Solutions to homework 1, acc chapters 1, 2 & 3

 

Solutions to Homeeffect 1, Chapters 1, 2 & 3

 

 

 

1 The dissolution of consequence and losses unmoulded the members of a union is constitutealized in the:

 

A. allowance article.

 

B. indenture decrease.

 

C. declaration of object.

 

D. union bargain.

 

E. assembleion charter.

 

 

 

2. Action consumes apply to:

 

A. urbane pay topic to envelop taxation.

 

B. the consumes of any conflicts of advantage among fundholders and address.

 

C. the aggregate dividends compensated to fundholders pit the fund of a attached.

 

D. the consumes that development from lapse and failure of a attached.

 

E. the aggregate advantage compensated to creditors pit the fund of the attached.

 

 

 

3. Inaugurated high address includes decisions relative-to which of the forthcoming?

 

I. accounts payable

 

II. accounts receivable

 

III. covet-appoint claim

 

IV. catalogue

 

A. I and II merely

 

B. I and III merely

 

C. II and IV merely

 

D. I, II, and IV merely

 

E. I, III, and IV merely

 

 

 

4. Inaugurated high address:

 

A. ensures that equal equipment is serviceable to consequence the sum of result desired on a daily plea.

 

B. ensures that covet-appoint claim is artificial at the meanest practicable consume.

 

C. ensures that dividends are compensated to all fundholders on an annual plea.

 

D. pits the sum of sodality claim to the sum of serviceable equity.

 

E. is unquiet after a while managing day to day specie progress.

 

 

 

5. Which one of the forthcoming best describes the chief habit of morals a scant colleague rather than a unconcealed colleague?

 

A. No implicit financial loss

 

B. Jurisdiction for attached claims scant to the high endowed

 

C. Entitlement to a larger duty of the union's pay

 

D. Greater address function

 

E. Force to administer the day-to-day affairs of the employment

 

 

 

 

 

6. A unconcealed colleague:

 

A. cannot waste aggravate than the sum of his/her equity considerationing.

 

B. has short allowable jurisdiction than a scant colleague.

 

C. faces envelop taxation forasmuch-as a scant colleague does not.

 

D. has aggravate address function than a scant colleague.

 

E. is the appoint applied merely to fortifications which endow in unions.

 

 

 

7. A union:

 

A. has short of an force to erect high than a occupiership.

 

B. bargain defines whether the employment pay procure be taxed love a union or a fortification.

 

C. allows for unconstrained transplant of advantage from one unconcealed colleague to another.

 

D. is taxed the corresponding as a fortification.

 

E. appointinates at the exit of any unconcealed colleague.

 

 

 

8. Which of the forthcoming are disadvantages of a union?

 

I. scant morals of the attached

 

II. peculiar jurisdiction for attached claim

 

III. greater force to erect high than a detached occupiership

 

IV. noncommunication of force to transplant union advantage

 

A. I and II merely

 

B. III and IV merely

 

C. II and III merely

 

D. I, II, and IV merely

 

E. I, III, and IV merely

 

 

 

9. Which of the forthcoming are habits of the urbane constitute of employment tenure?

 

I. scant jurisdiction for attached claim

 

II. envelop taxation

 

III. force to erect high

 

IV. unscant attached morals

 

A. I and II merely

 

B. III and IV merely

 

C. I, II, and III merely

 

D. II, III, and IV merely

 

E. I, III, and IV merely

 

 

 

10. Which one of the forthcoming declarations is chasten?

 

A. All relishnesss of employment constituteations enjoy scant lives.

 

B. Partnerships are the most confused relishness of employment to constitute.

 

C. Twain detached occupierships and unions are taxed in a congruous appearance.

 

D. Twain unions and fortifications enjoy scant jurisdiction for unconcealed colleagues and portion-outholders.

 

E. Twain unions and fortifications run envelop taxation.

 

 

 

 

 

11. The owners of a scant jurisdiction sodality prefer:

 

A. morals taxed love a fortification.

 

B. having jurisdiction snare congruous to that of a detached occupier.

 

C. morals taxed peculiarly on all employment pay.

 

D. having jurisdiction snare congruous to that of a unconcealed colleague.

 

E. morals taxed love a fortification after a while jurisdiction love a union.

 

 

 

12. Which relishness of employment form has all the appertaining rights and privileges of a allowable idiosyncratic?

 

A. Detached occupiership

 

B. Corporation

 

C. Unconcealed union

 

D. Scant union

 

E. Scant jurisdiction sodality

 

 

 

13. Which one of the forthcoming actions by a financial administerr composes an action problem?

 

A. Increasing ordinary consumes in appoint to extension the communicate compute of the fundholders' equity

 

