question 52
Multiple Choice
Devlin Company Devlin Company
Statement of Financial Position
as of May 31
(in thousands)
Assets Current assets Cash Trading securities Accounts receivable (net) Inventories Prepaid expenses Total current assets Investments, at equity Property, plant, and equipment (net) Intangible assets (net) Total assets Liabilities and shareholders’ equity Current liabilities Notes payable Accounts payable Accrued expenses Income taxes pavable Total current liabilities Long-term debt Deferred taxes Total liabilities Shareholders’ equity Preferred stock, 6%,$100 par value, cumulative Common stock, $10 par value Additional paid-in capital-common stock Retained earmings Total shareholders’ equity Total liabilities and shareholders’ equity year 7$4530689022$2553837580$748$3570515125353$16315022511496$585$748year 6$3820488030$2163040045$691$184241680352$117150195100129$574$691
Devlin Company
Income Statement
For the year ended May 31
(in thousands)
Net sales Costs and expenses Cost of goods sold Selling, general, and administrative Interest expense Income before taxes Income taxes Net income Year 7$480330528$9036$54 Year 6$460315519$8534$51 (CMA adapted, Jun 97 #14) Refer to the Devlin Company example.Assuming there are no preferred stock dividends in arrears, Devlin Company's return on common shareholders' equity for the year ended May 31, Year 7, was
Definitions:
Tissues
Groups of similar cells that work together to perform a specific function within an organism, such as muscle tissue or nervous tissue.
Organs
Structures in living organisms composed of different tissues that perform specific functions, such as the heart, liver, or lungs.
Application
The act of putting something to a special use or purpose, or a software program designed for a specific task.
Scientific Knowledge
Knowledge based on scientific methods and empirical evidence, including theories, facts, and data accumulated through the scientific process.