Answer:
1 Line item description Cost Retail
2 Beginning inventory 40000 360000
3 Purchases 1000000 10000000
4 Transportation in 50000
5 Purchase returns -20000 -196000
6 Net purchases(3+4+5) 1030000 9804000
7 Net additional markups 800000
8 Cost to retail ratio 1070000 10964000
component(2+6+7)
9 Net markdowns -500000
10 Sales -9800000
11 Ending inventory,retail(8+9+10) 664000
Setup calculation:
Cost to retail ratio = Cost to retail ratio component at cost/Cost to retail ratio component at retail
= 1070000/10964000
= 0.097592
= 9.76%
Ending inventory,cost = Ending inventory,retail*Cost to retail ratio
= 664000*9.76%
= $64806
Cost of goods sold = Sales*Cost to retail ratio
= 9800000*9.76%
= $956480
Vaughn Manufacturing acquires a coal mine at a cost of $1920000. Intangible development costs total $354000. After extraction has occurred, Vaughn must restore the property (estimated fair value of the obligation is $183000), after which it can be sold for $208000. Vaughn estimates that 5000 tons of coal can be extracted. What is the amount of depletion per ton
Answer:
$452
Explanation:
The amount of depletion per ton is computed below.
= (Acquired cost of coal mine + Intangible development costs + Fair value of the obligation - Sale value) ÷ Number of estimated tons of coal extracted
= ($1,920,000 + $353,000 + $193,000 - $208,000) ÷ 5000
= $452
The amount of depletion per ton is therefore $452
Assume Digby Corp. is downsizing the size of their workforce by 10% (to the nearest person) next year from various strategic initiatives. Digby is planning to conduct exit interviews to learn more about how they can improve in processes and increase productivity. The exit interviews are estimated to cost $100 per employee in additional to normal separation costs of $5000. How much will the company pay in separation costs if these exit interviews are implemented next year? Select : 1
Answer:
$318,240
Explanation:
Calculation to determine How much will the company pay in separation costs if these exit interviews are implemented next year
First step is to calculate the Seperation cost per employee
Seperation cost per employee=$5,000+$100
Seperation cost per employee=$5,100
Now let calculate How much will the company pay in separation costs
Total cost =(624*10%)*$5,100
Total cost =62.4*$5,100
Total cost =$318,240
Note that the Total Employee of 624 was given in Complement
Therefore The amount that the company will pay in separation costs if these exit interviews are implemented next year is $318,240
It is a statement that describes the desired long-term results of your company's efforts. *
The answer is your mission statement
A mission statement states each goal the company has with their organization and what they wanna do
Based on the Marshall Laws of Derived Demand, labor demand is more inelastic when a. workers are making a product that uses a highly labor intensive technology b. workers are making a product with more inelastic demand c. workers are making a product that uses a capital input with elastic supply d. workers are making a product that uses a technology with a fixed labor-capital ratio
Answer:
b
Explanation:
According to Marshall Laws of Derived Demand, labor demand is more inelastic in the following circumstances :
the cost of employing labour constitutes a small proportion of the total cost of production.the demand for the product is relatively inelasticlabour cannot be easily substituted for in the production processwhen the supply of other factors of production is inelasticThe following are some of the components included in the master budget of a merchandising company. List the items of the master budget in order of preparation. a. Budgeted balance sheet b. Sales budget c. Capital expenditures budget d. Budgeted income statement e. Cash budget f. Inventory, purchases, and cost of goods sold budget g. Selling and administrative expense budget
Answer:
Items of the master budget in order of preparation:
b. Sales budget
f. Inventory, purchases, and cost of goods sold budget
g. Selling and administrative expense budget
c. Capital expenditures budget
e. Cash budget
d. Budgeted income statement
a. Budgeted balance sheet
Explanation:
In a master budget, the first is the sales budget. It forms the nucleus for the preparation of other budgets. The sales targets determine the production requirements. From the production, inventory, or purchase budgets, other budgets will be formed sequentially. All are directed at meeting the needs of customers as captured in the sales budget. Lastly, the financial statements budgets are prepared, which include the income statement and the balance sheet.
