9 / 9 points
items: cash $45,000, accounts receivable $160,000, inventories $150,000, prepaid
expenses $20,000, accounts payable $95,000, and accrued expenses $75,000. Use this
information to determine the: (Round & e
...
9 / 9 points
items: cash $45,000, accounts receivable $160,000, inventories $150,000, prepaid
expenses $20,000, accounts payable $95,000, and accrued expenses $75,000. Use this
information to determine the: (Round & enter your answers to one decimal place for
non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Quick Ratio
2. Current Ratio
2. Working Capital
Answer for blank # 1: 1.2 (33.33 %)
Answer for blank # 2: 2.2 (33.33 %)
Answer for blank # 3: $205,000 (33.33 %)
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6 / 6 points
For the FY 2016, Alpha Company had net sales of $950,000 and net income of $55,000,
paid income taxes of $25,000, and had before tax interest expense of $10,000. Use this
information to determine the: (Round & enter your answers to one decimal place and
enter the value.)
1. Times Interest Earned Ratio
2. Profit Margin
Answer for blank # 1: 9.0 (50 %)
Answer for blank # 2: 5.8%
(9.0, 5.8)
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8 / 8 points
The following financial information is for Alpha Corporation are for the
fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account 2017 2016Accounts Receivable $9,800 $9,400
Inventory 20,000 16,000
Net Sales (all credit) 72,000 71,000
Cost of Goods Sold 54,000 52,000
Net Income 7,200 6,900
Use this information to determine for FY 2017: (Round & enter your answers to one
decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
4. Profit Margin
Answer for blank # 1: 3.0 (25 %)
Answer for blank # 2: 121.7 (25 %)
Answer for blank # 3: 25.0%
Answer for blank # 4: 10.0%
(3.0, 121.7, 25.0, 10.0)
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8 / 8 points
The following financial information is for Alpha Corporation are for the fiscal years
ending 2017 & 2016 (all balances are normal):
Item/Account 2017 2016Accounts Receivable $9,800 $9,400
Inventory 25,000 16,000
Net Sales (all credit) 80,000 71,000
Cost of Goods Sold 49,000 52,000
Net Income 7,200 6,900
Use this information to determine for FY 2017: (Round & enter your answers to one
decimal place and enter the value.)
1. the accounts receivable turnover ratio
2. average collection period accounts receivable
3. Gross Profit Margin
4. Profit Margin
Answer for blank # 1: 7.5 times
Answer for blank # 2: 48.7 days
Answer for blank # 3: 38.8%
Answer for blank # 4: 9.0%
(8.3, 43.8, 38.8, 9.0)
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6 / 6 points
Alpha's net accounts receivable were $500,000 at December 31, 2015, and $600,000 at
December 31, 2016. Net cash sales for 2016 were $300,000. The accounts receivable
turnover for 2016 was 5.5. Use this information to determine the Fiscal Year 2016:
(Round & enter your answers to one decimal place for non-dollar ratios and enter the
value. For dollar ratio enter as whole dollars only.)
1. Total Net Sales
2. Total Net Credit SalesAnswer for blank # 1: $3,025,000 (50 %)
Answer for blank # 2: $3,325,000 (50 %)
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9 / 9 points
The following financial information is for Alpha Corporation are for the fiscal years
ending 2017 & 2016 (all balances are normal):
Item/Account 2017 2016
Cash $26,000 $16,000
Accounts Receivable 40,000 50,000
Inventory 30,000 22,000
Current Liabilities 76,000 42,000
Net Sales (all credit) 390,000 360,000
Cost of Goods Sold 270,000 250,000
Use this information to determine for FY 2017: (Round & enter your answers to one
decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
Answer for blank # 1: 10.4 times
Answer for blank # 2: 35.1 daysAnswer for blank # 3: 30.8%
(10.4, 35.1, 30.8)
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9 / 9 points
The following financial information is for Alpha Corporation are for the fiscal years
ending 2017 & 2016 (all balances are normal):
Item/Account 2017 2016
Cash $26,000 $16,000
Accounts Receivable 40,000 50,000
Inventory 30,000 22,000
Current Liabilities 76,000 42,000
Net Sales (all credit) 370,000 360,000
Cost of Goods Sold 260,000 250,000
Use this information to determine for FY 2017: (Round & enter your answers to one
decimal place and enter the value.)
