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Acct practice test - 1 The balance sheet of Sound Designs...

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1. The balance sheet of Sound Designs reports total assets of $750,000 and $800,000 at the beginning and end of the year, respectively. Sales revenues are $1.5 million ($1.2 million in the previous year), net income is $150,000, and net cash flows from operating activities are $175,000. What is Sound Designs' cash return on assets? A. 21.9% B. 19.4% C. 22.6% D. 18.8% 2. Which of the following is true regarding FICA taxes? 3. Which of the following is an example of a cash outflow from an investing activity? 4. The Viper retires a $40 million bond issue when the carrying value of the bonds is $42 million, but the market value of the bonds is $36 million. The entry to record the retirement will include: 5. A feature common to both stock splits and stock dividends is A. There is no effect on total stockholders' equity. B. A reduction in the contributed capital of a corporation. C. An increase in total liabilities of a corporation. D. A transfer to earned capital of a corporation. Fall 2010 Exam 3 Page
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6. Given the items below, which of the following is a subtraction from net income to arrive at Operating Cash Flows using the indirect method?
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