MBA 615 Final Exam

 

2012 2011
Cash and Cash Equivalents 2,450 2,094
Receivables 1,813 1,611
Inventory 1,324 1,060
Prepaid Expenses 1,709 2,120
Total Current Assets 7,296 6,885
Other Assets 18,500 15,737
Total Assets 25,796 22,622
Total Current liabilities 7,230 8,467
Long-Term Liabilities 4,798 3,792
Common Stock 6,568 4,363
Retained Earnings 7,200 6,000
Total Liabilities and equity 25,796 22,622
Sales 20,941 Choose the Best Answer for the following:
Cost of Sales 7,055
Operating Expenses 7,065
Operating Income 6,821
Interest Expenses 210
Income tax Expense 2,563
Net Income 4,048

 

 

1. Horizontal analysis of Liberty’s balance sheet for 2012 would report 6. During 2012 Liberty’s days’ sales in receivables rate was (amounts rounded)
a Cash as 9.5% of total assets a. 34 days
b 17% increase in Cash b. 30 days
c Current ratio of 1.01 c. 32 days
d Inventory turnover of 6 times d. 28 days
2. Vertical analysis of Liberty’s balance sheet for 2012 would report. 7. Which Measure express Liberty’s times-interest-earned ratio?
a Cash as 9.5% of total assets a 54.70%
b Inventory turnover of 6 times b. 19 times
c Current ratio of 1.01 c. 34 times
d 17% increase in Cash d. 32 times
3. A common-size income statement for liberty would report (amounts rounded). 8. Liberty’s rate of return on common stockholders’ equity can be described as
a Net Income of 19% a. weak
b Sales of 100% b. normal
c Cost of Sales at 34% c. Strong.
d. All of the above d. average
4.  Which statement best describes Liberty’s acid-test ratio? 9. The company has 2,500 shares of common stock outstanding. What is Liberty’s  earnings per share
a. Greater than 1. a. 1.62
b. Equal to 1. b. 1.75
c. Less than 1 c. 2.73
d. None of the above d. 2.63 times
5. Liberty’s inventory turnover during 2012 was (amounted rounded) 10. Liberty’s stock has traded recently around $48 per share. Use the answer to question 9 to
a. 6 times measure the company’s price/earnings ratio.
b. 7 times a. 1.01
c. 8 times b. 30
d. Not determinable from the data given c. 48

 

 

Aspen Publishers Aspen Publishers Aspen Publishers Aspen Publishers
Adjusted Trial Balance Income Statement Statement of Owner’s Equity Balance Sheet
Debit Credit Assets Liabilities
Selling Expenses 18,900 Sales Revenue Aspen Capital Beginning of year 0 Cash Salary Payable
Furniture 36,900 Less: Sales Returns and allowances Aspen Contribution Inventory Accounts Payable
Sales returns and allowances 2,600 Less: Sales discount 0 Net Income 0 Furniture Notes payable
Salary Payable 1,100 Net Sales Revenue 0 Withrawals 0 Accumulated depreciation 0 Total Liabilities 0
Aspen, Capital 27,800 Cost of Goods Sold Aspen Capital end of year 0
Sales Revenue 114,300 Gross pofit 0 Aspen Capital 0
Accounts Payable 13,600 Expenses:
Inventory 42,000 General Expenses Total Liabilities plus
Cash 36,200 Selling Expenses 0 Total Assets 0 Capital 0
Notes payable 21,800 Net Income 0
Accumulated depreciation 22,800
Cost of Goods Sold 54,000
Sales discounts 1,800
General Expenses 9,000
201,400 201,400
1. Prepare an income statement, statement of owner’s equity and balance sheet for the 1st year of operations.

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