1. Company XX has the following information available: Selling price per unit $100 Variable cost per unit $70 Fixed costs per year $450,000 What is the break-even point in units? A) 15,000 B) 12,000 C) 20,000 D) none of the above

2. The following information was obtained from the accounting records of Stevie Nicks Incorporated: Direct materials purchased $20,000 Direct materials used 16,000 Direct manufacturing labor costs 15,000 Indirect manufacturing costs 115,000 Selling expenses 6,000 Administrative expenses 12,000 Work in process inventory, 0 beginning Work in process inventory, end 0 Finished goods inventory, beginning 4,000 Finished goods inventory, end 12,000 What is Cost of Goods manufactured? A) $146,000 B) $138,000 C) $166,000 D) $150,000

3. Nicklaus Company sold inventory costing $12,000 for $14,800 on the account. Nicklaus The company operates under an accrual basis. What effect will the transaction have on the liabilities and owners' equity of the company? A) liabilities will increase $2,800 B) owners' equity will increase $2,800 C) no effect D) owners' equity will increase $12,000

4. Yesterday Company's accountant recorded a debit to Accounts Payable and a credit to Cash. This transaction will A) decrease Cash and increase Accounts Payable B) increase Cash and decrease Accounts Payable C) decrease Cash and decrease Accounts Payable D) increase Cash and increase Accounts Payable

5. Mr. Bryan invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to A) Retained Earnings and a credit to Cash B) Paid-in Capital and a credit to Retained Earnings C) Cash and a credit to Paid-in Capital D) Cash and a credit to Retained Earnings