See the attached, I only need the answers for question

38, 39 40 and 41

45 questions Quiz Question 1 (1 point) A responsibility center that incurs costs (and expenses) and generates revenues is classified as a(n): Question 1 options: revenue center. investment center. profit center. cost center. Question 2 (1 point) The most useful measure for evaluating a manager's performance in controlling revenues and costs in a profit center is: Question 2 options: contribution margin. controllable margin. contribution gross profit. contribution net income. Question 3 (1 point) Marley Corporation desires to earn target net income of $180,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $720,000, the number of un Question 3 options: 120,000.00 60,000.00 90,000.00 150,000.00 Question 4 (1 point) Oscar Corporation uses a process cost accounting system. Given the following data, compute the number of units transferred out during the current period. Beginning Work in process Ending Work in Process Started into Production Question 4 options: 10,000 units ( complete) 12,500 units ( complete) 75,000 units 62,500.00 72,500.00 85,000.00 75,000.00 Question 5 (1 point) Pilgrim Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the perio Estimated annual overhead cost Actual annual overhead cost Estimated machine hours Actual machine hours Question 5 options: $1,200,000 $1,150,000 300,000 280,000 $1,150,000 applied and neither under- nor overapplied. $1,120,000 applied and $30,000 overapplied. $1,120,000 applied and $30,000 underapplied. $1,200,000 applied and $30,000 overapplied. Question 6 (1 point) The following data has been collected for use in analyzing the behavior of maintenance costs of Sterling Corporation: Month January February March April Maintenance Costs $121,000 125,000 128,000 159,000 Machine Hours 20,000 23,000 24,000 34,000 May June July 168,000 178,000 181,000 36,000 38,000 40,000 Using the high-low method to separate the maintenance costs into their variable and fixed cost components, these components are: Question 6 options: $4 per hour plus $41,000. $3 per hour plus $61,000. $5 per hour plus $20,000. $5 per hour plus $30,000. Question 7 (1 point) Given the following data for Carlson Company, compute (A) total manufacturing costs and (B) costs of goods manufactured: Direct materials used Direct labor Manufacturing overhead Operating expenses Question 7 options: $120,000 50,000 150,000 175,000 (A) $320,000 (A) $320,000 (A) $310,000 (A) $330,000 Beginning work in process in Ending work process Beginning finished goods Ending finished goods $20,000 10,000 25,000 15,000 (B) $330,000 (B) $310,000 (B) $330,000 (B) $340,000 Question 8 (1 point) The production cost report shows both quantities and costs. Costs are reported in three sections: (1) costs accounted for, (2) unit costs, and (3) costs charged to department. The s Question 8 options: (1), (2), (3). (2), (3), (1). (1), (3), (2). (2), (1), (3). Question 9 (1 point) The starting point of a master budget is the preparation of the: Question 9 options: cash budget. budgeted balance sheet. production budget. sales budget. Question 10 (1 point) The most useful measure for evaluating the performance of the manager of an investment center is: Question 10 options: controllable margin. contribution margin. return on investment. income from operations. Question 11 (1 point) The cost classification scheme most relevant to responsibility accounting is: Question 11 options: direct vs. indirect. fixed vs. variable. semivariable vs. mixed. controllable vs. uncontrollable. Question 12 (1 point) Carter Company estimates its sales at 30,000 units in the first quarter and that sales will increase by 6,000 units each quarter over the year. It has, and desires, a 25% ending inven Question 12 options: $508,500.00 $738,000.00 $886,500.00 $1,023,000.00 Question 13 (1 point) Carter Company estimates its sales at 30,000 units in the first quarter and that sales will increase by 6,000 units each quarter over the year. It has, and desires, a 25% ending inven Question 13 options: 45,750.00 34,500.00 43,500.00 36,000.00 Question 14 (1 point) Kemp Company incurs the following costs in producing 50,000 units of product: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $200,000 100,000 200,000 600,000 An outside supplier has offered to supply the 50,000 units at $14.00 each. All of Kemp's related variable costs, but only $400,000 of the fixed costs would be eliminated if the offer Question 14 options: savings of $400,000. loss of $400,000. savings of $200,000. loss of $200,000. Question 15 (1 point) To be classified as a short-term investment, an investment must meet the following criteria: Question 15 options: Readily