Twix Dots Skor
Net income $4,200 $106,000 $76,800
Depreciation expense 31,600 8,400 25,600
Accounts receivable increase (decrease) 42,200 21,000 (4,200 )
Inventory increase (decrease) (21,200 ) (10,600 ) 10,600
Accounts payable increase (decrease) 25,400 (23,400 ) 14,800
Accrued liabilities increase (decrease) (46,600 ) 12,800 (8,400 )
Required:
For each separate company, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indicated by a minus sign.)
Answer:
Twix, Dots, and Skor
Twix Dots Skor
Net income $4,200 $106,000 $76,800
Depreciation expense 31,600 8,400 25,600
Accounts receivable increase (decrease) 42,200 21,000 (4,200 )
Inventory increase (decrease) (21,200 ) (10,600 ) 10,600
Accounts payable increase (decrease) 25,400 (23,400 ) 14,800
Accrued liabilities increase (decrease) (46,600 ) 12,800 (8,400 )
Cash flows from operations ($6,400) $93,400 $102,400
Explanation:
a) Data and Calculations:
Twix Dots Skor
Net income $4,200 $106,000 $76,800
Depreciation expense 31,600 8,400 25,600
Accounts receivable increase (decrease) 42,200 21,000 (4,200 )
Inventory increase (decrease) (21,200 ) (10,600 ) 10,600
Accounts payable increase (decrease) 25,400 (23,400 ) 14,800
Accrued liabilities increase (decrease) (46,600 ) 12,800 (8,400 )
b) Depreciation is added back to the net income. Increases in current assets are cash outflows, reducing cash flows, while decreases are cash inflows, increasing cash flows. On the other hand, increases in current liabilities are cash inflows, increasing cash flows, while decreases are cash outflows, reducing cash flows.
On January 1, 2020, UML Inc. began construction of an automated cattle feeder system. The system was finished and ready for use on December 31, 2021. Expenditures on the project were as follows: January 1, 2020 $ 500,000 July 1, 2020 $ 300,000 December 1, 2020 $ 600,000 March 31, 2021 $ 300,000 September 30, 2021 $ 200,000 UML borrowed $600,000 on a construction loan at 8% interest on January 1, 2020. This loan was outstanding throughout the construction period. The company had $2,000,000 in 5% bonds payable outstanding in 2020 and 2021. UML used the specific interest method. Interest capitalized for 2020 was: Multiple Choice $53,000. $56,000. $70,000. $112,000.
Answer:
UML Inc.
The interest capitalized for 2020 was:
= $70,000
Explanation:
a) Data and Calculations:
Date Amount Weight Weighted Average
January 1, 2020 $ 500,000 24/24 $500,000
July 1, 2020 $ 300,000 18/24 225,000
December 1, 2020 $ 600,000 13/24 325,000 $1,050,000
March 31, 2021 $ 300,000 9/24 112,500
September 30, 2021 $ 200,000 3/24 25,000
Total accumulated weighted-average expenditure for 2020 = $1,050,000
Interest capitalized
Construction loan = $600,000 * 8% = $48,000
Part from the bond= $450,000 * 5% = 22,500
= $70,500
From Transaction-Based Marketing to Relationship Marketing: The Paradigm Shift
Answer:
please give me brainlist and follow
Explanation:
Transactional marketing has ignored the implicit financial value of relationship in an exchange process. The underpinning of the argument that relationship marketing is a paradigm shift lies in the interpretations on the differences between transactional marketing and relationship marketing.
g If nominal GDP is $4,000 billion and the amount of money demanded for transactions purposes is $800 billion, it can generally be concluded that Multiple Choice the asset demand for money is $3,200 billion. the total demand for money is $4,800 billion. on average, each dollar will be spent five times a year. the supply of money needs to be increased to meet the demand.
Answer:
on average, each dollar will be spent five times a year.
