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6. Royer Corporation engaged in this transaction: Depreciation on equipment. Assume use of the indirect approach. exopenk Indicate which section, if any, each transaction would appear in, or relate to, on a statement of cash flows A) Financing activities section B) Operating activities section C) Schedule of noncash investing and financing transactions D) Investing activities section 13. If ending inventory for the current accounting period is understated by $4,700: a. beginning inventory for the next period will be overstated by $4,700 b. net income for the current period will oe overstated by $4,700 c. cost of goods sold for the current period will be overstated by $4,700 d. stockholders equity at the end of the next accounting period will be understated by $4,700 16. Given the following data for the Golden Oak antique shop for the first month of the current fiscal year: Beginning inventory Net purchases Net sales revenue Normal gross margin rate $73,250 57,650 85,500 40% What is the company's estimate Cost of Goods Sold for the month? a. $34,200 b. $51,300 c. $79,600 d. $96,700 24. In early 2001, Bithe Smarney & Co. purchased $35,500 worth of office equipment with an estimated useful life of 7 years and an estimated residual value of $4,000. Bithe Smarney uses the straight-line method of depreciation for all office equipment. At the beginning of 2004, Bithe Smarney revised its estimate of useful life of the office equipment to a total of 9 years with a residual value of $2,500. The 2004 depreciation expense is: a, $3.250 b. $4,500 c. $2,167 d, $3,667 Use the data below for the following four questions: The following data represents selected information from the comparative income statement and balance sheet for Lion King Company for the years ended December 31, 2000 and 2001: 2001 2000 Net Sales (all on credit) Cost of Goods Sold Gross margin Net Income Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total noncurrent assets Total current liabilities Total noncurrent liabilities Common stock, no-par Retained earnings $370,000 $333,000 150,000 210,000 183,000 57,000 14,000 25,000 40,000 7,000 86,000 112,000 104,000 60,000 45,000 60,000 25,000 160,000 70,000 10,000 30,000 43,000 5,000 88,000 70,000 40,000 60,000 30,000 NOTE: 10,000 shares of common stock have been issued and outstanding since the company was established. They had a market value of $90 per share at 12/31/00, and they were seling for $91.50 per share at 12/3 1/01. 41. Referring to the above data, Lion King's book value per share of common stock at 1231/01 was: a. $91.50 b. $9.00 c$6.00 d.$3.00 42. Referring to the above data, Lion King's average days' sales uncollected for the year ended 12/31/01 was: a.12.33 b, 27.14 c, 82.19 d.7534 43. Referring to the above data, Lion King's inventory turnover for the year ended 12/31/01 was a 8.92 b. 5.06 c. 3.72 d. 3.86 44. Referring to the above data, Lion King's rate of return on assets for the year ended 12/3 1/01 was: a. 0.515 Q.SIs b. 0.36 c. 0.475 d. 0.40

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