Title Reading 31 Analyzing Balance Sheets.pdf ✅

Question #1 of 30 Question ID: 1573508
An analyst has gathered the following information about a company: Balance Sheet Assets Cash 100 Accounts Receivable 750 Marketable Securities 300 Inventory 850 Property, Plant & Equip 900 Accumulated Depreciation (150) Total Assets 2750 Liabilities and Equity Accounts Payable 300 Short-Term Debt 130 Long-Term Debt 700 Common Stock 1000 Retained Earnings 620 Total Liab. and Stockholder's equity 2750 Income Statement Sales 1500 COGS 1100 Gross Profit 400 SG&A 150 Operating Profit 250 Interest Expense 25 Taxes 75 Net Income 150 What is the quick ratio? A) 0.62.
B) 1.53. C) 2.67. Question #2 of 30 Question ID: 1573506 Selected balance sheet data for Parker Company are as follows: Current assets 3,000 Long-lived assets 7,000 Total assets 10,000 Current liabilities 2,000 Long-term liabilities 4,000 Total liabilities 6,000 Shareholders' equity 4,000 On a common-size balance sheet, Parker's current liabilities would be stated as: A) 33%. B) 67%. C) 20%. Question #3 of 30 Question ID: 1577943 Under U.S. GAAP, the balance sheet value of a debt security classified as held-to-maturity is its: A) historical cost. B) amortized cost. C) fair value.
Question #4 of 30 Question ID: 1577944 A U.S. GAAP reporting firm invests some of its cash in equity securities that have quoted market prices. The firm may classify these securities as: A) trading securities only. B) available-for-sale securities only. C) trading securities, unless it elects at the time of purchase to classify them as available-for-sale. Question #5 of 30 Question ID: 1573502 In Country Norlatia, revenue is recognized in the income statement when a sale is made. Which of the following tax treatments would most likely result in a deferred tax liability? A) Revenue is taxable when a sale is made. B) Revenue is not taxable. C) Revenue is taxable when the cash is received from the customer. Question #6 of 30 Question ID: 1573499 The U.S. GAAP treatment of trading securities is the same as the IFRS treatment of securities measured at: A) amortized cost. B) fair value through profit and loss. C) fair value through other comprehensive income. Question #7 of 30 Question ID: 1577945 Under IFRS, which types of financial assets may a firm elect to carry at fair value through profit and loss? A) Any financial asset.