ACG3173 Exam 2 Practice

University

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80 Qs

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ACG3173 Exam 2 Practice

Quiz

•

Mathematics

•

University

•

Practice Problem

•

Medium

•

CCSS

HSA.CED.A.1, 7.RP.A.3, HSA.CED.A.2

+17

Standards-aligned

Cassie Acevedo

Used 2+ times

FREE Resource

80 questions

Show all answers

FILL IN THE BLANK QUESTION

15 mins • 1 pt

The following is a summary of information presented on the financial statements of a company on December 31, 20X9.
With respect to net sales revenue, a horizontal analysis reveals a ______% increase in net sales revenue. Note please answer to the nearest whole number percentage.

Answer explanation

20x9 Net Revenue
- 20x8 Net Revenue
Increase in Revenue
/ 20x8 Net Revenue
% Increase in Net Revenue

Tags

CCSS.6.RP.A.3C

FILL IN THE BLANK QUESTION

15 mins • 1 pt

The following is a summary of information presented on the financial statements of a company on December 31, 20X9.
With respect to long-term liabilities, a horizontal analysis reveals a ______% decrease in long-term liabilities. Note please answer to the nearest whole number percentage.

Answer explanation

20x9 Long-Term Liabilities
- 20x8 Long-Term Liabilities
Decrease in Long-Term Liabilities
/ 20x8 Long-Term Liabilities
% Decrease in Long-Term Liabilities

Tags

CCSS.6.RP.A.3C

FILL IN THE BLANK QUESTION

15 mins • 1 pt

Starfruit Inc. provides the following data for the year 20X9:
Net Sales Revenue: $420,000
Cost of Goods Sold: $315,000
The cost of goods sold as a percentage of net sales revenue is ______%. Note please answer to the nearest whole number percentage.

Answer explanation

Cost of Goods Sold
/ Net Sales Revenue
% Revenue of COGS

Tags

CCSS.6.RP.A.3C

FILL IN THE BLANK QUESTION

15 mins • 1 pt

Fig Company reported the following amounts on its balance sheet as of December 31, 20X9 and December 31, 20X8:
For the vertical analysis, what is the percentage of total liabilities expressed as a function of total assets for December 31, 20X8?

Answer explanation

20x8 Total Liabilities
/ 20x8 Total Assets
% of Total Liabilities

Tags

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

FILL IN THE BLANK QUESTION

15 mins • 1 pt

Avocado Company reported the following amounts on its balance sheet as of December 31, 20X9 and December 31, 20X8:
For the vertical analysis, what is the percentage of current assets expressed as a function of total assets as of December 31, 20X9?

Answer explanation

20x9 Cash and Receivables
+ 20x9 Merchandise Inventory
20x9 Total Current Assets
/ 20x9 Total Assets
% of 20x9 Current Assets

Tags

CCSS.6.RP.A.3C

FILL IN THE BLANK QUESTION

15 mins • 1 pt

The financial statements of Persimmon Company include the following items:
What is working capital for 20X9?

Answer explanation

20x9 Cash
+ 20x9 Short-Term Investment
+ 20x9 Net Account Receivables
+ 20x9 Merchandise Inventory
20x9 Current Assets
- 20x9 Total Current Liabilities
20x9 Working Capital

FILL IN THE BLANK QUESTION

15 mins • 1 pt

The financial statements for Banana Company include the following items:
Compute the current ratio for 20X8. Note please answer to two decimal places.

Answer explanation

Part 1:
20x8 Cash
+ 20x8 Short-Term Investments
+ 20x8 Net Accounts Receivable
+ 20x8 Merchandise Inventory
20x8 Current Assets
Part 2:
20x8 Accounts Payable
+ 20x8 Salaries Payable
20x8 Current Liabilities
Part 3:
20x8 Current Assets
/ 20x8 Current Liabilities
20x8 Current Ratio

Tags

CCSS.HSA.CED.A.4

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ACG3173 Exam 2 Practice

80 questions

The following is a summary of information presented on the financial statements of a company on December 31, 20X9.
With respect to net sales revenue, a horizontal analysis reveals a ______% increase in net sales revenue. Note please answer to the nearest whole number percentage.

20x9 Net Revenue
- 20x8 Net Revenue
Increase in Revenue
/ 20x8 Net Revenue
% Increase in Net Revenue

The following is a summary of information presented on the financial statements of a company on December 31, 20X9.
With respect to long-term liabilities, a horizontal analysis reveals a ______% decrease in long-term liabilities. Note please answer to the nearest whole number percentage.

20x9 Long-Term Liabilities
- 20x8 Long-Term Liabilities
Decrease in Long-Term Liabilities
/ 20x8 Long-Term Liabilities
% Decrease in Long-Term Liabilities

Starfruit Inc. provides the following data for the year 20X9:
Net Sales Revenue: $420,000
Cost of Goods Sold: $315,000
The cost of goods sold as a percentage of net sales revenue is ______%. Note please answer to the nearest whole number percentage.

