Reference no: EM13504140
Question 1
During the quarter, Menon N Inc. collected $100 of cash from customers, paid $60 of cash to suppliers, paid $30 of cash to employees and other creditors, and recorded a $5 loss on sale of equipment. There were no other cash flows related to operating activities.
What was Menon N's Cash Flow from Operations during the quarter?
a) $25
b) $5
c) $10
d) $15
e) $20
Question 2
Saxena Ltd. had Revenue of $1000, Depreciation and Amortization Expense of $100, Interest Expense of $100, and Tax Expense of $50. All other Expenses were $400. What was Saxena's EBITDA?
a) $1000
b) $250
c) $400
d) $500
e) $600
Question 3
Mangini Co.'s Balance Sheet had the following line item:
12/31/2012 12/31/2011
Accounts Receivable, net of allowances of $500 and $450, respectively $9,200 $8,400
What percentage of gross accounts receivable does Mangini expect to be uncollectable as of 12/31/2012?
a) 5.15%
b) 4.43%
c) 5.08%
d) 5.36%
e) 5.01%
Question 4
Odaine Inc.'s footnotes had the following line item:
12/31/2012 12/31/2011
Allowance for Doubtful Accounts $800 $650
Odaine also disclosed that Bad Debt Expense was $1000 in 2012 and $890 in 2011. There were no recoveries of previously-written off accounts in either year. What were total write-offs of uncollectable accounts for the year ended 12/31/2012?
a) $800
b) $150
c) $110
d) $850
e) $1,150
Question 5
JannaChan Ltd.'s Statement of Cash Flows had the following line items:
2012 2011
Bad Debt Expense, net $1,500 $350
Increase in Accts Receivable $(6,600) $(2,900)
JannaChan reported Sales of $150,000 during the year ended 12/31/2012. There were no write-offs or recoveries during 2012. How much cash did JannaChan collect from customers during the year ended 12/31/2012?
a) $143,400
b) $156,600
c) $150,000
d) $148,500
e) $141,900
Question 6
A retail company, Telmo-Mart, had the following line item on its Balance Sheet:
12/31/2012 12/31/2011
Inventory $5,500 $5,100
Telmo-Mart's Income Statement had the following line item:
2012 2011
Cost of Goods Sold $91,000 $87,000
How much inventory did Telmo-Mart purchase during the year ended 12/31/2012?
a) $90,600
b) $86,600
c) $91,400
d) $91,000
e) $87,400
Question 7
Nguyen Co. incurred the following costs during the quarter:
Raw materials used in production $132,000
Marketing materials used by sales staff $114,000
Wages of factory workers $191,000
Salaries of sales staff $391,000
Depreciation on factory and production equipment $152,000
Depreciation on headquarters building $132,000
Manufacturing overhead $172,000
How much of these costs would have been recorded in Nguyen's Work in Process Inventory account during the quarter?
a) $779,000
b) $495,000
c) $1,252,000
d) $647,000
e) $488,000
Question 8
A manufacturing company, Kutty Industries Ltd., had the following line items in a footnote:
12/31/2012 12/31/2011
Raw Materials $150 $140
Work in Process $215 $200
Finished Goods $250 $240
$615 $580
LIFO Reserve $(100) $(60)
Total Inventory $515 $520
Kutty Industries' Income Statement had the following line item:
2012 2011
Cost of Goods Sold $1,850 $1,725
What would KuttyIndustries's Cost of Goods Sold had been if they had used the FIFO inventory method for the year ended 12/31/2012?
a) $1,750
b) $1,950
c) $1,810
d) $1,890
e) $1,850