STR 581 Capstone Final Exam Part 2 (in the last score is 22/25)
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STR 581 Capstone Final Exam Part 2 (in the last score is 22/25)

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1 Intanke Inc. manufactures vacuum cleaners. The following information is available for the company. Per unit cost Sales $550 Variable expenses 370 The fixed expenses are $95,000. Calculate the net operating income for 750 vacuum cleaners. A. $135,000 C. $35,000 D. $40,000 2 Rinetin Corporation has been falsifying its financial statements for the past year. The staff in the accounting department of the company have been fake employee IDs and recording payments on the company’s payroll. The funds sent to these fake employees are then redirected to the company’s bank accounts. When Rinetin Corporation is audited, the auditors fail to discover this fraud because of their negligence. Months later, a whistle-blower alerts the appropriate authorities about the company’s deceptive practices. In this scenario, the accountants who conducted the audit of the company will be held civilly liable under __________. A. Section 32(a) of the Securities Exchange Act of 1934
 B. Section 24 of the Securities Act of 1933
 C. Section 11(a) of the Securities Act of 1933 D. Section 10(b) of the Securities Exchange Act of 1934 3 Jonah’s Restaurant reports net income of $20,000 during the year 2015. It distributes a dividend of $6,000 to its shareholders. Calculate the retention ratio. A. 50%
 B. 30%
 C. 80% D. 70% 4 Wilande Inc., a leading apparel store, acquires Parewa Inc., an energy drink manufacturer. This is an example of a __________. A. congeneric merger
 B. horizontal merger
 C. conglomerate acquisition D. vertical acquisition 5 Gina and Samantha are discussing the Sarbanes-Oxley Act of 2002. Gina argues that although the act requires the management of a company to explicitly declare in writing that a company’s financial statements accurately and fairly represent the financial results, no steps have been taken to ensure that this rule is followed. Which of the following statements weakens Gina’s argument? A. An individual who is employed by a certified public accounting firm that audits a company can be employed as the CEO or CFO of that company to ensure the fairness of its financial statements.
 B. If a company’s financial statements contain misrepresentations, the CEO and CFO run the risk of serving time in jail.
 C. The Sarbanes-Oxley Act prohibits a public company from granting personal loans to any of its executive officers or directors D. If a CEO or CFO of a company fails to comply with the provisions of the act, he or she is subject to a fine up to $10,000 and one year in jail. 6 Ray is an entrepreneur who has recently started his own venture. Since he does not have the resources to hire a financial expert, he has to manage the company’s finance in addition to managing the company. He needs to calculate the working capital of his business. From the following information, calculate the net working capital. Cash $20,000 Accounts receivable 12,000 Accounts payable 14,500 Inventory 32,000 Accrued expenses 6,500 A. $23,000
 B. $49,500
 C. $11,000 D. $43,000 7 Blanrin Inc. currently produces all the components for the products it makes and sells. The total costs of producing a component, Component Y, for one of its products are given below. The annual requirement of Component Y is 2,200 units. Direct materials $19,800 Direct labor 11,000 Variable manufacturing overhead 15,400 Fixed manufacturing overhead 13,200 An external supplier offers to sell the component to Blanrin Inc. for $23 per unit. After analysis, it is found that if the company buys the component instead of producing it, all of its variable costs and $8,200 of its fixed overhead costs will be eliminated. If Blanrin Inc. decides to buy the component instead of manufacturing it, how will the decision affect the company? A. Its net income will increase by $8,200.
