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

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

• Question 2

1 out of 1 points

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

• Question 3

1 out of 1 points

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

• Question 4

1 out of 1 points

	Leverage and return on equity are closely related. Answer

• Question 5

1 out of 1 points

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

• Question 6

1 out of 1 points

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

• Question 7

1 out of 1 points

	The discontinued operations section of the income statement refers to Answer

• Question 8

1 out of 1 points

	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? Answer

• Question 9

1 out of 1 points

	Comprehensive income would not include Answer

• Question 10

1 out of 1 points

	All of the following statements are true regarding comprehensive income except Answer

• Question 11

1 out of 1 points

	Horizontal analysis of comparative financial statements includes the Answer

• Question 12

1 out of 1 points

	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? Answer

• Question 13

1 out of 1 points

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

• Question 14

1 out of 1 points

	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% Answer

• Question 15

1 out of 1 points

	Stockholders are most interested in evaluating Answer

• Question 16

1 out of 1 points

	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 Answer

• Question 17

1 out of 1 points

	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 Answer

• Question 18

1 out of 1 points

	A successful grocery store would probably have Answer

• Question 19

1 out of 1 points

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? Answer

• Question 20

10 out of 10 points

	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. Answer