ACCT 221 Quiz 2 Please answer in the Answer Sheet provided at the


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Can you help me with the attached accounting files? Quiz 2.doc ACCT 221 Quiz 2 Please 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 22 I 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 Administrative Salaries Delivery Vehicle Depreciation Factory Repair and Maintenance Indirect Labor Indirect Materials Manufacturing Equipment Depreciation Office Rent President’s Salary Sales Revenue Sales Salary $10,270 24,700 1,027 910 11,700 9,360 2,080 61,100 40,300 450,000 4,500 How much were Chesapeake Inc.’s period costs? A) $141,897 B) $474,050 C) $615,947 D) $61,503 2) 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. is A) $50 B) $40 C) $42 D) $125 3) 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 days B) 304.0 days C) 182.5 days D) 8.7 days 5) Benjamin Sports Camp Inc.. provides the following data: Cash Accounts Receivable, Net Merchandise Inventory Property, Plant, and Equipment, Net Total assets 2015 $21,000 31,000 53,000 2014 $18,000 35,000 25,000 120,000 $225,000 90,000 $168,000 Net credit sales Cost of Goods Sold Gross profit $240,000 (110,000) $130,000 Calculate days’ sales in inventory for 2015. A) 252.2 B) 176.3 C) 0.008 D) 129.4 6) Benjamin Sports Camp Inc. provides the following data: Cash Accounts Receivable, Net Merchandise Inventory Property, Plant, and Equipment, Net Total assets 2015 $40,000 98,000 70,000 2014 $25,000 62,000 50,000 180,000 $388,000 120,000 $257,000 Net credit sales Cost of Goods Sold Gross profit $240,000 (110,000) $130,000 Calculate accounts receivable turnover ratio for the year 2015. A) 5 times B) 4 times C) 3 times D) 2 times 7) Benjamin Sports Camp Inc. provides the following data: 2015 Assets Current Assets: Cash and Cash Equivalents Accounts Receivable, Net 2014 $29,000 31,000 $25,000 62,000 Merchandise Inventory Total Current Assets Property, Plant, and Equipment, Net Total Assets 53,000 $113,000 50,000 137,000 120,000 $233,000 120,000 257,000 Net sales Cost of Goods Sold Gross profit $500,000 (150,000) $350,000 Calculate the asset turnover for the year 2015. A) 7.27 times B) 1.22 times C) 1.55 times D) 2.04 times 8) Maryland Inc. provides the following income statement for the year 2015: Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses Administrative expenses Total Expenses Operating Income Other Revenues and (Expenses): Loss on sale of capital assets Interest Expense Total Other Revenues and (Expenses) Income Before Taxes Income Tax Expense Net Income 2015 $240,000 110,000 $130,000 45,000 12,000 57,000 $73,000 (23,000) (1,000) (24,000) $49,000 5,000 $44,000 Calculate the times-interest-earned ratio. A) 25 times B) 30 times C) 45 times D) 50 times 9) The following information relates to Chesapeake Inc Advertising Costs Sales Salary Sales Revenue President’s Salary Office Rent Manufacturing Equipment Depreciation Indirect Materials Indirect Labor Factory Repair and Maintenance Direct Materials $10,270 4,500

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