Cost of Goods Sold
/ Net Sales Revenue
% Revenue of COGS

Fig Company reported the following amounts on its balance sheet as of December 31, 20X9 and December 31, 20X8:
For the vertical analysis, what is the percentage of total liabilities expressed as a function of total assets for December 31, 20X8?

20x8 Total Liabilities
/ 20x8 Total Assets
% of Total Liabilities

Avocado Company reported the following amounts on its balance sheet as of December 31, 20X9 and December 31, 20X8:
For the vertical analysis, what is the percentage of current assets expressed as a function of total assets as of December 31, 20X9?

20x9 Cash and Receivables
+ 20x9 Merchandise Inventory
20x9 Total Current Assets
/ 20x9 Total Assets
% of 20x9 Current Assets

The financial statements of Persimmon Company include the following items:
What is working capital for 20X9?

20x9 Cash
+ 20x9 Short-Term Investment
+ 20x9 Net Account Receivables
+ 20x9 Merchandise Inventory
20x9 Current Assets
- 20x9 Total Current Liabilities
20x9 Working Capital

The financial statements for Banana Company include the following items:
Compute the current ratio for 20X8. Note please answer to two decimal places.

Part 1:
20x8 Cash
+ 20x8 Short-Term Investments
+ 20x8 Net Accounts Receivable
+ 20x8 Merchandise Inventory
20x8 Current Assets
Part 2:
20x8 Accounts Payable
+ 20x8 Salaries Payable
20x8 Current Liabilities
Part 3:
20x8 Current Assets
/ 20x8 Current Liabilities
20x8 Current Ratio

Lime, Inc. has net sales on account of $1,500,000. The average net accounts receivable are $600,000. Calculate the days' sales in receivables. Note please answer to the nearest whole day. Make sure to round your answer.

Average Net Accounts Receivable
/ Net Sales on Account
x 365 Days
Days Sales in Receivable

Mango, Inc.’s cost of goods sold for the year is $2,531,250 and the average merchandise inventory for the year is $125,000. Calculate the inventory turnover ratio of the company. Note please answer to two decimal places.

Cost of Goods Sold
/ Average Merchandise Inventory
Inventory Turnover Rate

Guava, Inc. provides the following data:
For the year ending December 31, 20X9:
Net Credit Sales: $320,000
Cost of Goods Sold: ($111,250)
Gross Profit: $208,750
Calculate the days' sales in inventory for 20X9. Note please answer to the nearest whole day.

20x9 Merchandise Inventory
+ 20x8 Merchandise Inventory
/ 2
Average Inventory
/ 20x9 Cost of Goods Sold
x 365 Days
20x9 Days Sales Inventory

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ACG3173 Exam 2 Practice

80 questions

The following is a summary of information presented on the financial statements of a company on December 31, 20X9.With respect to net sales revenue, a horizontal analysis reveals a ______% increase in net sales revenue. Note please answer to the nearest whole number percentage.

20x9 Net Revenue- 20x8 Net RevenueIncrease in Revenue/ 20x8 Net Revenue% Increase in Net Revenue

The following is a summary of information presented on the financial statements of a company on December 31, 20X9.With respect to long-term liabilities, a horizontal analysis reveals a ______% decrease in long-term liabilities. Note please answer to the nearest whole number percentage.

20x9 Long-Term Liabilities- 20x8 Long-Term LiabilitiesDecrease in Long-Term Liabilities/ 20x8 Long-Term Liabilities% Decrease in Long-Term Liabilities

Starfruit Inc. provides the following data for the year 20X9:Net Sales Revenue: $420,000Cost of Goods Sold: $315,000The cost of goods sold as a percentage of net sales revenue is ______%. Note please answer to the nearest whole number percentage.

Cost of Goods Sold/ Net Sales Revenue% Revenue of COGS

Fig Company reported the following amounts on its balance sheet as of December 31, 20X9 and December 31, 20X8:For the vertical analysis, what is the percentage of total liabilities expressed as a function of total assets for December 31, 20X8?

20x8 Total Liabilities/ 20x8 Total Assets% of Total Liabilities

Av​ocado Company reported the following amounts on its balance sheet as of December 31, 20X9 and December 31, 20X8:For the vertical analysis, what is the percentage of current assets expressed as a function of total assets as of December 31, 20X9?

20x9 Cash and Receivables+ 20x9 Merchandise Inventory 20x9 Total Current Assets/ 20x9 Total Assets% of 20x9 Current Assets

The financial statements of Persimmon Company include the following items:What is working capital for 20X9?

20x9 Cash+ 20x9 Short-Term Investment+ 20x9 Net Account Receivables+ 20x9 Merchandise Inventory20x9 Current Assets- 20x9 Total Current Liabilities20x9 Working Capital

The financial statements for Banana Company include the following items:Compute the current ratio for 20X8. Note please answer to two decimal places.