Marketable No No Loss On Disposal Yes Readily Marketable Yes No Loss On Disposal No Readily Marketable No No Loss On Disposal No Readily Marketable Yes No Loss On Disposal Yes Intent to Convert within One Year or Operating Cycle, whichever is longer No Intent to Convert within or One Year Operating Cycle, whichever is longer Yes Intent to Convert within One Year or Operating Cycle, whichever is longer Yes Intent to Convert within or One Year Operating Cycle, whichever is longer Yes Question 16 (1 point) Lyndon Company has a production process where two products result from a joint processing procedure; both can be sold immediately or processed further. Given the following a Question 16 options: Allocated Joint Cost $50 $30 Product A B Both A and B. Selling Price $100 $50 Additional Processing Cost $90 $25 New Selling Price $200 $80 Only A. Neither A nor B. Only B. Question 17 (1 point) A flexible budget: Question 17 options: can be considered a series of related static budgets. typically uses an activity index different from that used in developing the predetermined overhead rate. is also called a static budget. can be prepared for sales or production budgets, but not for an operating expense budget. Question 18 (1 point) Leah Company's equipment account increased $400,000 during the period; the related accumulated depreciation increased $30,000. New equipment was purchased at a cost of $ Question 18 options: $250,000.00 $280,000.00 $320,000.00 $210,000.00 Question 19 (1 point) Which of the following would not be included in the operating activities section of a statement of cash flows? Question 19 options: Cash outflows to governments for taxes. Cash inflows from returns on loans (i.e., interest). Cash inflows from returns on equity securities (i.e., dividends). Cash outflows to reacquire treasury stock. Question 20 (1 point) The concept of significant influence must be satisfied before which accounting method can be used by an investor? Question 20 options: All of these answers are correct. Consolidated financial statements. Cost. Equity. Question 21 (1 point) Which of the following pairs of terms in the area of financial statement analysis are synonymous? Question 21 options: Horizontal Trend Vertical Ratio Horizontal Ratio Ratio Trend Question 22 (1 point) Which of the following statements is true? Question 22 options: Question 23 (1 point) Trading securities are securities that are not intended to be sold in the future. Trading securities are reported at cost in the balance sheet. Trading securities are securities bought and held primarily for sale in the near term. are debt securities Trading securities that the investor has the intent to hold to maturity. Dividends received are credited to what account under the equity method and cost method, respectively? Question 23 options: Equity Method Stock Investments Equity Method Stock Investments Equity Method Dividend Revenue Equity Method Dividend Revenue Cost Method Dividend Revenue Cost Method Stock Investments Cost Method Stock Investments Cost Method Dividend Revenue Question 24 (1 point) In accounting for available-for-sale securities, the Unrealized Loss on Available-for-Securities account should be classified as a: Question 24 options: deduction in the stockholders' equity section of the balance sheet. loss on the income statement. contra asset on the balance sheet. liability on the balance sheet. Question 25 (1 point) Reporting investments at fair value is applicable to: Question 25 options: held-to-maturity securities. trading securities only. available-for-sale securities only. both available-for-sale and trading securities. Question 26 (1 point) Sailor Corporation has the following stock outstanding: 6% Preferred, $100 par Common Stock, $50 par $1,000,000 2,000,000 No dividends were paid the previous 2 years. If Sailor declares $250,000 of dividends in the current year, how much will common stockholders receive if the preferred stock is cum Question 26 options: $60,000.00 $70,000.00 $180,000.00 $190,000.00 Question 27 (1 point) The statement of cash flows is a(n): Question 27 options: required basic financial statement. required supplemental financial statement. optional basic financial statement. optional supplementary statement. Question 28 (1 point) The directors of Bennett Corp. are trying to decide whether they should issue par or no par stock. They are considering three alternatives for their new stock, which they are assum Question 28 options: (A) $60,000 (A) $60,000 (A) $480,000 (A) $300,000 (B) $480,000 (B) $300,000 (B) $480,000 (B) $60,000 (C) $480,000 (C) $480,000 (C) $480,000 (C) $480,000 Question 29 (1 point) Victor Corp. reacquired, but did not retire, 20,000 shares of its $2 