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School
University of Phoenix **We aren't endorsed by this school
Course
ACCOUNTING ACC 290T
Subject
Accounting
Date
Oct 23, 2023
Pages
1
Uploaded by CaptainAardvarkMaster902 on coursehero.com
4:48 AM Mon Oct 23 oo - RO L e I mveducatorcom Sl Tina Catchings has just started her study of accounting. She is finding that the hardest part of understanding accounting is learning what all of the terms mean. For example, Tina is interested in putting the correct label on the obligations she has to her suppliers resulting from her purchase of inventory on account. What is the correct label? ( Accounts payable ) Loans payable Cost of goods sold Accounts receivable Loans receivable Wages payable FEEDBACK 11/11 (100.0%) \/ Tina Dupree is bewildered by the many different types of "profit" and "income" reported by accountants. She is interested in putting the correct label on the important quantity: "Sales minus cost of goods sold." What is the correct label? ( Gross profit j Operating income Return on sales Net income Owners' equity FEEDBACK 11/11 (100.0%) v n Parker Company is preparing to do an initial public offering (IPO) of its shares next year. Parker knows that investors use a company's earnings per share (EPS) in their valuation models to determine how much an IPO company's shares are worth. Parker's founders, Candace Leslie and Lisa Bonner, are eager for this IPO to do well so that their many years of work will be validated in the stock market. Here are some data from Parker Company's financial statements. Inventory Accounts Payable Number of shares outstanding Capital Stock (also called Paid-in Capital) Accounts Receivable Cash Retained Earnings Net Income Building Loans Payable Which items are used to compute Parker's earnings per share (EPS)? Cash, inventory, accounts receivable, building, and number of shares outstanding Net income, capital stock, retained earnings, and number of shares outstanding Cash, net income, and number of shares outstanding ( Net income and number of shares outstanding )
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