Deck 19: Financial Statements

Question 1

Blue Nyle Products, Inc. had net sales of $388,888; net income of $25,500; total assets of $825,660; and total liabilities of $525,300. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)

Answer 1

8.49%

Question 2

The comparative income statement of Lawn Products, Inc. showed net income of $24,500 in 2004 and $27,300 in 2005. Compute the dollar amount of net change in net income.

Answer 2

$2,800

Question 3

The balance sheet of Lawn Products, Inc. showed owners' equity of $180,000 in 2001 and $200,000 in 2002. Compute the percentage of increase in owners' equity. (Round answer to one decimal place.)

Answer 3

11.1%

Question 4

Zucker Global Products, Inc. had net sales of $299,999 and cost of goods sold of $237,545. Compute the gross profit on sales.

Question 5

The comparative income statement of Lawn Products, Inc. showed sales of $325,000 in 2004 and $494,450 in 2005. Compute the percentage of net change in sales. (Round answer to one decimal place.)​

Question 6

​Multiple Enterprises, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are shown below. (Compute answer accurate to two decimal places.)
​ ​
Refer to Multiple Enterprises, Inc. Compute the acid test ratio.

Question 7

​Multiple Enterprises, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are shown below. (Compute answer accurate to two decimal places.)
​ ​
Refer to Multiple Enterprises, Inc. Compute the relationship of net income to net sales. Express your answer as a percentage.​

Question 8

Blackstone Buildings, Inc. had net sales of $645,000, cost of goods sold of $315,400, and payroll expense of $195,000. Compute the gross profit on sales.

Question 9

​Multiple Enterprises, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are shown below. (Compute answer accurate to two decimal places.)
​ ​
Refer to Multiple Enterprises, Inc. Compute the rate of return on investment. Express your answer as a percentage.

Question 10

The balance sheet of Food Products, Inc. showed owners' equity of $200,000 in 2001 and $320,000 in 2002. Compute the percentage of increase in owners' equity. (Round answer to one decimal place.)

Question 11

​Multiple Enterprises, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are shown below. (Compute answer accurate to two decimal places.)
​ ​
Refer to Multiple Enterprises, Inc. Compute the inventory turnover rate.

Question 12

​Multiple Enterprises, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are shown below. (Compute answer accurate to two decimal places.)
​ ​
Refer to Multiple Enterprises, Inc. Compute the working capital ratio.

Question 13

The comparative income statement of Lawn Products, Inc. showed net income of $24,500 in 2004 and $27,300 in 2005. Compute the percentage of net change in net income. (Round answer to one decimal place.)

Question 14

Blackstone Buildings, Inc. had net sales of $645,000; cost of goods sold of $315,400; total assets of $686,052; and total liabilities of $450,600. Compute the owners' equity.​

Question 15

The balance sheet of Lawn Products, Inc. showed accounts receivable of $84,750 in 2004 and $134,750 in 2005. Compute the percentage of increase in accounts receivable. (Round answer to one decimal place.)

Question 16

Zucker Global Products, Inc. had net sales of $299,999; net income of $20,600; total assets of $795,180; and total liabilities of $602,100. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)

Question 17

Blackstone Buildings, Inc. had current liabilities of $450,600; cash of $310,360; accounts receivable of $165,242; and ending inventory of $210,450. Compute its total current assets.​

Question 18

Zucker Global Products, Inc. had current liabilities of $453,190; cash of $220,250; accounts receivable of $100,350; and ending inventory of $225,670. Compute the total current assets.

Question 19

The comparative income statement of Lawn Products, Inc. showed sales of $325,000 in 2004 and $494,450 in 2005. Compute the dollar amount of net change in sales.

Question 20

​Multiple Enterprises, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are shown below. (Compute answer accurate to two decimal places.)
​ ​
Refer to Multiple Enterprises, Inc. Compute the ratio of accounts receivable to net sales.

Question 21

Thompson Laser Company had cash of $160,000; accounts receivable of $136,000; and current liabilities of $104,000. Compute the acid test ratio.

