Question 5 if ending inventory on the last day of the

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Question 5 If ending inventory on the last day of the year is overstated by $14,000, what is the effect on net income for the current year?
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Question 6 ABC Inc. sells socks. During February 2016, its inventory records for one brand of its socks were as follows: Quantity Price per pair Beginning Inventory 10 pairs $20.00 = $200 February 6 Purchase 4 pairs $25.00 = $100 February 10 Purchase 5 pairs $27.40 = $137 February 15 Sale 7 pairs N/A See information above. Using this information, determine ending inventory under the weighted-average method. Select one:
Question 7 On December 31, 2015, Sveva Inc. has total liabilities of $252,000 and total equity of $420,000. The company needs to raise additional funds through debt and equity. The company will issue 40,000 shares of common stock at $4.50 per share and in addition it intends to borrow as much as it can from Bank of Switzerville. Bank of Switzerville requires a maximum debt-to-asset ratio of 0.75. What is the maximum additional amount that Sveva can borrow after the additional stock is issued? Select one:
Question 8 Below is selected financial information for Panettone, Inc. In the answer boxes below, select the right answer from the drop-down menu. Each answer is worth 2 points. Answers are rounded to two decimals. 3

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