SE_Ch16 (1)

SE_Ch16 (1) - CHAPTER 16: SAMPLE EXAM QUESTIONS *SEE...

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1 CHAPTER 16: SAMPLE EXAM QUESTIONS ***SEE SOLUTION AT END OF FILE*** Use the financial statements for Narasaki Company to answer the next 5 questions: Narasaki Company Statement of Financial Position December 31, Year 2 and Year 1 (dollars in thousands) Year 2 Year 1 Cash and marketable securities. ............................. $ 13 0 $ 120 Accounts receivable, net. ....................................... 200 17 0 Inventory. ............................................................... 13 0 13 0 Prepaid expenses. ................................................... 90 8 0 ......................................... 1,380 1,36 0 Total assets. ............................................................ $1,930 $1,86 0 Accounts payable. .................................................. $ 16 0 $ 160 Accrued liabilities. ................................................. 90 80 Notes payable, short term. ..................................... 110 110 Bonds payable (due in 5 years). ............................. 510 500 Stockholders’ equity: Preferred stock, $10 par, 6%. ................................. 10 0 100 Common stock, $2 par. .......................................... 16 0 160 Additional paid-in capital–common stock. ............ 240
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SE_Ch16 (1) - CHAPTER 16: SAMPLE EXAM QUESTIONS *SEE...

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