Explanation:
Based on the information given it can generally be concluded that ON AVERAGE, EACH DOLLAR WILL BE SPENT FIVE TIMES A YEAR reason been that nominal GDP of the amount of $4,000 billion Divided by $800 billion which is the amount of money that was demanded for transactions purposes will give us 5 indicating that on average, each dollar will be spent five times a year.
Calculated as:
nominal GDP /Money demanded
=$4,000 billion/$800 billion
=5
Therefore it can generally be concluded that on average, each dollar will be spent five times a year.
The Tree Company provides the following standard cost data per unit of product: Variable overhead $ 8.00 Tree Co. anticipated that they would produce and sell 24,000 units. During the period, the company produced and sold 25,000 units, incurring $210,000 of variable overhead costs. The variable overhead flexible budget variance was: A. $8,000 unfavorable. B. $10,000 unfavorable. C. $8,000 favorable. D. $10,000 favorable.
Answer:
Flexible budget variance= $10,000 unfavorable
Explanation:
Giving the following information:
Standard Variable overhead= $8.00 per unit
During the period, the company produced and sold 25,000 units, incurring $210,000 of variable overhead costs.
First, we need to calculate the standard variable overhead cost:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 8*25,000
Allocated MOH= $200,000
Now, the flexible budget variance:
Flexible budget variance= allocated overhead - actual overhead
Flexible budget variance= 200,000 - 210,000
Flexible budget variance= $10,000 unfavorable
Selected information from Jacklyn Hyde Corporation's accounting records and financial statements for 2021 is as follows ($ in millions): Cash paid to retire notes $ 94 Common shares acquired for treasury 154 Proceeds from issuance of preferred stock 218 Proceeds from issuance of subordinated bonds 274 Cash dividends paid on preferred stock 77 Cash interest paid to bondholders 107 In its statement of cash flows, Jacklyn Hyde should report net cash inflows from financing activities of: Multiple Choice $325 million. $167 million. $218 million. $64 million.
Answer:
$167 million
Explanation:
Particulars Amount ($ millions)
Cash paid to retire note -94
Less: Common shares acquired for treasury -154
Add: Proceeds from issue of preferred stock 218
Add: Proceeds from issue of subordinated bonds 274
Less: Cash dividends paid on preferred stock -77
Net cash from financing activities 167
Note: Cash interest paid to bondholders belongs to Operating activity
Matching Items Reported to Cash Flow Statement Categories (Indirect Method)
Reebok International Ltd. is a global company that designs and markets sports and fitness products, including footwear, apparel, and accessories. Some of the items included in its recent annual consolidated statement of cash flows presented using theindirect method are listed here.
Indicate whether each item is disclosed in the Operating Activities (O), Investing Activities (I), or Financing Activities (F) section of the statement or (NA) if the item does not appear on the statement. (Note: This is the exact wording used on the actual statement.)
_____ 1. Dividends paid
_____ 2. Repayments of long-term debt
_____ 3. Depreciation and amortization
_____ 4. Proceeds from issuance of common stock to employees
_____ 5. [Change in] Accounts payable and accrued expenses
_____ 6. Cash collections from customers
_____ 7. Net repayments of notes payable to banks
_____ 8. Net income
_____ 9. Payments to acquire property and equipment
_____ 10. [Change in] Inventory
Answer and Explanation:
The matching is as follows:
1. It is a financing activity
2, It is also a financing activity
3. It is an operating activity
4. It is a financing activity
5 It is an operating activity
6. It is NA
7. It is a financing activity
8. It is an operating activity
9. It is an investment activity
10. It is an operating activity
In this way, it should be matched with the transactions given in the question
The same would be relevant and considered
People in societies where uncertainty avoidance is high want
Answer:
I don't see any options.
On January 1, 2021, Nana Company paid $100,000 for 8,000 shares of Papa Company common stock, which represents 10% ownership. Papa reported net income of $52,000 for the year ended December 31, 2021. The fair value of the Papa stock on that date was $45 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021
Answer:
$360,000
Explanation:
According to the scenario, computation of given data are as follows,
Nana company bought shares = 8,000
Fair value of share = $45 per share
So, we can calculate the amount to be reported in balance sheet by using following formula,
Amount to be reported in balance sheet = Number of shares bought × Fair value per share
= 8,000 × $45
= $360,000
Lewis spends a lot of time socializing while at work. In his interactions with Walid, he constantly asks personal questions and shares information about his family and hobbies. This frustrates Walid who just wants to get his work done. This illustrates ____, one of the intercultural communication challenges in business contexts.
