) 2.00 times.

151) The following information relates to Truman Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$219,000$180,000

Cost of goods sold$125,000$110,000

Gross profit$94,000$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$25,000$18,000

Cash$25,000$17,000

Accounts receivable, net$26,000$35,000

Inventory$65,000$60,000

Prepaid expenses$2,000$1,000

Total current assets$118,000$113,000

Total long-term assets$162,750$187,751

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$158,750$92,751

Days' sales in receivables for the current year is closest to

A) 61.85 days.

B) 50.83 days.

C) 79.50 days.

D) 9.60 days.

152) The following information relates to Truman Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$219,000$180,000

Cost of goods sold$125,000$110,000

Gross profit$94,000$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$25,000$18,000

Cash$25,000$17,000

Accounts receivable, net$26,000$35,000

Inventory$65,000$60,000

Prepaid expenses$2,000$1,000

Total current assets$118,000$113,000

Total long-term assets$162,750$187,751

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$158,750$92,751

The book value per share of common stock for the current year is

A) $52.77.

B) $79.50.

C) $13.50.

D) $96.00.

153) The following information relates to Truman Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$219,000$180,000

Cost of goods sold$125,000$110,000

Gross profit$94,000$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$25,000$18,000

Cash$25,000$17,000

Accounts receivable, net$26,000$35,000

Inventory$65,000$60,000

Prepaid expenses$2,000$1,000

Total current assets$118,000$113,000

Total long-term assets$162,750$187,751

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$158,750$92,751

The price-earnings ratio for the current year is

A) 13.33.

B) 1.97.

C) 9.60.

D) 13.50.

154) The following information relates to Truman Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$219,000$180,000

Cost of goods sold$125,000$110,000

Gross profit$94,000$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$25,000$18,000

Cash$25,000$17,000

Accounts receivable, net$26,000$35,000

Inventory$65,000$60,000

Prepaid expenses$2,000$1,000

Total current assets$118,000$113,000

Total long-term assets$162,750$187,751

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$158,750$92,751

The rate of return on total assets for the current year is closest to

A) 0.85.

B) 0.06.

C) 0.10.

D) 0.09.

155) The following information relates to Truman Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$219,000$180,000

Cost of goods sold$125,000$110,000

Gross profit$94,000$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$25,000$18,000

Cash$25,000$17,000

Accounts receivable, net$26,000$35,000

Inventory$65,000$60,000

Prepaid expenses$2,000$1,000

Total current assets$118,000$113,000

Total long-term assets$162,750$187,751

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$158,750$92,751

The times-interest-earned ratio for the current year is

A) 13.5 times.

B) 16.0 times.

C) 2.0 times.

D) 3.8 times.

156) The following information relates to Truman Unlimited for the past two years.

AccountCurrent yearPrior year

Net sales (all credit)$219,000$180,000

Cost of goods sold$125,000$110,000

Gross profit$94,000$70,000

Income from operations$32,000$30,000

Interest expense$2,000$7,000

Net income$25,000$18,000

Cash$25,000$17,000

Accounts receivable, net$26,000$35,000

Inventory$65,000$60,000

Prepaid expenses$2,000$1,000

Total current assets$118,000$113,000

Total long-term assets$162,750$187,751

Total current liabilities$60,000$90,000

Total long-term liabilities$22,000$78,000

Common stock, no par,

2,500 shares, market value $96 per share

$40,000

$40,000

Retained earnings$158,750$92,751

The current ratio for the current year is closest to

A) 2.00.

B) 13.50.

C) 1.25.

D) 1.97.

157) The Hummel Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year.

End of current yearEnd of prior year

Net sales revenue (all credit) $800,000

Cost of goods sold $504,000

Gross profit $296,000

Selling/general expenses$184,000

Interest expense$   32,000

Net income$   80,000

Current assets $   71,000$20,000

Long-term assets$329,000$280,000

Total assets$400,000$300,000

Current liabilities$  56,000$16,000

Long-term liabilities$  84,000$164,000

Common stockholders' equity$260,000$120,000

Total liabilities and stockholders' equity$400,000$300,000

Inventory and prepaid expenses account for $28,000 of the current year's current assets.

Average inventory for the current year is $12,000.

Average net accounts receivable for the current year is $32,000.

There are 40,000 shares of common stock outstanding.

Total dividends paid during the current year were $60,000.

The market price per share of common stock is $25.

What is the debt ratio for the current year?

A) 0.21

B) 0.06

C) 1.27

D) 0.35

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