DONT NEED EXPLANATION. ALL MULTIPLE CHOICE

QUESTION 58) Hirshberg Corporation's comparative balance sheet appears below:

Comparative Balance Sheet
	Ending Balance	Beginning Balance
Assets:
Current assets:
Cash and cash equivalents	$ 46,000	$ 26,000
Accounts receivable	21,400	26,000
Inventory	60,600	56,000
Total current assets	128,000	108,000
Property, plant, and equipment	369,000	336,000
Less accumulated depreciation	177,000	142,000
Net property, plant, and equipment	192,000	194,000
Total assets	$ 320,000	$ 302,000
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable	$ 20,600	$ 17,000
Accrued liabilities	66,200	56,000
Income taxes payable	48,600	46,000
Total current liabilities	135,400	119,000
Bonds payable	63,500	76,000
Total liabilities	198,900	195,000
Stockholders equity:
Common stock	33,400	37,000
Retained earnings	87,700	70,000
Total stockholders equity	121,100	107,000
Total liabilities and stockholders' equity	$ 320,000	$ 302,000

The company's net income for the year was $19,900 and its cash dividends were $2,200. It did not sell or retire any property, plant, and equipment during the year.

The company's net cash provided by (used in) investing activities is:v:

$(33,000)

$(2,000)

$39,600

$68,000

QUESTION 57) Natcher Corporations accounts receivable at the end of Year 2 was $144,000 and its accounts receivable at the end of Year 1 was $153,000. The companys inventory at the end of Year 2 was $148,000 and its inventory at the end of Year 1 was $140,000. Sales, all on account, amounted to $1,401,000 in Year 2. Cost of goods sold amounted to $820,000 in Year 2. The companys operating cycle for Year 2 is closest to: (Round your intermediate calculations to 1 decimal place.)

Multiple Choice

48.2 days

73.4 days

69.7 days

102.8 days

QUESTION 56

Klutz Dance Studio had net income of $179,000 for the year just ended. Klutz collected the following additional information to prepare its statement of cash flows for the year:

Decrease in accounts receivable	$ 27,000
Increase in accounts payable	$ 14,000
Increase in retained earnings	$ 98,000
Cash paid for purchase of new music equipment	$ 23,000
Depreciation expense	$ 5,600

Klutz uses the indirect method to prepare its statement of cash flows. What is Klutz's net cash provided by (used in) operating activities?

Multiple Choice

$104,000

$143,600

$207,200

$225,600

QUESTION 39

Miguez Corporation makes a product with the following standard costs:

	Standard Quantity or Hours		Standard Price or Rate		Standard Cost Per Unit
Direct materials	2.6	liters	$ 7.30	per liter	$ 18.98
Direct labor	0.5	hours	$ 25.00	per hour	$ 12.50
Variable overhead	0.5	hours	$ 2.30	per hour	$ 1.15

The company budgeted for production of 2,900 units in September, but actual production was 2,800 units. The company used 5,740 liters of direct material and 1,710 direct labor-hours to produce this output. The company purchased 6,100 liters of the direct material at $7.50 per liter. The actual direct labor rate was $27.10 per hour and the actual variable overhead rate was $2.20 per hour.

The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

The variable overhead rate variance for September is:

Multiple Choice

$140 F

$171 U

$171 F

$140 U