B. Agreeing to swell the sodality at the charge of fundholders' compute

 

C. Refusing to inferior dispose-ofing expenses if doing so procure subjugate the net consequence

 

D. Agreeing to pay bonuses unwandering on the capacity compute of the sodality fund

 

E. Refusing to hypothecate currency when doing so procure compose losses for the attached

 

 

 

14. Which of the forthcoming acceleration indoctrinate administerrs to effect in the best advantage of the fundholders?

 

I. allowance unwandering on the compute of the fund

 

II. fund non-interference plans

 

III. menace of a agent encounter

 

IV. menace of alteration to a union

 

A. I and II merely

 

B. II and III merely

 

C. I, II and III merely

 

D. I and III merely

 

E. I, II, III, and IV

 

 

 

15. A agent encounter befalls when

 

A. the consideration solicits force of ordinary members

 

B. a assembleion solicits proxies to substitute the consideration of directors

 

C. a adversary offers to dispose-of their tenure in the attached

 

D. the attached files for failure

 

E. the attached is avowed insolvent

 

 

 

16. Which of the forthcoming are key requirements of the Sarbanes-Oxley Act?

 

I. Officers of the fortification must criticism and signalal annual reports.

 

II. Officers of the fortification must now own aggravate than 5% of the attached's fund.

 

III. Annual reports must register deficiencies in interior controls.

 

IV. Annual reports must be filed after a while the SEC after a whilein 30 days of year end.

 

A. I merely

 

B. II merely

 

C. I and III merely

 

D. II and III merely

 

E. II and IV merely

 

 

 

17. Insider trading is:

 

A. allowable.

 

B. impracticable to enjoy in our causative communicate.

 

C. illicit.

 

D. frighten, but allowable.

 

E. register merely the securities of the largest attacheds.

 

 

 

18. The Securities Exmodify Act of 1934 focuses on:

 

A. insider trading.

 

B. issuance of new securities.

 

C. sales of true securities.

 

D. all fund transactions.

 

E. Federal Deposit Insurance Fortification (FDIC) insurance.

 

 

 

19. The basic regulatory frameeffect in the United States was supposing by:

 

A. the Securities Act of 1933.

 

B. the monetary scheme.

 

C. the Securities Exmodify Act of 1934.

 

D. A and C.

 

E. All of the aggravatehead.

 

 

 

20. Accounting consequence and specie progresss are:

 

A. unconcealedly not the corresponding past GAAP allows for fruits recollection detached from the voucher of specie progresss.

 

B. unconcealedly the corresponding past accounting consequence advert when the specie progresss are exoteric.

 

C. unconcealedly the corresponding past they advert ordinary laws and accounting standards.

 

D. unconcealedly not the corresponding owing specie inflows befall anteriorly fruits recollection.

 

E. Twain c and d.

 

 

 

 

 

21. Martha's Enterprises elapsed $2,400 to forfeiture equipment three years ago. This equipment is ordinaryly computed at $2,000 on today's pit prevarication but could actually be sold for $2,000. Net effecting high is $300 and covet-appoint claim is $900. Assuming the equipment is the attached's merely unwandering asset, what is the capacity compute of portion-outholders' equity?

 

A. $200

 

B. $800

 

C. $1,200

 

D. $1,400

 

E. The confutation cannot be secure from the notification supposing.

 

 

 

Book compute of portion-outholders' equity = $2,000 + $300 - $900 = $1,400

 

 

 

22. Art's Boutique has sales of $640,000 and consumes of $480,000. Advantage charge is $40,000 and diminution is $60,000. The tax trounce is 34%. What is the net pay?

 

A. $20,400

 

B. $39,600

 

C. $50,400

 

D. $79,600

 

E. $99,600

 

 

 

Taxable pay = $640,000 - $480,000 - $40,000 - $60,000 = $60,000; Tax = .34($60,000) = $20,400; Net pay = $60,000 - $20,400 = $39,600

 

 

 

23. Given the tax trounces as shown, what is the middle tax trounce for a attached after a while taxable pay of $126,500?

 

   

 

A. 21.38%

 

B. 23.88%

 

C. 25.76%

 

D. 34.64%

 

E. 39.00%

 

Tax = .15($50,000) + .25($25,000) + .34($25,000) +.39($126,500 - $100,000) = $32,585; Middle tax trounce = $32,585  $126,500 = .2576 = 25.76 percent

 

 24. The tax trounces are as shown. Your attached ordinaryly has taxable pay of $74,000. How ample concomitant tax procure you owe if you extension your taxable pay by $20,000?

 

   

 

A. $6,460

 

B. $6,710

 

C. $6,940

 

D. $7,160

 

E. $7,174

 

25. Teddy's Pillows has origin net unwandering chattels of $600 and accomplishment net unwandering chattels of $730. Chattels computed at $400 were sold during the year. Diminution was $50. What is the sum of net high spending?

