Please assist answering the following questions and problem solving on the attached word document. Thanks in advance.

Quiz #2 ACCT 221 *Prepare your responses to problems 1-4 at the very bottom of the page. Dates and descriptions are not required. Question 1 (5 points) Using the selected data below, calculate the net cash provided by operating activities: Net income Increase in accounts receivable Increase in accounts payable Gain on the sale of equipment Depreciation expense Purchase of new delivery truck $240,000 $15,000 $12,000 $8,000 $18,000 $35,000 Question 1 options: $247,000 $250,000 $255,000 $263,000 Save Question 2 (5 points) Using the selected data below, calculate the net cash provided or (used) by investing activities: Net income $180,000 Depreciation expense $16,000 Gain on the sale of equipment $10,000 Cash proceeds on sale of equipment $12,000 Purchase of new delivery truck $35,000 Question 2 options: $157,000 ($13,000) ($23,000) $3,000 Save Question 3 (5 points) A company had an accounts receivable balance of $425,000 at the beginning of the year and $500,000 at the end of the year. The total credit sales during the year were $3,600,000. What was the average collection period in days (round to nearest number of days)? Question 3 options: 43 days 47 days 51 days 53 days Save Question 4 (5 points) A Corporation has 250,000 shares of $10 par common stock issued and outstanding. AA Corporation also has 50,000 shares of $100, 6% par cumulative preferred stock. In 2016, AA had net income of $3,500,000. The number of shares of both common and preferred stock has not changed during the year, and the preferred stock dividends were paid at the end of 2015. What are the common earnings per share (EPS) for 2016? Round to the nearest cent. Question 4 options: $1.40 $14.00 $12.80 $13.73 Save Problems For this part of the quiz, you will be uploading your work through an answer sheet. The instructions for how to upload your answer sheet are provided below. Problem Answer Sheet Instructions To submit your answers for this part of the exam, fill in the answer sheet and upload it to the exam. Download: Quiz 2 Answer Sheet To upload your answer sheet, follow these instructions: Click the Insert Stuff icon (first on the left). Click Upload to retrieve the file from your computer and upload it. For Link Text: (Your Name) Final Exam Answer Sheet Click Add. (Ignore the Choose Destination prompt.) Click OK. Question 11 (50 points) Problem 1 (10 POINTS) Apollo Manufacturing produces a basic cellphone as a contract manufacturer. Overhead is applied at a rate of $42 per direct labor hour. The direct labor rate is $18 per hour. In March, there was no beginning or ending work in process, and the assembly department produced 20,000 finished phones. The materials cost was $120,000, and there were 2,500 direct labor hours worked during the month. Actual overhead spending was $103,400 during the month. Calculate the total cost of production in the month of March and the cost per unit for each phone produced. Determine if overhead was over applied or under applied and by what amount. Problem 2 (10 POINTS) Mega Manufacturing produces wooden chairs. The cutting department produces all of the component parts and transfers the parts to the assembly department. The assembly department had no work in process at the beginning of the month and had two jobs started during the month. Since materials are transferred in, all materials are charged to each job at the beginning of the job. The materials cost is $17.50 per chair. Assembly time is 20 minutes per chair and the direct labor rate is $15 per hour. Overhead is charged to a job only when a job is completed and ready to transfer to finished goods. The overhead is applied on a per-chair basis at a rate of $6 per chair. Job No. 1 was for 1,000 chairs, and it was started and completed during the month. Job No. 2 was for 1,500 chairs, and it was 60% complete at month end. Calculate the costs to complete Job No. 1 and the unit cost per chair. Calculate the costs charged as of month's end and the equivalent units of production for Job No. 2. Problem 3 (15 POINTS) Presented below is an income statement, with the past two years' results presented: Revenue 2016 $4,200,000 2015 $4,000,000 Cost of goods sold Gross profit Selling cost Administrative cost Operating profit Interest expense Income before taxes Income taxes Net income $2,910,000 $1,290,000 $280,000 $140,000 $870,000 $78,000 $792,000 $277,200 $514,800 $2,800,000 $1,200,000 $250,000 $120,000 $830,000 $80,000 $750,000 $262,500 $487,500 Prepare a vertical analysis of both 2016 and 2015. Display percentages to 3 decimal places (.654 = 65.4%). Discuss any line items from the income statement that may warrant further investigation from management. Problem 4 (15 POINTS) Presented below is a balance sheet for the last two years: 2016 Cash $118,000 Accounts receivable $98,000 Short-term investments $60,000 Current assets $276,000 Equipment, net of depreciation $220,000 Land $75,000 Total assets $571,000 2015 $115,000 $ 77,000 $65,000 $257,000 $205,000 $75,000 $537,000 Accounts payable Wages payable Short-term revolving bank loan Current liabilities Long-term debt Total liabilities Common stock $72,000 $4,000 $96,000 $3,000 $85,000 $50,000 $161,000 $128,000 $289,000 $100,000 $149,000 $132,000 $281,000 $100,000 Prepare a horizontal analysis. Display percentages to 3 decimal places (.654 = 65.4%). Discuss any line items from the balance sheet that may warrant further investigation from management