Answer:
task versus relationship priority.
Explanation:
A team can be defined as a group of people or set of individuals with various skill set, knowledge and experience coming together to work on a project or task in order to successfully achieve a set goal and objective.
This ultimately implies that, a team comprises of individuals, workers or employees having complementary skills, knowledge and experience needed to execute a project or task successfully. Therefore, workers working as a team usually interact with the other team members and as a result, this enhances performance and strengthen the level of relationship they share.
In this scenario, Lewis spends a lot of time socializing while at work and he constantly asks Walid personal questions and shares information about his family and hobbies. This actions frustrates Walid who is only interested in getting his work done. This illustrates task versus relationship priority, one of the intercultural communication challenges in business contexts.
James is the new manager of operations at Springfield Motors. To his dismay, he finds the employees coming in late to work, taking long breaks, and behaving unprofessionally at their workstations. James decides to promote desirable work practices. He plans to introduce incentives for meeting the required targets but, at the same time, to withhold those incentives when employees are late, take long breaks, or behave unprofessionally. Identify the contingencies that James is planning to implement.
Answer: b. Positive reinforcement and punishment
Explanation:
Positive reinforcement is a way of encouraging certain behavior by adding something pleasant when the subject does something that it desirable or a stimulus. James giving the employees some incentives (something pleasant) when they meet required targets (something desirable) is therefore positive reinforcement.
Punishment on the other hand, refers to taking away something pleasant in response to the subject doing something that isn't very desirable. In this scenario, James would take away the incentives (pleasant) in response to the employees behaving unprofessionally (isn't very desirable).
A company's flexible budget for 22,000 units of production showed per unit contribution margin of $3.50 and fixed costs, $38,600. The operating income expected if the company produces and sells 28,000 units is:
Answer:
$59,400
Explanation:
Operating income = Contribution - Fixed Costs
therefore,
At the activity of 28,000 units results will be :
Contribution (28,000 units x $3.50) $98,000
Less Fixed Costs ($38,600)
Operating Income $59,400
Thus,
The operating income expected if the company produces and sells 28,000 units is $59,400
Using property she inherited, Lei makes a 2020 gift of $16,200,000 to her adult daughter, Doris. Neither Lei nor her husband, Greg, has made any prior taxable gifts. Assuming that a flat 40% tax rate applies, determine the Federal gift tax liability if (a) the election to split gifts is not made and (b) the election to split gifts is made. (c) What are the tax savings from making the election
Answer:
a)$1,842,000
b) $808,500 each
c) $$1,842,000
Explanation:
Worth of Gift made = $16200000
Assuming a Flat rate of 40%
Determine federal gift tax liability
a) When Election to split gift is not made
Taxable gift = $162,000,000 - annual exclusion
= 162,000,000 - 15,000
= $16,185,000
Determine the Gift tax = [ 345800 + ( 16,185,000 - 1,000,000 ) 40% ]
= $6419800
applying values gotten from computing tax table ( Appendix A )
Given that the max credit allowed for 2020 = $4577800
hence Gift tax due = $1,842,000 ( 6419800 - 4577800 )
b) If election to split is made i.e. section 25I3 is elected
Gift tax due = $8,100,000 - $15,000 = $808,500 each ( Greg and Lei
i.e. For Greg and Lei
c) Tax savings made
Tax savings =$1,842,000 ($1,842,000 -$0)
For many years, college costs (including tuition, fees, and room and board) increases have been higher than the inflation rate, averaging 5% to 8% per year. According to the College Board's Trends in College Pricing, the average total costs at present in dollars is $19,500 for students attending in-state four-year public colleges and universities and $41,000 for students at four-year private colleges and universities. Assume an additional $5,000 per year for textbooks, supplies, transportation, and other expenses.