 

A. $130

 

B. $150

 

C. $165

 

D. $180

 

E. $330

 

 

 

26. At the origin of the year, covet-appoint claim of a attached is $270 and aggregate claim is $340. At the end of the year, covet-appoint claim is $290 and aggregate claim is $390. The advantage compensated is $40. What is the sum of the specie progress to creditors?

 

A. -$50

 

B. -$20

 

C. $20

 

D. $50

 

E. $60

 

27. Peggy Grey's Cookies has net pay of $360. The attached pays out 40 percent of the net pay to its portion-outholders as dividends. During the year, the sodality sold $80 desert of spiritless fund. What is the specie progress to fundholders?

 

A. $64

 

B. $136

 

C. $144

 

D. $224

 

E. $296

 

   

 

  

 

 28. What is the modify in the net effecting high from 2009 to 2010?

 

A. $1,235

 

B. $1,035

 

C. $1,335

 

D. $3,405

 

E. $4,740

 

 

 

Change in net effecting high = ($7,310 - $2,570) - ($6,225 - $2,820) = $1,335

 

29. What is the sum of the non-specie charges for 2010?

 

A. $570

 

B. $630

 

C. $845

 

D. $1,370

 

E. $2,000

 

30. What is the sum of the net high spaccomplishment for 2010?

 

A. -$290

 

B. $795

 

C. $1,080

 

D. $1,660

 

E. $2,165

 

 

 

31. What is the munificent specie progress for 2010?

 

A. $845

 

B. $1,930

 

C. $2,215

 

D. $2,845

 

E. $3,060

 

32. What is the specie progress of the attached for 2010?

 

A. $405

 

B. $430

 

C. $1,340

 

D. $2,590

 

E. $3,100

 

 

 

33. What is the sum of net new hypothecateing for 2010?

 

A. -$225

 

B. -$25

 

C. $0

 

D. $25

 

E. $225

 

 

 

34. What is the specie progress to creditors for 2010?

 

A. -$405

 

B. -$225

 

C. $225

 

D. $385

 

E. $405

 

 

 

 

 

Topic: Specie Progress To Stockholders

 

35. What is the taxable pay for 2010?

 

A. $360

 

B. $520

 

C. $640

 

D. $780

 

E. $800

 

36. What is the munificent specie progress for 2010?

 

A. $520

 

B. $800

 

C. $1,015

 

D. $1,110

 

E. $1,390

 

37. What are the sales for 2010?

 

A. $4,225

 

B. $4,385

 

C. $4,600

 

D. $4,815

 

E. $5,000

 

 

 

38. Calculate net pay unwandering on the forthcoming notification: sales are $300; consume of chattels sold is $190, diminution charge is $45, advantage compensated is $20, and the tax trounce is 34%.

 

A. $11.90

 

B. $15.30

 

C. $29.70

 

D. $36.30

 

E. $45.00

 

 

 

 39. What is the munificent specie progress for 2010?

 

A. $940.52

 

B. $985.71

 

C. $1,075.50

 

D. $1,230.00

 

E. $1,354.55

 

40. What are the sales for 2010?

 

A. $4,000.00

 

B. $4,385.50

 

C. $5,435.71

 

D. $5,525.50

 

E. $5,680.00

 

41. The merely dissimilitude among Joe's and Moe's is that Joe's has old, largely depreciated equipment. Moe's equitable forfeitured all new equipment which procure be depreciated pit eight years. Assuming all else equal:

 

A. Joe's procure enjoy a inferior advantage boundary.

 

B. Joe's procure enjoy a inferior restore on equity.

 

C. Moe's procure enjoy a better net pay.

 

D. Moe's procure enjoy a inferior advantage boundary.

 

E. Moe's procure enjoy a better restore on chattels.

 

42. The three talents of the Du Pont convertibility can be unconcealedly descriptive as:

 

I. munificent pliancy, asset use pliancy and attached advantageability.

 

II. financial leverage, munificent pliancy and asset use pliancy.

 

III. the claim-equity relative, the high eagerness relative and the advantage boundary.

 

IV. the equity multiplier, the advantage boundary and the aggregate asset turnover.

 

A. I and II merely

 

B. II and III merely

 

C. I and IV merely

 

D. II and IV merely

 

E. III and IV merely

 

 

 

 43. A attached has sales of $3,600, consumes of $2,800, advantage compensated of $100, and diminution of $400. The tax trounce is 34%. What is the compute of the specie coverage relative?

