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1.Stride Along Inc. has total assets of $440 milli...

1.Stride Along Inc. has total assets of $440 million. Its equity is $330 million. Net income is $132 million. Total number of outstanding shares is $880 million. Calculate the debt ratio, ROA, ROE, EPS.(10分) 2. Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued expense, (d) accrued revenue.（10分） 1) Supplies on hand 2) Fees earned but not yet received 3) Fees received but not yet earned 4) A two-year premium paid on a fire insurance policy 5) Taxed owed and payable in the following period 6) Utilities owed but not yet paid 7) Salary owed but not yet paid 8) Subscriptions received in advance by a magazine publisher. 3. After all revenue and expense accounts have been closed at the end of the fiscal year 2014, Income Summary has a debit of $312,600 and a credit of $480,150. At the same date, Peter Wills, Capital as a credit balance of $142,350, and Peter Wills, Withdrawal has a debit balance of $25,000.（10分） 1) Determine the double entries (accounting) required to complete the closing of the accounts. 2) Determinethe balance of Peter Wills, Capital at the end of the period.

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更多“1.Stride Along Inc. has total …”相关的问题

第1题

Stride Along has total assets of $425 million. Its total liabilities are $110 million. Its equity is $315 million. Calculate the debt ratio.

A、38.6%.

B、13.4%.

C、34.9%.

D、25.9%.

E、14.9%.

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第2题

A retail company that leases the majority of its space has:

·total assets of $4,500 million,

·total long-term debt of $2,125 million, and

·average interest rate on debt of 12%.

Note 8 to the 2011 financial statements contains the following information about the company’s future beginning of year lease commitments:

Note 8: Operating leases

After adjustment for the off-balance-sheet financing, the debt-to-total-assets ratio for the company is closest to:

A. 55%.

B. 57%.

C. 65%.

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第3题

A retail company that leases the majority of its space has total assets of $4,500 million and total long-term debt of $2,125 million bearing an average interest rate of 10%.

Note 8: Operating leases

After adjustment for the off-balance-sheet financing, the debt-to-total-assets ratio for the company is closest to:

A. 58%.

B. 62%.

C. 72%.

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第4题

In Year 20X0 SUN Company has total assets of $10 millions, current assets of $6 millions, cash of $1 million, inventory of $3 million; It has total liabiliites of $7 million, interest expense of $0.7

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第5题

Cowers reported net sales of $2,463 million and average total assets of $1,546 million. Its total asset turnover equals 1.59.

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第6题

3 You are the manager responsible for the audit of Lamont Co. The company’s principal activity is wholesaling frozen

fish. The draft consolidated financial statements for the year ended 31 March 2007 show revenue of $67·0 million

(2006 – $62·3 million), profit before taxation of $11·9 million (2006 – $14·2 million) and total assets of

$48·0 million (2006 – $36·4 million).

The following issues arising during the final audit have been noted on a schedule of points for your attention:

(a) In early 2007 a chemical leakage from refrigeration units owned by Lamont caused contamination of some of its

property. Lamont has incurred $0·3 million in clean up costs, $0·6 million in modernisation of the units to

prevent future leakage and a $30,000 fine to a regulatory agency. Apart from the fine, which has been expensed,

these costs have been capitalised as improvements. (7 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Lamont Co for the year ended

31 March 2007.

NOTE: The mark allocation is shown against each of the three issues.

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第7题

下列()表示资产总计。A、total non－current assetsB、total non－current assetesC、total assetsD、

下列()表示资产总计。

A、total non-current assets

B、total non-current assetes

C、total assets

D、total assetes

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第8题

3 You are the manager responsible for the audit of Volcan, a long-established limited liability company. Volcan operates

a national supermarket chain of 23 stores, five of which are in the capital city, Urvina. All the stores are managed in

the same way with purchases being made through Volcan’s central buying department and product pricing, marketing,

advertising and human resources policies being decided centrally. The draft financial statements for the year ended

31 March 2005 show revenue of $303 million (2004 – $282 million), profit before taxation of $9·5 million (2004

– $7·3 million) and total assets of $178 million (2004 – $173 million).

The following issues arising during the final audit have been noted on a schedule of points for your attention:

(a) On 1 May 2005, Volcan announced its intention to downsize one of the stores in Urvina from a supermarket to

a ‘City Metro’ in response to a significant decline in the demand for supermarket-style. shopping in the capital.

The store will be closed throughout June, re-opening on 1 July 2005. Goodwill of $5·5 million was recognised

three years ago when this store, together with two others, was bought from a national competitor. It is Volcan’s

policy to write off goodwill over five years. (7 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Volcan for the year ended

31 March 2005.

NOTE: The mark allocation is shown against each of the three issues.

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第9题

Air quality in Britain has improved considerably

in the last 30 years. Total emissions of

smoke in the air have risen by over 85 per cent 【1】______

since 1950. The domestic smoking control 【2】______

program has been particularly important in achieving

this result. London and other major cities are no 【3】______

longer have the dense smoke-laden "smogs" of the

1950s, but in central London winter sunshine has 【4】______

increased about 70 per cent since 1958. 【5】______

Since 1990, daily air pollution data from the

British monitoring network has been made available 【6】______

to the public by the Department of the

Environment's Air Quality Bulletins. These give the

concentrations of three main pollutants--ozone, nitrogen

dioxide and sulfur dioxide -- and grade air quality

on a scale between "very weak" and "very 【7】______

good". The information features in television and

radio weather reports, appears in many national and 【8】______

local newspapers. Therefore, the data are available 【9】______

on a special free telephone number and on videotext

systems.

A comprehensive review of the issue of urban

air quality was published in January 1992. Three

independent committees of which experts have been 【10】______

established to advise on different aspects of the problem,

and will set guidelines and targets for air quality.

The network is also being extended and up-

graded at a cost of ￡ 10 million.

【M1】

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第10题

3 You are the manager responsible for the audit of Keffler Co, a private limited company engaged in the manufacture of

plastic products. The draft financial statements for the year ended 31 March 2006 show revenue of $47·4 million

(2005 – $43·9 million), profit before taxation of $2 million (2005 – $2·4 million) and total assets of $33·8 million

(2005 – $25·7 million).

The following issues arising during the final audit have been noted on a schedule of points for your attention:

(a) In April 2005, Keffler bought the right to use a landfill site for a period of 15 years for $1·1 million. Keffler

expects that the amount of waste that it will need to dump will increase annually and that the site will be

completely filled after just ten years. Keffler has charged the following amounts to the income statement for the

year to 31 March 2006:

– $20,000 licence amortisation calculated on a sum-of-digits basis to increase the charge over the useful life

of the site; and

– $100,000 annual provision for restoring the land in 15 years’ time. (9 marks)

Required:

For each of the above issues:

(i) comment on the matters that you should consider; and

(ii) state the audit evidence that you should expect to find,

in undertaking your review of the audit working papers and financial statements of Keffler Co for the year ended

31 March 2006.

NOTE: The mark allocation is shown against each of the three issues.

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