ACCT 504 Week 3 Quiz

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Week-3-Quiz
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Q -1
Other comprehensive income

A.
includes extraordinary gains and losses.
B.
affects earnings per share.
C.
includes unrealized gains and losses on available-for-sale investments.
D.
has no effect on income tax.

Q-2
Use the following data of
TortoiseTortoise
Sales, Inc.:
Unit Total Units
Units Cost Cost Sold
Beginning inventory 16 $3 $48
Purchase on Apr 25 25 6 150
Purchase on Nov 16 11 8 88
Sales 40 ? ?
Tortoise
Sales' average cost of ending inventory is

An auditor report by independent accountants

A.
gives investors assurance that the company's stock is a safe
investment.
B.
is ultimately the responsibility of the management of the client
company.
C.
ensures that the financial statements are error-free.
D.
gives investors assurance that the company's financial statements
conform to GAAP.

Use the following data of

SeasideSeaside
Sales, Inc.:
Unit Total Units
Units Cost Cost Sold
Beginning inventory 18 $4 $72
Purchase on Apr 25 43 7 301
Purchase on Nov 16 19 10 190
Sales 45 ? ?
SeasideSeaside
Sales' LIFO cost of ending inventory would be

Use the following data of

SeaspraySeaspray
Sales, Inc.:
Unit Total Units
Units Cost Cost Sold
Beginning inventory 24 $7 $168
Purchase on Apr 25 30 8 240
Purchase on Nov 16 14 9 126
Sales 50 ? ?
SeaspraySeaspray
Sales uses a FIFO inventory system. Cost of goods sold for the period
is

The quality of earnings suggests that

A.
stockholders want the corporation to earn enough income to be able to
pay its debts.
B.
income from continuing operations is a more relevant predictor of
future performance than income from one-time transactions.
C.
net income is the best measure of the results of operations.
D.
continuing operations and one-time transactions are of equal
importance.

Deferred Tax Liability is usually

Type of Account Reported on the
A.
Long-term Income statement
B.
Short-term Statement of stockholders' equity
C.
Short-term Income statement
D.
Long-term Balance sheet

Which statement is true?

A.
Discontinued operations are a separate category on the income
statement.
B.
Extraordinary items are combined with continuing operations on the
income statement.
C.
Extraordinary items are part of discontinued operations.

Hazard Company had anan $18,000 beginning inventory and aa

$25,000 ending inventory. Net sales ere
$153,000; purchases, $76,000; purchase returns and allowances,
$3,000; and freight in, $9,000. Cost of goods sold for the period is
$75,000.What is Hazard gross profit percentage (rounded to the
nearest percentage)?