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<strong>Phoenix</strong> <strong>ACC</strong> <strong>291</strong> <strong>Week</strong> 5 <strong>Practice</strong><br />
<strong>Questions</strong> <strong>Chapter</strong> <strong>13</strong> <strong>Answers</strong><br />
(<strong>2017</strong>)<br />
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nix-acc-<strong>291</strong>-week-5-practicequestions-chapter-<strong>13</strong>-answers-<strong>2017</strong>/<br />
<strong>Phoenix</strong> <strong>ACC</strong> <strong>291</strong> <strong>Week</strong> 5 <strong>Practice</strong> <strong>Questions</strong> <strong>Chapter</strong> <strong>13</strong> <strong>Answers</strong> (<strong>2017</strong>)<br />
1. Sustainable income is equal to net income.<br />
2. Which of the following is not an irregular item on the income statement?<br />
3. Sudley Shoppe had severe damage done to its Christmas inventory due to an escaped circus elephant<br />
rampaging through the store. The inventory loss was $80,000 before applicable taxes of $20,000. How<br />
should Sudley Shoppe report the loss?<br />
4. Which of the following is income that includes all changes in stockholders' equity during a<br />
period except those resulting from investments by stockholders and distributions to stockholders?<br />
5. Assume the following cost of goods sold data for a company:<br />
20141,600,000<br />
20<strong>13</strong>1,500,000<br />
20121,200,000<br />
6.<br />
If 2012 is the base year, what is the percentage increase in cost of goods sold from 2012 to 2014?<br />
7. In vertical analysis, what is the base amount for depreciation expense?<br />
8. Profitability ratios provide information about a firm’s success in generating income from operations.<br />
9. The following information is available for Barkley Company:<br />
2014 20<strong>13</strong><br />
Accounts<br />
$ 360,000 $400,000<br />
receivable<br />
Inventory 280,000 320,000<br />
Net credit sales 3,000,000 1,400,000<br />
Cost of goods sold 1,200,000 1,060,000<br />
Net income 300,000 170,000<br />
10.<br />
How much is the inventory turnover for 2014?<br />
11. Which measure(s) is (are) an evaluation of a company’s ability to pay current liabilities?<br />
12. Which of the following is true for reporting extraordinary items under IFRS?
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