Author: Anonymous

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Pai, Inc. for an operating period:  Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $54 $1,728   Sale No. 1       10 Purchase No. 1 28 60 1,680   Sale No. 2       32 Purchase No. 2 20 57 1,140   Totals 80   $4,548 42 Assuming Pai, Inc. uses weighted‑average (perpetual) inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods sold for:

Smith & Sons Balance Sheet As of December 31 Cash  $ 80,000 Current liabilities $ 160,000 Accounts receivable 160,000 Bonds payable 240,000 Inventory 260,000 Common stock 400,000 Plant assets (net) 500,000 Retained earnings 200,000 Total Assets $1,000,000 Total liabilities and stockholders’ equity $1,000,000 Sales revenue for the year was $1,600,000, gross profit was $640,000, and net income was $72,000. One year ago, accounts receivable were $152,000, inventory was $220,000, total assets were $920,000, and stockholders’ equity was $520,000. What was the company’s return on common stockholders’ equity?

On January 1, the accounts receivable balance for Hardin Company was $14,000 and the balance in the allowance for doubtful accounts was $1,400. On that day, a $600 doubtful account was written off. The net realizable value of accounts receivable immediately after the write‑off is:

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Muller Company for an operating period: Units Unit Cost Total Cost Units Sold Beginning Inventory 20 $87 $1,740   Purchase No. 1 20 93 1,860   Sale No. 1       30 Purchase No. 2 90 96 8,640   Sale No. 2       80 Purchase No. 3 70 108 7,560 ___ Totals 200   $19,800 110 Assuming Muller Company uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:

Which of the following does not occur when a company receives additional information that requires it to increase its expectations of uncollectible accounts receivable?

Woodley Company reported net income of $1,077,000. The weighted‑average number of common shares outstanding during the year was 65,000. What is Woodley’s basic earnings per share?

Perkins, Inc. had net sales of $1,530,000 during the year. On January 1, Perkins’ accounts receivable was $320,000. On December 31, Perkins’ accounts receivable was $400,000. What was Perkins’ accounts receivable turnover for the year?

Which of the following ratios does not involve assets in its computation?

Which of the following is a data display tool used to display discrete categories?   

Kapka Company has the following inventory information for the month of April: April 1  Beginning inventory  100 units @ $16 April 3  Purchases            300 units @ $24 April 10  Sales                250 units April 21  Purchases            400 units @ $32 April 28  Sales                200 units   Assuming a periodic weighted‑average inventory system is used, what is the ending inventory?