Please assist by coming up with the answers for each question on the attached word document. Please answer within an hour. Thanks in advance.

ACCT 221 Quiz #2 Fall 2016 UMUC Quiz Note: It is recommended that you save your response as you complete each question. Directions: This quiz tests how well you understand the concepts covered in Weeks 3 and 4. Quiz 2 contains 10 multiple-choice questions worth 5 points each. Problems 1 and 2 are worth 10 points each. Problems 3 and 4 are worth 15 points each. The computer will automatically grade the multiple-choice questions, but grading will not be complete until your instructor manually grades the short-answer questions. Your instructor may grant partial credit on short-answer questions for less than complete answers. You can take the quiz only once. You can save each question after answering, and you can save the quiz before submitting. Once you have submitted the quiz, you will receive a score and be able to compare your answers to the correct answers. Multiple Choice Questions Select the best answer for the following questions. Each question is worth 5 points 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 Question 1 options: $247,000 $240,000 $15,000 $12,000 $8,000 $18,000 $35,000 $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 Question 5 (5 points) At the beginning of the year, Bell Corporation's balance sheet showed total assets of $14,000,000, and at the end of the year, the total assets had grown to $16,000,000. Bell had net income of $2,000,000 based on sales of $30,000,000. What was the total asset turnover for Bell? Round to two decimal places. Question 5 options: $0.50 $1.87 $2.14 $2.00 Save Question 6 (5 points) A manufacturing company allocates overhead at a fixed rate of $65 per hour based on direct labor hours. During the month, total overhead incurred was $280,000, and the total direct labor hours work was 4,000. Job number 5-23 had 500 hours of direct labor. What is the amount of overhead allocated to job 5-23? Question 6 options: $3,000 $3,250 $3,500 $3,750 Save Question 7 (5 points) Bargain Discounter Inc. is a merchandiser that had inventory at the beginning of the year of $840,000. It made purchases of $1,550,000 and had returns and allowances on purchases of $50,000. Ending inventory was $880,000. Total cost of goods sold was $1,460,000. What was the goods available for sale amount? Question 7 options: $2,340,000 $620,000 $2,290,000 $2,390,000 Save Question 8 (5 points) Ace Widget Company is a process manufacturer. The company budgeted 11,500 direct labor hours but had actual direct labor hours of 12,000. The company produced 60,000 equivalent units, spending $300,000 on material. Labor rate is $15 per hour, and overhead is applied at a rate of $25 per direct labor hour. What is the total manufacturing cost per unit? Round to the closest cent. Question 8 options: $11.92 $15 $12.67 $13 Save Question 9 (5 points) The assembly department had beginning work in process of 18,000 units, ending work in process of 22,000 units, and units transferred out of 58,000 units. What was the number of units started or transferred in? Question 9 options: 58,000 62,000 66,000 70,000 Save Question 10 (5 points) Cabot Corp. is a job lot manufacturer. The budget for the month of May calls for 7,000 direct labor hours to be worked. Budgeted overhead is $84,000 with a predetermined rate of $12 per hour. Overhead is applied based on actual direct hours worked. Actual direct hours were 7,200 and actual overhead spending was $83,000. What was the under applied or over applied overhead for the month of May? Over applied is shown as a negative number. Question 10 options: $3,400 $2,400 ($2,400) ($3,400) 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 Stuf 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 Cost of goods sold Gross profit Selling cost Administrative cost Operating profit Interest expense Income before taxes Income taxes Net income 2016 $4,200,000 $2,910,000 $1,290,000 $280,000 $140,000 $870,000 $78,000 $792,000 $277,200 $514,800 2015 $4,000,000 $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: Cash Accounts receivable Short-term investments Current assets Equipment, net of depreciation Land Total assets Accounts payable Wages payable Short-term revolving bank loan Current liabilities Long-term debt Total liabilities Common stock 2016 $118,000 $98,000 $60,000 $276,000 $220,000 $75,000 $571,000 2015 $115,000 $ 77,000 $65,000 $257,000 $205,000 $75,000 $537,000 $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