using the selected data below, calculate the net cash provided by operating activities:

Net income	$275,000
Increase in accounts receivable	$17,000
Decreasein accounts payable	$14,000
Gain on the sale of equipment	$9,500
Depreciation expense	$22,000
Purchase of new delivery truck	$45,000

Question 1 options:

$276,500

$256,500

$284,500

$211,500

Question 2 (5 points)

Using the selected data below, calculate the net cash provided or (used) by investing activities:

Net income	$210,000
Depreciation expense	$23,000
Gain on the sale of equipment	$9,000
Cash proceeds on sale of equipment	$19,000
Purchase of new delivery truck	$43,000

Question 2 options:

$(15,000)

$(24,000)

$200,000

$62,000

Question 3 (5 points)

A company had an accounts receivable balance of $475,000 at the beginning of the year and $550,000 at the end of the year. The total credit sales during the year were $3,750,000. What was the average collection period in days (round to nearest number of days)? Assume a standard 365 day year.

Question 3 options:

49 days

50 days

54 days

46 days

Question 4 (5 points)

A Corporation has 300,000 shares of $10 par common stock issued and outstanding. AA Corporation also has 75,000 shares of $50, 6% par cumulative preferred stock. In 2017, AA had net income of $4,250,000. 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 2016. What are the common earnings per share (EPS) for 2017? Round to the nearest cent.

Question 4 options:

$10.73

$14.17

$11.33

$13.42

Question 5 (5 points)

At the beginning of the year, Bell Corporations 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 $25,350,000. What was the total asset turnover for Bell? Round to two decimal places.

Question 5 options:

1.87 times

1.54 times

1.69 times

0.18 times

Question 6 (5 points)

A manufacturing company allocates overhead at a fixed rate of $60 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 56 hours of direct labor. What is the amount of overhead allocated to job 5-23?

Question 6 options:

$3,000

$3,360

$3,250

$3,500

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:

$2,550,000

$1,663,200

$2,390,000

$2,340,000

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 $315,000 on material. Labor rate is $14 per hour, and overhead is applied at a rate of $22 per direct labor hour. What is the total manufacturing cost per unit? Round to the closest cent.

Question 8 options:

$12.33

$13

$12.15

$12.45

Question 9 (5 points)

The assembly department had beginning work in process of 18,500 units, ending work in process of 22,700 units, and units transferred out of 59,800 units. What was the number of units started or transferred in?

Question 9 options:

58,000

62,000

64,000

59,800

Question 10 (5 points)

Cabot Corp. is a job lot manufacturer. The budget for the month of May calls for 7,040 direct labor hours to be worked. Budgeted overhead is $88,000 with a predetermined rate of $12.50 per hour. Overhead is applied based on actual direct hours worked. Actual direct hours were 7,210 and actual overhead spending was $87,000. What was the underapplied or overapplied overhead for the month of May? Overapplied is shown as a negative number.

Question 10 options:

$1,000

$(3,125)

$(3,400)

$3,400

Problems Question 11 (10 points)

Apollo Manufacturing produces a basic cellphone as a contract manufacturer. Overhead is applied at a rate of 125% of direct labor cost. The direct labor rate is $36 per hour. In March, there was no beginning or ending work in process, and the assembly department produced 60,000 finished phones. The materials cost was $270,000, and there were 12,000 direct labor hours worked during the month. Actual overhead spending was $551,400 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 overapplied or underapplied and by what amount.

Question 11 options:

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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 $22.75 per chair. Assembly time is 30 minutes per chair and the direct labor rate is $21 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 $13 per chair.

Job No. 1 was for 2,500 chairs, and it was started and completed during the month. Job No. 2 was for 4,370 chairs, and it was 65% complete at month end.

Calculate the costs to complete Job No. 1 and the unit cost per chair. Calculate the costs charged as of months end and the equivalent units of production for Job No. 2.

Question 12 options:

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