Quiz Note: It is recommended that you save your response as you


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Please see attached file, I need help with all the questions. Quiz 2- ACCT 221 4055 Principles of Accounting II (1).pdf Quiz 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 multiplechoice 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. sh is ar stu ed d vi y re aC s ou ou rc rs e eH w er as o. co m 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 Th $247,000 $250,000 $255,000 $263,000 Save Question 2 (5 points) https://www.coursehero.com/file/13769778/Quiz-2-ACCT-221-Principles-of-Accounting-IIpdf/ 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 $157,000 ($23,000) $3,000 Save sh is ar stu ed d vi y re aC s ou ou rc rs e eH w er as o. co m ($13,000) 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)? 43 days 47 days Th 51 days 53 days Save 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. https://www.coursehero.com/file/13769778/Quiz-2-ACCT-221-Principles-of-Accounting-IIpdf/ $1.40 $14.00 $12.80 $13.73 Save sh is ar stu ed d vi y re aC s ou ou rc rs e eH w er as o. co m 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. $0.50 $1.87 $2.14 $2.00 Save Th 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? https://www.coursehero.com/file/13769778/Quiz-2-ACCT-221-Principles-of-Accounting-IIpdf/ $3,000 $3,250 $3,500 $3,750 Save sh is ar stu ed d vi y re aC s ou ou rc rs e eH w er as o. co m Question 7 (5 points) Bargain Discounter Inc. is a merchandiser that had inventory at the beginning of the year of $840,000. It made purchas

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