Part 1:20x8 Cash+ 20x8 Short-Term Investments+ 20x8 Net Accounts Receivable+ 20x8 Merchandise Inventory20x8 Current AssetsPart 2:20x8 Accounts Payable+ 20x8 Salaries Payable20x8 Current LiabilitiesPart 3:20x8 Current Assets/ 20x8 Current Liabilities20x8 Current Ratio

Lime, Inc. has net sales on account of $1,500,000. The average net accounts receivable are $600,000. Calculate the days' sales in receivables. Note please answer to the nearest whole day. Make sure to round your answer.

Average Net Accounts Receivable/ Net Sales on Accountx 365 DaysDays Sales in Receivable

Mango, Inc.’s cost of goods sold for the year is $2,531,250 and the average merchandise inventory for the year is $125,000. Calculate the inventory turnover ratio of the company. Note please answer to two decimal places.

Cost of Goods Sold/ Average Merchandise InventoryInventory Turnover Rate

Guava, Inc. provides the following data:For the year ending December 31, 20X9:Net Credit Sales: $320,000 Cost of Goods Sold: ($111,250)Gross Profit: $208,750Calculate the days' sales in inventory for 20X9. Note please answer to the nearest whole day.

20x9 Merchandise Inventory+ 20x8 Merchandise Inventory/ 2Average Inventory/ 20x9 Cost of Goods Soldx 365 Days20x9 Days Sales Inventory

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The following is a summary of information presented on the financial statements of a company on December 31, 20X9.
With respect to net sales revenue, a horizontal analysis reveals a ______% increase in net sales revenue. Note please answer to the nearest whole number percentage.

20x9 Net Revenue
- 20x8 Net Revenue
Increase in Revenue
/ 20x8 Net Revenue
% Increase in Net Revenue

The following is a summary of information presented on the financial statements of a company on December 31, 20X9.
With respect to long-term liabilities, a horizontal analysis reveals a ______% decrease in long-term liabilities. Note please answer to the nearest whole number percentage.

20x9 Long-Term Liabilities
- 20x8 Long-Term Liabilities
Decrease in Long-Term Liabilities
/ 20x8 Long-Term Liabilities
% Decrease in Long-Term Liabilities

Starfruit Inc. provides the following data for the year 20X9:
Net Sales Revenue: $420,000
Cost of Goods Sold: $315,000
The cost of goods sold as a percentage of net sales revenue is ______%. Note please answer to the nearest whole number percentage.

Cost of Goods Sold
/ Net Sales Revenue
% Revenue of COGS

Fig Company reported the following amounts on its balance sheet as of December 31, 20X9 and December 31, 20X8:
For the vertical analysis, what is the percentage of total liabilities expressed as a function of total assets for December 31, 20X8?

20x8 Total Liabilities
/ 20x8 Total Assets
% of Total Liabilities

Avocado Company reported the following amounts on its balance sheet as of December 31, 20X9 and December 31, 20X8:
For the vertical analysis, what is the percentage of current assets expressed as a function of total assets as of December 31, 20X9?

20x9 Cash and Receivables
+ 20x9 Merchandise Inventory
20x9 Total Current Assets
/ 20x9 Total Assets
% of 20x9 Current Assets

The financial statements of Persimmon Company include the following items:
What is working capital for 20X9?

20x9 Cash
+ 20x9 Short-Term Investment
+ 20x9 Net Account Receivables
+ 20x9 Merchandise Inventory
20x9 Current Assets
- 20x9 Total Current Liabilities
20x9 Working Capital

The financial statements for Banana Company include the following items:
Compute the current ratio for 20X8. Note please answer to two decimal places.

Part 1:
20x8 Cash
+ 20x8 Short-Term Investments
+ 20x8 Net Accounts Receivable
+ 20x8 Merchandise Inventory
20x8 Current Assets
Part 2:
20x8 Accounts Payable
+ 20x8 Salaries Payable
20x8 Current Liabilities
Part 3:
20x8 Current Assets
/ 20x8 Current Liabilities
20x8 Current Ratio

Average Net Accounts Receivable
/ Net Sales on Account
x 365 Days
Days Sales in Receivable

Cost of Goods Sold
/ Average Merchandise Inventory
Inventory Turnover Rate

Guava, Inc. provides the following data:
For the year ending December 31, 20X9:
Net Credit Sales: $320,000
Cost of Goods Sold: ($111,250)
Gross Profit: $208,750
Calculate the days' sales in inventory for 20X9. Note please answer to the nearest whole day.

20x9 Merchandise Inventory
+ 20x8 Merchandise Inventory
/ 2
Average Inventory
/ 20x9 Cost of Goods Sold
x 365 Days
20x9 Days Sales Inventory