SHOW CALCULATIONS...

1) The net income for ShaminaTutorial Services for the year ended was $500,000. The company has no preferred stock. Common stockholders' equity was $1,000,000 at the beginning of the year and $2,000,000 at the end of the year. Calculate the return on common stockholders' equity.

A) 18.75%

B) 20.00%

C) 21.43%

D) 33.33%

2) NHL Geological Services has net sales on account of $1,200,000. The average net accounts receivable are $600,000. Calculate the days' sales in receivables.

A) 439.8 days

B) 304.0 days

C) 182.5 days

D) 8.7 days

3) Benjamin Sports Camp Inc.. provides the following data:

	2015	2014
Cash	$21,000	$18,000
Accounts Receivable, Net	31,000	35,000
Merchandise Inventory	53,000	25,000
Property, Plant, and Equipment, Net	120,000	90,000
Total assets	$225,000	$168,000

Net credit sales	$240,000
Cost of Goods Sold	(110,000)
Gross profit	$130,000

Calculate days' sales in inventory for 2015.

A) 252.2

B) 176.3

C) 0.008

D) 129.4

6) Benjamin Sports Camp Inc. provides the following data:

	2015	2014
Cash	$40,000	$25,000
Accounts Receivable, Net	98,000	62,000
Merchandise Inventory	70,000	50,000
Property, Plant, and Equipment, Net	180,000	120,000
Total assets	$388,000	$257,000

Net credit sales	$240,000
Cost of Goods Sold	(110,000)
Gross profit	$130,000

Calculate accounts receivable turnover ratio for the year 2015.

A) 5 times

B) 4 times

C) 3 times

D) 2 times

7) Benjamin Sports Camp Inc. provides the following data:

	2015	2014
Assets
Current Assets:
Cash and Cash Equivalents	$29,000	$25,000
Accounts Receivable, Net	31,000	62,000
Merchandise Inventory	53,000	50,000
Total Current Assets	$113,000	137,000
Property, Plant, and Equipment, Net	120,000	120,000
Total Assets	$233,000	257,000

Net sales	$500,000
Cost of Goods Sold	(150,000)
Gross profit	$350,000

Calculate the asset turnover for the year 2015.

A) 7.27 times

B) 1.22 times

C) 1.55 times

D) 2.04 times

8) Maryland Inc. provides the following income statement for the year 2015:

	2015
Net Sales	$240,000
Cost of Goods Sold	110,000
Gross Profit	$130,000
Operating Expenses:
Selling Expenses	45,000
Administrative expenses	12,000
Total Expenses	57,000
Operating Income	$73,000
Other Revenues and (Expenses):
Loss on sale of capital assets	(23,000)
Interest Expense	(1,000)
Total Other Revenues and (Expenses)	(24,000)
Income Before Taxes	$49,000
Income Tax Expense	5,000
Net Income	$44,000

Calculate the times-interest-earned ratio.

A) 25 times

B) 30 times

C) 45 times

D) 50 times

9) The following information relates to Chesapeake Inc

Advertising Costs	$10,270
Sales Salary	4,500
Sales Revenue	450,000
President's Salary	40,300
Office Rent	61,100
Manufacturing Equipment Depreciation	2,080
Indirect Materials	9,360
Indirect Labor	11,700
Factory Repair and Maintenance	910
Direct Materials	28,080
Direct Labor	35,100
Delivery Vehicle Depreciation	1,027
Administrative Salaries	24,700

How much were Chesapeake Incs product costs?

A) $141,897

B) $697,127

C) $229,127

D) $87,230

10) The following information relates to Chesapeake Inc.:

Advertising Costs	$10,270
Sales Salary	4,500
Sales Revenue	450,000
President's Salary	40,300
Office Rent	61,100
Manufacturing Equipment Depreciation	2,080
Indirect Materials	9,360
Indirect Labor	11,700
Factory Repair and Maintenance	910
Direct Materials	28,080
Direct Labor	35,100
Delivery Vehicle Depreciation	1,027
Administrative Salaries	24,700

How much was Chesapeake Incs manufacturing overhead?

A) $21,060

B) $21,970

C) $24,050

D) $141,897

11) At the beginning of 2015, Jakob Medical Company's Work-in-Process Inventory account had a balance of $120,000. During 2015, $250,000 of direct materials were used in production, and $75,000 of direct labor costs were incurred. Manufacturing overhead amounted to $850,000. The cost of goods manufactured was $675,000. What is the balance in the Work-in-Process Inventory account on December 31, 2015?

A) $230,000

B) $1,295,000

C) $675,000

D) $620,000

12) Sadie Literary Services Company's selected cost data for 2015 are shown below:

Work-in-Process Inventory, Jan. 1, 2015	$5,640
Direct Materials Used	105,000
Work-in-Process Inventory, Dec. 31, 2015	2,870
Cost of Goods Manufactured	193,200

Assuming manufacturing overhead costs of $27,850, what is the amount of direct labor incurred by Sadie Literary Services Company in 2015?

A) $63,120

B) $190,430

C) $57,580

D) $79,690

13) Brielle Inc. reports the following cost information for March:

Cost of Goods Manufactured	$75,000
Manufacturing Overhead	18,250
Finished Goods Inventory, March 1	4,500
Finished Goods Inventory, March 31	2,650
Work-in-Process Inventory, March 1	9,670
Work-in-Process Inventory, March 31	1,250
Direct Materials Used	25,300

What is the cost of goods sold for March?

A) $83,420

B) $73,150

C) $76,850

D) $82,150

14) Baltimore Inc. reports the following cost information for March:

Cost of Goods Manufactured	$75,000
Manufacturing Overhead	18,250
Finished Goods Inventory, March 1	4,500
Finished Goods Inventory, March 31	2,650
Work-in-Process Inventory, March 1	9,670
Work-in-Process Inventory, March 31	1,250
Direct Materials Used	25,300

What is the amount of direct labor incurred by Baltimore Inc. in March?

A) $29,600

B) $39,870

C) $126,970

D) $23,030

15) Felix Company uses the indirect method to prepare the statement of cash flows. Refer to the following income statement:

Additional information provided by the company includes the following:

1) Current assets, other than cash, increased by $24,000

2) Current liabilities decreased by $1,000

How much is the net cash provided by operating activities?

A) $21,000

B) $34,000

C) $29,000

D) $39,000