WGU C213 PRE-ASSESSMENT (Only Calc question) Latest Updated with Complete Solutions

$350 million - ANSWER A corporation has total liabilities of $300 million, total owners' equity of $100 million, and current assets of $50 million. What is the value of the firm's long-term assets? 11.0 - ANSWER P ...

$350 million - ANSWER A corporation has total liabilities of $300 million, total owners' equity of $100 million, and current assets of $50 million. What is the value of the firm's long-term assets? 11.0 - ANSWER Partial financial information for a company is as follows: Current assets $36,543 Total assets $58,719 Current liabilities $24,824 Total liabilities $48,561 Stockholders' equity $10,158 Sales $46,997 Net Income $ 3,761 Market value of shares $41,316 What is the price-earnings (PE) ratio for this company? $4,000 - ANSWER On May 1, 2011, a company using accrual accounting purchased equipment costing $500,000. It expects the equipment to have a useful life of five years. At the time of purchase, the company also purchased a one-year insurance policy on this equipment, which cost $6,000. How much insurance expense should the company have recognized for the year ending in 2011? $153,279 - ANSWER What was the 2012 net profit amount if the 2013 pro-forma net profit of $187,000 was based on a 22% increase? $145,000 - ANSWER A company's statement of cash flows includes the following cash transactions: Sales 1,250,000 Inventory Purchase -750,000 Property and Equipment Purchase -270,000 Interest Payment on Long-Term Debt -25,000 Payment of Wages -315,000 Payment of Rent -40,000 Borrowing Long-Term Debt 200,000 Payment of Cash Dividends -15,000 Repurchase of Treasury Stock -40,000 Total Cash Flows -5,000 Assuming the company uses US GAAP standards, what is the total cash flow from financing activities? $43,000 - ANSWER During its first month of operations, a manufacturer incurs the following costs in dollars related to activities within its factory: Direct materials costs $5,000 Indirect materials $2,000 Direct labor $15,000 Indirect labor $3,000 Factory rent $10,000 Depreciation on factory equipment $8,000 What are the manufacturer's total product costs for the month? $68,000 - ANSWER During its first month of operations, a manufacturer incurs the following costs (in dollars) related to activities within its factory: Direct materials $15,000 Direct labor $30,000 Manufacturing overhead $40,000 What amount should be reported as cost of goods sold on the income statement if 5,000 units are produced and 4,000 are sold? $158,000 - ANSWER The company uses the following information to determine activity rates for each pool: Cost Pool Costs Total Activity Pool 1 $300,000 20,000 hours Pool 2 $20,000 500 pounds Pool 3 $10,000 100 moves Total $330,000 Data concerning the three products appear below: Cost Driver Products A Products B Products C Number of hours 10,000 7,500 2,500 Number of pounds 150 250 100 Number of moves 20 30 50 What is the total amount of overhead applied to product A? $35,750 - ANSWER A running shoe manufacturer produces three types of shoes: traditional, minimalist, and spikes. The company uses the following information to determine activity rates for each pool: Cost Pool Costs Total Activity Shoe Production $250,000 20,000 pairs of shoes Shoe batches $10,000 500 batches Shoe design $5,000 100 parts Total $265,000 Data concerning the three shoe products appear below: Cost Driver Traditional Minimalist Spikes Number of pairs of shoes 10,000 7,500 2,500 Number of batches 150 250 100 Number of parts 20 30 50 What is the total amount of overhead applied to spikes shoes? 6,000 - ANSWER A company manufactures and sells widgets. The following information is available: • Each widget sells for $100. • The variable cost per widget is $50. • Total fixed costs per month are $300,000. How many widgets does the company need to sell each month to break even? $269,750 - ANSWER A company has projected the following sales for the spring quarter of 2014: