Please help me out with the attached problems. The subject is accounting at a graduate level.

BT&T Corporation manufactures telephones. Recently, the company produced a batch of 630 defective telephones at a cost of $9,300. BT&T can sell these telephones as scrap for $9 each. It can also rework the entire batch at a cost of $6,800, after which the telephones could be sold for $20 per unit. If BT&T reworks the defective telephones, by how much will its operating income change? Increase by $6,930. Decrease by $3,500. Increase by $5,800. Decrease by $5,800. If the unit sales price is $14 and variable costs are $6, how many units have to be sold to earn a profit of $2,800 if fixed costs equal $16,000? 350 units. 16,350 units. 2,000 units. 2,350 units. Sterling Corporation has borrowed $115,050 that must be repaid in two years. This $115,050 is to be invested in an eight-year project with an estimated annual net cash flow of $19,500. The payback period for this investment is: 2.0 years. 5.9 years. 8.0 years. Indeterminable with the given information. 0 Garden World uses the retail method to estimate its monthly cost of goods sold and month-end inventory. At May 31, the accounting records indicate the cost of goods available for sale during the month (beginning inventory plus purchases) totaled $660,000. These goods had been priced for resale at $1,000,000. Sales in May totaled $400,000. The estimated inventory at May 31 is: $660,000. $396,000. $264,000. $400,000. Wateredge Corporation has budgeted a total of $352,800 in costs and expenses for the upcoming quarter. Of this amount, $44,100 represents depreciation expense and $6,400 represents the expiration of prepayments. Wateredge's current payables balance is $256,000 at the beginning of the quarter. Budgeted payments on current payables for the quarter amount to $361,000. The company's estimated current payables balance at the end of the quarter is: $300,100. $197,300. $247,800. $203,700. 0 On September 1, 2015, Select Company borrowed $780,000 from a bank and signed a 8%, six-month note payable, with interest on the note due at maturity. The total amount of the current liability (including interest payable) for this loan that appears in Select Company's balance sheet at December 31, 2015, is: $842,400. $800,800. $31,200. $780,000. On April 8, 2015, Jupitor Corp. acquired equipment at a cost of $600,000. The equipment is to be depreciated by the straight-line method over six years with no provision for salvage value. Depreciation for fractional years is computed by rounding the ownership period to the nearest month. Depreciation expense recognized in 2015 will be: (Do not round your intermediate computations.) $100,000. $66,667. $75,000. $50,000. Product X sells for $36 per unit and has related variable costs of $20 per unit. The fixed costs of producing product X are $110,000 per month. How many units of product X must be sold each month to earn a monthly operating income of $66,000? 3,056 units. 6,875 units. 4,125 units. 11,000 units. A company with monthly revenue of $130,000, variable costs of $52,500, and fixed costs of $41,000 has a contribution margin of: $89,000. $38,750. $130,000. $77,500. company with an operating income of $98,000 and a contribution margin ratio of 80% has a margin of safety of: (rounded) $78,400. $122,500. $490,000. It is not possible to determine the margin of safety from the information provided. Kennedy Company uses the balance sheet approach in estimating uncollectible accounts expense. The company prepares an adjusting entry to recognize this expense at the end of each month. During the month of July, the company wrote-off a $4,600 receivable and made no recoveries of previous write-offs. Following the adjusting entry for July, the credit balance in the Allowance for Doubtful Accounts was $3,700 larger than it was on July 1. What amount of uncollectible account expense was recorded for July? $3,225. $1,375. $1,850. $8,300. VanRoy Supplies reports net sales of $1,840,000, net income of $185,000, and gross profit of $309,000. The company's cost of goods sold is: $1,346,000. $494,000. $1,655,000. $1,531,000. 0 On July 1, the inventory of at Barnett Shoes was $75,000. Because of anticipated back-to-school sales, the owner wants to have an inventory of $120,000 on hand at the beginning of August. Net sales during July are expected to total $92,000, with a gross profit rate of 32%. During July, the company should purchase merchandise costing On July 1, the inventory of at Barnett Shoes was $75,000. Because of anticipated back-to-school sales, the owner wants to have an inventory of $120,000 on hand at the beginning of August. Net sales during July are expected to total $92,000, with a gross profit rate of 32%. During July, the company should purchase merchandise costing: $62,560. $182,560. $107,560. $120,000. Ceramic Products, Inc. reports these account balances at January 1, 2015 (shown in alphabetical order): Accounts Payable Accounts Receivable Buildings Capital Stock Cash Equipment Land Notes Payable Retained Earnings $ 36,000 $ 28,000 $ 161,000 $ 193,000 $ 21,000 $ 28,000 $ 88,000 $ 32,000 $ 57,000 On January 5, Ceramic Products collected $20,000 of its accounts receivable and paid $19,000 on its note payable. On January 6, 2015, total liabilities are: $0. $68,000. $299,000. $49,000. Sutton Supplies reports net sales of $2,250,000, net income of $200,000, and gross profit of $915,000. The company's cost of goods sold is: $715,000. $1,830,000. $2,050,000. $1,335,000. The current balance sheet of Apex reports total assets of $24 million, total liabilities of $4 million, and owners' equity of $20 million. Apex is considering several financing possibilities in order to expand operations. Assume Apex borrows $2 million to finance its expansion. Apex's debt ratio immediately after the borrowing will be: 0.08 0.25 0.40 (rounded). 