Title: FIN 571 Week 2 Connect Problems Assignment
1FIN 571 WEEK 2 CONNECT PROBLEMS
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2- 1. Sankey, Inc., has current assets of 5,000,
net fixed assets of 23,000, current liabilities
of 3,500, and long-term debt of 7,900. (Do not
round intermediate calculations.) - What is the value of the shareholders' equity
account for this firm? - Shareholders' equity _________
- How much is net working capital?
- Net working capital _________
- 2. Which one of these accounts is classi?ed as a
current asset on the balance sheet? - intangible asset
- accounts payable
- preferred stock
- inventory
- net plant and equipment
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3- 3. It is easier to evaluate a ?rm using its
?nancial statements when the ?rm - is a conglomerate.
- is global in nature.
- uses the same accounting procedures as other ?rms
in its industry. - has a different ?scal year than other ?rms in its
industry. - tends to have one-time events such as asset sales
and property acquisitions. - 4. The cash ?ow resulting from a ?rm's ongoing,
normal business activities is referred to as the - operating cash ?ow.
- net capital spending.
- additions to net working capital.
- cash ?ow to retained earnings.
- cash ?ow to investors.
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4- 5. Which one of these is a non-cash item?
- depreciation
- interest expense
- current taxes
- dividends
- selling expenses
- 6. Sankey, Inc., has current assets of 5,000,
net fixed assets of 23,300, current liabilities
of 4,450, and long-term debt of 11,000. (Do not
round intermediate calculations.) - What is the value of the shareholders' equity
account for this firm? - Shareholders' equity _________
- How much is net working capital?
- Net working capital _________
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5- 7. Shelton, Inc., has sales of 401,000, costs of
189,000, depreciation expense of 54,000,
interest expense of 35,000, and a tax rate of 30
percent. (Do not round intermediate
calculations.) - What is the net income for the firm?
- Net income _________
- Suppose the company paid out 44,000 in cash
dividends. What is the addition to retained
earnings? - Addition to retained earnings _________
- 8. During the year, the Senbet Discount Tire
Company had gross sales of 1.17 million. The
firms cost of goods sold and selling expenses
were 536,000 and 226,000, respectively. The
firm also had notes payable of 910,000. These
notes carried an interest rate of 6 percent.
Depreciation was 141,000. The firms tax rate
was 40 percent. - a. What was the firms net income? (Do not round
intermediate calculations. Enter your answer in
dollars, not millions of dollars, e.g.,
1,234,567. Round your answer to the nearest whole
number, e.g., 32.) - Net income _________
- b. What was the firms operating cash flow? (Do
not round intermediate calculations. Enter your
answer in dollars, not millions of dollars, e.g.,
1,234,567. Round your answer to the nearest whole
number, e.g., 32.) - Operating cash flow _________
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6- 9. Use the following information for Ingersoll,
Inc., (assume the tax rate is 40 percent) - 2014 2015
- Sales 9,535 10,109
- Depreciation 1,295 1,296
- Cost of goods sold 2,866 3,230
- Other expenses 809 704
- Interest 695 773
- Cash 4,279 5,373
- Accounts receivable 5,609 6,297
- Short-term notes payable 964 916
- Long-term debt 15,330 17,750
- Net fixed assets 36,155 37,317
- Accounts payable 4,656 4,355
- Inventory 9,840 10,108
- Dividends 1,126 1,221
- Prepare an income statement for this company for
2014 and 2015. (Do not round intermediate
calculations. Round your answers to 2 decimal
places, e.g., 32.16.)
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7Ingersoll, Inc. Income Statement 2014 2015
Sales ____ ______ Cost of goods
sold _____ _______ Other expenses _____ ____
___ Depreciation _____ _______ EBIT _____
______ Interest ______ _______ EBT ___
__ ______ Taxes ______ _______ Net
income _____ ______ Dividends _____ _
_____ Additions to RE ______ _______ Prepare
the balance sheet for this company for 2014 and
2015. (Do not round intermediate calculations. Be
sure to list the accounts in order of their
liquidity.)
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8Ingersoll, Inc. Balance Sheet as of Dec.
31 2014 2015 Assets Cash ______ _____
_ Accounts receivable _______ _______ Inventory
_______ _______ Current assets ______ __
____ Net fixed assets _______ _______ Total
assets ______ _______ Liabilities Accounts
payable ______ ______ Notes
payable _______ _______ Current
liabilities ______ _______ Long-term
debt _______ _______ Owners'
equity _______ ________ Total liabilities
owners' equity ______ _______
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9- 10. The total asset turnover ratio measures the
amount of - total assets needed for every 1 of sales.
- sales generated by every 1 in total assets.
- ?xed assets required for every 1 of sales.
- net income generated by every 1 in total assets.
- net income than can be generated by every 1 of
?xed assets. - 11. The current ratio is measured as
- current assets minus current liabilities.
- current assets divided by current liabilities.
- current liabilities minus inventory, divided by
current assets. - cash on hand divided by current liabilities.
- current liabilities divided by current assets.
