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I need the answers to Penn Fosters Financial Accounting

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exams 061691, 061692, 061693...
I need the answers to Penn Fosters Financial Accounting exams 061691, 061692, 061693
Submitted: 5 years ago.Category: Homework
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Answered in 5 hours by:
9/3/2012
Tutor: Steven, M.Acc., Instructor replied 5 years ago
Steven, M.Acc.
Steven, M.Acc., Instructor
Category: Homework
Satisfied Customers: 757
Experience: Accounting instructor. Master's degree in Accounting.
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Hi there,

Can you please upload the exam files to a site like box.com and paste the links here? Also, what is your deadline?
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Customer reply replied 5 years ago

Are you telling me I have to pay $70 dollars?

Tutor: Steven, M.Acc., Instructor replied 5 years ago
You can offer whatever amount you like, although $70 for three PF exams is reasonable.
Ask Your Own Homework Question
Customer reply replied 5 years ago

I don't think I can upload, but I will paste this one for $15.00. I would like to have it done by today . or Tuesday afternoon the lastest. I am sorry it is in such a mess. i hope you can decipher. I've worked on these qestions and some are tricky or the book is vague as I don't what.

Thanks

------------------------------------------------------------------------------------------------------------------------------------------

Exam: CORPORATIONS

Questions 1 to 20:

Exam: CORPORATIONS

1. The records of Ashley Boutique showed a net loss of $30,000; depreciation expense of $25,000; and an increase in supplies on hand of $5,000. The amount of net cash flow from operating activities using the indirect method is A. ($10,000). B. ($15,000). C. $15,000. D. $20,000.

2. Which activities are computed differently using the two methods of formatting a statement of cash flows? A. Operating activities B. Investing activities C. Financing activities D. Both operating activities and investing activities

3. The Isaiah Corporation Stockholders' Equity section includes the following information: Preferred Stock $22,000 Paid-in Capital in Excess of Par—Preferred 2,980 Common Stock 48,000 Paid-in Capital in Excess of Par—Common

3,400 Retained Earnings 7,350

Total par value of the preferred and common stock is

A. $83,730. B. $77,350. C. $70,000. D. $76,380

4. Casey Company reported net income of $35,000; depreciation expenses of $20,000; an increase in accounts payable of $2,000; and an increase in current notes receivable of $3,000. Net cash flows from operating activities under the indirect method is A. $56,000. B. $50,000. C. $54,000. D. $55,000.

5. Rick Company has declared a $40,000 cash dividend to shareholders. The company has 5,000 shares of $20 par, 6% preferred stock, and 10,000 shares of $15 par common stock. The preferred stock is noncumulative. How much will be distributed to the preferred and common stockholders on the date of payment? A. $0 preferred; $40,000 common B. $40,000 preferred; $0 common C. $6,000 preferred; $34,000 common D. $34,000 preferred; $6,000 common

6. Rick Company's net sales decreased from $90,000 in year 1 to $45,000 in year 2, and its cost of goods sold decreased from $30,000 in year 1 to $20,000 in year 2. Vertical analysis based on sales would show which decreases in cost of goods sold for the two periods (rounded to the nearest tenth of a percent)? A. 44.4% and 33.3% B. 225% and 300% C. 300% and 225% D. 33.3% and 44.4%

7. To determine why net income and cash on the balance sheet don't equal, an accountant can prepare a/an A. balance sheet. B. statement of retained earnings. C. income statement. D. statement of cash flows.

8. For vertical analysis purposes, the base item on the income statement is A. net sales. B. total expenses. C. net income. D. gross profit.

9. A company has $56,000 in cash; $12,000 in accounts receivable; $25,000 in short-term investments; and $100,000 in merchandise inventory. The company also has $60,000 in current liabilities. The company's quick ratio is A. 0.933. B. 1.133. C. 1.550. D. 3.217.

10. If you own 500 shares (2% of a corporation's stock) and the corporation issues 15,000 new shares, how many of the new shares can you purchase under preemptive right? A. 500 B. 800 C. 0 D. 300

11. Isaiah Corporation's Accounts Receivable increased by $35,000, and its Accounts Payable decreased by $18,000. What is the net effect on cash from operations under the indirect method? A. -$53,000 B. -$18,000 C. +$35,000 D. +$17,000

12. Operating expenses—other than depreciation—for the year were $335,000. Prepaid expenses decreased by $7,000. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be A. $342,000. B. $328,000. C. $335,000. D. $7,000.

