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Marshall Mid Term

Which of the following entities would not require accounting information pertaining to their economic activities?
All of these require accounting information.
The authoritative financial accounting standards-setting body in the United States is presently the:
Financial Accounting Standards Board (FASB).
Which of the following statements about the Financial Accounting Standards Board is correct?
The FASB follows a due process procedure that permits input from interested parties before a standard is issued.
Major classifications of accounting activity would not include
financial accounting, national accounting, cost accounting.
Which of the following is not an example of a decision or informed judgment that a potential investor would make from accounting information?
Probability of success of a new product development.
Which of the following is not an example of a decision or informed judgment that a potential employee could make from accounting information?
Personnel turnover statistics (i.e., hiring and terminations).
Which of the following are qualified to express an auditor’s opinion about an entity’s financial statements?
A Certified Public Accountant.
Which classification of accounting is most concerned with the use of economic and financial information to plan and control many of the activities of the entity?
Managerial accounting.
An unqualified auditors’ opinion about an entity’s financial statements:
states that they are presented in conformance with U.S. generally accepted accounting principles.
Cost accounting is a subset of which of the following?
Managerial accounting.
The officer of a corporation responsible for the firm’s published financial statements would be most concerned about pronouncements of the
FASB.
Which of the following is not a characteristic or limitation of the kind of information that financial reporting by business enterprises can provide?
All of these are characteristics or limitations of the kind of information that financial reporting by business enterprises can provide.
The ethical concept of independence means that an accountant employed:
by an auditing firm cannot own any stock in the company being audited.
The objectives of financial reporting for nonbusiness enterprises:
focus on providing information for resource providers, rather than investors.
The ethical concept of integrity means that an individual must:
attempt to be honest and forthright in dealings and communications with others.
Which of the following is an objective of financial reporting by business enterprises?
Financial reporting should provide information about the economic resources of an enterprise, the claims to those resources, and changes in those resources and claims to them.
Which of the following is true about the International Accounting Standards Board (IASB)?
Only the IASB has been working with the FASB in recent years to achieve convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP and the goal of the IASB is to develop a single set of high quality, understandable, enforceable, and globally accepted financial reporting standards based upon clearly articulated principles are correct.
The provisions of the Sarbanes-Oxley Act of 2002 had the following components:
Enforce auditing, Attestation and Quality control are correct.
The purpose of the income statement is to show the:
net income or net loss for the period covered by the statement.
On January 31, an entity’s balance sheet showed net assets of $1,025 and liabilities of $225. Stockholders’ equity on January 31 was:
$1,025
The balance sheet might also be called:
Statement of Financial Position.
Which of the following is not a transaction to be recorded in the accounting records of an entity?
Receipt of a plaque recognizing the firm’s encouragement of employee participation in the United Way fund drive.
Stockholders’ equity refers to which to the following?
The ownership right of the stockholder(s) of the entity.
At the beginning of the year, paid-in capital was $82 and retained earnings was $47. During the year, the stockholders invested $24 and dividends of $6 were declared and paid. Retained earnings at the end of the year were $52.

Total stockholders’ equity at the end of the year was:

$158
Matching revenues and expenses refers to:
accurately reflecting the results of operations for a fiscal period.
The balance sheet of an entity:
shows amounts that are not adjusted for changes in the purchasing power of the dollar.
At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and stockholders’ equity of $836. During the year, assets increased $74 and liabilities decreased $38.

Liabilities at the end of the year totaled:

