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charter oak acc101 week 14 test part 1

Question

1. If a retail store has a current ratio of 2 1/2 to 1 and current assets of $150,000, the amount of working capital is:

Answer

• Question 2

3.431 out of 3.431 points

Use the following to answer questions 2-5:

Shown below are selected data from the balance sheet of HiTech, a small electronics store (dollar amounts are in thousands):

Cash.................................................................................... $25

Accounts receivable............................................................. 45

Inventory............................................................................. 80

Total assets.......................................................................... 400

Current liabilities................................................................... 100

Non current liabilities............................................................ 240

2. Refer to the above data. The quick ratio is:

Answer

• Question 3

3.431 out of 3.431 points

3. Refer to the above data. The current ratio is:

Answer

• Question 4

3.431 out of 3.431 points

4. Refer to the above data. Working capital amounts to:

Answer

• Question 5

3.431 out of 3.431 points

5. Refer to the above data. Hi-Tech's debt ratio is:

Answer

• Question 6

3.431 out of 3.431 points

Use the following to answer questions 6 - 10:

Given below are comparative balance sheets and an income statement for Pearl Corporation

Pearl Corporation

Balance Sheets ? 2005

Dec. 31 Jan. 1 Pearl Corporation

Income Statement for the 2005

Cash $ 15,000 $ 15,000 Sales $220,000

Accounts receivable 45,000 37,000 Cost of goods sold (132,250)

Inventory 32,000 35,000 Gross profit on sales $ 87,750

Equipment (net) 55,000 64,000 Operating expenses (72,950)

$147,000 $151,000 Operating income $ 14,800

Accounts payable 25,000 28,000 Interest expense and income taxes (8,750)

Dividends payable 8,000 4,000 Net income $ 6,050

Long-term note payable 14,000 14,000

Capital stock, $5 par 70,000 70,000

Retained earnings 30,000 35,000

$147,000 $151,000

All sales were made on account. Cash dividends declared during the year totaled $11,050.

6. Refer to the above data. Pearl Corporation's accounts receivable turnover for 2005 is:

Answer

• Question 7

3.431 out of 3.431 points

7. Refer to the above data. Pearl Corporation's inventory turnover for 2005 is:

Answer

• Question 8

3.431 out of 3.431 points

8. Refer to the above data. Pearl Corporation's gross profit rate for 2005 is:

Answer

• Question 9

3.431 out of 3.431 points

9. Refer to the above data. Pearl Corporation's return on assets for 2005, rounded to the nearest tenth of a percent, is:

Answer

• Question 10

3.431 out of 3.431 points

10. Refer to the above data. Pearl Corporation's return on common stockholders' equity for 2005, rounded to the nearest tenth of a percent, is:

Answer

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