财务报表分析：利润表、资产负债表、以及现金流量表及答案解析.doc

1、财务报表分析：利润表、资产负债表、以及现金流量表及答案解析(总分：114.00，做题时间：90 分钟)一、B单项选择题/B(总题数：109，分数：114.00)1.A company has the following changes in its balance sheet accounts:（分数：1.00）A.Net SalesB.$500C.An increase in accounts receivaleD.20E.A decrease in accounts payableF.40G.An increase in inventoryH.30I.Sale of common stoc

2、kJ.100K.Repayment of debtL.10M.DepreciationN.2O.Net IncomeP.100Q.Interest expense on debtR.52.The RR Corporation had cash flow from operations of $ 20 million. RR purchased $ 5 million in equipment and sold $ 3 million of equipment during the period. Cash flows from financing were $ 2 million. What

3、is RR s free cash flow for the period?（分数：1.00）A.A. $18. B.B. $22. C.C. $20.3.Calculate the change in cash from the following items: Decrease in inventory $ 10 million Net income $ 60 million Repayment of long-term debt $ 20 million Increase in accounts receivable $15 million Purchase of new machine

4、ry $ 75 million Depreciation expense $15 million Sale of common stock $ 40 million Dividend expense $10 million A. + $ 30 million. B. $ 30 million. C. + $ 5 million.（分数：1.00）A.A. B.B. C.C.BBased on the following information to answer questions：/BBWT, Inc. shows the following data in its financial st

5、atements at the end of 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

6、 shares of common stock, 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 c

7、ommon is $ 52.00 per share. 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：4.00）(1).What were the preferred dividends paid this whole year?（分数：1.00）A.A. $ 35045. B.B. $ 20576. C.C. $ 14469.(2).What was the after

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

9、3.06（分数：1.00）A.A. B.B. C.C.4.For a manufacturing company and for a financial services company, is interest expense most likely classified as an operating or non-operating component of income? Manufacturing Financial services A. Operating Operating B. Operating Non-operating C. Non-operating Operatin

10、g（分数：1.00）A.A. B.B. C.C.5.When the cost of goods and services used are recognized as an expense in the same period that its generated revenue is recognized, which of the following principle (s) is/are being described? A. The matching principle for revenue and expense recognition. B. The accrual and

11、expense recognition principles. C. The depreciation and accrual principles.（分数：1.00）A.B.C.6.The correct set of cash flow treatments as they relate to interest paid according to U. S. generally accepted accounting principles (GAAP) and International Accounting Standards (IAS) GAAP is : U.S. GAAP IAS

12、GAAP A. CFO CFO or CFF B. CFF CFF C. CFO CFO（分数：1.00）A.A. B.B. C.C.7.In calculating the numerator for diluted Earnings Per Share, the dividends on convertible preferred stock are: A. subtracted from earnings available to common shareholders without an adjustment for taxes. B. added to earnings avail

13、able to common shareholders with an adjustment for taxes. C. added to earnings available to common shareholders without an adjustment for taxes.（分数：1.00）A.B.C.8.The Widget Company had net income of $1 million for the period. There were 1 million shares of Widget common stock outstanding for the enti

14、re period. If there are 100000 options outstanding with an exercise price of $ 40, what is the diluted earnings per share for Widget common stock if the average price per share over the period was $ 50?（分数：1.00）A.A. $0.98. B.B. $0.99. C.C. $1.00.9.Which of the following statements about the appropri

15、ate revenue recognition method to use, given the status of completion of the earning process and assurance of payment, is least likely correct? Use the: A. completed contract method when the firm cannot reliably estimate the outcome of the project. B. cost recovery method when future cash collection

16、 is highly uncertain. C. installment method when collectability of payments for a sale can be reasonably estimated.（分数：1.00）A.B.C.10.During 2000, Rory, Inc. , reported net income of $15000 and had 2000 shares of common stock outstanding for the entire year. Rory also had 2000 shares of 10% , $50 par

17、 value preferred stock outstanding during 2000. During 1998, Rory issued 100, $1000 par, 6% bonds for $100000. Each of these is convertible to 50 shares of common stock. The tax rate is 40%. Assuming these bonds are dilutive, basic earnings per share(EPS) and diluted EPS for Rory are closest to : Ba

