View the step-by-step solution to: 1. Casey Company reported net income of $35,000; depreciation

1. Casey Company reported net income of $35,000; depreciation expenses of $20,000; an increase in accounts payable of $2,000; and an increase in current notes receivable of $3,000. Net cash flows from operating activities under the indirect method is A. $55,000. B. $56,000. C. $50,000. D. $54,000. 2. Patty's Baker has cost of goods sold for the years 2011, 2010, and 2009, respectively, of $28,600, $26,900, and $25,600. If 2009 is the base year, the trend percentage for 2011 is A. 111.72%. B. 11.72%. C. 5.08%. D. 105.08%. 3. Birch issued 200 shares of $12 par common stock in exchange for a piece of equipment with a current market value of $3,000. Which of the following is not part of the journal entry for this transaction? A. Debiting Equipment for $3,000 B. Crediting Common Stock for $2,400 C. Crediting Common Stock for $3,000 D. Crediting Paid-in Capital in Excess of Par—Common for $600 4. What is the rate of return on common stockholders' equity if sales are $100,000, net income is $22,700, and average common stockholders' equity is $86,000? A. 26.4% B. 86.0% C. The rate of return can't be determined from the information given. D. 22.7% 5. Rick Company's net sales decreased from $90,000 in year 1 to $45,000 in year 2, and its cost of goods sold decreased from $30,000 in year 1 to $20,000 in year 2. Vertical analysis based on sales would show which decreases in cost of goods sold for the two periods (rounded to the nearest tenth of a percent)? A. 33.3% and 44.4% B. 44.4% and 33.3% C. 300% and 225% D. 225% and 300% 6. ryan industries has an idustry turnover of 112 days an accounts payable turnover of 73 days and an accounts receivable turnover of 82 days. Ryan's cash conversion cycle is : A. 9 days B. 103 days C. 43 days D. 121 days
Sign up to view the entire interaction

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors and customizable flashcards—available anywhere, anytime.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access or to earn money with our Marketplace.

    Browse Documents
  • 890,990,898

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
  • 890,990,898

    Flashcards

    Browse existing sets or create your own using our digital flashcard system. A simple yet effective studying tool to help you earn the grade that you want!

    Browse Flashcards