$490
Revenues are:
increases in net assets from selling a product.
At the end of the year, retained earnings totaled $1,700. During the year, net income was $250, and dividends of $120 were declared and paid. Retained earnings at the beginning of the year totaled:
$1570
The distinction between a current asset and other assets:
is based on when the asset is expected to be converted to cash, or used to benefit the entity.
Which of the following accounting methods accomplishes much of the matching of revenues and expenses?
Accrual accounting.
The principle of consistency means that:
the effect of any change in an accounting method will be disclosed in the financial statements or notes thereto.
The time frame associated with a balance sheet is:
a point in time in the past.
The income statement shows amounts for:
revenues, gains, expenses and losses
Transactions are summarized in:
The entity’s accounts.
A concept or principle that relates to transactions is:
original cost
Paid-in Capital represents:
the amount invested in the entity by the stockholders
The Statement of Changes in Stockholders’ Equity shows:
net income and dividends for the period.
Financial statement ratios support informed judgments and decision making most effectively:
when the trend of entity data is compared to the trend of industry data.
When comparing entity financial ratios with industry ratios:
relative values at a point in time may not be significant.
The return on investment measure of performance:
is calculated using net income as the amount of return.
Another term for return on investment is:
Return on assets.
The return on investment measure of performance:
is used by individuals to compare investment performance.
An advantage of the DuPont model for calculating ROI is that:
it focuses on asset utilization as well as net income.
A firm has an ROI of 15%, turnover of 3, and sales of $6 million. The firm’s margin is:
5%
A firm’s net income is $315,000 on sales of $31.5 million. Average assets for the period were $7 million. For the year:
margin was 1%, turnover was 4.5, and ROI was 4.5%.
Another term for return on equity is:
none of these
Return on equity:
relates net income and stockholders’ equity.
A firm’s net income for the year was $200,000. Average assets totaled $1.5 million, and average liabilities totaled $0.3 million. Return on equity was:
16.7%
Which of the following is not usually considered a measure of an entity’s liquidity?
Cash ratio
A current ratio of 6.0 is usually an indication that the firm:
has not made the most productive use of its assets.
For a firm that presently has a current ratio of 2.0, the effect on this ratio of paying a current liability is that it:
raises the current ratio.
Which of the following is a universally accepted measure of profitability?
Return on investment.
If a firm borrowed money on a six-month bank loan, the firm’s working capital immediately after obtaining the loan, relative to its working capital just prior to the loan, would be:
The same.
Which of the following accounts is part of working capital?
Merchandise Inventory.
An expanded version of the accounting equation could be:
Assets = Liabilities + Paid-in Capital + Beginning Retained Earnings + Revenues – Expenses – Dividends
In the seller’s records, the sale of merchandise on account would:
increase assets and increase expenses.
In an advertiser’s records, a newspaper ad submitted and published this week with the agreement to pay for it next week would:
increase liabilities and increase expenses.
In the buyer’s records, the purchase of merchandise on account would:
increase assets and increase liabilities.
A newspaper ad submitted and published this week, with the agreement to get paid for it next week would, in the newspaper’s records:
increase assets and increase revenues.
A debit entry will:
increase an expense account.
A credit entry will:
increase a liability account.
A credit entry will:
increase the balance of a revenue account.
A debit entry will:
increase the balance of an expense account.
An engineering consultant provided $300 of services to a client; the client paid $50 when the bill was submitted and will pay the balance within a week. The consultant will record this transaction by:
Option A
To accrue $3,200 of employee salaries for the last week of February, the employer’s journal entry is:
Option B
Sage, Inc. has 20 employees who work Monday through Friday each week; each employee earns $100 per day and is paid every Friday. The end of the accounting period is on a Wednesday. How much wages expense should the firm accrue at the end of the period?
$6000
Which of the following is not one of the 5 questions of transaction analysis?
Is this an accrual?
The effect of an adjustment is:
to increase the accuracy of the financial statements.
A journal entry recording an accrual:
results in a better matching of revenues and expenses.
Wisdom Co. has a note payable to its bank. An adjustment is likely to be required on Wisdom’s books at the end of every month that the loan is outstanding to record the:
accrued interest expense for the month.
Martin & Associates borrowed $5,000 on April 1, 2013 at 8% interest with both principal and interest due on March 31, 2014.

Which of the following journal entries should the firm use to accrue interest at the end of each month?

Option C
Martin & Associates borrowed $5,000 on April 1, 2013 at 8% interest with both principal and interest due on March 31, 2014.

How much should be in the firm’s interest payable account at December 31, 2013?

$400
Martin & Associates borrowed $5,000 on April 1, 2013 at 8% interest with both principal and interest due on March 31, 2014.

Which of the following journal entries should the firm use to record the payment of interest on March 31, 2014?