- 12. Which statement expresses all accounts as a
percentage of total assets? - pro forma balance sheet
- common-size income statement
- statement of cash ?ows
- pro forma income statement
- common-size balance sheet
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10- 13. Ratios that measure how e?ciently a ?rm's
management uses its assets and equity to generate
bottom line net income are known as _______
ratios. - asset management
- long-term solvency
- short-term solvency
- pro?tability
- market value
- 14. Ratios that measure a ?rm's ability to pay
its bills over the short run without undue stress
are known as - asset management ratios.
- long-term solvency measures.
- liquidity measures.
- pro?tability ratios.
- market value ratios.
- 15. Which one of the following sets of ratios
would generally be of the most interest to
stockholders? - return on assets and pro?t margin
- quick ratio and times interest earned
- price-earnings ratio and debt-equity ratio
- return on equity and price-earnings ratio
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11- 16. The receivables turnover ratio is measured
as - sales plus accounts receivable.
- sales divided by accounts receivable.
- sales minus accounts receivable, divided by
sales. - accounts receivable times sales.
- accounts receivable divided by sales.
- 17. The Purple Martin has annual sales of 4,800,
total debt of 1,210, total equity of 2,500, and
a pro?t margin of 7 percent. What is the return
on assets? - 7.00 percent
- 9.06 percent
- 13.44 percent
- 11.74 percent
- 27.77 percent
- 18. A ?rm has a debt-equity ratio of .38. What is
the total debt ratio? - .61
- .39
- .28
- 1.63
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12- 19. A ?rm has total debt of 1,100 and a
debt-equity ratio of .31. What is the value of
the total assets? - 3,100
- 4,648
- 1,441
- 3,420
- 3,548
- 20. The inventory turnover ratio is measured as
- total sales minus inventory.
- inventory times total sales.
- cost of goods sold divided by inventory.
- inventory divided by cost of goods sold.
- inventory divided by sales.
- 21. A ?rm has a total debt ratio of .47. This
means the ?rm has 47 cents in debt for every - 1 in total equity.
- .53 in total assets.
- 1 in current assets.
- .53 in total equity.
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13- 22. The higher the inventory turnover, the
- less time inventory items remain on the shelf.
- higher the inventory as a percentage of total
assets. - longer it takes a ?rm to sell its inventory.
- greater the amount of inventory held by a ?rm.
- lesser the amount of inventory held by a ?rm.
- 23. Galaxy United, Inc. 2009 Income Statement (
in millions) -
- Net sales 8,500
- Less Cost of goods sold 7,150
- Less Depreciation 420
- Earnings before interest and taxes 930
- Less Interest paid 82
- Taxable Income 848
- Less Taxes 297
- Net income 551
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14- Galaxy United, Inc. 2008 and 2009 Balance Sheets
( in millions) - 2008 2009 2008 2009
- Cash 130 160 Accounts
payable 1,110 1,140 - Accounts rec. 950 780 Long-term
debt 980 1,290 - Inventory 1,480 1,520 Common
stock 3,130 2,930 - Sub-total 2,560 2,460 Retained
earnings 500 750 - Net ?xed assets 3,160 3,650
- Total assets 5,720 6,110 Total liab.
equity 5,720 6,110 -
- What is the return on equity for 2009?
- 13 percent
- 10 percent
- 15 percent
- 18 percent
- 16 percent
24. If Wilkinson, Inc., has an equity multiplier
of 1.47, total asset turnover of 1.6, and a
profit margin of 5.7 percent, what is its ROE?
(Do not round intermediate calculations and enter
your answer as a percent rounded to 2 decimal
places, e.g., 32.16.) ROE _________
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15- 25. The ?nancial ratio measured as net income
divided by sales is known as the ?rm's - pro?t margin.
- return on assets.
- return on equity.
- asset turnover.
- earnings before interest and taxes.
- 26. The ?nancial ratio that measures the
accounting pro?t per dollar of book equity is
referred to as the - pro?t margin.
- price-earnings ratio.
- return on equity.
- equity turnover.
- market pro?t-to-book ratio.
- 27. Puffy's Pastries generates ?ve cents of net
income for every 1 in equity. Thus, Puffy's has
_______ of 5 percent. - a return on assets
- a pro?t margin
- a return on equity
- an EV multiple
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16- 28. If stockholders want to know how much pro?t
the ?rm is making on their entire investment in
that ?rm, the stockholders should refer to the - pro?t margin.
- return on assets.
- return on equity.
- equity multiplier.
- earnings per share.
- 29. The most effective method of directly
evaluating the ?nancial performance of a ?rm is
to compare the ?nancial ratios of the ?rm to - the ?rm?s ratios from prior time periods and to
the ratios of ?rms with similar operations. - the average ratios of all ?rms within the same
country over a period of time. - those of other ?rms located in the same
geographic area that are similarly sized. - the average ratios of the ?rm?s international
peer group. - those of the largest conglomerate that has
operations in the same industry as the ?rm.
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17- 30. Which one of these equations is an accurate
expression of the balance sheet? - Assets ? Liabilities -Stockholders? equity
- Stockholders? equity ? Assets Liabilities
- Liabilities ? Stockholders? equity -Assets
- Assets ? Stockholders? equity -Liabilities
- Stockholders? equity ? Assets Liabilities
- 31. The ?nancial statement summarizing a ?rm's
accounting performance over a period of time is
the - income statement.
- balance sheet.
- statement of cash ?ows.
- tax reconciliation statement.
- statement of equity.
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