Using a 7% per year inflation rate, how much can a sophomore high-school student expect to spend on in-state tuition, fees, and room and board for the freshman year (3 years from now) at a four-year public university?
A sophomore high-school student is expected to spend $ for the freshman year.
Answer: $23,888
Explanation:
The cost today for a freshman at a public university is $19,500.
Inflation is at 7% a year and the period is 3 years from now. It is best to use a future value formula:
= Fees * ( 1 + rate) ^ number of years
= 19,500 * ( 1 + 7%)³
= 19,500 * 1.225043
= $23,888
The ABC Company has recognized the following demand for the next four quarters:
Quarter Demand
1 3000 units
2 4000 units
3 4500 units
4 3500 units
ABC has traditionally used the hiring and firing of workers to accommodate the changes in demand for their products but is considering maintaining a stable workforce and subcontracting production when demand exceeds the capability of the workforce. They currently have 30 workers, each capable of producing 100 units per quarter. It costs them $3000 to hire a worker and $5000 to fire a worker.
If they subcontract the work, it will cost them $30 per unit above their normal production cost. Given this information, should they continue their current practice or move to subcontracting the production over what their current workforce can produce?
Answer: Subcontracting production
Explanation:
It is cheaper for ABC Company to subcontract the jobs than to hire and fire workers as needed. Even though the cost is similar when it comes to hiring permanent workers and training them vs subcontracting them, when the company needs to produce less goods, the cost of firing the permanent employees is simply too much.
For instance, 1,000 units out of the 4,000 units in the second quarter cannot be covered by the 30 workers they have. They will need to hire 10 additional workers and training them would cost $30,000. That is the same cost they would incur if they subcontracted (30 * 1,000 units = $30,000).
What happens in quarter 4 however, when they have to let go of 10 employees because production dropped by 1,000 units? They will have to pay $50,000. If they were subcontracting, they would not have to pay a dime. It is therefore better to subcontract.
Case X: Compute cash received from customers:
Sales $ 515,000
Accounts receivable, December 31, 2013 27,200
Accounts receivable, December 31, 2014 33,600
Case Y: Compute cash paid for rent:
Rent expense $ 139,800
Rent payable, December 31, 2013 7,800
Rent payable, December 31, 2014 6,200
Case Z: Compute cash paid for merchandise:
Cost of goods sold $ 525,000
Merchandise inventory, December 31, 2013 158,600
Accounts payable, December 31, 2013 66,700
Merchandise inventory, December 31, 2014 130,400
Accounts payable, December 31, 2014 82,000
For each of the above three separate cases, use the information provided about the calendar-year 2014 operations of Sahim Company to compute the required cash flow information.
Case X:Cash received from customers
Case Y:Cash paid for rent
Case Z:Cash paid for merchandise
Answer:
Sahim Company
Case X: Cash received from customers = $508,600
Case Y: Cash paid for rent = $141,400
Case Z: Cash paid for merchandise = $481,500
Explanation:
a) Data and Calculations:
Case X: Compute cash received from customers:
Sales $ 515,000
Accounts receivable, December 31, 2013 27,200
Accounts receivable, December 31, 2014 33,600
Case Y: Compute cash paid for rent:
Rent expense $ 139,800
Rent payable, December 31, 2013 7,800
Rent payable, December 31, 2014 6,200
Case Z: Compute cash paid for merchandise:
Cost of goods sold $ 525,000
Merchandise inventory, December 31, 2013 158,600
Accounts payable, December 31, 2013 66,700
Merchandise inventory, December 31, 2014 130,400
Accounts payable, December 31, 2014 82,000
Case X: Cash received from customers:
Accounts receivable
Account Titles Debit Credit
Sales $ 515,000
December 31, 2013 27,200
December 31, 2014 $33,600
Cash received 508,600
Case Y: Cash paid for rent:
Rent Payable
Account Titles Debit Credit
Rent expense $ 139,800
December 31, 2013 7,800
December 31, 2014 $6,200
Cash paid 141,400
Case Z: Cash paid for merchandise:
Cost of goods sold $ 525,000
