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Accounting Questions Wert Inc

23. You have been provided the following information about Wert Inc.
(In Thousand of dollars) 2005 2004
Sales $2,456 $3,778
Net Income $172 $202
Interest Expense $50 $55
Total Assets $1,800 $1,950
Tax Rate 35% 35%
Return on Assets for 2005 is:
A) 13.71%
B) 12.68%
C) 10.75
D) 13.21%

Use the following information to answer the following answers:
You have been provided the following information about High Inc.
(In Thousand of dollars) 2005 2004
Current Assets $158 $163
Long Term Assets $453 $502
Current Liabilities $102 $143
Long Term Liabilities $302 $348
Net Income $ 32 $42

24. Working Capital for 2004 is:
A) $56,000
B) $20,000
C) $151,000
D) $207,000

25. Owner's Equity for 2005 is:
A) $20,000
B) $154,000
C) $174,000
D) $207,000

26. Which would be issue by auditors where there is history of significant loses coupled
with uncertain prospects?
A) A going concern qualification
B) An adverse opinion
C) A disclaimer of opinion
D) An audit warning

27. Which of the following would require the filing of Form 8-K?
I. Major acquisition
II. Audited financial statement
III. Bankruptcy
IV. Change in management control

A) I and III
B) II and IV
C) I, III and IV
D) I, II, III and IV

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Solution Summary

The solution manages the accounts for Wert Inc.

$2.19