Can someone help me with the attached? It is due on November 22nd. ATTACHMENT PREVIEW Download attachment Quiz 2 Fall 2015.xlsx Your Answer YOUR NAME HERE Instructions: Type your answers into the cells in Column A. Do not adjust any formats in these cells. Answer and do not put any punctuation after your answer. For example, if you choose "C," then simply type C into the cell. Multiple Choice are worth 2.5 points each for correct answers, and 1 point if you show your work and get it incorrect. Problems are listed on additional tabs. Show Your Work 1. (Multiple Choice) A balance sheet included cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000). These are the only current items. A. B. C. D. E. 2. The quick ratio is 2:1. The quick ratio is 1.25:1. The current ratio is 1.875:1. Both A and C. None of these. (Multiple Choice) Selected information for 20X6 is: cost of goods sold, $5,400,000; average inventory, $1,800,000; net sales, $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a 360-day year, what was the inventory turnover ratio for 20X6? A. B. C. D. E. 3. 333 3 7.5 20 None of these. (Multiple Choice) Selected information for 20X6 is: net sales (all on account), $7,200,000; average receivables, $960,000; and net income, $720,000. Assuming a 360-day year, what was the average collection period (in days) for the receivables during 20X6? A. B. C. D. E. 4. 7.5 36 48 84 None of these. (Multiple Choice) Assuming use of the indirect approach for preparing a statement of cash flows, which of the following would be most likely reported as a line item in the "operating activity" section? A. B. C. D. E. 5. Dividends paid to shareholders. Cash paid for taxes. Proceeds from issuing capital stock. A reduction in inventory levels. None of these. (Multiple Choice) Using an indirect approach for preparing a statement of cash flows, which of the following must be reported as supplemental information? A. B. C. D. E. 6. Cash paid for interest. Cash paid for taxes. Noncash investing/financing activities. All of the above. None of these. (Multiple Choice) Which of the following items represents a potential use of cash? A. B. C. D. E. 7. Depreciation. Sale of fixed assets at a loss. Net loss from operations. Declaration of a stock dividend. None of these. (Multiple Choice) On a statement of cash flows, depreciation is treated as an adjustment to income because depreciation: A. B. C. D. E. is a direct source of funds. reduces reported income but does not involve an outflow of funds. reduces reported income and involves an inflow of funds. is an inflow of funds to a reserve account for replacement of assets. None of these. 8. (Multiple Choice) Which of the following items is included in the statement of cash flows? A. B. C. D. E. 9. Issuance (sale) of common stock. Purchase of treasury stock. Retirement of long-term debt by issuance of preferred stock. All of the above. None of these. (Multiple Choice) When preparing a statement of cash flows using the indirect approach, an increase in ending payables over beginning payables inventory will result in: A. B. C. D. E. 10. a cash inflow from financing activities. a reduction in inventory. a subtraction from income in calculating operating cash flows. a addition to income in calculating operating cash flows. None of these. (Multiple Choice) Managerial accounting techniques are: A. B. C. D. E. 11. based on a set of generally accepted accounting principles. not molded by formal "rules and regulations." always acceptable for compliance reporting. All of these. None of these. (Multiple Choice) Managerial decision making is supported by accounting information related to: A. B. C. D. E. 12. planning. directing. controlling. All of these. None of these. (Multiple Choice) Which costing method seems ideally suited to the production