1. the Accounts Receivable turnover ratio
2. Average Accounts Receivable collection period
3. Gross Profit Margin
Answer for blank # 1: 8.2 times
Answer for blank # 2: 44.5 daysAnswer for blank # 3: 29.7%
(8.2, 44.5, 29.7)
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2 / 2 points
The following financial information is for Alpha Corporation are for the fiscal years
ending 2017 & 2016 (all balances are normal):
Item/Account 2017 2016
Cash $26,000 $16,000
Accounts Receivable 40,000 50,000
Inventory 30,000 22,000
Current Liabilities 65,000 42,000
Net Sales (all credit) 390,000 360,000
Cost of Goods Sold 260,000 250,000
Use this information to determine the quick ratio for FY 2017: (Round & enter your
answers to one decimal place and enter the value.)
Answer: 1.01 (1.0)
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4 / 4 points
The following financial information is for Alpha Corporation are for the fiscal years
ending 2017 & 2016 (all balances are normal):Item/Account 2017 2016
Cash $26,000 $16,000
Accounts Receivable 40,000 50,000
Inventory 25,000 22,000
Current Liabilities 76,000 42,000
Net Sales (all credit) 390,000 360,000
Cost of Goods Sold 260,000 250,000
Use this information to determine for FY 2017: (Round & enter your answers to one
decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole
dollars only.)
1. the Current Ratio
2. Working Capital
Answer for blank # 1: 1.3
Answer for blank # 2: $15,000 (50 %)
(1.2, $15,000)
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1 / 2 points
Alpha's Company's Fiscal Year 2017 Statement of Cash Flows reflected information that
cash provided by operating activities was $800,000. The following additional information
was provided:
Depreciation Expense $380,000Common Stock Dividends 200,000
Accounts Receivable increase 110,000
Accounts Payable decrease 60,000
Use this information and determine Alpha Company's the Net Income (Net Loss) the
2017 Fiscal Year.
Answer: $250,000 ($590,000)
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2 / 4 points
Alpha's Company's Fiscal Year 2017 Statement of Cash Flows reflected information that
cash provided by operating activities was $800,000. The Fiscal Year 12/31/17 Balance
Sheet showed the value of Retained Earnings to be $625,000. The following additional
information was provided:
Depreciation Expense $380,000
Common Stock Dividends 200,000
Accounts Receivable decrease 110,000
Accounts Payable increase 60,000
Use this information and determine Alpha Company's:
a. the Net Income (Net Loss) the 2017 Fiscal Year.
b. the beginning balance for Retained Earnings
Answer for blank # 1: $470,000Answer for blank # 2: $355,000
($250,000, $575,000)
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20 / 25 points
The following information is related to Alpha Company's fiscal year 2017.
Income Statement:
Net Income $3,000,000
Depreciation Expense 500,000
Gain on Sale of Plant Assets 50,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable ($40,000)
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of
$125,000
Dividends paid were $30,000
Use this information to prepare a partial Statement of Cash Flows for Alpha Company.
Prepare only the section related to Cash Flows from Operating Activities.
Partial Statement of Cash Flows:
Alpha Company
Statement of Cash Flows (Partial)
For the year ended 12/31/17
Cash Flow from Operation Activities:
Net Income $3,000,000
Depreciation Expense $500,000
Loss Sale of Plant Assets $50,000Interest Expense $5,000
Decrease in Accounts Payable (40,000)
Net Cash Flow from Operation Activities: $3,515,000
The correct answer is not displayed for Written Response type
questions.
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2 / 4 points
The following information is related to Alpha Company's fiscal year 2017.
Income Statement:
Net Income $3,000,000
Depreciation Expense 500,000
Gain on Sale of Plant Assets 50,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable ($40,000)
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of
$125,000
Dividends paid were $30,000
Use this information to determine Alpha Company's Net Cash Flows from Investing
Activities. If the amount is an outflow then enclose the amount with dollar sign inside of
brackets ( ):
Answer: ($150,000) (($100,000))
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2 / 4 points
The following information is related to Alpha Company's fiscal year 2017.Income Statement:
Net Income $3,000,000
Depreciation Expense 500,000
Gain on Sale of Plant Assets 50,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable ($40,000)
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of
$145,000
Dividends paid were $25,000
Use this information to determine Alpha Company's Net Cash Flows from Financing
Activities. If the amount is an outflow then enclose the amount with dollar sign inside of
brackets ( ):
Answer: ($30,000) (($25,000))
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