Financial Management Class

Q1: Second quarter of the 10-Q will generally give income statement numbers for which period(s)?

 

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  • Six months of the fiscal year only
  • Second quarter three-month numbers only
  • Second quarter three-month numbers as well as first six months of the fiscal year numbers as well as second quarter of the prior year and first six months of the prior year numbers
  • First quarter three months numbers and second quarter three months numbers

 

Q2: A company buys a machine for $100,000 and the machine has a useful life of five years and the residual value of the machine at the end of the five years is $40,000. What would be the annual depreciation expense if the company uses straight line depreciation method?

 

  • $28,000
  • $10,000
  • $12,000
  • $20,000

 

Q3: A company’s operating income or EBIT is $10,000, depreciation and amortization which was included in selling, general and administrative expenses are $2,000 and interest expense is $1,000. The tax rate is 35%.  What would be the EBITDA of the company?

 

  • $8,000
  • $12,000
  • $7,000
  • $9,000

 

Q4: If you add $50 of depreciation expense in the income statement and the tax rate is 30% and interest expense is $20, how much does operating income or EBIT change by?

 

  • $35 down
  • $50 down
  • $50 up
  • $40 down

 

Q5: Which accounting assumption details that the company will continue to exist long enough or for an indefinite period to meet its objectives and commitments and will not liquidate for the foreseeable future?

 

  • Economic entity
  • Time period
  • Going concern
  • Historical cost

 

Q6: A public company files a 10-K annually and a 10-Q quarterly. How many total numbers of 10-K and 10-Q’s does a company file in a year?

 

  • 3
  • 4
  • 5
  • 6

 

 

Q7: Management Discussion & Analysis section will not generally talk about

 

  • Material changes in line items of the consolidated financial statements from prior-period amounts. Discussion usually covers the recent three fiscal years with year-to-year comparisons, i.e., 20Y2 vs. 20Y1 and 20Y1 vs. 20Y0
  • Non-recurring charges or gain that are one time in nature
  • Bios of the management team of the company
  • Liquidity and cash position of the company

 

 

Q8: Company A has a net income of $12,000 and has a tax rate of 40%. Its interest expense is $4,000 and interest income is $2,000. The company has depreciation and amortization which is included in COGS and SG&A of $3,000. Please calculate EBITDA of Company A.

 

  • $19,000
  • $20,000
  • $25,000
  • $22,000

 

 

Q9: A company issued shares in the market at $12.00 and recorded $0.10 par value and $11.90 as additional paid in capital on December 31, 2015 in its balance sheet. On December 31, 2016, the market value of the shares went up to $15.00. How will the par value and additional paid in capital change?

 

  • No change to par value and additional paid in capital will be up by $3.00
  • No change to both par value and additional capital
  • Par value and additional capital will go up by same proportion so par value will go up to $.125 and additional paid in capital will go up to $14.875.

 

 

Q10. If you add $50 of depreciation expense with a 20% tax rate in the income statement, how does it affect the income statement?

 

  • Net income goes up by $60
  • Net income does down by $60
  • Net Income goes up by $40
  • Net income goes down by $40

 

Q11. If you add $20 of depreciation expense with a 20% tax rate in the income statement, how does it affect the cash flow statement?

 

  • Cash will change by $4 down
  • Cash will go up by $4
  • Cash will not change
  • Cash will go down by $24

 

Q12. If you add $200 of depreciation expense with a 10% tax rate in the income statement, how does it affect the balance sheet?

 

  • Net PP&E comes down by $200
  • Net PP&E goes up by $200
  • Depreciation will not affect the balance sheet
  • Net PP&E goes down by $180

 

 

Q13. If a company has $100 of retained earnings last year and had net income of $40 in the current year and paid $20 of dividend this year, its retained earnings will become

 

  • $140
  • $120
  • $160
  • $100

 

Q14. If a company has $100 of gross PP&E last year and it sold $20 of assets this year and had capital expenditures of $50, its PP&E for next year will become

 

  • $130
  • $170
  • $70
  • $30

 

 

Q15. If you get a loan of $1,000 from a bank and have to pay principal of $100 each year besides interest to the bank, it is an example of a

 

  • Term loan
  • Revolver
  • Bond
  • Banks do not give loans where you have to pay principal back to them every year

 

 

Q16. If the company takes on additional debt of $1,000 it changes the

 

  • Financing activities section of cash flow statement
  • Investing activity of the cash flow statement
  • Operating activity of the cash flow statement
  • No change in cash flow statement

 

 

Q17. A public company in the U.S. will most likely give what projected information to the public

 

  • Revenue and EPS for the next 2 years
  • Revenue and EPS for the next 5 years
  • All Income statement only
  • All Balance sheet data and income statement data only

 

 

Q18: What are the detailed disclosures called that accompany the financial statements and provide additional information to the items on the financial statements?

 

  • Statement of retained earnings
  • Notes to the financial statements
  • Cash flow statement
  • Financial projections

 

 

Q19. A technology start-up company would have most likely which cash flow negative?

 

  1. Operating cash flow and Investing cash flow
  2. Financing cash flow and operating cash flow
  3. Financing cash flow and investing cash flow
  4. None of the above

 

 

Q20. Where in the 10K can I find the complete income statement for Apple starting from Revenues, COGS, Gross Profit, SG&A, EBIT, Interest Expense and Net Income for the next 2 years?

 

  1. Notes to the financial statement
  2. Nowhere
  3. Pro forma statements in the end of the 10-K
  4. Business section

 

 

Model Question

 

 

  1. Please highlight the three errors in FORMULAS in 2017 of the model. Not the numbers but the formula please only. Please show the error and correct it.

 

 

Error 1                                  

 

 

Correction to Error 1

 

 

 

Error 2

 

 

Correction to Error 2

 

 

Error 3

 

 

Correction to Error 3

 

 

 

 

Numerical Questions Given in Excel Sheet Please put Answer here in word Document (just cut and paste from Excel and paste it here).

 

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