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To convert an indirect statement of cash flows to a direct basis, the analyst would:

A. subtract any depreciation that was included in the cost of goods sold.
B. subtract decreases in accounts receivables from net sales.
C. add decreases in inventory to the cost of goods sold.

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An analyst gathered the following data about Bands Forever: In 2007 Bands Forever reported net income of $ 22500 and had 3000 shares of stock outstanding for the entire year. The company also had 1200 shares of 10% , $ 50 par value preferred stock outstanding for the entire year. The company had 50,10% coupon, $1000 par value bonds convertible into 50 shares of stock each, also outstanding for the entire year. The average market price of the stock for 2007 was $ 20. The tax rate is 40%. The convertible bonds are:

A. dilutive, with diluted earnings per share(EPS) of $ 2.45 versus basic EPS of $ 0.50.
B. dilutive, with diluted EPS of $ 3.55 versus basic EPS of $ 5.50.
C. antidilutive, with diluted EPS of $ 8.50 versus basic EPS of $ 7.50.

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Napa Corp. sells one-year memberships to its Fine Wine Club for $180. Wine Club members each receive a bottle of white wine and a bottle of red wine, selected by the Club director, four times each year at the beginning of each quarter. To properly account for sales of Wine Club memberships, Napa will record:

A. an asset called prepaid sales.
B. a liability called accrued expenses.
C. a liability called unearned revenue.

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Loose Truck, Inc. has cash of $100000, accounts receivable of $ 500000, and inventory of $ 400000. The firm has accounts payable of $ 200000, notes payable of $ 300000, and long-term debt of $ 200000. The firm wishes to increase its current ratio to 2.4. How much would current assets or current liabilities need to change in order to increase the current ratio to 2.4 Current assets Current liabilities ①A. + $ 200000 $ 83333 ②B. + $200000 + $ 83333 ③C. + $ 680000 $ 83333

A. ①
B. ②
C. ③

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Information related to Bledsoe Corporation’s inventory, as of December 31,2007, follows:Estimated selling price $3500000Estimated disposal costs 50000Estimated completions 3000000Original FIFO cost 3200000Replacement cost 3300000 Using the appropriate valuation method, what adjustment is necessary to accurately report Bledsoe’ s inventory at the end of 2007, and will this adjustment affect Bledsoe’ s quick ratio Adjustment Quick ratio ①A. $ 50000 write-down Yes ②B. $ 50000 write-down No ③C. $100000 write-up No

A. ①
B. ②
C. ③

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To convert an indirect statement of cash flows to a direct basis, the analyst would:

A. subtract any depreciation that was included in the cost of goods sold. B. subtract decreases in accounts receivables from net sales. C. add decreases in inventory to the cost of goods sold.

A. subtract any depreciation that was included in the cost of goods sold.
B. subtract decreases in accounts receivables from net sales.
C. add decreases in inventory to the cost of goods sold.