18、sic EPS Diluted EPS A. $2.50 $0.71 B. $2.50 $1.23 C. $2.88 $0.71（分数：1.00）A.A.B.B.C.C.11.Napa Corp. sells one-year memberships to its Fine Wine Club for $180. Wine Club members each receive a bottle of white wine and a bottle of red wine, selected by the Club director, four times each year at the beg

19、inning of each quarter. To properly account for sales of Wine Club memberships, Napa will record:（分数：1.00）A.A. an asset called prepaid sales. B.B. a liability called accrued expenses. C.C. a liability called unearned revenue.12.Stanley Corp. had 100000 shares of common stock outstanding throughout 2

20、004. It also had 20000 stock options with an exercise price of $ 20 and another 20000 options with an exercise price of $ 28. The average market price for the company s stock was $ 25 throughout the year. The stock closed at $ 30 on December 31,2004. What are the number of shares used to calculate d

21、iluted earnings per share for the year?（分数：1.00）A.A. 105000. B.B. 110000. C.C. 104000.13.All of the following are considered a potentially dilutive securities EXCEPT:（分数：1.00）A.A. warrants. B.B. preferred stock. C.C. stock options.14.Coleman Corporations unadjusted trial balance at the end of 2007 r

22、eflected compensation expense of $ 90 million. The trial balance did not include the following: Because of the holidays, no salary accrual was made for the last week of the year. Salaries for the last week totaled $ 3.5 million and were paid on January 4, 2008. Employee bonuses for 2007 totaled $ 5

23、million. The bonuses were paid on January 31,2008. Ignoring payroll taxes, what is Coleman s adjusted compensation expense for the year ended 2007 and what impact will the adjustment have on Coleman s 2007 current ratio? Compensation expense Current ratio A. $ 98.5 million Decrease B. $ 98.5 million

24、 No effect C. $ 94.5 million Decrease（分数：1.00）A.A. B.B. C.C.15.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 income

25、 A. Decrease Decrease Decrease B. Decrease Increase Increase C. Increase Increase Stay the same（分数：1.00）A.A. B.B. C.C.16.An analyst gathered the following data about a company: 1000 common shares are outstanding(no change during the year). Net income is $ 5000. The company paid $ 500 in preferred di

26、vidends. The company paid $ 600 in common dividends. The average market price of their common stock is $ 60 for the year. The company had 100 warrants(for one share each) outstanding for the entire year exercisable at $50. The company s diluted earnings per share is closest to:（分数：1.00）A.A. $3.83. B

27、.B. $4.42. C.C. $4.55.17.An examination of the cash receipts and payments of Xavier Corporation reveals the following:（分数：1.00）A.Cash paid to suppliers for purchase of merchandiseB.$5000C.Cash received from customersD.14000E.Cash paid for purchase of equipmentF.22000G.Divedends paidH.2000I.Cash rece

28、ived from issuance of preferred stockJ.10000K.Interest received on short-term investmentsL.1000M.Wages paidN.4000O.Repayment of loan to the bankP.5000Q.Cash from sale of landR.1200018.Young Distributors, Inc. issued convertible bonds two years ago, and those bonds are the only potentially dilutive s

29、ecurity 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 beginning o

30、f 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.19.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. Divid

31、ends received are an operating 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.20.Which of the following transactions would least likely be reported in the cash flow statement as investing cash

32、 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 equipment used in the manufacturing process with financing provided by the seller.（分数：1.00）A.B.C.21.Favor, Ine. s capital and related transactions during 2005

33、were as follows: On January 1, $1000000 of 5-year 10 percent annual interest bonds were issued to Cover In-dustries in exchange for old equipment owned by Cover. On June 30, $ 50000 of interest was paid to Cover On July 1, the bonds were returned to Favor in exchange for $1500000 par value six perce

34、nt preferred stock. On December 31, preferred stock dividends of $ 45000 were paid to Cover. Favor, Inc. s cash flow from financing (CFF) for 2005 (assume U. S. GAAP) is:（分数：1.00）A.A. $95000. B.B. $1045000. C.C. $45000.22.When a reliable estimate of costs exists, ultimate payment is assured, and rev

35、enue is earned as costs are incurred. Which of the following revenue recognition methods should be used?（分数：1.00）A.A. Installment sales method. B.B. Cost recovery method. C.C. Percentage-of-completion method.23.An analyst gathered the following data about a company: The company had 500000 shares of