par common stock at a cost of $13 per share on April 30, 2014. The stock was originally issued at $11 per share. O Question 29 options: $280,000.00 $60,000.00 $100,000.00 $180,000.00 Question 30 (1 point) What is the effect on total paid-in capital of a stock dividend and a stock split, respectively? Question 30 options: Stock Dividend Decrease Stock Dividend Increase Stock Dividend Decrease Stock Dividend No effect Stock Split No effect Stock Split No effect Stock Split Decrease Stock Split No effect Question 31 (1 point) Which of the following is reported in the retained earnings statement as an adjustment to the beginning balance? Question 31 options: Extraordinary items. Discontinued operations. Other revenues and expenses. Prior period adjustments. Question 32 (1 point) Which of the following should be classified as an extraordinary item? Question 32 options: Effects of major casualties not infrequent in the area. amount of Write-off of a significant receivables.to a bitter, lengthy labor Losses due strike. Loss from the expropriation of facilities by a foreign government. Question 33 (1 point) Bonds that mature in installments are called: Question 33 options: callable bonds. serial bonds. registered bonds. term bonds. Question 34 (1 point) A Discount on Bonds Payable account: Question 34 options: is an adjunct account to Bonds Payable. interest expense to be less will cause than cash interest payable. the bond is increased over the life of until it equals the bond's face value. is a contra account to Bonds Payable. Question 35 (1 point) Dina Corp. had 500,000 shares of common stock outstanding throughout the year. Dina reported net income of $2,400,000 and declared preferred stock dividends of $400,000 du Question 35 options: $0.80. $4.00. $4.80. $6.00. Question 36 (1 point) In order to be considered extraordinary, an item must be: Question 36 options: infrequent and unusual. unusual and uninsured. uninsured and infrequent. infrequent and uninsured. Question 37 (1 point) If the market rate of interest is lower than the stated rate, bonds will sell at an amount: Question 37 options: equal to face value. not determinable from the given information. higher than face value. lower than face value. Question 38 (1 point) Which of the following combinations presents correct examples of liquidity, profitability, and solvency ratios, respectively? Question 38 options: Liquidity Receivables turnover Profitability Solvency Return on operating Times interest assets earned Liquidity Quick ratio Liquidity Current ratio Liquidity Inventory turnover Profitability Payout ratio Profitability Inventory turnover Profitability Inventory turnover Solvency Return on operating assets Solvency Debt to equity Solvency Times interested earned Question 39 (16 points) NEED Match the term that best represents the definition or statement given below. No term should be used more than once, and not all terms will be used. Please note: LEO will randomize the presentation of the choices with each attempt. Question 39 options: Column 1 Standards based on optimum levels of performance under perfect operating conditions. 1 2 The amount of revenue remaining after deducting variable costs. 3 The disposal of a significant segment of a business. 4 Measures of the short-term ability of an enterprise to pay its maturing obligations and to meet unexpected needs for cash. 5 6 Measures the ability of the company to survive over a long period of time. 7 8 Costs that vary in total directly and proportionately with changes in the activity level. 9 A pro rata distribution of the corporation's own stock to stockholders. 10 Column 2 Accounts receivable Book value per share Capital lease Contribution margin Contribution margin ratio Controllable costs Cost accounting Cost method Discontinued operations Earnings per share 11 Equity method The differences between actual costs and standard costs. 12 Extraordinary items The portion of retained earnings that is currently unavailable for dividend declarations. 13 Fixed costs 14 Held-to-maturity securities The net income earned by each share of outstanding common stock. 15 Horizontal analysis Events and transactions that are unusual in nature and infrequent in occurrence. 16 Ideal standards 17 Liquidity ratios The correction of an error in previously issued financial statements. 18 Noncontrollable costs Costs that a manager has the authority to incur within a given period of time. 19 Normal standards 20 Operating lease Debt securities that the investor has the intent and ability to hold to maturity. 21 Overhead budget variance The difference between actual overhead and budgeted overhead at actual production level. 22 Overhead volume variance An accounting method in which the investment in stock is initially recorded at cost and cash dividends are credited to Dividend Revenue. 23 Parent company 24 Period costs 25 Prior period adjustment 26 Product costs 27 Retained earnings appropriation 28 Solvency ratios 29 Stock dividend 30 Stock split 31 Variable costs 32 Variances Question 40 (1 point) Matthew Corporation manufactures paper shredding equipment. Each paper shredder has a standard materials cost of 20 pounds at $7.50 per pound or $150.00 in total. 40,000 p Use "U" or "F" to indicate whether the variance is unfavorable or favorable. Do not show your work or include any additional text with your answer. For example, if your answer is Question 40 options: Question 41 (1 point) NEED Matthew Corporation manufactures paper shredding equipment. Each paper shredder has a standard materials cost of 20 pounds at $7.50 per pound or $150.00 in total. 40,000 p Use "U" or "F" to indicate whether the variance is unfavorable or favorable. Do not show your work or include any additional text with your answer. For example, if your answer is Question 41 options: NEED Question 42 (1 point) Matthew Corporation manufactures paper shredding equipment and uses a process costing system. 2,000 units were in process at the beginning of the period, 60% complete. 20,0 Do not show your work or include any additional text with your answer. For example, if your answer is 10,000, you should enter 10,000. Question 42 options: 21,600 Question 43 (1 point) Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is curre Do not show your work or include any additional text with your answer. For example, if your answer is $10,000, you should enter $10,000. Question 43 options: $2,000,000 Question 44 (1 point) Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is curre Do not show your work or include any additional text with your answer. For example, if your answer is 10,000, you should enter 10,000. Question 44 options: 6,000 Question 45 (1 point) Matthew Corporation manufactures paper shredding equipment and sells each unit for $500. Variable costs per unit equal $300. Total fixed costs equal $800,000. Matthew is curre Express your answer as a percentage, and do not show your work or include any additional text with your answer. For example, if your answer is 60%, you should enter 60%. Question 45 options: 20% of units that the company must sell to earn its target net income is: period: The sections are listed in the following order: nventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter follow nventory of finished goods. Each unit sells for $25. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. The remainder is received in the quarter follow offer is accepted. Acceptance will result in a: ing additional per unit information, determine which of the products should be processed further. of $700,000 and used equipment was sold at a loss of $20,000. Depreciation expense was $100,000. Proceeds from the sale of the used equipment were: cumulative? ssuming will be issued at $8 per share. The alternatives are: (A) $5 par value, (B) no par with a $1 stated value, and (C) no par, no stated value. If 60,000 shares are issued, what am are. On January 10, 2015, the 20,000 shares were sold at $16 per share. The sales entry should include a credit to Paid-in Capital from Treasury Stock for: 0 during the year. Dina should present earnings per share of: 000 pounds of materials were purchased for $320,000 during the period and 39,000 pounds were used in the production of 2,000 good units. What is the direct materials price vari er is $100,000 unfavorable, you should enter $100,000 U. 000 pounds of materials were purchased for $320,000 during the period and 39,000 pounds were used in the production of 2,000 good units. What is the direct materials usage var er is $100,000 unfavorable, you should enter $100,000 U. 20,000 units were started into production during the period; 1,000 were in process at the end of the period, 60% complete. What are the equivalent units for conversion costs? currently selling 5,000 units per period and would like to earn net income of $400,000. What is the breakeven point in dollars? currently selling 5,000 units per period and would like to earn net income of $400,000. How many sales units are necessary to attain the desired income? currently selling 5,000 units per period and would like to earn net income of $400,000. What is the margin of safety ratio for current operations? owing sale. Cash collections for the third quarter are budgeted at: owing sale. Production in units for the third quarter should be budgeted at: amount will be credited to the common stock account in each of these cases? ariance? variance