14. Net sales are $6,000,000, beginning total assets are $2,800,000, and the asset turnover 2.0 times. What is the ending total asset balance? A) $3,000,000 B) $3,200,000 C) $2,800,000 D) $2,200,000 15. Earnings per share is calculated only for common stock. A) B) only for preferred stock. C) for common and preferred stock. D) only for treasury stock. 16. Which of the following is not a profitability ratio? A) Payout ratio B) Profit margin C) Times interest earned D) Return on common stockholders' equity 17. The rat tio that uses weighted average common shares outstanding in the denominator is the A) price-earnings ratio. B) return on common stockholders' equity. C) earnings per share. D) payout ratio. 18. The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is A) manufacturing overhead. B) indirect materials. C) indirect labor. D) direct labor. Which one of the following would not be classified as manufacturing overhead? A) Indirect labor B) Direct materials C) Insurance on factory building D) Indirect materials 19