Assume cost of goods sold on an accrual basis is $450,000, accounts payable

| January 30, 2017

Question
Assume cost of goods sold on an accrual basis is $450,000, accounts payable

increased by $30,000, and inventory increased by $75,000. Cash paid for

merchandise is:

a. $555,000.

b. $345,000.

c. $351,000.

d. $495,000.

Value City Furniture Corporation had 100,000 shares of common stock outstanding on January 1. An additional 50,000 shares were issued on July 1, and 25,000 shares were reacquired on September 1. What was the weighted-average number of shares outstanding during the year?

a. 140,000

b. 116,667

c. 125,000

d. 118,750

Assume company Y has net income of $100,000, income tax expense of $40,000, and interest expense of $20,000. The times interest earned ratio is:

a. 5 times.

b. 7 times.

c. 8 times.

d. 9 times.

If sales on an accrual basis are $125,000 and accounts receivable increased by

$7,500, the cash received from customers would be:

a. $125,000.

b. $117,500.

c. $132,500.

d. Cannot be determined.

UTC Corporation had 15,000 shares of common stock outstanding on January 1, and issued an additional 5,000 shares on June 1. There was no preferred stock outstanding. The corporation reports net income of $200,000. How much is basic earnings per share (to the nearest cent) for the calendar year?

a. $10.00

b. $11.16

c. $11.43

d. $13.33

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