Option A
The accountant at Abco, Inc. made an adjusting entry at the end of February to accrue interest on a note receivable from a customer. The effect of this entry is to:
increase ROI for February.
The accounting concept/principle being applied when an adjustment is made is usually:
matching revenue and expense.
The Interest Receivable account for February showed transactions totaling $8,500 and an adjustment of $11,200.
The transactions were probably entered on the credit side of the account.
The balance in the Wages Payable account increased from $12,200 at the beginning of the month to $15,000 at the end of the month. Wages accrued during the month totaled $61,000.
Wages paid during the month totaled $58,200.
When a firm purchases supplies for use in its business, and the cost of the supplies purchased is recorded as an asset, the following adjustment to recognize the cost of supplies used will probably be required:
Option C
When a firm purchases supplies for its business:
an adjustment will probably be required as supplies are used.
The effect of an adjustment on the financial statements is usually to:
increase the accuracy of both the balance sheet and income statement.
A cash equivalent is a current asset that:
is readily convertible into cash with a minimal risk.
The valuation of short-term marketable securities on the balance sheet is likely to be for an amount that is approximately equal to the cost of these investments because:
the high quality and close maturity date of the securities cause their market values to be relatively stable.
A firm has used LIFO for several years during which costs have trended higher. If this firm achieves a substantial reduction in inventory quantities in 2014 by selling more merchandise than it purchases, the effect on 2014 net income of the inventory reduction, compared to having no change in inventory quantity from the beginning to the end of 2014, is:
net income for 2014 will be greater if the inventory quantity declines.
The principal reason for reconciling the cash balance per books with the balance shown on the bank statement is to:
determine the amount of cash in the account actually available to the entity.
One inventory cost flow assumption will result in different cost of goods sold from another inventory cost flow assumption only if:
the cost of inventory items changes during the year.
The accrual of interest on short-term marketable securities results in:
an increase in current assets and an increase in net income.
A firm has used LIFO for several years during which costs have trended higher. The effect on 2014 net income using LIFO, relative to FIFO, will be:
net income for 2014 will be less under LIFO than FIFO.
Prepaid expenses classified as current assets represent:
current year cash payments that will be matched against revenues of the next year or for several future years.
The amount of cash related to a particular bank checking account that is shown on the balance sheet at December 31 is:
the cash balance shown in the general ledger account for this checking account as of the close of business on December 31, after recognizing any bank service charges and/or interest income from the December 31 bank account reconciliation.
The effect of an error resulting in an understatement of ending inventory is to:
overstate cost of goods sold of the current period.
An organization’s system of internal control is designed primarily to:
provide an operating framework for all employees as they work to achieve the organization’s goals.
An accounts receivable results from the sale of:
goods and services to customers on account.
Which of the following inventory accounting systems has been made much more feasible as a result of computer systems developments?
Perpetual
The balance sheet valuation of inventories is:
lower of cost or market.
The current assets of most companies are usually made up of:
cash and assets expected to be converted to cash within a year.
Regardless of the inventory cost flow assumption used, inventories on the balance sheet are stated at:
the lower of cost or market.
For which of the following reconciling items would an adjusting entry be necessary on the company’s book?
A bank service charge.
In an inflationary economic environment, the selling price set for a firm’s products will:
not be affected by the cost flow assumption used.
The inventory cost flow assumption describes the flow of product cost:
into the asset (inventory) account and out to the expense (cost of goods sold) account.
The accounting concept or principle applied when the cost of short-term marketable securities is adjusted to market value is:
matching revenue and expense.
Leasehold is an example of which of the following types of assets?
Intangible asset.
If there is a loss on the disposal of a depreciable asset:
in retrospect, the depreciation expense recognized over the asset’s life was too low.
If an organization has an obligation to pay $5,000 to a supplier two years from now, the present value of the obligation:
is less than $5,000.
The Modified Accelerated Cost Recovery System (MACRS) specifies which of the following depreciation methods for land?
Land is not a depreciable asset.
Noncurrent, intangible assets such as leasehold improvements, patents, and copyrights are all subject to:
amortization.
The entry to record depreciation expense:
increases a contra asset and decreases net income.
Moped, Inc. purchased machinery at a cost of $22,000 on January 1, 2014. The expected useful life is 5 years and the asset is expected to have salvage value of $2,000. Moped depreciates its assets using the double-declining balance method.

What is the firm’s depreciation expense for the year ended December 31, 2014?

