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comp_exam_d - COMPREHENSIVE EXAMINATION D(Chapters 12 13...

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COMPREHENSIVE EXAMINATION D (Chapters 12 - 13) Approximate Problem Topic Points Minutes D - I Multiple Choice ............................................ 24 24 D - II Comparative analysis ................................... 10 10 D - III Statement of Cash Flows ............................ 30 30 D - I Calculation of Ratios ................................... 36 20 100 84 Checking Work ........................................... 6 90
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Test Bank for Financial Accounting: Tools for Business Decision Making, Fourth Edition D - 2 Problem D - I — Multiple Choice (24 points) Circle the one best answer. 1. The inventory turnover ratio is computed by dividing the average inventories into a. net sales. b. total assets. c. cost of goods sold. d. stockholders' equity. 2. The best way to study the relationship of the components of financial statements is to prepare 3. In performing a vertical analysis, the base for prepaid expenses is 4. The Paine Company had credit sales of $600,000. The beginning accounts receivable balance was $60,000 and the ending accounts receivable balance was $80,000. Cash collections from customers were 5. Gator Company reported net income of $40,000 for the year ended December 31, 2007. During the year, inventories decreased by $6,000, accounts payable decreased by $9,000, depreciation expense was $10,000 and a loss on disposal of equipment of $4,500 was recorded. Net cash provided by operations in 2007 using the indirect method was a. $69,500. b. $42,500. c. $38,500. d. $51,500. OR 5. Mower Company reported cost of goods sold of $350,000 for the year ended December 31, 2007. During the year, inventories decreased $6,000 and accounts payable decreased $9,000. The cash payments to suppliers in 2007, using the direct method was
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Comprehensive Examination D D - 3
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