Answer Key to the First Quiz - University of Windsor Center...

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Accounting Using Excel for Success
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Chapter 15 / Exercise 8
Accounting Using Excel for Success
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University of WindsorCenter for Executive and Professional EducationAccounting Concepts and Techniques (78-611)First Quiz (Winter 2013)Professor: Dr. Santanu MitraAnswer KeyTotal Points: 60Circle the correct answer to the following questions. Each question carries two points.A list of assets, liabilities and equity can be found on which of the following financial statements?Balance SheetIncome StatementStatement of Assets and LiabilitiesStatement of Cash FlowsStatement of Stockholders’ Equity
2. Which of the following statements is notcorrect:
The Goodyear Tire & Rubber Company’s December 31, 2011 financial statements reported the following (in millions)Total assets$17,629Total liabilities16,005Total shareholders’ equity1,624Net income (loss)343Dividends Retained earnings, December 31, 2010185$ 866What did Goodyear report for Retained earnings at December 31, 2011?
On October 2, 2011 Starbuck’s Corporation reported, on its Form 10-K, the following (in millions):Total assets$7,360.4Total stockholders’ equity4,387.3Total current liabilities 2,075.8
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Accounting Using Excel for Success
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Chapter 15 / Exercise 8
Accounting Using Excel for Success
Reeve/Warren
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What did Starbuck’s report as Total liabilities on October 2, 2011?
In its 2011 annual report, Kohl’s Corporation reported the following (in millions):Total assets$14,094Total shareholders’ equity$ 6,508Total liabilities $ 7,586What proportion of Kohl’s Corporation is financed by nonowners?A) 86%B) 54%C) 46%D) 73%E) None of the above
Intel Corporation reported the following on its 2007 income statement (in millions)Sales revenue$38,334Gross profit$19,904Total expenses $12,928

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