$8800
Goodwill is an asset that arises because the present value of an acquired company’s estimated future earnings, discounted at the acquiring firm’s ROI:
is more than the fair value of the net assets of the acquired company.
Many companies use accelerated depreciation for tax purposes because:
it results in lower taxable income than straight-line depreciation.
The present value concept is widely applied in business because:
money has value over time.
Which of the following accounting concepts/principles is most significant in the development of a capitalization policy?
Materiality.
Accounting for natural resources:
involves estimating the quantity of the natural resource to be recovered.
Which of the following statements best describes the process of accounting for depreciation?
A process for recognizing the cost of an asset that should be matched against revenue earned as a result of using the asset.
The present value of an obligation of $4,000 payable in 7 years at 8% is:
$2334
A particular common stock has an annual cash dividend of $2.00 per share and is predicted to have a market value of $30 per share 5 years from now. Assuming a discount rate of 10%, a fair market price for the stock today is:
$26.21
The intangible asset goodwill:
may arise when one company purchases another company.
When a depreciable asset is sold:
a gain arises if the sales proceeds exceed the net book value.
The net book value of a depreciable asset is:
the difference between the asset’s cost and accumulated depreciation.
The present value of $3,000 to be received every year for 9 years, at 10%, is:
$17,277.00.
Depreciation, in accounting, is a process that results in:
spreading the cost of an asset over its useful life to the entity.
A magazine publisher has an account called “Unearned Subscription Revenue.” The transaction that causes the balance of this account to decrease is:
magazines are mailed to subscribers.
Which of the following is not usually associated with bonds?
Maturity rate.
The market value of a bond is the sum of the present value of future interest payments and the present value of the amount to be repaid at maturity, discounted at:
the market rate.
When bonds are issued at a premium:
interest expense on the bonds will be less than the interest paid.
Which of the following is not sometimes associated with bonds?
Cumulative
The amortization of bond discount:
results in bond interest expense being greater than the interest paid to bondholders.
The purpose of reporting Current Maturities of Long-Term debt is to:
all of these.
In consolidated financial statements:
the parent’s and subsidiary’s financial statements are reported on a combined basis.
The financial leverage characteristic of long-term debt results in:
a magnification of ROE relative to what it would be without long-term debt.
The current liability for Wages Payable (or Accrued Payroll) represents the:
net pay earned by employees for which they have not yet been paid.
Many airlines have frequent flyer programs that permit travelers to accumulate credits that can be applied to the cost of tickets for future flights. Most airlines recognize the cost of their frequent flyer programs when the credits are used to purchase tickets. This practice, which seems to ignore the matching concept, results in:
understating liabilities and expenses.
Financial leverage refers to which of the following?
The difference between the rate of return earned on assets (ROI) and the rate of return earned on stockholders’ equity (ROE).
The payment of a current liability will:
not affect working capital.
If the market price of a bond exceeds its face amount:
the coupon rate is more than the market interest rate.
When borrowing money, the most important objective of the borrower should be to:
minimize the APR.
Bonner’s, Inc. borrowed $12,000 for 4 months on a discount basis. The lender used an interest rate of 8% to calculate the discount. The amount of cash Bonner’s, Inc. actually had available to use from this loan was:
$11,680
A loan discount is:
None of these.
Cassady, Inc. borrowed $5,000 for 3 months at an APR of 10%. The amount of interest paid on this loan was:
$125.
Many current liabilities are affected by accrual accounting entries. This happens because:
accrual accounting involves recognizing liabilities before they are paid.
The largest item of the Deferred Tax Liability for most companies is caused by:
differences in depreciation methods (accelerated vs. straight-line) for tax versus financial accounting purposes.
In most states, par value of issued shares represents:
legal capital.
When a stock dividend is declared and issued:
total stockholders’ equity does not change.
Which of the terms is not used to identify owners’ equity or stockholders’ equity?
Additional-paid-in-retained earnings.
When common stock has a par value:
there will probably be additional paid-in capital on the balance sheet.
If a firm sells treasury stock for more than its cost:
additional paid-in capital is increased.
The declaration date pertains to:
The date on which the board of directors declares a dividend.
The number of shares of a class of stock that are outstanding is:
the number of shares issued minus the number of shares held as treasury stock.
If a common stock has no par value:
there will not be any additional paid-in capital related to it.
Which of the following is not a right or attribute of common stock ownership?
Determining dividend policy.
The principal reason for a company having a common stock split is to:
