10 May WHICH OF THE FOLLOWING IS NOT PROPERLY CLASSIFIED AS PROPERTY PLANT AND EQUIPMENT?
1. The term “receivables” refers too amounts due from individuals or companies.o merchandise to be collected from individuals or companies.o cash to be paid to debtors.o cash to be paid to creditors.2. Three accounting issues associated with accounts receivable areo recognizing valuing and accelerating collections.o accrual bad debts and accelerating collections.o depreciating valuing and collecting.o depreciating returns and valuing.3. When the allowance method is used to account for uncollectible accounts Bad Debts Expense is debited wheno a customer’s account becomes past due.o an account becomes bad and is written off.o a sale is made.o management estimates the amount of uncollectibles.4. Which one of the following is not a principle of sound accounts receivable management?o Delay cash receipts from receivables if necessary.o Monitor collections.o Determine a payment period.o Determine to whom to extend credit.5. The accounts receivable turnover is computed by dividingo net credit sales by average receivables.o net credit sales by ending receivables.o total sales by average receivables.o total sales by ending receivables.6. The accounts receivable turnover is used to analyzeo risk.o liquidity.o long-term solvency.o profitability.7. The following information is provided for Sheridan Company and Concord Corporation:(in $ millions) Sheridan Company Concord CorporationNet income 2017 $170 $390Net sales 2017 1625 4550 Total assets 12/31/15 1005 2280Total assets 12/31/16 1160 3080Total assets 12/31/17 1160 4000What is Concord’s return on assets (rounded) for 2017?o 9.8% 12.7%o 14.6% 11.0%8. Which of the following is not properly classified as property plant and equipment?o Land used in ordinary business operations.o A truck held for resale by an automobile dealership.o Land improvement such as parking lots and fences.o Building used as a factory.9. A characteristic of a plant asset is that it iso held for sale in the ordinary course of the business.o used in the operations of a business.o intangible.o not currently used in the business but held for future use.10. A current liability is a debt that can reasonably be expected to be paido between 6 months and 18 months.o within one year or the operating cycle whichever is longer.o out of currently recognized revenues.o out of cash currently on hand.11. Which of the following most likely would be classified as a current liability?o Bonds payable in 5 yearso Dividends payableo Three-year notes payableo Mortgage payable as a single payment in 10 years12. The 2017 financial statements of Pharoah Company contain the following selected data (in millions).Current assets $99Total assets 157Current liabilities 47Total liabilities 80Cash 8Interest expense 7Income taxes 11Net income 19The debt to assets ratio (rounded) iso 1.96%.o 5.2 times.o 51.0%.o 47.5%.13. In a recent year Monty Corp. had net income of $152000 interest expense of $28700 and income tax expense of $41500. What was Monty Corp.’s times interest earned (rounded) for the year?o 7.74o 5.30o 6.30o 6.7414. If bonds are issued at a discount it means that theo market interest rate is lower than the contractual interest rate.o market interest rate is higher than the contractual interest rate.o bondholder will receive effectively less interest than the contractual rate of interest.o financial strength of the issuer is suspect.15. If bonds are issued at a premium the stated interest rate iso higher than the market rate of interesto adjusted to a higher rate of interest.o lower than the market rate of interest.o too low to attract investors.
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