Please help me understand this maths question

Please help me understand this maths question

Question # 00008606 Posted By: dandanielx Updated on: 02/17/2014 07:28 PM Due on: 02/18/2014
Subject Business Topic General Business Tutorials:
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  1. In Jude Company, land decreased $150,000 because of a cash sale for $150,000, the equipment account increased $60,000 as a result of a cash purchase, and Bonds Payable increased $120,000 from issuance for cash at face value. The net cash provided by investing activities is

$210,000.

$90,000.

$150,000.

$270,000.

2.Wilson Company reported net income of $105,000 for the year ended December 31, 2014. During the year, inventories decreased by $15,000, accounts payable decreased by $20,000, depreciation expense was $18,000 and a gain on disposal of equipment of $9,000 was recorded. Net cash provided by operating activities in 2014 using the indirect method was

$120,000.

$118,000.

$101,000.

$109,000.

3.Pare Company reported a net loss of $30,000 for the year ended December 31, 2014. During the year, accounts receivable decreased $15,000, merchandise inventory increased $25,000, accounts payable increased by $30,000, and depreciation expense of $20,000 was recorded. During 2014, operating activities

used net cash of $10,000.

used net cash of $25,000.

provided net cash of $10,000.

provided net cash of $25,000.

4.Using the indirect method, patent amortization expense for the period

is deducted from net income.

causes cash to increase.

causes cash to decrease.

is added to net income.

5.Comparisons of financial data made within a company are called

intercompany comparisons.

interior comparisons.

intracompany comparisons.

intramural comparisons.

6.Horizontal analysis evaluates a series of financial statement data over a period of time

to determine the amount and/or percentage increase or decrease that has taken place.

that has been arranged from the highest number to the lowest number.

that has been arranged from the lowest number to the highest number.

to determine which items are in error.

7.Blaney Clothing Store had a balance in the Accounts Receivable account of $437,500 at the beginning of the year and a balance of $500,000 at the end of the year. Net credit sales during the year amounted to $3,000,000. The average collection period of the receivables in terms of days was

57 days.

365 days.

60.1 days.

53.2 days.

8.Lake Company reported the following on its income statement:

Income before income taxes

$600,000

Income tax expense

150,000

Net income

$450,000


An analysis of the income statement revealed that interest expense was $60,000. Lake Company's times interest earned was

7.5 times.

11 times.

8.5 times.

10 times.

9.A company has a accounts receivable turnover of 10 times. The average accounts receivable during the period are $400,000. What is the amount of net credit sales for the period?

$40,000

$4,000,000

$400,000

Cannot be determined from the information given

10.Blitzen Corporation had net income of $200,000 and paid dividends to common stockholders of $50,000 in 2014. The weighted average number of shares outstanding in 2014 was 40,000 shares. Blitzen Corporation's common stock is selling for $35 per share on the New York Stock Exchange. Blitzen Corporation's price-earnings ratio is

9.3 times.

7 times.

5 times.

5.6 times.

11.Myles Manufacturing Company's accounting records reflect the following inventories:

Dec. 31, 2014

Dec. 31, 2013

Raw materials inventory

$620,000

$520,000

Work in process inventory

600,000

320,000

Finished goods inventory

380,000

300,000


During 2014, $900,000 of raw materials were purchased, direct labor costs amounted to $1,000,000, and manufacturing overhead incurred was $960,000.

The total raw materials available for use during 2014 for Myles Manufacturing Company is

$1,420,000.

$1,520,000.

$620,000.

$800,000.

12.Knox Manufacturing Company reported the following year-end information: beginning work in process inventory, $270,000; cost of goods manufactured, $1,074,000; beginning finished goods inventory, $380,000; ending work in process inventory, $330,000; and ending finished goods inventory, $409,000. Knox Manufacturing Company's cost of goods sold for the year is

$1,045,000.

$1,483,000.

$1,454,000.

$1,103,000.

14.Dulles Manufacturing Company developed the following data:

Beginning work in process inventory

$470,000

Direct materials used

350,000

Actual overhead

550,000

Overhead applied

500,000

Cost of goods manufactured

700,000

Ending work in process

720,000


Dulles Manufacturing Company's total manufacturing costs for the period is

$750,000.

$950,000.

cannot be determined from the data provided.

$900,000.

15.Roscoe Company incurred direct materials costs of $500,000 during the year. Manufacturing overhead applied was $540,000 and is applied based on direct labor costs. The predetermined overhead rate is 75%. How much are Roscoe Company’s total manufacturing costs for the year?

$1,040,000

$1,445,000

$1,760,000

$1,220,000

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