 

A. 2

 

B. 4

 

C. 6

 

D. 8

 

E. 10

 

44. Mario's Home Systems has sales of $2,800, consume of chattels sold of $2,100, catalogue of $500, and accounts receivable of $400. How numerous days, on middle, does it choose Mario's to dispose-of its catalogue?

 

A. 65.2 days

 

B. 85.2 days

 

C. 86.9 days

 

D. 96.9 days

 

E. 117.3 days

 

45. Syed's Industries has accounts receivable of $700, catalogue of $1,200, sales of $4,200, and consume of chattels sold of $3,400. How covet does it choose Syed's to twain dispose-of its catalogue and then assemble the liquidation on the sale?

 

A. 128 days

 

B. 146 days

 

C. 163 days

 

D. 190 days

 

E. 211 days

 

46. A attached has net effecting high of $400, net unwandering chattels of $2,400, sales of $6,000, and ordinary liabilities of $800. How numerous dollars desert of sales are generated from sum $1 in aggregate chattels?

 

A. $1.33

 

B. $1.67

 

C. $1.88

 

D. $2.33

 

E. $2.50

 

 

 

47. Rosita's Restaurant has sales of $4,500, aggregate claim of $1,300, aggregate equity of $2,400, and a advantage boundary of 5%. What is the restore on chattels?

 

A. 5.00%

 

B. 6.08%

 

C. 7.39%

 

D. 9.38%

 

E. 17.31%

 

48. Lee Sun's has sales of $3,000, aggregate chattels of $2,500, and a advantage boundary of 5%. The attached has a aggregate claim relative of 40%. What is the restore on equity?

 

A. 6%

 

B. 8%

 

C. 10%

 

D. 12%

 

E. 15%

 

 

 

49. Patti's has net pay of $2400, a expense-rights relative of 16, and rights per portion-out of $1.60. How numerous portion-outs of fund are uncollected?

 

A. 1,200

 

B. 1,400

 

C. 1,500

 

D. 1,600

 

E. 1,800

 

50. A attached has 6,000 portion-outs of fund uncollected, sales of $7,000, net pay of $900, a expense-rights relative of 12, and a capacity compute per portion-out of $.60. What is the communicate-to-capacity relative?

 

A. 1.6

 

B. 2.4

 

C. 3.0

 

D. 3.2

 

E. 3.6

 

51. A attached has 5,000 portion-outs of fund uncollected, sales of $6,000, an achievement compute of $5 pet and an EBITDA of 1 pet. What is the achievement compute multiple?

 

A. 2.2

 

B. 2.4

 

C. 3.0

 

D. 4.0

 

E. 5.0

 

52. A attached has a communicate highization of $3 pet, communicate compute of advantage aspect claim of $1.5 pet, capacity compute of advantage aspect claim of $500,000 and specie of $200,000. What is the achievement compute?

 

A. $3.5 pet

 

B. $3.9 pet

 

C. $4.0 pet

 

D. $4.3 pet

 

E. $4.7 pet

 

 

 

53. Frederico's has a advantage boundary of 5%, a restore on chattels of 9%, and an equity multiplier of 1.5. What is the restore on equity?

 

A. 6.7%

 

B. 8.4%

 

C. 11.2%

 

D. 13.5%

 

E. 19.6%

 

54. Samuelson's has a claim-equity relative of 50%, sales of $8,000, net pay of $700, and aggregate claim of $2,500. What is the restore on equity?

 

A. 8.25%

 

B. 9.50%

 

C. 10.75%

 

D. 12.00%

 

E. 14.00%

 

55. A attached has a restore on equity of 15%. The claim-equity relative is 50%. The aggregate asset turnpit is 1.25 and the advantage boundary is 8%. The aggregate equity is $3,200. What is the sum of the net pay?

 

A. $480

 

B. $500

 

C. $540

 

D. $600

 

E. $620

 

  

 

 56. What is the days' sales in receivables in 2010?

 

A. 31.8 days

 

B. 32.5 days

 

C. 33.7 days

 

D. 41.9 days

 

E. 47.4 days

 

57. What is the equity multiplier for 2010?

 

A. 1.6

 

B. 1.8

 

C. 2.0

 

D. 2.3

 

E. 2.5

 

58. What is the specie coverage relative for 2010?

 

A. 11.6

 

B. 12.8

 

C. 13.7

 

D. 17.3

 

E. 18.8

 

59. What is the restore on equity for 2010?

 

A. 10.7%

 

B. 13.0%

 

C. 14.0%

 

D. 15.3%

 

E. 16.0%

 

60. Windswept, Inc. has 90 pet portion-outs of fund uncollected. Its expense-rights relative for 2010 is 12. What is the communicate expense per portion-out of fund?

 

A. $57.12

 

B. $59.94

 

C. $64.13

 

D. $66.13

 

E. $67.03

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