Practice_Quiz_Financial_Statements - Cash& Marketable...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Finance 300 Dr. Denis Boudreaux SPRING 2010 Practice Quiz Boodro’s Oil Exploration Tools In 000’s 2007 Data Inventory $ 20,700 Accounts Payable 13, 200 Accrual 16, 500 Gross Fixed Assets (Plant and Equipment) 157,300 Accounts Receivable 24,700 Notes Payable 23,400 Long Term Debt 45,800 Accumulated Depreciation 29,100 Cash and Marketable Securities 16,500 Preferred Stock 20,000 Common Stock 35,500 Retained Earnings Dec. 31, 2007 35,700 2008 Data 1. Sales revenue in 2008 was $400,000. 2. Cost of goods sold was 70% of sales. 3. Operating expenses (excluding depreciation) was 20% of sales. 4. Interest expense was 7% on N/P and 9% on L-T Debt based on Dec. 31, 2007 balance. 5. Firm pays a 30% income tax. 6. Preferred stock dividend was $2,400. 7.
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Cash & Marketable Securities for 2008 is the balancing item. 8. Accounts Receivable equals 10% of sales. 9. Inventory equals 12% of sales. 10. Firm acquired an additional $25,000 in Fixed Assets. 11. Depreciation Expense in 2008 was $15,000. 12. Accounts Payable equals 8% of sales. 13. The firm borrowed an additional $10,000 in Notes Payable. 14. Accruals increased by $1,500. 15. The firm paid off $5,000 in Long-Term Debt. 16. The firm issued an additional $10,000 in Common Stock. 17. Common Stock Dividend paid in 2008 was $3,000. Using the above data find: (1) Dec. 31, 2007 Balance Sheet (2) Dec. 31, 2008 Income Statement (3) Dec. 31, 2008 Balance Sheet...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern