ACCT 221 Quiz 2 Part I and Part 2 Question November 2015

ACCT 221 Quiz 2Please answer in the Answer Sheet provided at the end of the Question booklet. Submit the Answer Sheet only through Quiz 2 Assignment link in LEO.Do NOT submit the entire Question Booklet. If you do so, you will have a 5 point deduction. All work must be submitted as a Word document. HANDWRITTEN WORK WILL NOT BE ACCEPTED.Deadline: 11.59 pm, Sunday NOVEMBER 22I will accept late work up to 2 hours after the deadline with an automatic 10 point penalty. After that, you will receive a zero for this Quiz.1 ) The following information relates to Chesapeake Inc.:Advertising Costs $10,270Administrative Salaries 24,700Delivery Vehicle Depreciation 1,027Factory Repair and Maintenance 910Indirect Labor 11,700Indirect Materials 9,360Manufacturing Equipment Depreciation 2,080Office Rent 61,100President’s Salary 40,300Sales Revenue 450,000Sales Salary 4,500How much were Chesapeake Inc.’s period costs?A) $141,897B) $474,050C) $615,947D) $61,5032) ABC corporation has 2,000 shares, 10% preferred stock of $50 par, and 6,000 shares of common stock outstanding. The net income for the year is $250,000. Earnings per share. isA) $50B) $40C) $42D) $1253) 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%4) 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 days5) Benjamin Sports Camp Inc.. provides the following data: 2015 2014Cash $21,000 $18,000Accounts Receivable, Net 31,000 35,000Merchandise Inventory 53,000 25,000Property, Plant, and Equipment, Net 120,000 90,000Total 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: 2015 2014Cash $40,000 $25,000Accounts Receivable, Net 98,000 62,000Merchandise Inventory 70,000 50,000Property, Plant, and Equipment, Net 180,000 120,000Total 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: 2015 2014Assets Current Assets: Cash and Cash Equivalents $29,000 $25,000Accounts Receivable, Net 31,000 62,000Merchandise Inventory 53,000 50,000Total Current Assets $113,000 137,000Property, Plant, and Equipment, Net 120,000 120,000Total Assets $233,000 257,000Net 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 Sold 110,000Gross Profit $130,000Operating Expenses: Selling Expenses 45,000Administrative expenses 12,000Total Expenses 57,000Operating 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 Expense 5,000Net 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 Salary 4,500Sales Revenue 450,000President’s Salary 40,300Office Rent 61,100Manufacturing Equipment Depreciation 2,080Indirect Materials 9,360Indirect Labor 11,700Factory Repair and Maintenance 910Direct Materials 28,080Direct Labor 35,100Delivery Vehicle Depreciation 1,027Administrative Salaries 24,700How 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 Salary 4,500Sales Revenue 450,000President’s Salary 40,300Office Rent 61,100Manufacturing Equipment Depreciation 2,080Indirect Materials 9,360Indirect Labor 11,700Factory Repair and Maintenance 910Direct Materials 28,080Direct Labor 35,100Delivery Vehicle Depreciation 1,027Administrative Salaries 24,700How 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 Used 105,000Work-in-Process Inventory, Dec. 31, 2015 2,870Cost of Goods Manufactured 193,200Assuming 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 Overhead 18,250Finished Goods Inventory, March 1 4,500Finished Goods Inventory, March 31 2,650Work-in-Process Inventory, March 1 9,670Work-in-Process Inventory, March 31 1,250Direct Materials Used 25,300What 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 Overhead 18,250Finished Goods Inventory, March 1 4,500Finished Goods Inventory, March 31 2,650Work-in-Process Inventory, March 1 9,670Work-in-Process Inventory, March 31 1,250Direct Materials Used 25,300What 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) $39,00016) Rodriguez Inc uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:Additional information provided by the company includes the following:1) Equipment costing $65,000 was purchased for cash.2) Equipment with a cost of $32,000 and accumulated depreciation of $7,000 was sold for $45,000.What was the amount of net cash provided by (used for) investing activities?A) $120,000B) $20,000C) $(120,000)D) $(20,000)17) Morgana Engineering sold equipment for cash. The income statement shows a loss on sale of $7,000. The net book value of the asset prior to the sale was $26,900. Which of the following statements describes the cash effect of the transaction?A) positive cash flow of $33,900 from financing activitiesB) negative cash flow of $19,900 for operating activitiesC) negative cash flow of $19,900 for financing activitiesD) positive cash flow of $19,900 from investing activities18) Avatar Company is preparing its statement of cash flows using the indirect method. Refer to the