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ACC 556 WEEK 10 HOMEWORK CHAPTER 13

• Question 1

Comprehensive income includes all revenues, expenses, gains, losses, and dividends.

• Question 2

A primary purpose of vertical analysis is to observe trends over a three-year period.

• Question 3

In the vertical analysis of an income statement, each item is generally stated as a percentage of net income.

• Question 4

Leverage and return on equity are closely related.

• Question 5

Because pro forma earnings are based on specific rules, these amounts are highly reliable.

• Question 6

Which of the following income statement figures would probably be the best indicator of a company’s future performance?

• Question 7

The discontinued operations section of the income statement refers to

• Question 8

Patchett Company reported income before taxes of $800,000 and an extraordinary loss of $200,000. Assume that the company’s tax rate is 25%. What amounts will be reported on the income statement for income before irregular items and extraordinary items, respectively?

• Question 9

Comprehensive income would not include

• Question 10

All of the following statements are true regarding comprehensive income except

• Question 11

Horizontal analysis of comparative financial statements includes the

• Question 12

Assume the following cost of goods sold data for a company:

2015 $1,300,000

2014 1,200,000

2013 1,000,000

If 2013 is the base year, what is the percentage increase in cost of goods sold from 2013 to 2015?

• Question 13

The best way to study the relationship of the components within a financial statement is to prepare

• Question 14

The following schedule is a display of what type of analysis?

Amount Percent

Current assets $100,000 25%

Property, plant, and equipment 300,000 75%

Total assets $400,000 100%

• Question 15

Stockholders are most interested in evaluating

Somen to Park Corporation had net credit sales of $4,060,000 and cost of goods sold of $3,000,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $650,000 and $750,000, respectively. The accounts receivable turnover was

• Question 17

BVI Corporation had net income of $1,600,000 and paid dividends to common stockholders of $400,000 in 2014. The weighted average number of shares outstanding in 2014 was 500,000 shares. BVI Corporation's common stock is selling for $50 per share on the NASDAQ. BVI Corporation's payout ratio for 2014 is

• Question 18

A successful grocery store would probably have

• Question 19

The following information pertains to Blue Flower Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.

Assets

Cash and short-term investments $ 45,000

Accounts receivable (net) 30,000

Inventory 15,000

Property, plant and equipment 210,000

Total Assets $300,000

Liabilities and Stockholders’ Equity

Current liabilities $ 60,000

Long-term liabilities 90,000

Stockholders’ equity—common 15,000

Total Liabilities and Stockholders’ Equity $300,000

Income Statement

Sales revenue $ 121,000

Cost of goods sold 66,000

Gross margin 55,000

Operating expenses 30,000

Net income $ 25,000

Number of shares of common stock 6,000

Market price of common stock $20

Dividends per share on common stock .50

Cash provided by operations $40,000

What is the current ratio for this company?

• Question 20

For each of the ratios listed below, indicate by the appropriate code letter, whether it is a liquidity ratio, a profitability ratio, or a solvency ratio.

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Question Selected Match

Price-earnings ratio A.

Profitability ratio

Return on assets A.

Profitability ratio

Accounts receivable turnover ratio B.

Liquidity ratio

Earnings per share C.

Solvency ratio

Payout ratio C.

Solvency ratio

Current cash debt coverage B.

Liquidity ratio

Current ratio B.

Liquidity ratio

Debt to assets ratio C.

Solvency ratio

Free cash flow C.

Solvency ratio

Inventory turnover B.

Liquidity ratio

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ACC 556 WEEK 11 DISCUSSION

"Sum It Up" Please respond to the following:

• Provide two (2) examples that demonstrate a change in your theories of financial accounting for managers since the beginning of this course.

• Rate the three (3) most important concepts that you have learned in this course in order of importance (one [1] being the most important; three [3], the least). Provide a rationale for your rating scheme.

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ACC 566 WEEK 10 ASSIGNMENT

Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center.

Instructors, training on how to grade is within the Instructor Center.

Assignment 2: Budget Planning and Control

Due Week 10 and worth 160 points

Use the Internet and / or Strayer databases to research budget planning and control. Imagine that the company that you currently work for, have previously worked for, or would like to work for in the future has tasked you with preparing a budget plan.

Write a three to four (3-4) page paper in which you:

1. Describe the company that you currently work for, have previously worked for, or would like to work for in the future. Determine at least two (2) compelling reasons that this company should prepare and manage a budget. Predict the two (2) most likely positive and negative financial outcomes for this company if it properly or improperly performs effective budgeting.

2. Outline a high-level budget plan for the company. In your high-level budget plan, recommend the most appropriate budgeting phases for the company.

3. Propose two (2) methods and techniques that the company should use to manage its budget over time in preparation for the fact that budgets are ever changing. Justify your response.

4. Imagine that the company is facing a financial challenge that is causing the actual amounts of money that it spends to become significantly off target from its budgeted amounts. Prepare an action plan to resolve the budget misalignment. In your action plan, recommend at least one (1) budgeting technique to resolve the budget and actual discrepancies. Provide a rationale for your response.

5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.

Your assignment must follow these formatting requirements:

• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.

• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

The specific course learning outcomes associated with this assignment are:

• Evaluate management control systems and examine their relationship with accounting and planning, including feedback and non-financial performance measurements.

• Evaluate decision making tools for capital investments, budgeting, and budgeting controls.

• Analyze financial accounting tools and techniques that convert financial accounting data into information for decision making.

• Use technology and information resources to research issues in financial accounting for managers.

• Write clearly and concisely about financial accounting using proper writing mechanics.

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