Multiple Choice Answers

Oak Construction Company built 128 houses in Hilltop Estates. If the company built 7 times as many colonial style houses as ranch style houses, how many ranch style houses were erected?
14
21
16
24
Calculate the weighted mean for the following data: value=10, weight=2; value=12, weight=6; value=15, weight=8; value=18, weight=6; value=20, weight=2
36
4.8
24
15
This year Bronson’s Tire Co. reported assets of $545,350 which is $120,640 more than last year. If owner’s equity was $192,500 last year, what was the amount of liabilities reported on last year’s balance sheet?
$232,210
$473,490
$352,850
$427,930

Laser Printing and Graphics offers cash discounts of 2/15, 1/20, n/30 to customers on all purchases. A customer purchased $18,000 of merchandise on May 20. What is the amount of the net payment if the invoice was paid on June 8?
$17,640
$18,000
$17,820
$16,200
Matt Stinson invested $4,000 in a simple interest account paying 5.5% per year. If he received $385 in interest, how long did he leave the money in the investment? (Express your answer to the nearest hundredth of a year.)
21 months
1.5 years
21 weeks
175 days
Junko Kiera borrowed $13,000 at a discount loan rate of 12% for 30 months. Determine the true interest rate of Junko’s loan.
0.171
0.152
0.133
0.141
Klemson High-Tech Industries borrowed $65,000 for three years at 14% compounded semi-annually. How much interest will they pay on the loan when they pay it off at the end of the term of the loan? (Express your answer to the nearest cent.)
$32,547.52
$14,627.80
$9,100.00
$32,306.73

 

Determine the future value of an ordinary annuity paying 10% quarterly for nine years if quarterly deposits of $450 are made throughout the nine years.
$25,785.64
$29,830.08
$4,479.53
$6,813.19

An asset was purchased on January 3rd costing $75,000 with a salvage value of $2,800 and an estimated useful life of five years. Find the depreciation expense using the straight-line method.
$15,000
$15,440
$14,440
$13,750
Mahalyk’s Water Fun Shoppe specializes in jet skis. Mahalyk’s inventory records showed the following for the past year: purchased 30 jetskis on February 10th at a cost of $4,000 per jetski; purchased 100 jetskis on May 12th at a cost of $3,000 per jetski; purchased 20 jetskis on June 15th at a cost of $3,500 per jetski; purchased 50 jetskis on July 20th at a cost of $2,500 per jetski Use the Average Cost Method to determine Mahalyk’s value of ending inventory at the end of July if they had 75 jetskis left in inventory.
$230,625
$210,000
$255,000
$187,500