Accounting for Financial Analysis Skills Assessment
Congratulations on being accepted into the MSF program! As you get ready to embark on this exciting journey, we kindly request your participation in this survey/quiz. It will assist in assessing your current understanding of the subject matter and aid you in making informed decisions when selecting your courses.
If you have any questions about your score, please contact Karla Lucht at msf-advising@business.illinois.edu
Additional instructions for the previous question. Your UIN is your University ID Number. This is listed on your admission letter from the Graduate College.
Important Information about the next question.
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Year 2
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Year 1
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Retained earnings (beginning)
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$265,000
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$125,000
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Revenues
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892,000
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870,000
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Expenses
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740,000
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625,000
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Dividends
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?
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105,000
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Important Information about the next question. Phone Co. reported the following account balances (in thousands):
Administrative expenses
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$ 66,000
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Accounts receivable
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140,000
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Sales revenue
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690,000
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Selling expenses
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44,000
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Cost of goods sold
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425,000
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Cash dividends paid
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80,000
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Important Information about the next question.
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Year 1
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Year 2
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Receivable turnover
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8.5x
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7.5x
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Receivable collection period
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44.3 days
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50.5 days
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Inventory turnover
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12.4x
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14.0x
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Inventory-on-hand period
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27.0 days
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23.7 days
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Important Information about the next question.
Depreciation expense
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$230,000
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Funds borrowed from the bank
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400,000
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Dividends paid to shareholders
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600,000
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Proceeds from sale of building
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550,000
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Purchase of inventories
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700,000
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Purchase of equipment
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250,000
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Important Information about the next question.
Net Income
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$520,000
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Increase in Accounts Payable
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$10,000
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Depreciation Expense
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$20,000
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Payment of Dividends
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$5,000
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Decrease in Accounts Receivable
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$15,000
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Increase in Inventories
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$10,000
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Decrease in Income Taxes Payable
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$20,000
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