Accounting

Question 1 (5 points)

Chesapeake Co. manufactures fine dining tables.  During the most productive month of the year, 3,500 tables were manufactured at a total cost of $84,400.  In its slowest month, the company made 1,100 tables at a cost of $46,000.  Using the high-low method of cost estimation, total fixed costs in August for Chesapeake are:

Question 1 options:

$56000
$28400
$17000
Cannot be determined from data given

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Question 2 (5 points)

 

What is the break-even sales (units) for Morgana Video Edits LLC  if fixed costs are $250,000, the unit selling price is $105, and the unit variable costs are $65,

Question 2 options:

3846 units
2381 units
10000 units
6250 units

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Question 3 (5 points)

 

What is the amount of sales required by Morgana Video Edits LLC to realize an operating income of $200,000 if fixed costs are $1,400,000, the unit selling price is $220, and the unit variable costs are $120,

Question 3 options:

14000 units
12000 units
16000 units
13333 units

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Question 4 (5 points)

 

What is the break-even sales (units) required by Morgana Video Edits LLC if fixed costs are reduced by $40,000 if fixed costs are $300,000, the unit selling price is $25, and the unit variable costs are $20,

Question 4 options:

60000 units
52000 units
62000 units
64000 units

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Question 5 (5 points)

 

If Morgana Video Edits LLC’s sales are $425,000, variable costs are 63% of sales, and operating income is $50,000, what is Morgana’s contribution margin ratio?

Question 5 options:

37.8%
26.8%
11.8%
6.3%

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Question 6 (5 points)

 

What is the amount of working capital  for Elise Catering Services Based on the following data,?

 

Accounts payable $ 30,000
Accounts receivable 65,000
Accrued liabilities 7,000
Cash 20,000
Intangible assets 40,000
Inventory 72,000
Long-term investments 100,000
Long-term liabilities 75,000
Marketable securities 36,000
Notes payable (short-term) 20,000
Property, plant, and equipment 625,000
Prepaid expenses 2,000

Question 6 options:

$238000
$138000
$178000
$64000

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Question 7 (5 points)

 

What is the quick ratio for Elise Catering Services, rounded to one decimal point based on the following data

 

Accounts payable $ 30,000
Accounts receivable 65,000
Accrued liabilities 7,000
Cash 20,000
Intangible assets 40,000
Inventory 72,000
Long-term investments 100,000
Long-term liabilities 75,000
Marketable securities 36,000
Notes payable (short-term) 20,000
Property, plant, and equipment 625,000
Prepaid expenses 2,000

Question 7 options:

2.4
3.4
2.1
1.5

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Question 8 (5 points)

 

What is the accounts receivable turnover for Elise Catering Services based on the following data for the current year?

 

Net sales on account during year $ 400,000
Cost of merchandise sold during year 300,000
Accounts receivable, beginning of year 45,000
Accounts receivable, end of year 35,000
Inventory, beginning of year 90,000
Inventory, end of year 110,000

Question 8 options:

10
11.4
8.9
4.0

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Question 9 (5 points)

 

.      Brielle Financial Services reports on its balance sheets at the end of each of the first two years of operations the following:

 

  2006 2005
Total current assets $600,000 $560,000
Total investments 60,000 40,000
Total property, plant,  and equipment 900,000 700,000
Total current liabilities 150,000 80,000
Total long-term liabilities 350,000 250,000
Preferred 9% stock, $100 par 100,000 100,000
Common stock, $10 par 600,000 600,000
Paid-in capital in excess of par-common stock 60,000 60,000
Retained earnings 325,000 210,000

 

If net income is $115,000 and interest expense is $30,000 for 2006, what are the earnings per share on common stock for 2006, (round to two decimal places)?

Question 9 options:

$1.92
$1.89
$1.77
$1.42

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Question 10 (5 points)

 

Brielle Financial Services reports the following:

  2006
Market price per share of common stock $25.00
Earnings per share on common stock   1.25

 

Which of the following statements is correct?

