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ISU ACCT 284 - Worksheet

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Chapter 5: Corporate Financial Reporting and AnalysisOct. 6, 20081. Using the following information, create a multi-step income statement. Sales Revenue $350,000Other Revenue $60,000Rent Expense $24,000COGS $210,000Wages Expense $10,000Depreciation Expense $10,000Other Expenses $20,000Selling Expense $12,000Tax Rate 35%Shares Outstanding 100,000_____________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ _________________________________________ ____________EPS (NI/Shares Outstanding) ____________3. Match the following with the appropriate definition.a. Annual Reportb. Form 8-Kc. Press released. Form 10Qe. Quarterly reportf. Form 10K______1. Comprehensive report containing the four basic financial statements and related notes, statements by management, and auditors, and other descriptions of the company’s activities.______2. Annual report filed by public companies with the SEC that contains detailed financial information.______3. Quarterly report filed by public companies with the SEC that contains unaudited financial information.______4. A company-prepared news announcement that is normally distributed to major news agencies.______5. Brief unaudited report for the quarter, normally containing condensed income statement and balance sheet (unaudited).______6. Report of special events (e.g. auditor changes, mergers, acquisitions) filed by public companies with the SEC.4. If total assets increase, but total liabilities remain the same, what is the impact on the debt-to-assets ratio?a. increasesb. decreasesc. remains the samed. cannot be determined without additional information.5. Which of the following reports is filed annually with the SEC?a. Form 10Qb. Form 10Kc. Form 8Kd. Press release2005 2004 2003Net Sales $ 5,081 $ 4,841 $ 4,649Net income $ 267 $ 337 $ 298Total assets $ 2,205 $ 2,517 $ 2,244Total liabilities $ 1,616 $ 1,595 $ 1,4756. Compute the asset turnover ratio for 2005 and 2004. Was it a positive or negative change?7. Compute the net profit margin ratio for 2005 and 2004. Was it a positive or negative change?8. Compute the debt-to-assets ratio for 2005 and 2004. Was it a positive or negative change?9. Information that is accurate, unbiased, and verifiable is called A) relevant information. B) reliable information. C) consistent information. D) comparable information.10. Information that is timely and has predictive value and/or feedback is called A) relevant information. B) reliable information. C) consistent information. D) comparable information.11. The information provided by companies that apply similar accounting methods is called: A) relevant information. B) reliable information. C) consistent information.D) comparable information.12. Information that can be compared over time because similar accounting methods havebeen applied is called A) relevant information. B) reliable information. C) consistent information. D) comparable


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ISU ACCT 284 - Worksheet

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