题目内容
Quad Associates, Inc.抯 net income for 2001 was $892,000 with 400,000 shares outstanding.
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Selected information from Hometown, Inc.抯 financial statements for the year ended
December 31, 2001 included the following (in $):
Cash 370,000 Accounts Payable 915,000
Accounts Receivable 820,000 L.T. Deferred Tax Liability 640,000
Inventory 1,050,000 Long-term Debt 2,220,000
Property, Plant & Eq. (net) 3,200,000 Common Stock 1,000,000
Total Assets 5,440,000 Retained Earnings 665,000
Total Liabilities and Equity 5,440,000
LIFO Reserve at January 1 325,000
LIFO Reserve at December 31 500,000
Income Tax Rate (percent) 40
Hometown used the last in, first out (LIFO) inventory cost flow assumption. If Hometown
changed from LIFO to first in, first out (FIFO) in 2001, Hometown 抯 current ratio would:
Kendall Company 抯 Net Income for 2001 was $830,000 with 200,000 shares outstanding. In 2000, Kendall issued 1,000 six percent $1,000 convertible (into 20 common shares each) bonds that were outstanding since 2000. Kendall 抯 tax rate was 40 percent. What was Kendall Company 抯 diluted earnings per share (Diluted EPS) for 2001？
When local laws governing performance calculation presentation conflict with GIPS, firms that claim compliance with GIPS:
Data Corp. manufactures and sells computer equipment. The following information is
available concerning a transaction between Data and Venture, Inc.:
On November 30, 2001 Data Corp. received a signed purchase order from Venture Inc.
for 100 model D computers at a price of $150,000. Under the terms of the purchase
order, Data arranges and pays for shipping, risk of ownership passes upon delivery,
and the transaction is not subject to revocation.
On December 29, 2001 100 model D computers were shipped from Data Corp.抯
factory.
On December 31, 2001 Data Corp. received cash payment for the computers in the
amount of $150,000.
On January 2, 2002 the computers were received at Venture, Inc.抯 headquarters.
Data Corp. should recognize $150,000 of revenue as of:
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