accounting-The net income for ShaminaTutorial Services for the year ended was $500,000

SHOW CALCULATIONS…1) The net income for ShaminaTutorial Services for the year ended was $500,000. The company has no preferred stock. Common stockholders’ equity was $1,000,000 at the beginning of the year and $2,000,000 at the end of the year. Calculate the return on common stockholders’ equity.A) 18.75%B) 20.00%C) 21.43%D) 33.33%2) NHL Geological Services has net sales on account of $1,200,000. The average net accounts receivable are $600,000. Calculate the days’ sales in receivables.A) 439.8 daysB) 304.0 daysC) 182.5 daysD) 8.7 days3) Benjamin Sports Camp Inc.. provides the following data:20152014Cash$21,000$18,000Accounts Receivable, Net31,00035,000Merchandise Inventory53,00025,000Property, Plant, and Equipment, Net120,00090,000Total assets$225,000$168,000Net credit sales$240,000Cost of Goods Sold(110,000)Gross profit$130,000Calculate days’ sales in inventory for 2015.A) 252.2B) 176.3C) 0.008D) 129.46) Benjamin Sports Camp Inc. provides the following data:20152014Cash$40,000$25,000Accounts Receivable, Net98,00062,000Merchandise Inventory70,00050,000Property, Plant, and Equipment, Net180,000120,000Total assets$388,000$257,000Net credit sales$240,000Cost of Goods Sold(110,000)Gross profit$130,000Calculate accounts receivable turnover ratio for the year 2015.A) 5 timesB) 4 timesC) 3 timesD) 2 times7) Benjamin Sports Camp Inc. provides the following data:20152014AssetsCurrent Assets:Cash and Cash Equivalents$29,000$25,000Accounts Receivable, Net31,00062,000Merchandise Inventory53,00050,000Total Current Assets$113,000137,000Property, Plant, and Equipment, Net120,000120,000Total Assets$233,000257,000Net sales$500,000Cost of Goods Sold(150,000)Gross profit$350,000Calculate the asset turnover for the year 2015.A) 7.27 timesB) 1.22 timesC) 1.55 timesD) 2.04 times8) Maryland Inc. provides the following income statement for the year 2015:2015Net Sales$240,000Cost of Goods Sold110,000Gross Profit$130,000Operating Expenses:Selling Expenses45,000Administrative expenses12,000Total Expenses57,000Operating Income$73,000Other Revenues and (Expenses):Loss on sale of capital assets(23,000)Interest Expense(1,000)Total Other Revenues and (Expenses)(24,000)Income Before Taxes$49,000Income Tax Expense5,000Net Income$44,000Calculate the times-interest-earned ratio.A) 25 timesB) 30 timesC) 45 timesD) 50 times9) The following information relates to Chesapeake IncAdvertising Costs$10,270Sales Salary4,500Sales Revenue450,000President’s Salary40,300Office Rent61,100Manufacturing Equipment Depreciation2,080Indirect Materials9,360Indirect Labor11,700Factory Repair and Maintenance910Direct Materials28,080Direct Labor35,100Delivery Vehicle Depreciation1,027Administrative Salaries24,700How much were Chesapeake Inc’s product costs?A) $141,897B) $697,127C) $229,127D) $87,23010) The following information relates to Chesapeake Inc.:Advertising Costs$10,270Sales Salary4,500Sales Revenue450,000President’s Salary40,300Office Rent61,100Manufacturing Equipment Depreciation2,080Indirect Materials9,360Indirect Labor11,700Factory Repair and Maintenance910Direct Materials28,080Direct Labor35,100Delivery Vehicle Depreciation1,027Administrative Salaries24,700How much was Chesapeake Inc’s manufacturing overhead?A) $21,060B) $21,970C) $24,050D) $141,89711) At the beginning of 2015, Jakob Medical Company’s Work-in-Process Inventory account had a balance of $120,000. During 2015, $250,000 of direct materials were used in production, and $75,000 of direct labor costs were incurred. Manufacturing overhead amounted to $850,000. The cost of goods manufactured was $675,000. What is the balance in the Work-in-Process Inventory account on December 31, 2015?A) $230,000B) $1,295,000C) $675,000D) $620,00012) Sadie Literary Services Company’s selected cost data for 2015 are shown below:Work-in-Process Inventory, Jan. 1, 2015$5,640Direct Materials Used105,000Work-in-Process Inventory, Dec. 31, 20152,870Cost of Goods Manufactured193,200Assuming manufacturing overhead costs of $27,850, what is the amount of direct labor incurred by Sadie Literary Services Company in 2015?A) $63,120B) $190,430C) $57,580D) $79,69013) Brielle Inc. reports the following cost information for March:Cost of Goods Manufactured$75,000Manufacturing Overhead18,250Finished Goods Inventory, March 14,500Finished Goods Inventory, March 312,650Work-in-Process Inventory, March 19,670Work-in-Process Inventory, March 311,250Direct Materials Used25,300What is the cost of goods sold for March?A) $83,420B) $73,150C) $76,850D) $82,15014) Baltimore Inc. reports the following cost information for March:Cost of Goods Manufactured$75,000Manufacturing Overhead18,250Finished Goods Inventory, March 14,500Finished Goods Inventory, March 312,650Work-in-Process Inventory, March 19,670Work-in-Process Inventory, March 311,250Direct Materials Used25,300What is the amount of direct labor incurred by Baltimore Inc. in March?A) $29,600B) $39,870C) $126,970D) $23,03015) Felix Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement:Additional information provided by the company includes the following:1) Current assets, other than cash, increased by $24,0002) Current liabilities decreased by $1,000How much is the net cash provided by operating activities?A) $21,000B) $34,000C) $29,000D) $39,000

 

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