ACC 400 Final Exam

Jul 21st, 2016
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1. Zelma Company's last financial statements provided the following ratios: Current ratio 3:2 Quick ratio 1:2 Accounts receivable turnover 9.0 times Inventory turnover 8.0 times Net income percentage 12.5% Return on equity 22.6% Return on assets 9.8% To the nearest day, what is the operating cycle for Zelma? a) 80 days b) 86 days c) 172 days d) 129 days 2. The following events have been projected: A. Cash sales and collections from customers totaling $980,000 B. Cash payments for operating expenses of $560,000 C. Cash payments for income taxes and interest expense of $45,000 D. Cash payments of prior period accruals of $80,000 E. Borrowed $50,000 cash by issuing a note payable F. Cash dividends of $20,000 The beginning balance of cash is $45,000. What is the budgeted ending balance of cash? a. $325,000 b. $370,000 c. $275,000 d. $245,000 3. On January 1, a business exchanged a plant asset with a cost of $18

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ACC 400 Final Exam1. Zelma Company's last financial statements provided the following ratios:Current ratio 3:2Quick ratio 1:2Accounts receivable turnover 9.0 timesInventory turnover 8.0 timesNet income percentage 12.5%Return on equity 22.6%Return on assets9.8%To the nearest day, what is the operating cycle for Zelma?a)80 daysb)86 daysc)172 daysd)129 days2. The following events have been projected:A. Cash sales and collections from customers totaling $980,000B. Cash payments for operating expenses of $560,000C. Cash payments for income taxes and interest expense of $45,000D. Cash payments of prior period accruals of $80,000E. Borrowed $50,000 cash by issuing a note payableF. Cash dividends of $20,000The beginning balance of cash is $45,000. What is the budgeted ending balance of cash?a.$325,000b.$370,000c.$275,000d.$245,0003. On January 1, a business exchanged a plant asset with a cost of $18,000 and accumulateddepreciation of $16,500 for a similar asset that had a list price of $23,000. The business receiveda trade-in allowance of $2,100 on the old plant asset. What was the result of the exchange?a. A $600 gain on the disposal of a plant asset.b. A $1,000 unrecognized gain on the exchange of a plant asset.c. A cost basis of $22,400 for the new plant assetd. A cost basis of $23,600 for the new plant asset4. Which one of the following is not an objective of a system of internal controls?a. Safeguard company assets

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