Select the best answer for the following questions. Each question is worth 5 points Question 1 (5 points) Using the selected data below, calculate the net cash provided by operating activities: Net income $240,000
Quiz
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| Note: It is recommended that you save your response as you complete each question. |
Directions: This quiz tests how well you understand the concepts covered in Weeks 3 and 4. Quiz 2 contains 10 multiple-choice questions worth 5 points each. Problems 1 and 2 are worth 10 points each. Problems 3 and 4 are worth 15 points each.
The computer will automatically grade the multiple-choice questions, but grading will not be complete until your instructor manually grades the short-answer questions. Your instructor may grant partial credit on short-answer questions for less than complete answers.
You can take the quiz only once. You can save each question after answering, and you can save the quiz before submitting. Once you have submitted the quiz, you will receive a score and be able to compare your answers to the correct answers.
Multiple Choice Questions
Select the best answer for the following questions. Each question is worth 5 points
Question 1 (5 points)
Using the selected data below, calculate the net cash provided by operating activities:
| Net income | $240,000 |
| Increase in accounts receivable | $15,000 |
| Increase in accounts payable | $12,000 |
| Gain on the sale of equipment | $8,000 |
| Depreciation expense | $18,000 |
| Purchase of new delivery truck | $35,000 |
Question 1 options:
| $247,000 | |
| $250,000 | |
| $255,000 | |
| $263,000 |
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Question 2 (5 points)
Using the selected data below, calculate the net cash provided or (used) by investing activities:
| Net income | $180,000 |
| Depreciation expense | $16,000 |
| Gain on the sale of equipment | $10,000 |
| Cash proceeds on sale of equipment | $12,000 |
| Purchase of new delivery truck | $35,000 |
Question 2 options:
| $157,000 | |
| ($13,000) | |
| ($23,000) | |
| $3,000 |
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Question 3 (5 points)
A company had an accounts receivable balance of $425,000 at the beginning of the year and $500,000 at the end of the year. The total credit sales during the year were $3,600,000. What was the average collection period in days (round to nearest number of days)?
Question 3 options:
| 43 days | |
| 47 days | |
| 51 days | |
| 53 days |
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Question 4 (5 points)
A Corporation has 250,000 shares of $10 par common stock issued and outstanding. AA Corporation also has 50,000 shares of $100, 6% par cumulative preferred stock. In 2016, AA had net income of $3,500,000. The number of shares of both common and preferred stock has not changed during the year, and the preferred stock dividends were paid at the end of 2015. What are the common earnings per share (EPS) for 2016? Round to the nearest cent.
Question 4 options:
| $1.40 | |
| $14.00 | |
| $12.80 | |
| $13.73 |
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Question 5 (5 points)
At the beginning of the year, Bell Corporation’s balance sheet showed total assets of $14,000,000, and at the end of the year, the total assets had grown to $16,000,000. Bell had net income of $2,000,000 based on sales of $30,000,000. What was the total asset turnover for Bell? Round to two decimal places.
Question 5 options:
| $0.50 | |
| $1.87 | |
| $2.14 | |
| $2.00 |
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Question 6 (5 points)
A manufacturing company allocates overhead at a fixed rate of $65 per hour based on direct labor hours. During the month, total overhead incurred was $280,000, and the total direct labor hours work was 4,000. Job number 5-23 had 500 hours of direct labor. What is the amount of overhead allocated to job 5-23?
Question 6 options:
| $3,000 | |
| $3,250 | |
| $3,500 | |
| $3,750 |
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Question 7 (5 points)
Bargain Discounter Inc. is a merchandiser that had inventory at the beginning of the year of $840,000. It made purchases of $1,550,000 and had returns and allowances on purchases of $50,000. Ending inventory was $880,000. Total cost of goods sold was $1,460,000. What was the goods available for sale amount?
Question 7 options:
| $2,340,000 | |
| $620,000 | |
| $2,290,000 | |
| $2,390,000 |
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Question 8 (5 points)
Ace Widget Company is a process manufacturer. The company budgeted 11,500 direct labor hours but had actual direct labor hours of 12,000. The company produced 60,000 equivalent units, spending $300,000 on material. Labor rate is $15 per hour, and overhead is applied at a rate of $25 per direct labor hour. What is the total manufacturing cost per unit? Round to the closest cent.
Question 8 options:
| $11.92 | |
| $15 | |
| $12.67 | |
| $13 |
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Question 9 (5 points)
The assembly department had beginning work in process of 18,000 units, ending work in process of 22,000 units, and units transferred out of 58,000 units. What was the number of units started or transferred in?
Question 9 options:
| 58,000 | |
| 62,000 | |
| 66,000 | |
| 70,000 |
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Question 10 (5 points)
Cabot Corp. is a job lot manufacturer. The budget for the month of May calls for 7,000 direct labor hours to be worked. Budgeted overhead is $84,000 with a predetermined rate of $12 per hour. Overhead is applied based on actual direct hours worked. Actual direct hours were 7,200 and actual overhead spending was $83,000. What was the under applied or over applied overhead for the month of May? Over applied is shown as a negative number.
Question 10 options:
| $3,400 | |
| $2,400 | |
| ($2,400) | |
| ($3,400) |
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