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Chesapeake Co. manufactures fine dining tables. During the most productive month of the year, 3,500 tables were manufactured at a total cost of $84,400. In its slowest month, the company made 1,100 tables at a cost of $46,000. Using the high-low method of cost estimation, total fixed costs in August for Chesapeake are:
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Question 2 (5 points)
What is the break-even sales (units) for Morgana Video Edits LLC if fixed costs are $250,000, the unit selling price is $105, and the unit variable costs are $65,
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Question 3 (5 points)
What is the amount of sales required by Morgana Video Edits LLC to realize an operating income of $200,000 if fixed costs are $1,400,000, the unit selling price is $220, and the unit variable costs are $120,
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Question 4 (5 points)
What is the break-even sales (units) required by Morgana Video Edits LLC if fixed costs are reduced by $40,000 if fixed costs are $300,000, the unit selling price is $25, and the unit variable costs are $20,
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Question 5 (5 points)
If Morgana Video Edits LLC’s sales are $425,000, variable costs are 63% of sales, and operating income is $50,000, what is Morgana’s contribution margin ratio?
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Question 6 (5 points)
What is the amount of working capital for Elise Catering Services Based on the following data,?
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Question 7 (5 points)
What is the quick ratio for Elise Catering Services, rounded to one decimal point based on the following data
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Question 8 (5 points)
What is the accounts receivable turnover for Elise Catering Services based on the following data for the current year?
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Question 9 (5 points)
. Brielle Financial Services reports on its balance sheets at the end of each of the first two years of operations the following:
If net income is $115,000 and interest expense is $30,000 for 2006, what are the earnings per share on common stock for 2006, (round to two decimal places)?
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Question 10 (5 points)
Brielle Financial Services reports the following:
Which of the following statements is correct?
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Question 11 (5 points)
Trang Dry Cleaners reports net income on the income statement for the current year in the amount of $275,000. Depreciation recorded on fixed assets and amortization of patents for the year were $40,000 and $9,000, respectively. Balances of current asset and current liability accounts at the end and at the beginning of the year are as follows:
What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method by Trang Cleaners’ accountants?
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Question 12 (5 points)
Trang Dry Cleaners owns a building with a book value of $ 45,000 is sold for $50,000 cash. Using the indirect method, this transaction should be shown on the statement of cash flows as follows:
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Question 13 (5 points)
Trang Dry Cleaners sold Equipment with an original cost of $50,000 and accumulated depreciation of $20,000 at a loss of $7,000. As a result of this transaction, Trang’scash would
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Question 14 (5 points)
Vatsala Bakery Group reports the following: The cost of merchandise sold during the year was $50,000. Merchandise inventories were $12,500 and $10,500 at the beginning and end of the year, respectively. Accounts payable were $6,000 and $5,000 at the beginning and end of the year, respectively. Using the direct method of reporting cash flows from operating activities, cash payments by Vatsala for merchandise total
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Question 15 (5 points)
Vatsala Bakery Group reports the following information: Sales for the year were $600,000. Accounts receivable were $100,000 and $80,000 at the beginning and end of the year. Cash received from customers to be reported on the cash flow statement using the direct method is
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Question 16 (5 points
Venkat Manufacturing forecasts that total overhead cost for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours. If Venkat Manufacturing uses a predetermined overhead rate based on machine hours for applying overhead, what is that overhead rate?
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Question 17 (5 points)
VenkatManufacturing forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours. If Venkat Manufacturing uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by?
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Question 18 (5 points)
Norman Geological Services is to receive $30,000 in two years, at 12% compounded annually, What is the PV of this money (rounded to nearest dollar)
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Question 19 (5 points)
What is the inventory turnover cost for Brielle Financial Service based on the following data for the current year?
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Question 20 (5 points)
20 Venkat Manufacturing during the period incurs labor costs on account amounted to $225,000 including $195,000 for production orders and $30,000 for general factory use. In addition, factory overhead applied to production was $17,000. From the following, select the entry Venkat’s accountants will use to record the actual factory overhead costs incurred.
Question 20 options:
Factory Overhead 30,000
Accounts Payable 17000
Wages Payable 30,000
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