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Test Bank For Managerial Accounting 13th Canadian Edition by Alan Webb Ray Garrison, Theresa Libby (All Chapters, 100% Original Verified, A+ Grade)

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This Is The Original 13th Edition Of The Test Bank From The Original Author All Other Files In The Market Are Fake/Old Editions. Other Sellers Have Changed The Old Edition Number To The New But The Test Bank Is An Old Edition. Test Bank For Managerial Accounting 13th Canadian Edition by Alan We...

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Managerial Accounting 13ce by Alan Webb Ray Garrison,
Theresa Libby (Test Bank All Chapters, 100% Original Verified, A
+ Grade) Answers At The End Of Each Chapter
All Chapters Are Arranged Reversed From 14-1
Chapter 14


Student name:__________
1) The Seabury Corporation has a current ratio of 3.8 and an acid-test ratio of 3.1. The
corporation's current assets consist of cash, temporary investments, accounts receivable, and
inventories. Inventory equals $63,000. Seabury Corporation's current liabilities must
be:(Round your intermediate calculations to 1 decimal place.)
A) $63,000
B) $279,000
C) $44,100
D) $90,000



2) Data from Fontecchio Corporation's most recent balance sheet appear below:

Cash $ 23,000
Temporary investments $ 27,000
Accounts receivable $ 45,760
Inventory $ 64,000
Prepaid expenses $ 18,000
Current liabilities $ 152,000

The corporation's acid-test ratio is closest to:
A) 0.33
B) 0.18
C) 0.63
D) 0.45


3) Feiler Corporation has total current assets of $521,000, total current liabilities of $385,000,
total shareholders' equity of $1,095,000, total plant and equipment (net) of $1,069,000, total
assets of $1,590,000, and total liabilities of $495,000. The company's current ratio is closest
to:
A) 0.78
B) 1.05
C) 1.35
D) 2.16




Version 1 1

,Chapter 14


4) Gnas Corporation's total current assets are $243,000, its noncurrent assets are $623,000, its
total current liabilities are $182,000, its long-term liabilities are $512,000, and its
shareholders' equity is $172,000. The current ratio is closest to:
A) 1.34
B) 0.75
C) 1.41
D) 1.06



5) Dratif Corporation's working capital is $50,000 and its current liabilities are $148,000. The
corporation's current ratio is closest to:
A) 1.34
B) 0.34
C) 2.34
D) 0.75



6) Dennisport Corporation has an acid-test ratio of 2.4. It has current liabilities of $54,000 and
noncurrent assets of $85,000. The corporation's current assets consist of cash, temporary
investments, accounts receivable, prepaid expenses, and inventory. If Dennisport's current
ratio is 2.8, its inventory and prepaid expenses must be:

A) $66,200
B) $21,600
C) $86,800
D) $74,400


7) Calin Corporation has total current assets of $617,000, total current liabilities of $233,000,
total stockholders’ equity of $1,185,000, total plant and equipment (net) of $960,000, total
assets of $1,577,000, and total liabilities of $392,000. The company’s working capital is:
A) $392,000
B) $343,000
C) $384,000
D) $458,000




Version 1 2

,Chapter 14


8) McRae Corporation's total current assets are $408,000, its noncurrent assets are $521,000, its
total current liabilities are $354,000, its long-term liabilities are $271,000, and its
shareholders' equity is $304,000. Working capital is:
A) $113,000
B) $54,000
C) $167,000
D) $104,000



9) Erastic Corporation has $19,000 in cash, $10,500 in temporary investments, $41,500 in
account receivable, $50,000 in inventories, and $47,000 in current liabilities. The
corporation’s current assets consist of cash, temporary investments, accounts receivable, and
inventory. The corporation’s acid-test ratio is closest to:
A) 1.51
B) 0.88
C) 2.57
D) 1.29



10) Windham Corporation has current assets of $660,000 and current liabilities of $825,000.
Windham Corporation's current ratio would be increased by:
A) the purchase of $360,000 of inventory on account.
B) the payment of $360,000 of accounts payable.
C) the collection of $360,000 of accounts receivable.
D) refinancing a $360,000 long-term loan with short-term debt.



11) Stimac Corporation has total cash of $295,000, no temporary investments, total current
receivables of $366,000, total inventory of $185,000, total prepaid expenses of $70,000, total
current assets of $916,000, total current liabilities of $312,000, total stockholders’ equity of
$2,714,000, total assets of $3,965,000, and total liabilities of $1,251,000. The company’s
acid-test (quick) ratio is closest to:
A) 2.34
B) 1.91
C) 2.94
D) 2.12




Version 1 3

, Chapter 14


12) Orem Corporation's current liabilities are $254,840, its long-term liabilities are $1,327,560,
and its working capital is $356,800. If the corporation's debt-to-equity ratio is 0.46, total
long-term assets must equal:
A) $3,440,000
B) $4,665,600
C) $4,410,760
D) $3,856,760



13) Irawaddy Company, a retailer, had cost of goods sold of $795,000 last year. The beginning
inventory balance was $52,000 and the ending inventory balance was $54,000. The
company's average sale period was closest to:
A) 24.33 days
B) 0.04 days
C) 15.00 days
D) 4.19 days



14) Natcher Corporation’s accounts receivable at the end of Year 2 was $146,000 and its
accounts receivable at the end of Year 1 was $155,000. The company’s inventory at the end
of Year 2 was $149,000 and its inventory at the end of Year 1 was $141,000. Sales, all on
account, amounted to $1,402,000 in Year 2. Cost of goods sold amounted to $821,000 in
Year 2. The company’s operating cycle for Year 2 is closest to:(Round your intermediate
calculations to 1 decimal place.)
A) 48.5 days
B) 73.3 days
C) 69.7 days
D) 103.2 days



15) Granger Corporation had $194,000 in sales on account last year. The beginning accounts
receivable balance was $10,000 and the ending accounts receivable balance was $18,000.
The corporation's average collection period was closest to:(Round your intermediate
calculations to 2 decimal places.)
A) 18.8 days
B) 26.3 days
C) 33.9 days
D) 13.9 days




Version 1 4

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