decrease the market value per share of common stock.
Additional paid-in capital is most likely to appear on the balance sheet of a corporation that:
has par value stock.
When a company splits its common stock 3 for 1:
the market value of the company’s stock normally falls by two-thirds.
Preferred stock is used much less than long-term debt in the capital structure of most industrial and merchandising companies principally because:
for income tax purposes, dividends paid on preferred stock are not deductible, but interest on long-term debt is deductible.
Balance sheet disclosures for preferred stock include all of the following except:
The credit or market value.
Braco has 40,000 shares of $100 par value common stock outstanding, and 10,000 shares in the treasury. The number of additional shares that would be issued in a 5% stock dividend is:
2,000
The declaration of a cash dividend by the directors results in:
a decrease in retained earnings and an increase in current liabilities.
The dollar amount of the common stock on the balance sheet of a corporation that has common stock with a par value is the number of shares:
issued, multiplied by the par value per share.
The term preemptive right pertains to which of the following?
Present shareholders’ right to purchase shares from any additional share issuances.
A stock dividend is similar to a cash dividend in that:
retained earnings and the amount of potential future dividends is reduced by each.
Which of the following is one of the two generally practiced methods for electing corporate directors?
Cumulative voting.
The first caption in most income statements in annual reports is:
net sales.
Gains differ from revenues because gains:
are not a result of the entity’s ongoing, central operations.
Under most circumstances, in order to recognize revenue:
the revenue must be realized or realizable, and earned.
The concept of matching revenue and expense refers to the fact that:
all costs incurred in the process of earning revenues during a period are recorded as expenses in that period.
Most entities satisfy the accounting criteria for recognizing an expense when:
a cost is incurred in the revenue generating process.
The gross profit ratio is useful to the manager for each of the following purposes except that:
it can be used to estimate the amount of operating expenses for a period.
Which of the following accounts/captions are not ever included in the calculation for Gross Profit?
General and Selling Expenses.
When the periodic inventory system is used:
cost of goods sold can be calculated by subtracting the ending inventory amount from the sum of beginning inventory and net purchases.
Income from operations is:
sometimes used in the ROI calculation.
The earnings per share of common stock calculation:
is complicated by the presence of preferred stock in the capital structure.
An item that cost $90 is sold for $120. The gross profit ratio for this item is:
33.3%
An item that cost $240 is to be sold for a price that will yield a gross profit ratio of 20%. The selling price should be:
300
Recognition of revenue in accrual accounting requires:
that the revenue be realized or realizable, and earned.
The major difference between the indirect and the direct method of a statement of cash flows appears in which the following activities section(s)?
The operating activities section only.
Which of the following is an accurate statement regarding a statement of cash flows?
All material operating, investing, and financing activities are included.
In the statement of cash flows, depreciation and amortization expense is added back to net income because:
these expenses do not affect cash, but were subtracted in the determination of net income.
In the statement of cash flows, an increase in the accounts receivable balance from the beginning of the period to the end of the period would:
be subtracted from net income because this means that revenues were more than cash collected.
Revenue may be recognized:
if a company trades inventory at its usual selling price for newspaper advertising.
The term, “realization,” in revenue recognition refers to which of the following?
The product or service has been exchanged for cash, claims to cash, or an asset that is readily convertible to a known amount of cash or claims to cash.
The term, “earned,” in revenue recognition refers to which of the following?
The entity has completed, or substantially completed, the activities it must perform to be entitled to the revenue benefits.
Corporate governance includes concerns about:
business ethics and social responsibility.
the responsibilities of the board of directors.
equitable treatment of all stakeholders.
disclosures and transparency.
The most powerful corporate governance legislation to date has been:
the Sarbanes-Oxley Act (SOX) of 2002.
The Sarbanes-Oxley Act (SOX) of 2002 does not specifically prohibit an independent auditor from performing the following non-audit function(s) for an audit client:
tax services.
Which is the following descriptions is not one of the “Thirteen Financial Shenanigans” identified by Schilit and Perler, and listed in Exhibit 10-1:
failing to record intangible assets which the company has ownership rights to.
The notes to the financial statements:
should be referred to if more than a cursory, and perhaps misleading impression of a firm’s financial position and its results of operations is to be achieved.
The nature and content of disclosures relate to all of the following except:
management’s plans for the future.
