财务报表分析：利润表、资产负债表、以及现金流量表(二)及答案解析.doc

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1、财务报表分析：利润表、资产负债表、以及现金流量表(二)及答案解析(总分：44.00，做题时间：90 分钟)一、B单项选择题/B(总题数：2，分数：44.00)Use the following data for Questions Cash payments to supppliers (114000)Purchase of equipment (68000)Cash payment of dividends (72000)Purchase of land (64000)Cash payment for salary (106000)Sale of fixed assets 60000Repu

2、rchase of common stock (28000)Cash collections from customers 200000Cash payments of interest (8000)（分数：19.00）(1).What is the cash flow from operations? A. 28000. B. 20000. C. 12000.（分数：1.00）A.B.C.(2).What is the cash flow from investing? A. 132000. B. 72000. C. 52000.（分数：1.00）A.B.C.(3).The cash flo

3、w from financing is: A. 100. B. 68. C. 102.（分数：1.00）A.B.C.(4).Given the following data what is the ending inventory value using the LIFO method? Purchases Sales50 units at $50/unit 25 units at $55/unit60 units at $45/unit 30 units at $50/unit70 units at $40/unit 45 units at $45/unit A. $ 3250. B. $

4、3200. C. $ 3850.（分数：1.00）A.B.C.(5).A firm pays accrued wages with cash. Assuming a current ratio and a quid (acid test) ratio that are both greater than 1.0, what will be the impact on the current ratio, the quick ratio and net income?Current ratio Quick ratio Net incomeA. Decrease Decrease Decrease

5、B. Decrease Increase IncreaseC. Increase Increase Stay the same A. B. C.（分数：1.00）A.B.C.(6).Which of the following activities would appear as a source of funds on the Statement of Cash Flows? A. Inventory is increased. B. A decrease in accounts payable. C. Depreciation expense.（分数：1.00）A.B.C.(7).Use

6、the following financial data for Moose Printing Corporation to calculate the cash flow from operations (CFO) using the indirect method.Net income $ 225Increase m accounts receivable 55Decrease m inventory 33Depreciation 65Decrease in accounts payable 25Increase m wages payable 15Decrease m deferred

7、taxes 10Purchase of new equipment 65Dividends paid 75 A. Increase in cash of $183. B. Increase in cash of $ 173. C. Increase in cash of $ 248.（分数：1.00）A.B.C.(8).Which of the following statements about the percentage-of-completion and completed contract methods is FALSE? The completed contract method

8、 will produce: A. the same cash flows as that using the percentage-of-completion method. B. smaller net worth and retained earnings than using the percentage-of-completion method. C. greater net income in the periods before construction is completed, but not at the end of the contract, than using th

9、e percentage-of-completion method.（分数：1.00）A.B.C.(9).Which of the following statements about types of nonrecurring items is least accurate? A. Unusual or infrequent items are included in income from continuing operations. B. Extraordinary items are unusual and infrequent items that are reported net

10、of taxes and included in nonrecurring income from continuing operations. C. Discontinued operations are reported net of taxes below income from continuing operations.（分数：1.00）A.B.C.(10).In comparing two companies, an analytical team discovers Company A uses zero-coupon bonds for debt financing, whil

11、e Company B uses par value coupon debt. Analyst 1 feels that Company A s operating cash flow should be reduced by the amount of its interest expense to compare it to Company B. Analyst 2 feels that Company B s operating cash flow should be increased by the amount of its interest expense to compare i

12、t to Company A. Analyst 3 feels that no adjustments should be made. Which analyst is taking appropriate action? A. Analyst 1. B. Analyst 1 and Analyst 2. C. Analyst 3.（分数：1.00）A.B.C.(11).Young Distributors, Inc. issued convertible bonds two years ago, and those bonds are the only potentially dilutiv

13、e security Young has issued. In 2005, Young s basic earnings per share (EPS) and diluted EPS were identical, but in 2004 they were different. Which of the following factors could NOT explain the difference between EPS and Diluted EPS? The: A. bonds were redeemed by Young Distributors at the beginnin

14、g of 2005. B. average market price of Young increased in 2005. C. bonds were antidilutive in 2005 but not in 2004.（分数：1.00）A.B.C.(12).Which of the following does NOT represent a cash fl0w relating to operating activity? A. Cash received from customers. B. Interest paid to bondholders. C. Dividends p

15、aid to stockholders.（分数：1.00）A.B.C.(13).Which of the following transactions would least likely be reported in the cash flow statement as investing cash flows? A. Purchase of real estate with cash borrowed from a bank. B. Sale of held-to-maturity securities for cash. C. Purchase of plant and equipmen

16、t used in the manufacturing process with financing provided by the seller.（分数：1.00）A.B.C.(14).The net income for Miller Bat Company was $ 3 million for the year ended December 31,2004.Additional information is as follows:Depreciation on fixed assets $1500000Gain from cash sales of land 200000Increas