13. Which section of the income statement does not report net of income taxes or net of income tax savings? A. Discontinued operations section B. Continuing operations section C. Cumulative effect of changes in accounting principles section D. Extraordinary items section

14. Accounts receivable amounted to $215,000 at the beginning of the year and $245,000 at the end of the year. Income reported on the income statement for the year was $300,000. The cash flow from operating activities on the cash flow statement using the indirect method is A. $300,000. B. $270,000. C. $315,000. D. $330,000.

15. What are the rate of return on stockholders' equity and the rate of return on common stockholders' equity (rounded to the nearest one-tenth of a percent) given the following information: Net Income $350,000 Preferred Dividends 20,000 Common Stock 48,000 Common Stockholders’ Equity 1/1/2011 4,400,000 Total Stockholders’ Equity 1/1/2011 5,300,000 Total Stockholders’ Equity 12/31/2011 5,500,000 A. Return on Stockholders' Equity: 7.8 %; Return on Common Stockholders' Equity: 8.9% B. Return on Stockholders' Equity: 5.6 %; Return on Common Stockholders' Equity: 6.7% C. Return on Stockholders' Equity: 6.5 %; Return on Common Stockholders' Equity: 7.6% D. Return on Stockholders' Equity: 8.1 %; Return on Common Stockholders' Equity: 9.2%

16. Casey Company has an accounts receivable turnover of 36 days, an inventory turnover of 77 days, and an accounts payable turnover of 40 days. Casey's cash conversion cycle is _______ day(s). A. 73 B. 153 C. 1 D. 81

17. Cost of goods sold for the year was $850,000. Inventory was $60,000 at the beginning of the year and $90,000 at the end of the year. There were no changes in the amount in accounts payable for the year. Cash payment for merchandise to be reported under the direct method is A. $940,000. B. $880,000. C. $910,000. D. $850,000.

18. Tammy Corporation has 350,000 shares of $3 par common stock outstanding. It has declared a 5% stock dividend. The current market price of the common stock is $7.50/share. The amount that will be credited to common stock on the date of declaration is A. $183,750. B. $52,500. C. $131,250. D. $78,750.

19. Ryan Industries has an inventory turnover of 112 days, an accounts payable turnover of 73 days, and an accounts receivable turnover of 82 days. Ryan's cash conversion cycle is _______ days. A. 103 B. 43 C. 9 D. 121

20. Casey Company has 5,000 shares of treasury cost that it purchased for $13 per share. It later resold 2,000 of those shares for $17 per share. The amount to be credited to Paid-in Capital—Treasury Stock is A. $26,000. B. $30,000. C. $8,000. D. $34,000.

Customer reply replied 5 years ago

I don't think I can upload, but I will paste this one for $15.00. I would like to have it done by today . or Tuesday afternoon the lastest. I am sorry it is in such a mess. i hope you can decipher. I've worked on these qestions and some are tricky or the book is vague as I don't what.

Thanks

------------------------------------------------------------------------------------------------------------------------------------------

Exam: CORPORATIONS

Questions 1 to 20:

Exam: CORPORATIONS

1. The records of Ashley Boutique showed a net loss of $30,000; depreciation expense of $25,000; and an increase in supplies on hand of $5,000. The amount of net cash flow from operating activities using the indirect method is A. ($10,000). B. ($15,000). C. $15,000. D. $20,000.

2. Which activities are computed differently using the two methods of formatting a statement of cash flows? A. Operating activities B. Investing activities C. Financing activities D. Both operating activities and investing activities

3. The Isaiah Corporation Stockholders' Equity section includes the following information: Preferred Stock $22,000 Paid-in Capital in Excess of Par—Preferred 2,980 Common Stock 48,000 Paid-in Capital in Excess of Par—Common

3,400 Retained Earnings 7,350

Total par value of the preferred and common stock is

A. $83,730. B. $77,350. C. $70,000. D. $76,380

4. Casey Company reported net income of $35,000; depreciation expenses of $20,000; an increase in accounts payable of $2,000; and an increase in current notes receivable of $3,000. Net cash flows from operating activities under the indirect method is A. $56,000. B. $50,000. C. $54,000. D. $55,000.