Which of the following is not a topic that is likely to be discussed as a significant accounting policy?
Method of estimating uncollectible accounts receivable.
The notes to the financial statements:
explain the significant accounting policies of the company.
Significant accounting policies are described in the notes to the financial statements because:
the reader must be aware of which of the alternative generally accepted accounting practices have been used.
When an entity changes its accounting from one generally accepted method to another generally accepted method:
the dollar effect of the change on both the balance sheet and income statement must be disclosed.
The impact of changing price levels on amounts reported in financial statements is:
encouraged, but not required to be described in the notes to the financial statements.
Management’s statement of responsibility:
affirms that management is responsible for assuring adherence to internal control policies and procedures.
A firm’s cash dividends were $3.96 per share of common stock for calendar 2013. In 2014, the stock was split 3-for-1, and in 2015 a 10% stock dividend was issued. Dividends per share for 2013, to be reported in the firm’s annual report for 2015, are:
$1.20
For 2013, Skresso Co. reported $3.64 of earnings per share of common stock. During 2014, the firm had a 4% common stock dividend. The 2013 earnings per share to be reported in the annual report for 2014 are:
$3.50
Management’s statement of responsibility:
usually refers to the company’s system of internal controls.
Which of the following is the proper paragraph sequence for an independent Auditor’s Report?
Introduction, scope, opinion.
A firm’s independent auditors have the responsibility to:
assess the firm’s accounting policies.
The independent auditors’ report usually:
includes an opinion that the financial statements present fairly, in all material respects, financial information about the company.
An audit conducted in accordance with generally accepted auditing standards includes each of the following except:
evaluation of the efficiency and effectiveness of management.
Which of the following requires an explanatory paragraph in the independent auditors’ report?
Basing the opinion on the work of another auditor, uncertainties about the outcome of a significant event that would have affected the presentation of the financial statements and substantial doubt about the entity’s viability to continue as a going concern are correct.
Which of the following is not a category of financial statement ratios?
Prospectus.
Management’s use of resources can best be evaluated by focusing on measures of:
activity
An individual interested in making a judgment about the profitability of a company should:
review the trend of the company’s ROI for several years.
An entity’s current ratio will be influenced by:
the inventory cost flow assumption used.
A potential creditor’s judgment about granting credit would be most influenced by the potential customer’s:
practice with respect to taking cash discounts offered by current suppliers.
The comparison of activity measures of different companies is complicated by the fact that:
different inventory cost flow assumptions may be used.
The inventory turnover calculation:
is an alternative way of expressing the number of days’ sales in inventory.
If a firm’s payment terms for sales made on account to its customers were 2/10, n30, the number of days’ sales in accounts receivable would be expected to be:
between 10 and 25.
Asset turnover calculations:
should be evaluated by observing the turnover trend over a period of time.
When a firm has financial leverage:
risk is greater than if there wasn’t any leverage.
The dividend payout ratio describes:
the proportion of earnings paid as dividends.
The price/earnings ratio:
is a measure of the relative expensiveness of a firm’s common stock.
If the P/E ratio of a company’s common stock were 12, and its earnings were $2.50 per common share:
an increase in earnings of $0.20 per share, with no change in the multiple, would result in a market price increase of $2.40 per share.
Another term for the price/earnings ratio is:
earnings multiple.
A higher P/E ratio means that:
the stock is relatively expensive.
When a corporation has both common stock and preferred stock outstanding:
dividends on preferred stock must be paid before dividends on common stock can be paid.
A management that wanted to increase the financial leverage of its firm would:
raise additional capital by selling fixed interest rate long-term bonds.
If a firm’s debt ratio was 25%, its debt/equity ratio would be:
33.33%
A leveraged buyout refers to:
a firm goes heavily into debt in order to obtain the funds to purchase the shares of the public stockholders and thus take the firm private.
Book value per share of common stock of a manufacturing company:
is not a very useful measure most of the time.
A common size income statement:
expresses items as a percentage of revenues.
Financial leverage:
arises because most borrowed funds have a fixed interest rate.
Which of the following is(are) an example of a measure of leverage?
Debt/equity ratio.
For the fiscal year ended March 31, 2014, a company reported earnings per share of $3.25 and cash dividends per share of $0.50. During fiscal 2015, the company had a 3-for-2 stock split. In the annual report for the fiscal year ended March 31, 2015, earnings per share and cash dividends for fiscal 2014 would be reported, respectively, as:
$2.17 and $0.33.

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