ACCOUNTING 280 Quiz 2 Third Attempt. All QnA . rated 100%

Question 1 1. Which of the following is included as a component of stockholders' equity? A. Accounts payable B. Dividends C. Prepaid property taxes D. Retained earnings E. Buildings 2 points Question 2 1. In its ...

Question 1 1. Which of the following is included as a component of stockholders' equity? A. Accounts payable B. Dividends C. Prepaid property taxes D. Retained earnings E. Buildings 2 points Question 2 1. In its fiscal 2016 balance sheet, JetBlue Airways Corporation, reported cash of $443 million at year-end. The statement of cash flows reports that cash increased by $115 million during the year and that net cash flow from operating activities was $1,632 million. What was the cash flow from investing activities during the year? A. $533 million cash outflow B. $715 million cash inflow C. $533 million cash inflow D. $715 million cash outflow E. There is not enough information to determine the amount. 2 points Question 3 1. During fiscal year-end 2016, Kohl’s Corporation reports the following (in $ millions): net income of $556, retained earnings at the end of the year of $12,522 and retained earnings at the beginning of the year of $12,329. Assume that there were no other retained earnings transactions during fiscal 2016. What dividends did the firm pay in fiscal year ended January 28, 2017? A. $ 683 million B. $1,669 million C. $ 363 million 12522=12329+556-363 D. $-0- E. There is not enough information to calculate the amount. 2 points Question 4 1. During fiscal 2016, Mattel had sales of $5,456,650, total expenses of $5,138,628 and gross profit of $2,554,391. What was Mattel’s cost of sales for 2016? ($ in thousands) B. $5,138,628 thousand C. $2,902,259 thousand sales- cost of sales= gross profit D. $ 903,944 thousand E. There is not enough information to calculate the cost of sales. 2 points Question 5 1. During 2016, Skechers U.S.A., Inc. had Sales of $3,563.3 million, Gross profit of $1,634.6 million and Selling, general, and administrative expenses of $1,278.0 million. What was Skechers’ Cost of sales for 2016? A. $1,115.7 million B. $1,928.7 million sales-cost of sales=gross profit C. $ 88.1 million D. $1,549.5 million E. There is not enough information to calculate the amount. 2 points Question 6 1. Examine the financial statements effects template below. Then select the answer that best describes the transaction. Balance Sheet Transaction Cash Asset + Noncash Assets = Liabil ities - + Contrib. Capital + Earned Capital Reve ? -300 +300 = 4. A. Repay accounts payable of $300 with cash B. Collect cash for accounts receivable of $300 C. Purchase inventory of $300 on account D. Purchase inventory of $300 for cash E. None of the above 2 points Question 7 1. Weimar World, a tax-preparation service, had a cash balance of $122,500 as of March 1, 2017. During the month of March, Weimar World had the following transactions. * Billed $496,000 in revenues on credit * Received $164,000 from customers' accounts receivable * Incurred expenses of $194,000 but only paid $87,700 cash for these expenses * Prepaid $32,200 for computer services to be used next month 2. What was the company’s cash balance on March 31, 2017? A. $332,000 B. $166,600 C. $496,000 D. $198,800 E. None of the above 2 points Question 8 1. In its fiscal 2016 annual report, Nike, Inc. reported cash of $3,138 million at year end. The statement of cash flows reports the following (in millions): Net cash from operating activities $3,096 Net cash from investing activities (1,034 ) Net cash from financing activities (2,776 ) 2. What was the balance in Nike's cash account at the start of fiscal 2016? A. $3,096 million B. $1,020 million C. $3,852 million D. $4,357 million E. None of the above 2 points Question 9 1. Following is Stanley Black & Decker’s income statement for 2016 (in millions): STANLEY BLACK & DECKER, INC. Income Statement For the year ended December 31, 2016 ($ millions) Sales $11,406.9 Cost of goods sold 7,139.7 Gross profit $ 4,267.2 Selling, general and administrative expenses 2,602.0 Other operating expenses 268.2 Operating income 1,397.0 Interest and other nonoperating expenses 171.3 Income before income tax 1,225.7 Income tax expense 261.2 Net income $ 964.5 3. Compute Stanley Black & Decker’s gross profit margin. A. 63.6% B. 12.2% C. 37.4% D. 8.5% E. None of the above 2 points Question 10 1. A company records an adjusting journal entry to record $10,000 depreciation expense. Which of the following describes the entry? A. Debit Depreciation expense and Credit Cash B. Debit Property Plant and Equipment and Credit Depreciation expense C. Debit Property Plant and Equipment and Credit Cash D. Debit Depreciation expense and Credit Property Plant and Equipment E. Debit Net Income and Credit Property Plant and Equipment