 B. Its net income will increase by $3,800.
 C. Its net income will decrease by $3,800. D. Its net income will increase by $4,400. 8 Rick, a certified accountant, is asked to conduct an audit of the financial statements of Schenk Ltd. However, the company refuses to cooperate with Rick and does not provide him with the necessary information. This makes it impossible for him to carry on with the audit. In this scenario, which of the following opinions is Rick most likely to express? A. Adverse opinion
 B. Disclaimer of opinion
 C. Unqualified opinion D. Qualified opinion 9 Susan is a financial manager at Rvetz Corporation. She wants to evaluate the efficiency with which the company is using its resources. For this reason, she needs to calculate the operating margin from the information given below. Net sales $3,500,000 Cost of goods sold 1,750,000 Office rent 54,500 Selling expenses 350,000 Interest expense 50,000 Other operating expenses 88,500 Which of the following will be the result? A. 38.4%
 B. 35.9%
 C. 85.9% D. 64.1% 10 Calculate depreciation from the following information. Accounting profit break-even point 2,871 units Fixed costs $4,083,200 Sales price $42 per unit Total variable costs $2,600 Number of units 100 A. $706,200
 B. $510,400
 C. $812,000 D. $1,483,200 10 Calculate depreciation from the following information. Accounting profit break-even point 2,871 units Fixed costs $4,083,200 Sales price $42 per unit Total variable costs $2,600 Number of units 100 A. $706,200
 B. $510,400
 C. $812,000 D. $1,483,200 11 Yalken Corporation is considering the purchase of a new machine. The cost of the machine is $250,000. The cash flows for five years are given below. Year 1 Year 2 Year 3 Year 4 Year 5 Cash flows $84,790 $102,500 $70,580 $64,760 $115,700 The company is in the 35 percent tax bracket. Assuming that the cost of capital is 12%, calculate the net present value. A. $314,452
 B. $64,463
 C. $(64,452) D. $204,394 12 Which of the following scenarios illustrates a violation of the Sarbanes-Oxley Act? • Natalie is assigned to audit a company’s financial records. She finds it impossible to arrive at a conclusion and issues a disclaimer of opinion.
 • Ronan, the CFO of Puvane Inc., is granted an unsecured loan by the company to pay his son’s medical bills.
 • Tina, an accountant, fails to detect a fraud in the financial statements of the company she audits. • Wong is a member of the audit committee of a public corporation. However, he is an external member and was not employed by the corporation. 13 Tanial Inc. has $950,000 in assets and $400,000 in debt. If it earns net income of $350,000, calculate the return on assets A. 63.6%
 B. 36.8%
 C. 271.4% D. 87.5% The financial manager of a company needs to measure how efficiently the company’s total assets are being used to generate sales. From the information given below, calculate the relevant ratio he needs for this purpose. Cash $220,000 Accounts receivable 1,800,000 Inventory 950,000 Plant and equipment 1,330,000 Sales 10,000,000 A. Assets turnover ratio of 0.3
 B. Debt to assets ratio of 3.4
 C. Assets turnover ratio of 2.3 D. Debt to assets ratio of 0.4 15 Jose, a financial expert of Cerione Ltd., analyzes the data given below. What conclusion is he likely to arrive at? Sales $161,000 Cost of goods sold 110,000 Gross margin $ 51,000 Total selling and administrative expenses 39,500 Net operating income $ 11,500 Interest expenses 2,170 Net income before taxes $ 9,330 Income tax (30%) 2,799 Net income $ 6,531 A. The company does not have adequate resources to pay the interest due to creditors.
 B. The company’s gross margin is 20 percent.
 C. The company has sufficient resources to pay the interest due to creditors. D. The company’s earnings before interest is the same as its earnings after taxes. 16 The capital structure for Purnen Corporation is given below. Calculate the weighted average cost of capital (WACC). Debt: 10%, 1,500 bonds, 20 years to maturity, selling for 105% of par. The bonds have a $1,000 par value each and make annual payments. Common stock: 3,000,000 shares outstanding at a par value of $1, selling for $35 a share. The expected dividend is $2.8, and the growth rate is 10%. Preferred stock: 5,000 shares of 6% preferred stock outstanding, selling for $103 a share and having a par value of $100. The flotation cost is $3, and the dividend is $9. The corporate tax rate is 35%. A. 8.4%
 B. 16.5%
 C. 9.96% D. 13.65% 17 Raul needs to choose one alternative from the four alternatives given below. Applying the concept of time value of money, which of the following alternatives should he select? A. Receiving $130 at the end of two years at an interest rate of 8% compounded annually
 B. Receiving $100 at the end of two years at an interest rate of 9% compounded annually
 C. Receiving $150 at the end of three years at an interest rate of 7% compounded annually D. Receiving $90 at the end of one year at an interest rate of 5% compounded annually 18 Josh and Mike are discussing the pros and cons of the Sarbanes-Oxley Act. While Josh argues that the act has a high compliance cost, Mike is of the opinion that companies can easily avoid these costs by choosing to go dark and delisting their shares from exchanges. Josh, in turn, states that such a choice comes with its own drawbacks. Which of the following statements best supports Josh’s argument? A. Companies that choose to go dark typically have only limited access to capital markets.
