question 116
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 #15) Refer to the Devlin Company example.Devlin Company's inventory turnover for the year ended May 31, Year 7, was
Definitions:
SAs/MIDs
Acronyms typically used in diagnostic systems for vehicles, SAs refer to Source Addresses, and MIDs refer to Message Identifiers in electronic control units.
Data Bus
A communication system within a computer or between computers that transfers data between components.
Open Tees
Tee-shaped fittings with an open end, used in plumbing or piping systems to branch off the main line, permitting flow in one or more directions.
Electrical Pressures
Electrical pressures, often referred to as voltage, are the potential difference between two points in an electrical circuit, driving the flow of electric current.