1. Refer to the following selected financial information from McCormik, LLC. Compute the company’s working capital for Year 2. $257,000. $178,000. $270,500. $142,500. $166,500. 2. If cash flow prediction is a company’s primary reporting objective, this would likely result in: Fewer accruals and deferrals. Lower earnings. Higher earnings. Poor matching. 3. Refer to the following selected financial information from McCormik, LLC. Compute the company’s inventory turnover for Year 2. 5.80. 3.09. 3.19. 3.14. 3.54. Year 2: $392,000 / [($123,000 + $127,000) / 2] = 3.14 4. Selected current year company information follows: The total asset turnover is (Do not round intermediate calculations.): 3.11 times. 2.49 times. 6.25 times. 2.26 times. 2.77 times. 5. Choose the correct statement about audits of corporations: Outside auditors are paid by the government for auditing the financial statements of corporations. Revenue Canada performs audits of corporations’ financial statements. It is the employees of the firm being audited who perform the annual audit of the financial statements of that firm. Public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP. 6. Refer to the following selected financial information from McCormik, LLC. Compute the company’s accounts receivable turnover for Year 2. 7.98. 5.59. 6.84. 7.73. 7. A corporation reported cash of $28,400 and total assets of $468,000 on its balance sheet. Its common-size percent for cash equals: 60.70%. 6.07%. 1648%. 100.00%. 16.48%. 8. General-purpose financial statements report financial information relevant to: investors only. creditors only. investors, creditors and government users. government users only. 9. A corporation reports the following year-end balance sheet data. The company’s current ratio equals: 2.14 0.57 1.32 0.36 10. Which of the following statements regarding cash flows is not accurate? Information about the balances of current liabilities, long-term debt and stockholders’ equity can be found in the statement of cash flows. Before the present cash flow statement standard became effective, companies had a choice of whether to report cash flow from operating activities or working capital from operating activities. Information about past cash flows is useful in predicting an entity’s future cash flows. The reported cash flow from operating activities has been found useful in evaluating a firm’s ability to make interest payments and repay debt. Studies have shown that a cash flows report is more relevant to investor decisions than a working capital report.

30 May 1. Refer to the following selected financial information from McCormik, LLC. Compute the company’s working capital for Year 2. $257,000. $178,000. $270,500. $142,500. $166,500. 2. If cash flow prediction is a company’s primary reporting objective, this would likely result in: Fewer accruals and deferrals. Lower earnings. Higher earnings. Poor matching. 3. Refer to the following selected financial information from McCormik, LLC. Compute the company’s inventory turnover for Year 2. 5.80. 3.09. 3.19. 3.14. 3.54. Year 2: $392,000 / [($123,000 + $127,000) / 2] = 3.14 4. Selected current year company information follows: The total asset turnover is (Do not round intermediate calculations.): 3.11 times. 2.49 times. 6.25 times. 2.26 times. 2.77 times. 5. Choose the correct statement about audits of corporations: Outside auditors are paid by the government for auditing the financial statements of corporations. Revenue Canada performs audits of corporations’ financial statements. It is the employees of the firm being audited who perform the annual audit of the financial statements of that firm. Public corporations (those whose stock are traded on exchanges) are subject to annual audit as to their compliance with GAAP. 6. Refer to the following selected financial information from McCormik, LLC. Compute the company’s accounts receivable turnover for Year 2. 7.98. 5.59. 6.84. 7.73. 7. A corporation reported cash of $28,400 and total assets of $468,000 on its balance sheet. Its common-size percent for cash equals: 60.70%. 6.07%. 1648%. 100.00%. 16.48%. 8. General-purpose financial statements report financial information relevant to: investors only. creditors only. investors, creditors and government users. government users only. 9. A corporation reports the following year-end balance sheet data. The company’s current ratio equals: 2.14 0.57 1.32 0.36 10. Which of the following statements regarding cash flows is not accurate? Information about the balances of current liabilities, long-term debt and stockholders’ equity can be found in the statement of cash flows. Before the present cash flow statement standard became effective, companies had a choice of whether to report cash flow from operating activities or working capital from operating activities. Information about past cash flows is useful in predicting an entity’s future cash flows. The reported cash flow from operating activities has been found useful in evaluating a firm’s ability to make interest payments and repay debt. Studies have shown that a cash flows report is more relevant to investor decisions than a working capital report.

eview the following case study:

When the FASB issues new standards, the implementation date is often 12 months from date of issuance, and early implementation is encouraged. Becky Hoger, controller, discusses with her financial vice president the need for early implementation of a standard that would result in a fairer presentation of the company’s financial condition and earnings.

When the financial vice president determines that early implementation of the standard will adversely affect the reported net income for the year, he discourages Hoger from implementing the standard until it is required.

Write a response of no more than 1,050 words in which you answer the following requirements:

• Determine an ethical issue that is involved in this case if any.

• Identify if the financial vice president acting improperly or immorally?

• Explain what Hoger have to gain by advocacy of early implementation?

• Identify who might be affected by the decision against early implementation?

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