accounting final-2

accounting final-2 - Question 1 Score 1/1 Your response...

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Question 1: Score 1/1 Your response Correct response Hutson Coffee Shops reported the following for the two most recent fiscal years: December 31 2010 2009 Cash $ 34,000 $ 17,000 Receivables (net) 85,000 80,000 Merchandise inventory 74,000
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48,000 Fixed assets 365,000 324,000 Total assets $ 558,000 $ 469,000 Accounts payable 65,000 83,000 Long-term notes payable 82,000 112,000 Common stock 176,000
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144,000 Retained earnings 235,000 130,000 Total liabilities and shareholders' equity $ 558,000 $ 469,000 Net income for the year ended 12/31/10
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$ 115,000 Sales (all sales were on account) 620,000 Cost of goods sold 284,000 Interest expense 3,000 Required: Calculate the following for the year ended December 31, 2010: (a) Current ratio (Round your answer to 2 decimal places.) Current ratio 2.97 (100%)
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Hutson Coffee Shops reported the following for the two most recent fiscal years: December 31 2010 2009 Cash $ 34,000 $ 17,000 Receivables (net) 85,000 80,000 Merchandise inventory 74,000 48,000 Fixed assets 365,000 324,000
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Total assets $ 558,000 $ 469,000 Accounts payable 65,000 83,000 Long-term notes payable 82,000 112,000 Common stock 176,000 144,000 Retained earnings 235,000 130,000
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Total liabilities and shareholders' equity $ 558,000 $ 469,000 Net income for the year ended 12/31/10 $ 115,000 Sales (all sales were on account) 620,000 Cost of goods sold
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284,000 Interest expense 3,000 Required: Calculate the following for the year ended December 31, 2010: (a) Current ratio (Round your answer to 2 decimal places.) Current ratio 2.97 Feedback:
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Current assets $ 193,000 ÷ Current liabilities $ 65,000 Current ratio 2.97 Your response Correct response (b) Working capital (Omit the "$" sign in your response.) Working capital
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$ 128000 (100%) (b) Working capital (Omit the "$" sign in your response.) Working capital $ 128000 Feedback:
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Current assets $ 193,000 Current liabilities $ (65,000 ) Working capital $ 128,000 Your response Correct response (c) Accounts receivable turnover ratio (Round your answer to 2 decimal places.) Accounts receivable turnover ratio 7.52 (100%)
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(c) Accounts receivable turnover ratio (Round your answer to 2 decimal places.) Accounts receivable turnover ratio 7.52 Feedback: Net credit sales $ 620,000 ÷ Average net account receivable
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$ 82,500 Account receivable turnover ratio 7.52 Your response Correct response (d) Inventory turnover ratio (Round your answer to 2 decimal places.) Inventory turnover ratio 4.66 (100%) (d) Inventory turnover ratio (Round your answer to 2 decimal places.) Inventory turnover ratio 4.66
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Feedback: Cost of goods sold $ 284,000 ÷ Average inventory $ 61,000 Inventory turnover ratio 4.66
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Your response Correct response (e) Return on assets (Round your answer to 2 decimal places.) Return on assets .23 (100%) (e) Return on assets (Round your answer to 2 decimal places.) Return on assets .23 Feedback:
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Net income $ 115,000 Interest expense 3,000 $ 118,000 ÷ Average total assets $ 513,500 Return on assets 0.23
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Your response Correct response (f) Return on equity (Round your answer to 2 decimal places.) Return on equity .34 (100%) (f) Return on equity (Round your answer to 2 decimal places.) Return on equity .34 Feedback:
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Net income $ 115,000 ÷ Average total share equity $ 342,500 Return on equity 0.34 Question 2: Score 1/1 Your response
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Correct response Chevron Texaco Corporation Consolidated Statement of Income For the year ended December 31, (in millions except per-share amounts) Year ended December 31, 2004 2003 2002 Revenues and other income Sales and other operating revenues $ 150,865 $ 119,575
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$ 98,340 Income (loss) from equity affiliates 2,582 1,029 (25 ) Other income 1,853 308 222 Gain from exchange of dynegy, preferred stock 0
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