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ACCT 221 Quiz 2 Please answer in the Answer Sheet provided at the end of the Question booklet. Submit the Answer Sheet only through Quiz 2 Assignment link in LEO. Do NOT submit the entire Question Booklet. If you do so, you will have a 5 point deduction. All work must be submitted as a Word document. HANDWRITTEN WORK WILL NOT BE ACCEPTED. Deadline: 11.59 pm, Sunday NOVEMBER 22 I will accept late work up to 2 hours after the deadline with an automatic 10 point penalty. After that, you will receive a zero for this Quiz . 1 ) The following information relates to Chesapeake Inc.: Advertising Costs $10,270 Administrative Salaries 24,700 Delivery Vehicle Depreciation 1,027 Factory Repair and Maintenance 910 Indirect Labor 11,700 Indirect Materials 9,360 Manufacturing Equipment Depreciation 2,080 O±ce Rent 61,100 President's Salary 40,300 Sales Revenue 450,000 Sales Salary 4,500 How much were Chesapeake Inc.’s period costs? A) $141,897 B) $474,050 C) $615,947 D) $61,503 2) ABC corporation has 2,000 shares, 10% preferred stock of $50 par, and 6,000 shares of common stock outstanding. The net income for the year is $250,000. Earnings per share. is A) $50 B) $40 C) $42 D) $125 3) 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% 4) 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.
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A) 439.8 days B) 304.0 days C) 182.5 days D) 8.7 days 5) 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 proFt $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 proFt $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
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Subject: Accounting, Business

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