Question 22

Forman and Brasso Furniture Company had cash of $182,400, accounts receivable of $126,200, and current liabilities of $295,400. Compute the acid test ratio.

Question 23

The Moose Hardware Company had net income of $60,000 and owners' equity of $316,090. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)

Question 24

Thompson Laser Company had current assets of $402,090 and current liabilities of $104,000. Compute the working capital ratio. (Round answer to two decimal places.)

Question 25

The Moose Hardware Company had total current assets of $379,090 and total current liabilities of $63,000. Compute the working capital ratio. (Round answer to two decimal places.)

Question 26

Turner's Toys, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Turner's Toys, Inc. are shown below. (Compute answer to two decimal places.)
​​ ​
Refer to Turner's Toys, Inc. Compute the working capital ratio.

Question 27

Forman and Brasso Furniture Company had total current assets of $455,000 and total current liabilities of $295,400. Compute the working capital ratio. (Round answer to two decimal places.)

Question 28

Turner's Toys, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Turner's Toys, Inc. are shown below. (Compute answer to two decimal places.)
​​ ​
Refer to Turner's Toys, Inc. Compute the inventory turnover rate.

Question 29

The Moose Hardware Company had net income of $60,000 and net sales of $470,000. Compute the relationship of net income to net sales. Express your answer as a percentage. (Round answer to two decimal places.)

Question 30

Turner's Toys, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Turner's Toys, Inc. are shown below. (Compute answer to two decimal places.)
​​ ​
Refer to Turner's Toys, Inc. Compute the ratio of accounts receivable to net sales.

Question 31

Turner's Toys, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Turner's Toys, Inc. are shown below. (Compute answer to two decimal places.)
​​ ​
Refer to Turner's Toys, Inc. Compute the relationship of net income to net sales. Express your answer as a percentage.

Question 32

The Moose Hardware Company had ending inventory of $124,300 this year, ending inventory of $142,000 last year, and $315,000 as cost of goods sold. Compute the inventory turnover rate.

Question 33

Turner's Toys, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Turner's Toys, Inc. are shown below. (Compute answer to two decimal places.)
​​ ​
Refer to Turner's Toys, Inc. Compute the rate of return on investment. Express your answer as a percentage. (Compute Round answer to two decimal places.)
Refer to Turner's Toys, Inc. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)
The instruction provided here starts with the word "Compute…" However, we have changed this to the word "Round…" in order to maintain consistency with the PDF. Check if necessary to retain it.
Also, we have made this changes for the question numbers 27, 30 to 32, 34, 38, 41 to 43, 52, 53, 55, 56, and 57.

Question 34

Turner's Toys, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Turner's Toys, Inc. are shown below. (Compute answer to two decimal places.)
​​ ​
Refer to Turner's Toys, Inc. Compute the acid test ratio.

Question 35

The Moose Hardware Company had accounts receivable of $136,000 and net sales of $470,000. Compute the ratio of accounts receivable to net sales. (Round answer to two decimal places.)

Question 36

Thompson Laser Company had ending inventory of $163,600 this year, ending inventory of $134,000 last year, and $262,000 as cost of goods sold. Compute the inventory turnover rate.

Question 37

Forman and Brasso Furniture Company had ending inventory of $146,400 this year, ending inventory of $152,200 last year, and $194,400 as cost of goods sold. Compute the inventory turnover rate.

Question 38

Wilson Steel Company had ending inventory of $254,300 this year, ending inventory of $156,000 last year, and $186,000 as cost of goods sold. Compute the inventory turnover rate.

Question 39

The Bakers Candy Company had net income of $50,000 and owners' equity of $420,500. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)

Question 40

The Moose Hardware Company had cash of $160,000; current receivables of $136,000; and current liabilities of $63,000. Compute the acid test ratio.

Question 41

Quality Construction, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Quality Construction, Inc. are shown below. (Round answers to two decimal places.)
​​ ​
Refer to Quality Construction, Inc. Compute the average inventory for Quality Construction, Inc.