Merchandise inventory, December 31, 2014 130,400
Merchandise inventory, December 31, 2013 (158,600)
Purchases during 2014 $ 496,800
Accounts payable
Account Titles Debit Credit
December 31, 2013 $66,700
Purchases during 2014 496,800
December 31, 2014 $82,000
Cash paid for merchandise 481,500
Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri River Supply incorrectly counted its inventory as $233,400 instead of the correct amount of $238,600. Enter all amounts as positive numbers. a. State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply. Balance Sheet Items Understated/Overstated Amount Merchandise Inventory $fill in the blank 2 Current Assets fill in the blank 4 Total Assets fill in the blank 6 Owner's Equity fill in the blank 8 b. State the effect of the error on the income statement of Missouri River Supply for the year ended December 31, 20Y2. Income Statement Items Overstated/Understated Amount Cost of Merchandise Sold $fill in the blank 10 Gross Profit fill in the blank 12 Net Income fill in the blank 14 c. If uncorrected, what would be the effect of the error on the 20Y3 income statement
Answer:
A. Balance Sheet
Merchandise Inventory $5,200 Understated
Current Asset $5,200 Understated
Total Assets $5,200 Understated
Owner's equity $5,200 Understated
B. Income Statement
Cost of merchandise sold $5,200 Overstated
Gross profit $5,200 Understated
Net income $5,200 Understated
C. Income Statement
Cost of merchandise sold $5,200 Understated
Gross profit $5,200 Overstated
Net income $5,200 Overstated
Explanation:
A. Calculation to State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply
BALANCE SHEET
Merchandise Inventory $5,200 Understated
Current Asset $5,200 Understated
Total Assets $5,200 Understated
Owner's equity $5,200 Understated
($238,600-$233,400)
B. Calculation to State the effect of the error on the income statement of Missouri River Supply for the year ended December 31, 20Y2.
INCOME STATEMENT
Cost of merchandise sold $5,200 Overstated
Gross profit $5,200 Understated
Net income $5,200 Understated
($238,600-$233,400)
C. Calculation to determine what would be the effect of the error on the 20Y3 income statement If uncorrected
INCOME STATEMENT
Cost of merchandise sold $5,200 Understated
Gross profit $5,200 Overstated
Net income $5,200 Overstated
($238,600-$233,400)
Midwest Mfg. uses a balanced scorecard as part of its performance evaluation. The company wants to include information on its sustainability efforts in its balanced scorecard. For each of the sustainability items below, indicate the most likely balanced scorecard perspective it relates to. Label your answers using C (customer), P (internal process), I (innovation and learning), or F (financial). ____________
1. CO2 emissions ____________
2. Number of solar panels installed ____________
3. Gallons of water used ____________
4. Customer surveys of company s sustainability reputation ____________
5. Pounds of recyclable packaging used ____________
6. Pounds of trash diverted from landfill ____________
7. Dollar sales of green products ____________
8. Number of sustainability training workshops held ____________
9. Cubic feet of natural gas used ____________
10. Patents for green products applied for
Answer:
1. CO2 emissions. P (internal process)
Internal processes relate to those sustainability actions that relate to the internal workings and processes of the company such as the technologies and plans they initiate to be more sustainable. Managing CO2 emissions is one of them.
2. Number of solar panels installed P (internal process)
This falls under internal processes as well.
3. Gallons of water used. P (internal process).
Relates to the plans to be more sustainable so is internal process.
4. Customer surveys of company's sustainability reputation. C (Customer)
Customer perspective attempts to find out what the customer thinks about the company and this is very important because it tells the company what to offer customers in order to gain larger market share. Customer surveys fall here.
5. Pounds of recyclable packaging used. P (internal process)
Plans to be more sustainable so internal process.
6. Pounds of trash diverted from landfill. P (internal process)
Company plans to be more sustainable so internal.