 B. Mandatory annual audits by independent auditors are carried out regardless of whether or not companies choose to go dark.
 C. Executives of companies that choose to go dark are required to certify the accuracy of financial statements. D. Companies that go dark are required to file annual reports. 19 Robert is a manager of a small-scale firm. He needs to decide whether the firm has sufficient resources to meet its short-term obligations. Calculate the ratio that Robert needs to calculate from the information given below. Cash and cash equivalents $1,057,600 Accounts receivables 1,556,500 Short-term investments 770,300 Other current assets 420,500 Accounts payable 995,700 Long-term debt 528,000 Short-term debt 176,000 Other current liabilities 2,495,700 A. Current ratio of 0.92
 B. Current ratio of 1.04
 C. Debt ratio of 0.91 D. Debt ratio of 1.26 20 Mark wants to withdraw $6,500 at the end of three years and $8,000 at the end of five years. He wants to do this in such a way that the account balance drops to zero after the last withdrawal. Assuming that the interest rate is 5%, how much money should Mark deposit today to ensure that his needs are met? A. $11,883.15
 B. $653.26
 C. 5,614.94 D. $6,268.21 21 Darrin Corporation is considering a proposal to purchase a new piece of equipment. The cost of the equipment is $16,611. The equipment is estimated to provide an annual cash flow of $3,000 for the next nine years. The company has a required rate of return of 15%. Calculate the internal rate of return (IRR), and interpret the results. Use the present value of an annuity table. • Since the cash flows are evenly distributed, the proposal should be accepted.
 • Since the IRR is lesser than the required rate of return, the proposal should be rejected.
 • Since the capital investment is higher than $15,000, the proposal should be rejected. • Since the IRR is greater than the required rate of return, the proposal should be accepted. 22 Calculate the total equivalent units for materials from the information given below. Percentage complete Units Materials Conversion Work in process, June 1 1,100 60% 35% Units started into production during June 22,500 Units completed and transferred to the next department 21,800 100% 100% Work in process, June 30 1,800 50% 15% A. 2,070
 B. 23,400
 C. 22,700
 D. 21,260 23 Bob is a project leader in a software company. He assigns tasks to his team members, explains how to execute the tasks, and sets weekly goals for them. He convenes meetings to discuss the progress of projects at each stage of execution and does not bother about the personal issues of his team when he evaluates any dip in their performance with respect to the targets he set. In accordance with House’s path-goal theory, which of the following leadership behaviors does Bob display? A. Participative behavior
 B. Directive behavior
 C. Supportive behavior D. Achievement-oriented behavior 24 The following information is given for Rafea Corporation. Rafea Corporation Balance Sheet December 31, 2016 Assets Liabilities Cash $ 20,300 Accounts payable $ 82,400 Marketable securities 33,000 Bonds payable 215,300 Accounts receivable 74,200 Common stock 78,900 Inventory 82,400 Paid-in-capital 37,600 Fixed assets 258,500 Retained earnings 54,200 468,400 468,400 Which of the following can be inferred from the data? A. The company has a current ratio of 1.51.
 B. The company has a debt-to-equity ratio of 1.74.
 C. The company has a debt-to-equity ratio of 0.71. D. The company has a current ratio of 1.13. 25 Calculate the direct labor quantity variance from the information given below. Standard rate $13 per hour Standard hours 4,300 hours Actual hours 5,000 hours Actual rate $11.50 per hour A. $15,550 unfavorable
 B. $1,600 favorable
 C. $9,100 unfavorable D. $6,450 unfavorable

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