Can you help me with the attached accounting files?

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 4,500 450,000 40,300 61,100 2,080 9,360 11,700 910 28,080 Direct Labor Delivery Vehicle Depreciation Administrative Salaries 35,100 1,027 24,700 How much were Chesapeake Inc's product costs? A) $141,897 B) $697,127 C) $229,127 D) $87,230 10) 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 Direct Labor Delivery Vehicle Depreciation Administrative Salaries $10,270 4,500 450,000 40,300 61,100 2,080 9,360 11,700 910 28,080 35,100 1,027 24,700 How much was Chesapeake Inc's manufacturing overhead? A) $21,060 B) $21,970 C) $24,050 D) $141,897 11) At the beginning of 2015, Jakob Medical Company's Work-in-Process Inventory account had a balance of $120,000. During 2015, $250,000 of direct materials were used in production, and $75,000 of direct labor costs were incurred. Manufacturing overhead amounted to $850,000. The cost of goods manufactured was $675,000. What is the balance in the Work-in-Process Inventory account on December 31, 2015? A) $230,000 B) $1,295,000 C) $675,000 D) $620,000 12) Sadie Literary Services Company's selected cost data for 2015 are shown below: Work-in-Process Inventory, Jan. 1, 2015 Direct Materials Used Work-in-Process Inventory, Dec. 31, 2015 Cost of Goods Manufactured $5,640 105,000 2,870 193,200 Assuming manufacturing overhead costs of $27,850, what is the amount of direct labor incurred by Sadie Literary Services Company in 2015? A) $63,120 B) $190,430 C) $57,580 D) $79,690 13) Brielle Inc. reports the following cost information for March: Cost of Goods Manufactured Manufacturing Overhead Finished Goods Inventory, March 1 Finished Goods Inventory, March 31 Work-in-Process Inventory, March 1 Work-in-Process Inventory, March 31 Direct Materials Used $75,000 18,250 4,500 2,650 9,670 1,250 25,300 What is the cost of goods sold for March? A) $83,420 B) $73,150 C) $76,850 D) $82,150 14) Baltimore Inc. reports the following cost information for March: Cost of Goods Manufactured Manufacturing Overhead Finished Goods Inventory, March 1 Finished Goods Inventory, March 31 Work-in-Process Inventory, March 1 Work-in-Process Inventory, March 31 Direct Materials Used $75,000 18,250 4,500 2,650 9,670 1,250 25,300 What is the amount of direct labor incurred by Baltimore Inc. in March? A) $29,600 B) $39,870 C) $126,970 D) $23,030 15) Felix Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement: Additional information provided by the company includes the following: 1) Current assets, other than cash, increased by $24,000 2) Current liabilities decreased by $1,000 How much is the net cash provided by operating activities? A) $21,000 B) $34,000 C) $29,000 D) $39,000 16) Rodriguez Inc uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Additional information provided by the company includes the following: 1) Equipment costing $65,000 was purchased for cash. 2) Equipment with a cost of $32,000 and accumulated depreciation of $7,000 was sold for $45,000. What was the amount of net cash provided by (used for) investing activities? A) $120,000 B) $20,000 C) $(120,000) D) $(20,000) 17) Morgana Engineering sold equipment for cash. The income statement shows a loss on sale of $7,000. The net book value of the asset prior to the sale was $26,900. Which of the following statements describes the cash effect of the transaction? A) positive cash flow of $33,900 from financing activities B) negative cash flow of $19,900 for operating activities C) negative cash flow of $19,900 for financing activities D) positive cash flow of $19,900 from investing activities 18) Avatar Company is preparing its statement of cash flows using the indirect method. Refer to the following portion of the comparative balance sheet: Additional information provided by the company includes the following: 1) During 2014, the company repaid $35,000 of Long-Term Notes Payable. 2) During 2014, the company borrowed $27,000 on a new Note Payable. Based on the above information only, what amount of net cash flow would be shown in the financing section of the statement of cash flows? A) $(8,000) B) $8,000 C) $62,000 D) $(62,000) 19) Avatar Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Note: 1) There was no retirement of stock during the year. 2) There were no sales of treasury stock during the year. Which of the following statements would be true? A) There was zero net cash flow from transactions involving Common Stock. B) There was a negative cash flow of $4,000 from the issuance of Common Stock. C) There was a positive cash flow of $4,000 from the issuance of Common Stock. D) There was positive cash flow of $16,000 from issuance of Common Stock. 20) Taylor Company follows the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Note: Net Income for the year was $89,000. Based on the above information, calculate the dividends declared during the year 2014. A) $3,000 B) $89,000 C) $65,000 D) $24,000 21) Vatsala Company uses the direct method for its statement of cash flow. It reports the following information regarding the year 2014: From the income statement: Sales Revenues, $265,000 Cost of Goods Sold, $210,000 Operating expenses, $31,000 From the balance sheet: Accounts Receivable: Inventory: Accounts Payable: Accrued Liabilities: Beginning Balance Ending Balance $14,500 $17,800 23,500 17,800 6,000 13,500 4,000 1,500 On the statement of cash flows, what amount will be shown for collections from customers? A) $261,700 B) $268,300 C) $265,000 D) $32,300 22) Vatsala Company uses the direct method for its statement of cash flow. It reports the following information regarding the year 2014: From the income statement: Sales Revenues, $265,000 Cost of Goods Sold, $210,000 Operating expenses, $31,000 From the balance sheet: Accounts Receivable: Inventory: Accounts Payable: Accrued Liabilities: Beginning Balance Ending Balance $14,500 $17,800 23,500 17,800 6,000 13,500 4,000 1,500 On the statement of cash flows, what amount will be shown for payments to suppliers for inventory purchases? (Assume that Accounts Payable are for purchases of inventory only.) A) $204,300 B) $211,800 C) $196,800 D) $208,200 23) During September, the Finishing Department of Perry Hall Company had beginning transferred in units of 500 units with costs of $125,000. During the month, 800 units were transferred in from the Milling Department with transferred in costs of $200,000. It had 400 units in ending Work-in-Process Inventory. What is the total cost of production for the units transferred to the Finishing Department in September under the first-in, first-out (FIFO) method? A) $258,336 B) $125,000 C) $75,000 D) $150,000 24) The Polishing Department of Kevin Wood Works had 15,000 units in process on June 1 and received 25,000 units from the Machining Department. What is the number of units to account for by the Polishing Department for June? A) 25,000 units B) 15,000 units C) 40,000 units D) 10,000 units 24) Dennis Paints has two processesColoring Department and Mixing Department. Dennis assigned $385,000 to the 5,500 gallons of paint transferred from Mixing Department to Finished Goods Inventory. The journal entry to record completion of processing is: A) debit Work-in-Process InventoryMixing, $385,000; credit Finished Goods Inventory, $385,000. B) debit Finished Goods Inventory, $385,000; credit Cost of Goods Sold, $385,000. C) debit Cost of Goods Sold, $385,000; credit Finished Goods Inventory, $385,000. D) debit Finished Goods Inventory, $385,000; credit Work-in-Process InventoryMixing, $385,000. SEE ANSWER SHEET ON NEXT PAGE ACCT 221 Quiz 1 Answer Sheet Name: (3 point deduction if no name is provided here) Part 1(Do Not show your computations here in Part 1. Computations must be shown in Part 2 of this Answer Sheet) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Part 2 Submit Your supporting Computations here. They must be typed as part of this Word document. HANDWRITTEN WORK WILL NOT BE ACCEPTED ( 5 point penalty if computations are not shown here) There are only 2 questions in this quiz, #19 and #25 that don't require computations. The remaining 23 questions require computations and you need to show them here. Eg: if your answer to a question is 10 and you had to add 5+5=10 to get to the answer, then I need to see that. Please cross reference your supporting computations with the appropriate question number. These computations are an integral part of this quiz. Failure to submit computations fully will result in significant loss of points