17、e in accounts payable 300000Dividends paid on preferred stock 400000The net cash provided by operating activities in the statement of cash flows for the year endedDecember 31,2004 is : A. $ 4200000. B. $ 4600000. C. $ 4500000.（分数：1.00）A.B.C.(15).The following information is from the balance sheet of

18、 Silverstone Company:Net Income for 5/1/05 to 5/31/05 : $ 8000 UBalance 5/01/05/U UAccount/UUBalance 5/31/05 /U$2000 Inventory $1750$1200 Prepaid exp. $1700$800 Accum.Depr. $975$425 Accounts payable $625$650 Bonds payable $550Using the indirect method, calculate the cash flow from operations for Sil

19、verstone Company as of 5/31/05 : A. Increase in cash of $ 8025. B. Increase in cash of $ 8125. C. Increase in cash of $ 7725.（分数：1.00）A.B.C.(16).Are the following statements about the par value of a firms common stock true or false?Statement 1: Par value is a nominal dollar value assigned to shares

20、of stock in a corporation s charter.Statement 2: The par value of common stock represents the amount the corporation received when the stock was issued.Statement 1 Statement 2A. True TrueB. False FalseC. True False A. B. C.（分数：1.00）A.B.C.(17).As of January 1, a company had 22500 $10 par value common

21、 shares outstanding. On July 1, the company repurchased 5000 shares. The company also has 11000,10% , $100 par value preferred shares. If the company s net income is $ 210000, its diluted earnings per share is closest to : A. $5.00. B. $7.50. C. $10.00.（分数：1.00）A.B.C.(18).Under U.S. GAAP, land owned

22、 by the firm is most likely to be reported on the balance sheet at : A. fair market value. B. fair market value minus selling costs. C. historical cost.（分数：1.00）A.B.C.(19).Which of the following is least likely a required financial statement disclosure according to the Financial Accounting Standards

23、 Board and the International Accounting Standards Board? A. A description of the entity including its domicile, legal form, and place of incorporation. B. Judgments made in applying accounting policies that may have a significant effect on the amounts reported in the financial statements. C. The liq

24、uidation values of equipment used in the production of goods and services for a firm that is expected to continue to operate in the foreseeable future.（分数：1.00）A.B.C.BBased on the following information to answer questions：/BBWT, Inc. shows the following data in its financial statements at the end of

25、 the year. Assume all securities were outstanding at the beginning of the year:6.125% convertible bonds, convertible into 33 shares of common stock. Issue price $1000100 bonds outstanding.6.25% convertible preferred stock, $100 par, 2315 shares outstanding. Convertible into 3.3 shares of common stoc

26、k, Issue price $100. 8% convertible preferred stock, $100 par, 2572 shares outstanding. Convertible into 5 common shares, Issue price $ 80.9986 warrants are outstanding with an exercise price of $ 38. Each warrant is convertible into 1 share of common. Average market price of common is $ 52.00 per s

27、hare. Common shares outstanding at the beginning of the year were 40045.Net income for the period was $ 200000 while the tax rate was 40%.（分数：25.00）(1).What were the preferred dividends paid this whole year? A. $ 35045. B. $ 20576. C. $ 14469.（分数：1.00）A.B.C.(2).What was the after-tax interest charge

28、? A. $ 6215. B. $ 2450. C. $ 3675.（分数：1.00）A.B.C.(3).How many new shares had to be issued to facilitate warrant conversion? A. 13665. B. 9986. C. 2689.（分数：1.00）A.B.C.(4).What were the Basic and Diluted EPS for the year?Basic EPS Diluted EPSA. $4.12 $2.95B. $4.12 $3.06C. $3.97 $3.06 A. B. C.（分数：1.00）

29、A.B.C.(5).An analyst gathered the following data about a company:The company had 500000 shares of common stock outstanding for the entire year.The company s beginning stock price was $40, its ending price was $ 60, and its average price is $ 50.The company has 120000 warrants outstanding for the ent

30、ire year.Each warrant allowed the holder to buy one share of common stock at $ 45 per share.How many shares of common stock should the company use in computing its diluted earnings per share ? A. 488000. B. 500000. C. 512000.（分数：1.00）A.B.C.(6).A company has the following changes in its balance sheet

31、 accounts: Net Sales $500An increase in accounts receivale 20A decrease in accounts payable 40An increase in inventory 30Sale of common stock 100Repayment of debt 10Depreciation 2Net Income 100Interest expense on debt 5The company s cash flow from financing is: A. $100. B. $90. C. $110.（分数：1.00）A.B.