Question 42

Warm Winters Linen, Inc. had ending inventory this year of $250,000; ending inventory last year of $200,000; and cost of goods sold of $240,000. Compute the average inventory.​

Question 43

Warm Winters Linen, Inc. had ending inventory this year of $250,000; ending inventory last year of $200,000; and cost of goods sold of $240,000. Compute the inventory turnover. (Round answer to two decimal places.)

Question 44

Quality Construction, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Quality Construction, Inc. are shown below. (Round answers to two decimal places.)
​​ ​
Refer to Quality Construction, Inc. Compute the rate of return on investment for Quality Construction, Inc. Express your answer as a percentage.

Question 45

Warm Winters Linen, Inc. had current liabilities of $500,000; cash of $300,000; accounts receivable of $150,000; and ending inventory of $250,000. Compute the acid test ratio. (Round answer to two decimal places.)

Question 46

Forman and Brasso Furniture Company had accounts receivable of $126,200 and net sales of $248,800. Compute the ratio of accounts receivable to net sales. (Round answer to two decimal places.)

Question 47

The Income Statement for Mentura Products for the Month and Three-Month Period Ended March 31, 20xx is shown below. Show the Amount and Percent of Differences from the Budgeted Amounts for the Month and the Three-Month Periods. (Round answer to the nearest whole percent.)
​

Question 48

SXF, Inc. had net sales of $450,000 and net income of $35,000. Compute the relationship of net income to net sales. Express your answer as a percentage. (Round answer to two decimal places.)

Question 49

Forman and Brasso Furniture Company had net income of $34,000 and owners' equity of $130,500. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)

Question 50

Mark and Maria Pharmaceutical Company had net income of $47,000 and owners' equity of $150,500. Compute the rate of return on investment. Express your answer as a percentage. (Round answer to two decimal places.)

Question 51

Quality Construction, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Quality Construction, Inc. are shown below. (Round answers to two decimal places.)
​​ ​
Refer to Quality Construction, Inc. Compute the inventory turnover rate for Quality Construction, Inc.

Question 52

Quality Construction, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Quality Construction, Inc. are shown below. (Round answers to two decimal places.)
​​ ​
Refer to Quality Construction, Inc. Compute the relationship of net income to net sales for Quality Construction, Inc. Express your answer as a percentage.

Question 53

Quality Construction, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Quality Construction, Inc. are shown below. (Round answers to two decimal places.)
​​ ​
Refer to Quality Construction, Inc. Compute the ratio of accounts receivable to net sales for Quality Construction, Inc.

Question 54

Warm Winters Linen, Inc. had current liabilities of $500,000; cash of $300,000; accounts receivable of $150,000; and ending inventory of $250,000. Compute the working capital ratio. (Round answer to two decimal places.)

Question 55

Forman and Brasso Furniture Company had net income of $34,000 and net sales of $248,800. Compute the relationship of net income to net sales. Express your answer as a percentage. (Round answer to two decimal places.)

Question 56

Warm Winters Linen, Inc. had net sales of $350,000 and net income of $30,000. Compute the relationship of net income to net sales. Express your answer as a percentage. (Round answer accurate to two decimal places.)

Question 57

Quality Construction, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Quality Construction, Inc. are shown below. (Round answers to two decimal places.)
​​ ​
Refer to Quality Construction, Inc. Compute the working capital ratio for Quality Construction, Inc.

Question 58

Warm Winters Linen, Inc. had accounts receivable of $150,000 and net sales of $350,000. Compute the ratio of accounts receivable to net sales. (Round answer to two decimal places.)​

Question 59

Quality Construction, Inc.
​
Selected figures from the Balance Sheet and Income Statement of Quality Construction, Inc. are shown below. (Round answers to two decimal places.)
​​ ​
Refer to Quality Construction, Inc. Compute the acid test ratio for Quality Construction, Inc.