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(TCO A) A disadvantage of the corporate form of business is _____. (Points : 5)

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Question 1. 1. (TCO A) A disadvantage of the corporate form of business is _____. (Points : 5)

Question 2. 2. (TCO A) Which one of the following statements is correct with regard to dividends? (Points : 5)

Question 3. 3. (TCOs A and B) Below is a partial list of account balances for LBJ Company.

What did LBJ Company show as total credits? (Points : 5)

Question 4. 4. (TCO B and E) Under cash-basis accounting, which of the following transactions would not be recorded? (Points : 5)

Question 5. 5. (TCO D) Two different companies utilize a different inventory costing method. If the price of goods has decreased during the period, then the company using _____. (Points : 5)

Question 6. 6. (TCO A, E) Johnson Company, a calendar year company, purchased a delivery vehicle for $21,000 on 1/1/14. License and insurance costs for the vehicle will be $700 per year. The salvage value is $3,500 and it has an estimated useful life of 5 years. The vehicle will be depreciated using the double declining balance method of depreciation. What will the depreciation expense be in year one? (Points : 5)

Question 7. 7. (TCOs D and G) When the market rate of interest exceeds the stated rate of interest on the bond, the bond will require _____. (Points : 5)

Question 8. 8. (TCO C) Accounts receivable arising from sales to customers amounted to $50,000 and $45,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $150,000. Based on these transactions, the cash flows from operating activities to be reported on the statement of cash flows would be _____. (Points : 5)

Question 9. 9. (TCO F) If you are calculating the percentage change between 2 years’ worth of sales data, you are conducting a _____. (Points : 5)

Question 10. 10. (TCO F) Vertical analysis is also known as _____. (Points : 5)

Question 11. 11. (TCO F) Which one of the following is typically analyzed via financial statement ratio analysis? (Points : 5)

Question 12. 12. (TCO F) A common ratio to measure liquidity is the _____. (Points : 5)

Question 13. 13. (TCO F) Shareholders are usually most interested in evaluating _____. (Points : 5)

Question 14. 14. (TCO G) To calculate the market value of a bond, we need to _____. (Points : 5)

Page 2

Question 1. 1. (TCO A) Below you will find selected information (in millions) from Coca-Cola Co.’s 2012 Annual Report.

Required: 1:  Using the information provided prepare a Balance Sheet. Separate the current assets from non-current assets and provide a total for each. Also, separate the current liabilities from the non-current liabilities and provide a total for each.
2:  Using the Balance Sheet from your answer above, calculate the Current Ratio and Return on common stockholders’ equity. (Points : 36)

Question 2. 2. (TCO B) The following selected data was retrieved from the Walmart, Inc. financial statements for the year ending January 31, 2013.

Required: 1: Using the information provided above, prepare a multiple-step income statement.
2: Calculate the Profit Margin, and Gross profit rate for the company. Be sure to provide the formula you are using, show your calculations, and discuss your findings and results.(Points : 36)

Question 3. 3. 45. (TCO C) Please review the following real-world Hewlett Packard Statement of Cash flows and address the two questions below.

Required: 1: Please calculate the percentage increase or decrease in cash for the total line of the operating, investing, and financing sections bolded above and explain the major reasons for the increase or decrease for each of these sections. 2: Please calculate the free cash flow for 2012 and explain the meaning of this ratio. (Points : 36)

Question 4. 4. (TCO D) You are CFO of Goforit, Inc., a wholesale distribution company specializing in emerging technologies. Your CEO is a brilliant marketer, but relies on you to explain issues and choices in accounting and finance. She has heard from other members of a CEO organization to which she belongs that a company’s net income can vary widely depending on which accounting choices are made from the “GAAP menu.”  

Assuming the goal is to maximize net income, choose an accounting treatment from each of the following scenarios, and explain to your CEO why the choice will produce the desired effect on reported net income for the current year. Include in your answer the effect of the choice on both the income statement and balance sheet. 

Required: 1: Goforit carries significant electronics inventory in a competitive environment in which prices are actually falling. Which inventory valuation method would you choose—LIFO, FIFO, or average cost? Assume that unit purchases exceed unit sales.
2: Goforit has a large investment in warehouse equipment, including conveyor belts, forklifts, and automated packaging systems. Which depreciation method would you choose: straight line (SL) or double declining balance (DDB)? (Points : 36)

Question 5. 5. (TCO F) Please review the following real-world ratios for Johnson & Johnson and Pfizer for the year ended 2012 and address the 2 questions below.

Required: 1: Please explain the meaning of each of the Pfizer ratios above. 2: Please state which company performed better for each ratio. (Points : 36)

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