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Exam 23: Analysis of Financial Statements

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Question 1

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If a firm changes its inventory method from FIFO to LIFO just prior to a period of rising prices,the effect in the next period will be Current Ratio Inventory Turnover

A) No effect Increase
B) No effect Decrease
C) Increase Decrease
D) Decrease Increase

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Question 2

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Income statements for Maroon Co.show the following: From the data presented,calculate the following ratios for 2014 and 2013:

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Question 3

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Which of the following ratios would NOT be positively affected by a change from LIFO to FIFO,assuming that prices are rising?

How would the quick ratio be affected by a prepayment of $30,000 for fire and liability insurance?

Ringer Corporation had a current ratio of 3.1 at the end of 2013.Current assets and current liabilities increased by equal amounts during 2014.The effects on net working capital and on the current ratio,respectively,were

Which of the following ratios does NOT measure efficiency or activity of an entity?

The following are comparative data for Jobs Company for the three-year period 2012-2014: Compute the following measurements for 2014 and 2013:

Which of the following is not a component of the DuPont Framework?

What is the effect of the collection of accounts receivable on the current ratio and net working capital,respectively? Current Ratio Net Working Capital

Selected information for Henriot Company is as follows: Henriot's return on common stockholder's equity,rounded to the nearest percentage point,for 2014 is

The calculation of the return on total assets ratio would use all of the following except

Which of the following is included in the calculation of the acid-test (quick) ratio? Accounts Receivable Inventories

The following data were abstracted from the records of Ballistic Corporation for the year: How many times was bond interest earned?

Which of the following is true regarding the debt to equity ratio?

Selected information from the 2014 and 2013 financial statements of Sculley Corporation is presented below: -Refer to the Sculley Corporation information above.Sculley's current ratio as of December 31,2014,is

Selected information from the accounting records of Thackary Company is as follows: Thackary's inventory turnover for 2014 is

Which of the following ratios measures short-term solvency?

Harvest Corporation's capital stock at December 31 consisted of the following: (a) Common stock,$2 par value;100,000 shares authorized,issued,and outstanding.(b) 10% noncumulative,nonconvertible preferred stock,$100 par value;1,000 shares authorized,issued,and outstanding. Harvest's common stock,which is listed on a major stock exchange,was quoted at $4 per share on December 31.Harvest's net income for the year ended December 31 was $50,000.The yearly preferred dividend was declared.No capital stock transactions occurred.What was the price- earnings ratio on Harvest's common stock at December 31?

Brookville Corporation's books disclosed the following information for the year ended December 31,2014: Brookville's accounts receivable turnover is

Which of the following transactions would increase a firm's current ratio?