21)

It is estimated that during the coming year, factory overhead costs will be $675,000 and direct labor costs will be $750,000. The predetermined overhead rate as a percentage of direct labor costs for that year would be

(2pts)

0.9%.

1.11%.

90%.

111%.

28)

The entry to recognize the completion and transfer of a job so that it can be placed in stock would include

(2pts)

debiting Finished Goods and crediting Cost of Goods Sold.

debiting Finished Goods and crediting Work in Process.

debiting Work in Process and crediting Cost of Goods Sold.

debiting Work in Process and crediting Finished Goods.

40)

If $10,000 was generated from operations, $4,000 used for investing activities, and $6,000 provided by financing activities, the cash balance must have increased by

(3pts)

$6,000.

$8,000.

$12,000.

$20,000.

42)

The net sales for a company were $3,600,000; gross profit was $600,000; and net income was $260,000. The net income to net sales ratio would be

(3pts)

7.22%.

16.67%.

23.89%.

43.33%.

43)

Dividing quick assets by total current liabilities is the calculation for the

(2pts)

current ratio.

return on investment.

quick or acid-test ratio.

ratio of liabilities to owner's equity.

44)

The photo department of Santiago Company shows gross sales of $730,600 for chemical supplies and $934,900 for general office supplies. It has determined that chemical supplies cost $534,000 and that general office supplies cost $391,400.

What is the gross profit percentage for the general office supplies section of the photo department?

(3pts)

$543,500

74.4%

72.0%

58.1%

45)

The PJC department of McIntyre Company shows gross sales of $730,600 for computer supplies and $934,900 for general office supplies. It has determined that computer supplies cost $534,000 and that general office supplies cost $391,400.

What is the total gross profit for the PJC department?

(3pts)

$934,900

$754,000

$1,590,900

$740,100

46)

The purchase of direct and indirect materials on account during the month requires an entry

(2pts)

debiting Work in Process and crediting Materials.

debiting Materials and crediting Accounts Payable.

debiting Accounts Payable and crediting Materials.

debiting Materials and crediting Work in Process.