0.23 At the start of the current year, Minuteman Corporation had a credit balance in the Allowance for Doubtful Accounts of $2,100. During the year a monthly provision of 2% of sales was made for uncollectible accounts. Sales for the year were $690,000, and $4,400 of accounts receivable were written off as worthless. No recoveries of accounts previously written off were made during the year. The year-end financial statements should show: Uncollectible accounts expense of $15,900. Allowance for Doubtful Accounts with a credit balance of $11,500. Allowance for Doubtful Accounts with a credit balance of $6,500. Uncollectible accounts expense of $4,400. At the end of the current year, the owners' equity in Barclay Bakery is $226,000. During the year, the assets of the business had increased by $100,000 and the liabilities had increased by $62,000. Owners' equity at the beginning of the year must have been: $188,000. $164,000. $264,000. $388,000. Montauk Oil Co. reports these account balances at December 31, 2014 Accounts Payable Land Notes Payable Equipment Cash Accounts Receivable Buildings Capital Stock Retained Earnings $ 103,000 $ 193,000 $ 253,000 $ 153,000 $ 73,000 $ 93,000 $ 233,000 $ 333,000 $ 63,000 On January 2, 2015, Montauk Oil collected $43,000 of its accounts receivable and paid $13,000 of its accounts payable. On January 3, 2015, total liabilities are: $356,000. $343,000. $293,000. $63,000. The following information is available: Sales Break-even sales Contribution margin ratio $ 260,000 $ 170,000 45% What is the operating income? $0. $170,000. $76,500. $40,500. As of December 31, 2015, Valley Company has $15,420 cash in its checking account, as well as several other items listed below: Bank credit card slips signed by customers Money market fund balance Investment in U.S. Treasury bills,mature within 90 days Checks received from customers, but not yet deposited in the bank Investment in ATT 10% bonds, maturing June 2016 $1,300 $23,000 $40,000 $1,640 $52,000 What amount should be shown in Valley's December 31, 2015, balance sheet as "Cash and cash equivalents"? $65,940. $81,360. $133,360. $117,940. 0 During the month of January, Sundown Corporation had sales of $520,000 and a cost of goods available for sale of $1,040,000. The company consistently earns a gross profit rate of 46%. Using the gross profit method, the estimated inventory at January 31 amounts to: $280,800. $759,200. $239,200. $800,800. Berg Tooling reports net sales of $375,000, gross profit of $200,000, and net income of $20,000. The company's cost of goods sold is: $155,000. $175,000. $220,000. $355,000. Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $81,000 Direct labor $50,500 Electricity used in the Factory $20,500 Factory foreperson salary $2,650 Maintenance of factory machinery $1,850 Alton Company's direct product costs totaled: $50,500. $23,150. $25,000. $131,500. A company with monthly fixed costs of $310,000 expects to earn monthly operating income of $27,500 by selling 13,500 units per month. What is the company's expected unit contribution margin? $25. $23. $2. The information given is insufficient to determine unit contribution margin. Dalton Co. follows a policy of allocating all common costs equally among its profit centers. A partial responsibility income statement for a typical month is shown below: Responsibility margins Common fixed costs Income from operations Dalton Co. $230,000 $192,000 $38,000 Profit Center 1 $90,000 $64,000 $26,000 Profit Center 2 $80,000 $64,000 $16,000 Profit Center 3 $60,000 $64,000 ($4,000) After evaluating these data, Dalton Co. decides to close Profit Center 3. This action eliminates all revenue, variable costs, and fixed costs traceable to Center 3, but eliminates only $43,000 in common fixed costs. Closing Profit Center 3 has no effect upon the responsibility margins of Centers 1 and 2. Closing Profit Center 3 should cause Dalton's monthly operating income to: Decrease by $21,000. Decrease by $17,000 Increase by $17,000. Increase by $4,000. Determine the amount of manufacturing overhead given the following information: Depreciation on a factory building Telephone expense in factory office Telephone expense in sales showroom Factory foreman's salary Maintenance costs for the factory Maintenance costs for the sales showroom $6,650 $980 $1,050 $4,900 $1,400 $690 $13,220. $15,670. $11,130. $13,930. Marty's Metal Shop uses a job order cost system. It applies overhead to jobs at a rate of 160% of direct labor costs. Job No. 2617 required $780 in direct labor costs. The job was initially budgeted to require $765 in direct labor costs. Overhead applied to Job No. 2617 during the period amounted to: $765. $1,248. $1,385. Some other amount. At the beginning of 2015, England Dresses has an inventory of $70,000. However, management wants to reduce the amount of inventory on hand to $30,000 at December 31. If net sales for 2015 are forecast at $160,000 and the gross profit rate is expected to be 16%, compute the cost of the merchandise which management should expect to purchase during 2015. (Hint: First compute the expected cost of goods sold.) $164,400. $94,400. $134,400. $100,000. Tuliptime, Inc. sold American fashions to a Japanese company at a price of 3.5 million yen. On the sale date, the exchange rate was $0.01 per Japanese yen, but when Tuliptime received payment from its customer, the exchange rate was $0.0103 per yen. When the foreign receivable was collected, Tuliptime: Credited Sales for $1,050. Debited Loss on Fluctuation of Foreign Currency for $1,050. Debited Cash for $35,000. Credited Gain on Fluctuation of Foreign Currency for $1,050. Seville Corporation has net assets of $3,922,000 and paid-in capital of $860,000. The only stock issue consists of 74,000 outstanding shares of common stock. From this information, it can be deduced that the company has: A book value of $53 per share of common stock. A book value of $11.62 per share of common stock. A deficit of $3,922,000. Retained earnings of $3,922,000. 0