5. Rick Company has declared a $40,000 cash dividend to shareholders. The company has 5,000 shares of $20 par, 6% preferred stock, and 10,000 shares of $15 par common stock. The preferred stock is noncumulative. How much will be distributed to the preferred and common stockholders on the date of payment? A. $0 preferred; $40,000 common B. $40,000 preferred; $0 common C. $6,000 preferred; $34,000 common D. $34,000 preferred; $6,000 common

6. Rick Company's net sales decreased from $90,000 in year 1 to $45,000 in year 2, and its cost of goods sold decreased from $30,000 in year 1 to $20,000 in year 2. Vertical analysis based on sales would show which decreases in cost of goods sold for the two periods (rounded to the nearest tenth of a percent)? A. 44.4% and 33.3% B. 225% and 300% C. 300% and 225% D. 33.3% and 44.4%

7. To determine why net income and cash on the balance sheet don't equal, an accountant can prepare a/an A. balance sheet. B. statement of retained earnings. C. income statement. D. statement of cash flows.

8. For vertical analysis purposes, the base item on the income statement is A. net sales. B. total expenses. C. net income. D. gross profit.

9. A company has $56,000 in cash; $12,000 in accounts receivable; $25,000 in short-term investments; and $100,000 in merchandise inventory. The company also has $60,000 in current liabilities. The company's quick ratio is A. 0.933. B. 1.133. C. 1.550. D. 3.217.

10. If you own 500 shares (2% of a corporation's stock) and the corporation issues 15,000 new shares, how many of the new shares can you purchase under preemptive right? A. 500 B. 800 C. 0 D. 300

11. Isaiah Corporation's Accounts Receivable increased by $35,000, and its Accounts Payable decreased by $18,000. What is the net effect on cash from operations under the indirect method? A. -$53,000 B. -$18,000 C. +$35,000 D. +$17,000

12. Operating expenses—other than depreciation—for the year were $335,000. Prepaid expenses decreased by $7,000. Cash payments for operating expenses to be reported on the cash flow statement using the direct method would be A. $342,000. B. $328,000. C. $335,000. D. $7,000.

13. Which section of the income statement does not report net of income taxes or net of income tax savings? A. Discontinued operations section B. Continuing operations section C. Cumulative effect of changes in accounting principles section D. Extraordinary items section

14. Accounts receivable amounted to $215,000 at the beginning of the year and $245,000 at the end of the year. Income reported on the income statement for the year was $300,000. The cash flow from operating activities on the cash flow statement using the indirect method is A. $300,000. B. $270,000. C. $315,000. D. $330,000.

15. What are the rate of return on stockholders' equity and the rate of return on common stockholders' equity (rounded to the nearest one-tenth of a percent) given the following information: Net Income $350,000 Preferred Dividends 20,000 Common Stock 48,000 Common Stockholders’ Equity 1/1/2011 4,400,000 Total Stockholders’ Equity 1/1/2011 5,300,000 Total Stockholders’ Equity 12/31/2011 5,500,000 A. Return on Stockholders' Equity: 7.8 %; Return on Common Stockholders' Equity: 8.9% B. Return on Stockholders' Equity: 5.6 %; Return on Common Stockholders' Equity: 6.7% C. Return on Stockholders' Equity: 6.5 %; Return on Common Stockholders' Equity: 7.6% D. Return on Stockholders' Equity: 8.1 %; Return on Common Stockholders' Equity: 9.2%

16. Casey Company has an accounts receivable turnover of 36 days, an inventory turnover of 77 days, and an accounts payable turnover of 40 days. Casey's cash conversion cycle is _______ day(s). A. 73 B. 153 C. 1 D. 81

17. Cost of goods sold for the year was $850,000. Inventory was $60,000 at the beginning of the year and $90,000 at the end of the year. There were no changes in the amount in accounts payable for the year. Cash payment for merchandise to be reported under the direct method is A. $940,000. B. $880,000. C. $910,000. D. $850,000.

18. Tammy Corporation has 350,000 shares of $3 par common stock outstanding. It has declared a 5% stock dividend. The current market price of the common stock is $7.50/share. The amount that will be credited to common stock on the date of declaration is A. $183,750. B. $52,500. C. $131,250. D. $78,750.

19. Ryan Industries has an inventory turnover of 112 days, an accounts payable turnover of 73 days, and an accounts receivable turnover of 82 days. Ryan's cash conversion cycle is _______ days. A. 103 B. 43 C. 9 D. 121

20. Casey Company has 5,000 shares of treasury cost that it purchased for $13 per share. It later resold 2,000 of those shares for $17 per share. The amount to be credited to Paid-in Capital—Treasury Stock is A. $26,000. B. $30,000. C. $8,000. D. $34,000.

Customer reply replied 5 years ago

Steve ths is 1 final, i don't know you are getting {2} of the same?? Do i pay now or afterward?

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