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Question 51
3 o x; N: }! j. NOn its financial statements for the year ended December 31, Jackson, Inc. listed $2,000,000 in post retirement benefits expense. Jackson, Inc. contributed $200,000 of the expense to its retirement plan during the year. Tax law recognizes cash contributions to a pension account as tax deductible, but not expense accruals. Jackson’s tax rate is 40%.3 K# U" @8 T: z9 {
For the year ended December 31, Jackson, Inc. should show, based on the above, an increase in its deferred tax:
# j6 J4 T- m; _; WA) asset account of $800,000.* q- S1 `6 |/ @( ]1 c7 }
B) asset account of $720,000.
$ T/ z$ ?# h; w% ?! m5 y& CC) liability account of $80,000.$ c) U& p- B) F8 ^, \ s: E
D) liability account of $720,000.7 f$ C3 X6 X0 x# E( ~4 e
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Question 52. w: l6 p8 I4 P
Which of the following ratio classifications best describes debt-to-equity and price-to-cash-flow per share, respectively?, H: A# N% X% C# L3 o
Debt-to-equity Price to cash flow per share! _" s5 r2 n1 z/ I5 }% \
A) Solvency ratio Profitability ratio1 O: H: ~* E1 |' q9 W. `
B) Liquidity ratio Valuation ratio
# \8 V9 s' j5 y F& wC) Solvency ratio Valuation ratio
3 W5 m6 b) i! F5 I$ p$ E6 `3 FD) Liquidity ratio Profitability ratio. z8 m: o1 m' ]2 @% m
% }* \4 j% A a( F
Question 53" u) Y1 \+ M: d$ |
Saunders Inc. is involved with two leases, a capital lease and an operating lease. Which of the following statements most accurately compares the ratio and financial statement effects of these leases in terms of Saunders’ fixed asset turnover ratios and return on assets, respectively?& U0 x7 c3 k! |% T- C
1 S) {$ }" V+ c. y4 D
Fixed asset turnover ratio Return on assets
2 J4 b/ v3 T: s& mA) Lower for capital lease Higher for operating lease
3 R5 o- E0 W, I; i% A5 Z, I( RB) Lower for capital lease Lower for operating lease
2 [4 I+ r3 v: N2 v* uC) Higher for capital lease Higher for operating lease
3 _6 \. w- v' D5 D5 `$ Q ^D) Higher for capital lease Lower for operating lease
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Question 54
7 X# J5 Q( i& ^; WCostiuk Inc. is a manufacturing firm that has committed to purchasing 10,000 kilograms of fertilizer over the next three years. Which part of the financial statements will most likely contain information regarding this transaction?9 z7 l1 P% V7 x* G$ x' x+ k
A) Balance sheet.
2 M. ~9 u% `( ZB) Management’s discussion and analysis.- j; \8 p# q1 A8 C }0 X. T0 S
C) Cash flow statement.) ?/ j6 K5 A7 s' v- P2 Y# x
D) Footnotes.
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0 U4 A1 s. ~- p& z. f* |Question 553 E* u5 v7 e8 W( [, g
Selected information from Ebony, Inc.’s financial activities in the most recent year is as follows:
+ |& n& R" a0 B9 ?; ?1 ~6 TNet income was $1,200,000.
$ j" O( c1 ?+ r l5 U870,000 shares of common stock were outstanding on January 1.
5 d. p; C N; Z! iThe average market price per share was $6.
: |% r! @( g* U! h8,000 shares of 7%, $200 par value preferred shares, convertible into common shares at a rate of 20 common shares for each preferred share, were outstanding for the entire year.
( Y I4 A' y& S5 O' P* `, R) H1,000 warrants, which allow the holder to purchase 100 shares of common stock for each warrant held at a price of $8.00 per common share, were outstanding for the entire year.2 J7 y* t. d9 J1 J$ ?& T, q
Ebony, Inc.’s basic and diluted earnings per share are closest to:; X: L' H( p2 Q) `) ?) ^) y0 h
Basic Diluted
: M4 b! V+ R Z4 f# dA) $1.25 $1.25
: }% W; p. z% mB) $1.25 $1.17 `# f7 `1 u5 u/ S! L: q. H2 d2 u4 M
C) $1.33 $1.25
( |: V1 U O) y; {" }D) $1.33 $1.17
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发表于 2015-7-16 09:42:53
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