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acct-370-exam-4-complete-solution TEST PROFILEThe National Council Licensure Examination (NCLEX) is developed by theNational Council of State Boards of Nursing (NCSBN) as part of licensure fornurses. The NCLEX measures nursing skills at the entry level. That is, an entrylevelnurse should be able t...

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  • June 7, 2022
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ACCT 370 Exam 4 Complete solution
2022

1. Condensed financial data are presented below for the Phoenix Corporation:

2. 3. 2019 5. 2018

6. Accounts
8. 267,500 9. 11.$ 12.230,000
receivable

14.Inventory 16.312,500 17. 19. 20.257,500

22.Total

current 24.670,000 25. 27. 28.565,000

assets

30.Intangible
32.50,000 33. 35. 36.60,000
assets

38.Total
40.825,000 41. 43. 44.695,000
assets

46.Current
48.252,500 49. 51. 52.200,000
liabilities

54.Long-term
56.77,500 57. 59. 60.75,000
liabilities

62.Sales 64.1,640,000 65. 67. 68.

70.Cost of
72.982,500 73. 75. 76.
goods sold

78.Interest
80.10,000 81. 83. 84.
expense

, 86.Income tax
88.77,500 89. 91. 92.
expense

94.Net income 96.127,500 97. 99. 100.

102. Cash
104. 71,0
flow from 105. 107. 108.
00
operations

110. Cash

flow from 112. (6,0
113. 115. 116.
investing 00

activities

118. Cash

flow from 120. (62,
121. 123. 124.
financing 500

activities

126. Tax
128. 30 129. 131. 132.
rate



134. The total asset turnover ratio for 2019 is (rounded):




135. Floating-rate debt is the most common method for lenders to protect themselves from losses that may

arise as a result of:




136. Cheery Company follows IFRS for its financial reporting. On January 1, 2018

Cheery issued €250 million of 10-year convertible notes that pay interest at 5%

, annually. Investors pay €250 million for the notes even though the company’s credit

risk at the time implies a 10% interest rate for traditional debt of similar duration.

When the cash flows associated with the debt are discounted at 10%, the resulting

value is €175 million.



137. How much cash will Cheery pay for interest during 2018?




138. The components of pension expense are:




139. Defined contribution plans are preferred by companies for all except which of the following reasons?




140. Cash dividends paid by a corporation:




141. Companies with surplus cash will consider the needs of cash for:




142. When a dividend is not declared on preferred stock, and the common shareholders cannot receive a

dividend until all past and current dividends are paid to the preferred shareholders, the preferred stock

is:




143. Mandatorily redeemable preferred stock is reported on the balance sheet as:

, 144. Which of the following is not indicative of a complex capital structure?




145. The Heath Corporation reported net income for 2018 of $177,500. Heath began the

year with 100,000 shares of $5 par value common shares outstanding and 2,500

shares of $100 par value 8% preferred shares outstanding. On October 1, Heath sold

10,000 shares of common stock for $6 per share. Heath paid dividends to the common

shareholders in December.



146. If each share of preferred stock is convertible into 8 shares of common stock, the

diluted earnings per share for 2018 is (rounded):



147. On January 1, 2018, Waddle Company adopted a compensatory stock option plan

and granted its managers 10,000 options to buy shares of common stock; each option

can be used to acquire a share of common stock at a price of $25 a share. The fair

value of each option was $7.50 on January 1, 2018. The options can be converted into

common stock after July 1, 2018. The required service period is three years.



148. What is the balance in paid-in capital-stock options as of December 31, 2019

assuming that the fair value approach to accounting for stock options is used?




149. Accounting for nonqualified stock option plans results in all of the following except:




150. To record newly issued stock shares upon conversion of debt, managers most often choose the method

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