32、C.(7).A company s financial statements show the following data for the latest year:Net sales $1250Cost of goods sold 650Increase in inventory 100Decrease in MR 25Increase in A/P 50Cash interest paid 45Dividends paid 25Cash interest received 20Sale of common stock 275Retirement of long-term debt 125P

33、urchase of equipment 120Income tax oaid 50The company s cash flow from operations (CFO) and cash flow from financing (CFF) are closest to :CFO CFFA. $500 $425B. $500 $125 $650 -$425 A. B. C. （分数：1.00）A.B.C.(8).The Beeline Company has the following balance sheet and income statement. Beeline Company

34、Balance SheetAs of December 31,20042003 2004 2003 2004Cash $50 $60 Accounts payable $100 $150Accounts receivable 100 110Long-term debt 400 300Inventory U200/UU180/U Common stock 50 50Retained earnings U400/UU500/UFixed assets (gross) 800 900Total liabilities and equity$950 $1000Less : Accumulated de

35、preciationU200/UU250/UFixed assets (net) U600/UU650/UTotal assets $950 $1000Beeline Company Income StatementFor year ended December 31,2004Sales $1000Less :COGS 600Selling, general, and 50administrative expensesInterest expense 160Income before taxes U23/ULess tax U67/UNet income $100The cash flow f

36、rom operations for 2004 is: A. $ 260. B. $100. C. $ 210.（分数：1.00）A.B.C.(9).The primary difference between basic EPS and diluted EPS is that: A. proprietors and partners report basic EPS but corporations report diluted EPS. B. small firms report basic EPS but large firms(over $100 million in sales) m

37、ust report diluted EPS. C. diluted EPS includes the potential effects of convertible securities while basic EPS does not.（分数：1.00）A.B.C.(10).In the computation of diluted earnings per share(EPS) , common shares issued when convertible preferred stock is converted are added to the denominator of the

38、equation, and the basic EPS numerator is adjusted by: A. adding back convertible preferred stock dividends. B. adding back non-convertible preferred stock dividends. C. adding back non-convertible bond interest.（分数：1.00）A.B.C.(11).Which of the following is NOT a cash flow in the calculation of cash

39、flow from operations? A. Dividends received. B. Dividends paid. C. Interest income.（分数：1.00）A.B.C.(12).Securities that improve basic per share earnings, or reduce per share losses, if they are exercised or converted to common stock are called: A. dilutive securities. B. antidilutive securities. C. c

40、ontingent securities.（分数：1.00）A.B.C.(13).Units Unit Price Beginning Inventory 559 $1.00Purchases 785 $5.00Sales 848 $15.00SGA Expenses $ 3191 per annum What is the Cost of Goods Sold using the Weighted Average Method? A. $ 2004.00. B. $ 2829.19. C. $ 3988.00.（分数：1.00）A.B.C.(14).Are the following ess

41、ential characteristics of an asset?Characteristic 1 : The asset provides future economic benefits as a result of past transactions.Characteristic 2: The asset is tangible and is obtained at a cost.Characteristic 1 Characteristic 2A. Yes YesB. Yes NoC. No No A. B. C.（分数：1.00）A.B.C.(15).The following

42、sequence of events involves a company s stock. The company: Had 100000 shares of common stock Outstanding at the beginning of the year. Issued 20000 shares of common Stock on June 1. Issued a 10% stock dividend on July 1. Issued 1000,10% bonds convertible into 21 shares of stock each, on September 1

43、.Assuming the convertible bonds are dilutive, what is the weighted average number of shares that the company will use to compute its basic and diluted earnings per share?Basic DilutedA. 132000 129833B. 122833 129833C. 132000 146000 A. B. C.（分数：1.00）A.B.C.(16).When using the indirect method for compu

44、ting cash flow from operating activities, a change in accounts payable will require which of the following? A. A negative (positive) adjustment to net income when accounts payable increases (decreases ). B. A positive (negative) adjustment to net income when accounts payable increases (decreases ).

45、C. A positive adjustment to net income regardless of whether accounts payable increases or decreases.（分数：1.00）A.B.C.(17).Favor, Ine. s capital and related transactions during 2005 were as follows:On January 1, $1000000 of 5-year 10 percent annual interest bonds were issued to Cover In-dustries in ex

46、change for old equipment owned by Cover.On June 30, $ 50000 of interest was paid to CoverOn July 1, the bonds were returned to Favor in exchange for $1500000 par value six percent preferred stock.On December 31, preferred stock dividends of $ 45000 were paid to Cover.Favor, Inc. s cash flow from fin

47、ancing (CFF) for 2005 (assume U. S. GAAP) is: A. $95000. B. $1045000. C. $45000.（分数：1.00）A.B.C.(18).Which of the following statements about the analysis of cash flows is least accurate? A. Interest payments on debt are not a financing cash flow under U. S. GAAP. B. Dividends received are an operatin

48、g cash flow under U. S. GAAP. C. Both the direct and indirect methods involve adding back noncash items such as depreciation and amortization.（分数：1.00）A.B.C.(19).Which of the following statements about revenue recognition methods is most accurate? A. The completed contract method recognizes revenue at the time of the sale. B. The cost recovery method recognizes profit as cash is received. C. The percentage of completion method recognizes profit corresponding to the costs incurred as a