Que 1) York Ltd. reported a loss of $10,000 for the year. During the year, accounts receivable decreased $3,000, inventory increased $5,000, accounts payable increased by $11,000, and depreciation expense of $6,000 was recorded. Using the indirect method, operating activities

Select one:

a. provided net cash of $5,000.

b. provided net cash of $15,000.

c. used net cash of $23,000.

d. used net cash of $17,000.

Que. 2) Not yet answered

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Question text

. Gift Gallery sold 2,000 Zooglars during 2020. Information is provided concerning the Zooglar product:

Sales........................................$ 60,000

Variable costs..........................24,000

Fixed costs..............................10,000

Net income..............................$ 26,000

If Gift Gallery sells 30 more units, by how much will its profit increase?

Select one:

a. 540

b. 900

c. 18

d. 390

Que 3) Sarks Company has a contribution margin of $150,000 and a contribution margin ratio of 30%. How much are total variable costs?

Select one:

a. $105,000

b. $500,000

c. $350,000

d. $45,000

Que 4) CopperZ Company has variable costs which are 40% of its unit selling price and fixed costs of $30,000. How many sales will CopperZ report at its break-even point in dollars?

Select one:

a. $75,000

b. $50,000

c. $18,000

d. $12,000

Que 5) Tiny Tots Toys has actual sales of $400,000 and a break-even point of $260,000. How much is its margin of safety ratio?

Select one:

a. 65%

b. 286%

c. 53.8%

d. 35%

Que 6) Forms, Inc. wants to sell a sufficient quantity of products to earn an after-tax profit of $40,000. If the unit sales price is $10, unit variable cost is $8, and total fixed costs are $80,000, how many units must be sold to earn income of $40,000? Forms, Inc. has a tax rate of 40%.

Select one:

a. 73,334 units

b. 18,334 units

c. 40,000 units

d. 90,000 units

Que 7) Estes Company sells two types of computer chips. The sales mix is 30% (Chip A) and 70% (Chip B). Chip A has variable costs per unit of $20 and a selling price of $40. Chip B has variable costs per unit of $25 and a selling price of $55. The weighted-average unit contribution margin for Estes is

Select one:

a. $23.00

b. $27.00

c. $25.00

d. $50.50

Que. 8) Net income reported for the current year was $200,000. Depreciation expense was $35,000. During the year, Accounts Receivable and Inventory increased $18,000 and $26,000, respectively. Prepaid Expenses and Accounts Payable decreased $4,000 and $9,000, respectively. There was also a loss on the sale of equipment of $6,000. Using the indirect method, how much cash was provided by operating activities?

Select one:

a. $210,000

b. $244,000

c. $192,000

d. $182,000

Que 9) Handles Corp. reported net credit sales of $6,500,000 and cost of goods sold of $3,400,000 for the year. The Accounts Receivable balances at the beginning and end of the year were $525,000 and $575,000, respectively. The receivables turnover ratio was

Select one:

a. 11.3 times

b. 5.9 times

c. 6.2 times

d. 11.8 times