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Question 1 (5 points) 1 Chesapeake Co. manufactures fine dining
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I need help with this quiz if possible. Looked over material again but not quite getting it. You will find the questions attached. Will need to get answers to questions as well as break down of answers.


Question 1 (5 points) 1 Chesapeake Co. manufactures fine dining tables. During the most productive month of the year, 3,500 ta

 

bles 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 Chesa

 

peake are:

 

Question 1 options:

 

a. $56,000

 

b. $28,400

 

c. $17,600

 

d. cannot be determined from the data given

 

Save

 

Question 2 (5 points) 2 What is the break-even sales (units) for Morgana Video Edits LLC if fixed costs are $250,000, the unit sell

 

ing price is $105, and the unit variable costs are $65,

 

Question 2 options:

 

a. 3,846 units

 

b. 2,381 units

 

c. 10,000 units

 

d. 6,250 units

 

Save Question 3 (5 points) 3 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:

 

a. 14,000 units

 

b. 12,000 units

 

c. 16,000 units

 

d. 13,333 units

 

Save

 

Question 4 (5 points) 4 What is the break-even sales (units) required by Morgana Video Edits LLC if fixed costs are reduced by $4

 

0,000 if fixed costs are $300,000, the unit selling price is $25, and the unit variable costs are $20,

 

Question 4 options:

 

a. 60,000 units

 

b. 52,000 units

 

c. 62,000 units

 

d. 64,000 units

 

Save

 

Question 5 (5 points) 5 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:

 

a. 37%

 

b. 26.8%

 

c. 11.8%

 

d. 63%

 

Save

 

Question 6 (5 points) 6 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:

 

a. $238,000

 

b. $138,000

 

c. $178,000

 

d. $64,000

 

Save

 

Question 7 (5 points) 7 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

 

Question 7 options: 2,000 a. 2.4

 

b. 3.4

 

c. 2.1

 

d. 1.5

 

Save

 

Question 8 (5 points) 8 What is the accounts receivable turnover for Elise Catering Services based on the following data for the c

 

urrent 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:

 

a. 10.0

 

b. 11.4

 

c. 8.9

 

d. 4.0

 

Save

 

Question 9 (5 points) 9 Brielle Financial Services reports on its balance sheets at the end of each of the first two years of operati

 

ons 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 s

 

60,000

 

tock 60,000 Retained earnings 210,000 325,000 If net income is $115,000 and interest expense is $30,000 for 2006, what are the earnings per share on c

 

ommon stock for 2006, (round to two decimal places)?

 

Question 9 options:

 

a. $1.92

 

b. $1.89

 

c. $1.77

 

d. $1.42 Question 10 (5 points)

 

10 Brielle Financial Services reports the following:

 

2006

 

Market price per share of common stock

 

Earnings per share on common stock

 


 

$25.00

 

1.25 Which of the following statements is correct?

 

Question 10 options:

 

a The price-earnings ratio is 20 and a share of common stock was selling for 20 times the amount o

 

. f earnings per share at the end of 2006.

 

a The price-earnings ratio is 20 and a share of common stock was selling for 20 times the amount o

 

. f earnings per share at the end of 2006.

 

c 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.

 

d. The market price per share and the earnings per share are not statistically related to each other. Question 11 (5 points) 11 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 a

 

nd $9,000, respectively. Balances of current asset and current liability accounts at the end and at the be

 

ginning 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 prep

 

ared by the indirect method by Trang Cleaners? accountants? Question 11 options:

 

a. $198,000

 

b. $324,000

 

c. $352,000

 

d. $296,000

 

12 Trang Dry Cleaners owns a building with a book value of $ 45,000 is sold for $50,000 cash. Using the indi

 

rect method, this transaction should be shown on the statement of cash flows as follows:

 

Question 12 options:

 

a. an increase of $45,000 from investing activities

 

b. an increase of $50,000 from investing activities and a deduction from net income of $5,000

 

c. an increase of $50,000 from investing activities

 

d. an increase of $45,000 from investing activities and an addition to net income of $5,000

 

13 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:

 

a. increase by $23,000

 

b. decrease by $7,000

 

c. increase by $43,000 d. decrease by $30,000

 

14 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 merchandi

 

se total

 

Question 14 options:

 

a. $49,000

 

b. $47,000

 

c. $51,000

 

d. $53,000

 

15 Vatsala Bakery Group reports the following information: Sales for the year were $600,000. Accounts rece

 

ivable were $100,000 and $80,000 at the beginning and end of the year. Cash received from customers t

 

o be reported on the cash flow statement using the direct method is

 

Question 15 options:

 

a. $700,000

 

b. $600,000

 

c. $580,000

 

d. $620,000

 

16 Venkat Manufacturing forecasts that total overhead for the current year will be $12,000,000 and that to

 

tal 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 o

 

n machine hours for applying overhead, what is that overhead rate?

 

Question 16 options:

 

a. $80 per machine hour

 

b. $120 per machine hou-7r

 

c. $40 per machine hour

 

d. $60 per machine hour

 

17 Venkat Manufacturing forecasts that total overhead for the current year will be $12,000,000 and that to

 

tal 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 o

 

n machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under

 

applied by?

 

Question 17 options:

 

a. $2,000,000 over

 

b. $2,000,000 under

 

c. $4,000,000 over

 

d. $4,000,000 under

 

18 Norman Geological Services is to receive $30,000 in two years, at 12% compounded annually, What is th

 

e PV of this money (rounded to nearest dollar)

 

Question 18 options: a. $23,916

 

b. $37,632

 

c. $23,700

 

d. $30,000

 

19 What is the inventory turnover for Brielle Financial Service based on the following data for the current ye

 

ar?

 

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:

 

a. 3.3

 

b. 8.3

 

c. 3.7

 

d. 3.0

 

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 applie

 

d to production was $17,000. From the following, select the entry Venkat?s accountants will use to recor

 

d the actual factory overhead costs incurred.

 

Question 20 options: a. b. c. d. Accounts Payable

 

Factory Overhead

 

Factory Overhead

 

Accounts Payable

 

Work in Process

 

Factory Overhead 30,000

 

30,000

 

17,000

 

17,000

 

30,000

 

30,000 Factory Overhead 30,000 Wages Payable 30,000

 







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