Question 10 options:

The price-earnings ratio is 20 and a share of common stock was selling for 20 times the amount of earnings per share at the end of 2006.
The price-earnings ratio is 5.0% and a share of common stock was selling for 5.0% more than the amount of earnings per share at the end of 2006.
The price-earnings ratio is 10 and a share of common stock was selling for 125 times the amount of earnings per share at the end of 2006.
The market price per share and the earnings per share are not statistically related to each other.

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Question 11 (5 points)

 

Trang Dry Cleaners reports  net income on the income statement for the current year in the amount of $275,000.  Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively.  Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:

 

  End Beginning
Cash $ 50,000 $ 60,000
Accounts receivable 112,000 108,000
Inventories 105,000 93,000
Prepaid expenses 4,500 6,500
Accounts payable  (merchandise creditors) 75,000 89,000

 

What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method by Trang Cleaners’ accountants?

Question 11 options:

$198000
$324000
$352000
$296000

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Question 12 (5 points)

 

Trang Dry Cleaners owns a building with a book value of $ 45,000 is sold for $50,000 cash.  Using the indirect method, this transaction should be shown on the statement of cash flows as follows:

Question 12 options:

an increase of $45,000 from investing activities
an increase of $50,000 from investing activities and a deduction from net income of $5,000
an increase of $50,000 from investing activities
an increase of $45,000 from investing activities and an addition to net income of $5,000

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Question 13 (5 points)

 

Trang Dry Cleaners sold Equipment with an original cost of $50,000 and accumulated depreciation of $20,000  at a loss of $7,000.  As a result of this transaction, Trang’s cash  would

Question 13 options:

an increase of $23000
a decrease of $7000
an increase of $43000
an increase of $30000

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Question 14 (5 points)

 

Vatsala Bakery Group reports the following: The cost of merchandise sold during the year was $50,000.  Merchandise inventories were $12,500 and $10,500 at the beginning and end of the year, respectively.  Accounts payable were $6,000 and $5,000 at the beginning and end of the year, respectively.  Using the direct method of reporting cash flows from operating activities, cash payments by Vatsala  for merchandise total

Question 14 options:

$49000
$47000
$51000
$53000

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Question 15 (5 points)

 

Vatsala Bakery Group reports the following information: Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at the beginning and end of the year.  Cash received from customers to be reported on the cash flow statement using the direct method is

Question 15 options:

$700000
$600000
580000
620000

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Question 16 (5 points)

 

 

Venkat Manufacturing  forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours. If Venkat Manufacturing uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate?

Question 16 options:

$80 per machine hour
$120 per machine hour
$40 per machine hour
$60 per machine hour

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Question 17 (5 points)

 

Venkat Manufacturing  forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours. If Venkat Manufacturing uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by?

Question 17 options:

$2 million overapplied
$2 million underapplied
$4 million overapplied
$4 million underapplied

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Question 18 (5 points)

 

Norman Geological Services is to receive $30,000  in two years, at 12% compounded annually, What is the PV of this money (rounded to nearest dollar)

Question 18 options:

$23916
$37632
$23700
$30000

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Question 19 (5 points)

 

What is the inventory turnover for Brielle Financial Service based on the following data for the current year?

 

Net sales on account during year $ 500,000
Cost of merchandise sold during year 330,000
Accounts receivable, beginning of year 45,000
Accounts receivable, end of year 35,000
Inventory, beginning of year 90,000
Inventory, end of year 110,000

Question 19 options:

3.3
8.3
3.7
3.0

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Question 20 (5 points)

 

20     Venkat Manufacturing during the period incurs  labor costs on account amounted to $225,000 including $195,000 for production orders and $30,000 for general factory use.  In addition, factory overhead applied to production was $17,000.  From the following, select the entry Venkat’s accountants  will use to record the actual factory overhead costs incurred.

Question 20 options:

Accounts Payable                       30,000

Factory Overhead                                 30,000

Factory Overhead                       17,000

Accounts Payable                             17000

Work in Process                        30,000

Factory Overhead                                 30,000

Factory Overhead              30,000

Wages Payable                               30,000

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