Quiz Solutions

Assume MetAmbit Corporation had a net income of $2,300 for t

Assume MetAmbit Corporation had a net income of $2,300 for the year ending December 2016. Its beginning and ending total assets were $33,500 and $18,000, respectively. Calculate MetAmbit’s return on assets (ROA ) (Round your percentage answer to two decimal places.) A) 6.87% B) 12.78% C) 8.93% D) 4.47% ANSWER C

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Date: September 2nd, 2020

Which of the following will be categorized as an operating a

Which of the following will be categorized as an operating activity on the statement of cash flows? A) Cash received by selling old equipment B) Cash paid for purchase of new machinery C) Cash paid for purchase of office supplies D) Cash received from issuance of shares of common stock ANSWER C

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Date: September 2nd, 2020

Which of the following will be categorized as a financing ac

Which of the following will be categorized as a financing activity on the statement of cash flows? A) Cash received by selling old equipment B) Cash paid for purchase of new machinery C) Cash paid for purchase of office supplies D) Cash received from issuance of shares of common stock ANSWER D

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Date: September 2nd, 2020

Marisol Company has just completed operations for the year e

Marisol Company has just completed operations for the year ended December 31, 2016. This is the second year of operations for the company. The following data have been assembled for the business Accounts Payable $ 12,200 Office Expense $ 6,500 Accounts Receivable 14,500 Rent Expense 9,600 Cash 8,200 Retained Earnings, Jan. 1, 2016 8,300 Common […]

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Date: September 2nd, 2020

Which of the following will be categorized as an investing a

Which of the following will be categorized as an investing activity on the statement of cash flows? A) Purchase of land with a mortgage B) Cash paid for purchase of new machinery C) Cash paid for purchase of office supplies D) Cash received from issuance of shares of common stock ANSWER B

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Date: September 2nd, 2020