Profit margin = Net income / Sales
.08 = Net income / $18,000,000
Therefore, Net income = $1,440,000
ROA = Net income / Total assets
As we have already calculated net income above,
Therefore ROA = $1,440,000 / $13,000,000
ROA = 0.1108 or 11.08%
ROE = N
(TCO 5) The distinction between operating and non-operating income relates to: (Points : 4)
continuity of income. principal activities of the reporting entity. consistency of income stream.
reliability of measurements.
2. (TCO 5) Major Co. reported a 2011
Practical Finance Management: Assignment #1
1. Consider the current asset accounts (Cash, Accounts Receivable, and Inventory)
individually and as a group. What impact will the following transactions have on each
account and current assets in total (Increa
Compute the annual break even number of meals and sales revenue for the restaurant.
Break even number of meals = Fixed cost / Contribution Margin per unit
Chef's and dishwashers salaries =$61,200 per year
Rent (premises, equipment) $4,000 per m
1. In Japan, 90-day securities have a 4% annualized return and 180-day securities have a 5%
annualized return. In the United States, 90-day securities have a 4% annualized return and 180day securities have an annualized return of 4.5%. All securities are
Recall that very satisfied customers give the XYZ-Box video game system a rating that is at
least 42. Suppose that the manufacturer of the XYZ-Box wishes to use the random sample of 66
satisfaction ratings to provide evidence supporting the claim tha
The music of the Rolling Stones was closest in style to that of
A) The Beatles
B) The Beach Boys
C) Elvis Presley
D) rhythm and blues
The "effective blend of serious concert music and rock" is called
A) jazz rock
B) folk rock
C) acid rock
D) art rock
If you want the formulas and any calculations, select the corresponding cell and press F2(Function Key on key board),
It will show all calculations and formulas Automatically
This is the correct Chapter 8
You have finally saved $10,000
1. Which of the following statements is (are) true?
(A). Activity-based costs per unit are greater than volume-based costs per unit.
(B). Volume-based costing has typically resulted in lower gross margins for high volume products
and higher gross margins
7. (TCO 3) Melissa Barry, CPA, is the auditor of Audio Video, Inc. Audio Video has not paid
Melissa's audit fee for the past two years. Melissa is working on this year's audit of Audit Video.
Determine whether Rule 101 - Independence - of the AICPA's Code
Practical Finance Management: Assignment #2
1. The Lineberry Golf Cart Co. sold 7,400 carts this year at an average unit price of $3,000.
Fifty days of sales remained uncollected in accounts receivable at the end of the year. The
firm produced the carts a
1. What is the amount of property and equipment on the balance sheet for the two most recent years? What
is the amount of depreciation expense? What amounts are on the cash flow statement for the most recent
year that relate to depreciation, gains and sal
Esquire Products, Inc. expects the following monthly sales: January 24,000 February 15,000 March 8,000 April 10,000 May 4,000
June 2,000 July 18,000 August 22,000 September 25,000 October 30,000 November 38,000 December 20,000
Cash sales are 40 percent in
The experimentalist "Yankee" composer who shared many ideas with the Transcendentalist
A) Aaron Copland
B) Arnold Schoenberg
C) Charles Ives
D) Bela Bartok
Ives wrote about _ songs.
The music of Charle
Who are the firms auditors? Do they provide a clean opinion on the financial
Auditors of APPLE Inc is Ernst & Young LLP. They have audited the financial statements of
APPLE Inc for the year end 2010. And in their opinion financia
1. (TCO 8) Fulbright Corp. uses the periodic inventory system. During its first year of
operations, Fulbright made the following purchases (listed in chronological order of acquisition):
40 units at $100;
70 units at $80; and
170 units at $60.
1. A company purchased inventory on account. This transaction increased assets and
2. A company performed services for a customer on account. This transaction _
Decreased assets an
16. Which of the following accounts will be closed to the Capital
account at the end of the fiscal year? (Points: 4)
17. Notes Receivable due in 350 days appear on the (Points: 4)
FIN 534 Homework Chapter 12
1. Which of the following statements is CORRECT?
a. Perhaps the most important step when developing forecasted financial statements is to
determine the breakdown of common equity between common stock and ret