following portion of the comparative balance sheet:Additional information provided by the company includes the following:1) During 2014, the company repaid $35,000 of Long-Term Notes Payable.2) During 2014, the company borrowed $27,000 on a new Note Payable.Based on the above information only, what amount of net cash flow would be shown in the financing section of the statement of cash flows?A) $(8,000)B) $8,000C) $62,000D) $(62,000)19) Avatar Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:Note:1) There was no retirement of stock during the year.2) There were no sales of treasury stock during the year.Which of the following statements would be true?A) There was zero net cash flow from transactions involving Common Stock.B) There was a negative cash flow of $4,000 from the issuance of Common Stock.C) There was a positive cash flow of $4,000 from the issuance of Common Stock.D) There was positive cash flow of $16,000 from issuance of Common Stock.20) Taylor Company follows the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:Note: Net Income for the year was $89,000.Based on the above information, calculate the dividends declared during the year 2014.A) $3,000B) $89,000C) $65,000D) $24,00021) Vatsala Company uses the direct method for its statement of cash flow. It reports the following information regarding the year 2014:From the income statement:Sales Revenues, $265,000Cost of Goods Sold, $210,000Operating expenses, $31,000From the balance sheet: Beginning Balance Ending BalanceAccounts Receivable: $14,500 $17,800Inventory: 23,500 17,800Accounts Payable: 6,000 13,500Accrued Liabilities: 4,000 1,500On the statement of cash flows, what amount will be shown for collections from customers?A) $261,700B) $268,300C) $265,000D) $32,30022) Vatsala Company uses the direct method for its statement of cash flow. It reports the following information regarding the year 2014:From the income statement:Sales Revenues, $265,000Cost of Goods Sold, $210,000Operating expenses, $31,000From the balance sheet: Beginning Balance Ending BalanceAccounts Receivable: $14,500 $17,800Inventory: 23,500 17,800Accounts Payable: 6,000 13,500Accrued Liabilities: 4,000 1,500On the statement of cash flows, what amount will be shown for payments to suppliers for inventory purchases? (Assume that Accounts Payable are for purchases of inventory only.)A) $204,300B) $211,800C) $196,800D) $208,20023) During September, the Finishing Department of Perry Hall Company had beginning transferred in units of 500 units with costs of $125,000. During the month, 800 units were transferred in from the Milling Department with transferred in costs of $200,000. It had 400 units in ending Work-in-Process Inventory. What is the total cost of production for the units transferred to the Finishing Department in September under the first-in, first-out (FIFO) method?A) $258,336B) $125,000C) $75,000D) $150,00024) The Polishing Department of Kevin Wood Works had 15,000 units in process on June 1 and received 25,000 units from the Machining Department. What is the number of units to account for by the Polishing Department for June?A) 25,000 unitsB) 15,000 unitsC) 40,000 unitsD) 10,000 units24) Dennis Paints has two processes—Coloring Department and Mixing Department. Dennis assigned $385,000 to the 5,500 gallons of paint transferred from Mixing Department to Finished Goods Inventory. The journal entry to record completion of processing is:A) debit Work-in-Process Inventory—Mixing, $385,000; credit Finished Goods Inventory, $385,000.B) debit Finished Goods Inventory, $385,000; credit Cost of Goods Sold, $385,000.C) debit Cost of Goods Sold, $385,000; credit Finished Goods Inventory, $385,000.D) debit Finished Goods Inventory, $385,000; credit Work-in-Process Inventory—Mixing, $385,000.SEE ANSWER SHEET ON NEXT PAGEACCT 221 Quiz 1Answer SheetName: (3 point deduction if no name is provided here)Part 1(Do Not show your computations here in Part 1. Computations must be shown in Part 2 of this Answer Sheet)12345678910111213141516171819202122232425Part 2Submit Your supporting Computations here. They must be typed as part of this Word document. HANDWRITTEN WORK WILL NOT BE ACCEPTED ( 5 point penalty if computations are not shown here)There are only 2 questions in this quiz, #19 and #25 that don’t require computations. The remaining 23 questions require computations and you need to show them here. Eg: if your answer to a question is 10 and you had to add 5+5=10 to get to the answer, then I need to see that.Please cross reference your supporting computations with the appropriate question number. These computations are an integral part of this quiz.Failure to submit computations fully will result in significant loss of points.

 

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