36、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 entire year. Each warrant allowed the holder to buy one share of common stock at $ 45 per share. Ho

37、w many shares of common stock should the company use in computing its diluted earnings per share ?（分数：1.00）A.A. 488000. B.B. 500000. C.C. 512000.24.The following information is from the balance sheet of Silverstone Company: Net Income for 5/1/05 to 5/31/05 : $ 8000（分数：1.00）A.UBalance 5/01/05/UB.UAcc

38、ount/UC.UBalance 5/31/05 /UD.$2000E.InventoryF.$1750G.$1200H.Prepaid exp.I.$1700J.$800K.Accum.Depr.L.$975M.$425N.Accounts payableO.$625P.$650Q.Bonds payableR.$55025.Does the Financial Accounting Standards Board require firms to disclose information about operating leases and detailed information abo

39、ut defined benefit pension plans in the financial statement footnotes? Operating lease information Defined benefit pension plans A. Yes No B. Yes Yes C. No Yes（分数：1.00）A.A. B.B. C.C.26.Which, if any, of the following statements about the installment sales method and cost recovery method is correct?

40、A. The cost recovery method recognizes revenue and associated costs of goods sold only when cash is received, based on gross profit margin. B. The installment sales method recognizes sales when cash is received, but no gross profit is recognized until all of the cost of goods sold is collected. C. N

41、either statement is correct.（分数：1.00）A.B.C.A.B.UnitsC.Unit PriceD.Beginning InventoryE.559F.$1.00G.PurchasesH.785I.$5.00J.SalesK.848L.$15.00M.SGA ExpensesN.$ 3191 per annumO.28.The net income for Miller Bat Company was $ 3 million for the year ended December 31,2004. Additional information is as fol

42、lows: Depreciation on fixed assets $1500000 Gain from cash sales of land 200000 Increase in accounts payable 300000 Dividends paid on preferred stock 400000 The net cash provided by operating activities in the statement of cash flows for the year ended December 31,2004 is :（分数：1.00）A.A. $ 4200000. B

43、.B. $ 4600000. C.C. $ 4500000.29.Which of the following would NOT be a component of cash flow from investing?（分数：1.00）A.A. Sale of land. B.B. Purchase of securities. C.C. Dividends paid.30.The Fischer Company had net income of $1500000. Fischer paid preferred dividends of $ 5 on each of the 100000 p

44、referred shares. There are 1 million Fischer common shares outstanding. In addition to the common and preferred stock, Fischer has $ 25 million of 4 percent bonds outstanding. The face value of each bond is $1000. Each bond is convertible into 40 common shares. If Fischer s tax rate is 40 percent, d

45、etermine its basic and diluted earnings per share? Basic EPS Diluted EPS A. $1.00 $1.25 B. $1.50 $1.25 C. $1.00 $0.80（分数：1.00）A.A. B.B. C.C.31.An analyst gathered the following data about a company: Collections from customers are $ 5000. Depreciation is $ 800. Cash expenses (including taxes) are $ 2

46、000. Tax rate = 30%. Net cash increased by $1000. If inventory increases over the period by $ 800, cash flow from operations equals:（分数：1.00）A.A. $1600. B.B. $ 2400. C.C. $ 3000.32.Which of the following statements about revenue recognition methods is most accurate? A. The completed contract method

47、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 proportion of estimated total costs.（分数：1.00）A.B.C.33.Firebird Company reported the followi

48、ng financial information at the end of 2007 (in millions) :（分数：1.00）A.Merchandise inventoryB.$240C.Minority interestD.70E.Cash and equivalentsF.275G.Accounts receivableH.1150I.Accounts payableJ.225K.Property however, the useful (economic) life of similar recipes has been 10 years. Assuming straight-

49、line amortization, what amount of recipe expense should Bryan report for the year ended 2007 and what amount should Bryan report as a tangible asset on its balance sheet at the end of 2007? Recipe expense Balance sheet A. $ 7500 $ 22500 B. $ 3000 $ 27500 C. $ 7500 $ 0（分数：1.00）A.A. B.B. C.C.67.Securities that improve basic per share earnings, or reduce per share losses, if they are exercised or converted to common stock are called:（分数：1.00）A.A. dilutive securities. B.B. antidilutive s