How does percentage depletion affect financial statement presentations? (a) Continues after cost recovery (b) Limited to 50% of taxable income (c) Based on actual extraction only (d) Stops when cost is recovered. MCQ Related to Financial Accounting 4 PTS

How does percentage depletion affect financial statement presentations? (a) Continues after cost recovery (b) Limited to 50% of taxable income (c) Based on actual extraction only (d) Stops when cost is recovered. MCQ Related to Financial Accounting 4 PTS

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 5PB: Indicate what impact ( for increase; for decrease) the following transactions would have on the...

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Indicate what impact ( for increase; for decrease) the following transactions would have on the accounting equation, . Table 3.22
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Understandability Relevance Faithful representation Comparability Depreciation Consistency Materiality Conservatism Operating cycle Current asset Current liability Liquidity Working capital Current ratio Single-step income statement Multiple-step income statement Gross profit Profit margin Auditors report An income statement in which all expenses are added together and subtracted from all revenues. The magnitude of an accounting information omission or misstatement that will affect the judgment of someone relying on the information. The capacity of information to make a difference in a decision. An income statement that shows classifications of revenues and expenses as well as important subtotals. The practice of using the least optimistic estimate when two estimates of amounts are about equally likely. The quality of accounting information that makes it comprehensible to those willing to spend the necessary time. Current assets divided by current liabilities. The quality of information that makes it complete, neutral, and free from error. An obligation that will be satisfied within the next operating cycle or within one year if the cycle is shorter than one year. Current assets minus current liabilities. Net income divided by sales. For accounting information, the quality that allows a user to analyze two or more companies and look for similarities and differences. An asset that is expected to be realized in cash or sold or consumed during the operating cycle or within one year if the cycle is shorter than one year. The ability of a company to pay its debts as they come due. For accounting information, the quality that allows a user to compare two or more accounting periods for a single company. The process of allocating the cost of a long-term tangible asset over its useful life. The period of time between the purchase of inventory and the collection of any receivable from the sale of the inventory. Sales less cost of goods sold. The opinion rendered by a public accounting firm concerning the fairness of the presentation of the financial statements.
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I need help figuring: G. operating profit margin H. Long-term debt ratio (use end of year balance sheet figure) I. Total debt ratio (use end of your balance sheet figures) J. Times interest earn K. Cash coverage ratio L. Current ratio (use end of your balance sheet figures) M. Quick ratio (use end of your balance sheet figures)
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C $ 4 Terminology Matching Profitability Ratios Rationalization Return on Assets Ratio Return on Common Stockholders' Equity Ratio Sarbanes-Oxley Act Solvency Ratios Sustainable Income The Human Element Times Interest Earned Vertical Analysis % si se 6 & 7 * 00 8 A measure of company's solvency and ability to meet interest payments as they come due; calculated as the sum of net income, interest expenses and income tax expense divided by interest expense This is a profitability measure that indicates the amount of net income generated by each dollar of assets. It is computed as net income divided hv average total assets A technique for evaluating financial statement data that expresses each item in a financial statement as a percentage of a base amount Fatigue, carelessness, indifference, collusion Measures of the ability of a company to survive over a long period of time A measure of the dollars of net income earned for each dollar invested by the owners; computed as income available…
Required: (a) You are required to calculate the following ratios:(i) Gross profit margin(ii) Operating profit margin(iii) Expenses to sales(iv) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest cover (b) In light of your calculations comment on the performance of the company over thelast two years.
TB MC Qu. 11-92 (Static) Consider the following items: (a) Decrease in... Consider the following items: (a) Decrease in accounts receivable (b) Issuance of common stock (c) Increase in interest receivable d) Purchase of land (e) Decrease in accounts payable f) Gain on the sale of equipment g) Depreciation expense h) Payment of dividends i) Decrease in utilities payable j) Increase in inventory How many of these items would be added to net income when using the indirect method to prepare the operating activities section of the statement of cash flows? Multiple Choice O 2 O 4 O 1 O 3
Required: Compute the following: (For Requirements 1 to 4, enter your percentage answers rounded to 2 decimal places (i.e., 0.1234 should be entered as 12.34).) 1. Gross margin percentage. 2. Net profit margin percentage. 3. Return on total assets. 4. Return on equity. 5. Was financial leverage positive or negative for the year? 1. Gross margin percentage % 2. Net profit margin percentage % 3. Return on total assets % 4. Return on equity % 5. Financial Leverage
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