7. Dollar sales of green products. F (financial)
Financial perspective deals with everything money. How much is saved and how much is spent and most importantly, what is the profit. This will therefore fall here.
8. Number of sustainability training workshops held. I (innovation and learning).
Innovation and learning focuses on developing the components of a company that drives its growth such as human capital. Training employees ensures that they gain more skills and become more sustainable.
9. Cubic feet of natural gas used. P (internal process)
10. Patents for green products applied for. I (innovation and learning).
This falls under the innovation perspective as it deals with actions taken to improve the capability of the company.
Winnebagel Corp. currently sells 28,300 motor homes per year at $74,500 each and 7,300 luxury motor coaches per year at $116,500 each. The company wants to introduce a new portable camper to fill out its product line; it hopes to sell 23,300 of these campers per year at $20,500 each. An independent consultant has determined that if the company introduces the new campers, it should boost the sales of its existing motor homes by 2,900 units per year and reduce the sales of its motor coaches by 880 units per year.
Required:
What is the amount to use as the annual sales figure when evaluating this project?
Answer:
Annual sales figure = $42,178.11
Explanation:
The annual sales figure is the sum of the sales of campers and the additional sales of homes less of sales of motor coaches lost.
This is computed below:
$
Sales of camper 20,500
Motor homes (2,900/28,300× 74,500) = 7,634.28
Motor coaches (880/7,300× 116,500) = (14,043.84)
Annual sales figure 42,178.11
Annual sales figure = $42,178.11
An entrepreneur is thinking of starting a firm. The firm will pay Tk. 320,000 in wages/salary, Tk. 150,000 on raw materials, Tk. 100,000 for rent per month. If the entrepreneur worked as a manager for somebody else, he would earn Tk. 50,000 per month. The firm’s total revenue per month is Tk. 600,000.
Northwest Fur Co. started 2021 with $95,000 of merchandise inventory on hand. During 2021, $440,000 in merchandise was purchased on account with credit terms of 3/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $9,100. Merchandise with an invoice amount of $3,800 was returned for credit. Cost of goods sold for the year was $365,000. Northwest uses a perpetual inventory system.
Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?
A. $540,300.
B. $527,214.
C. $539,100.
D. $527,100.
Answer:
B. $527,214
Explanation:
Calculation to determine the cost of goods available for sale
Beginning inventory $95,000
Add Inventory purchased $440,000
Add Freight charges $9,100
Less Merchandise returned ($3,800)
Less Discounts ($13,086)
[($440,000 – 3800) x 3%)]
Cost of goods available for sale $527,214
Therefore Cost of goods available for sale is $527,214
Which statement best represents the relationship between date of declaration, date of record and ex-dividend date, and date of payment, for a cash dividend.
A. The date of payment results in the biggest decrease in the current ratio.
B. The ex-dividend date establishes the decrease to cash.
C. The date of record establishes the amount to be received.
D. The date of declaration establishes the increase to liabilities.
Answer: D. The date of declaration establishes the increase to liabilities.
Explanation:
The statement that best represents the relationship that exist between the date of declaration, the date of record and ex-dividend date, and the date of payment for a cash dividend is that the date of declaration helps in establishing the increase to liabilities.
On the declaration date, it should be noted that the board of directors will declares that the shareholders will be paid dividend on a specific future date. Then, the corporation will then becomes legally liable for the payment of the dividend on the declaration date.
Listed below are year-end account balances ($ in millions) taken from the records of Poe Dameron's Pilot School. Debit Credit Accounts receivable 668 Building and equipment 922 Cash 40 Interest receivable 38 Inventory 19 Land 153 Notes receivable (long-term) 475 Prepaid rent 36 Supplies 11 Trademark 46 Accounts payable 615 Accumulated depreciation 74 Additional paid-in capital 481 Dividends payable 30 Common stock (at par) 13 Income tax payable 49 Notes payable (long-term) 811 Retained earnings 313 Deferred revenue 22 TOTALS 2,408 2,408 What would Poe Dameron's Pilot School report as total assets
Answer:
$812
Explanation:
Current assets:
Details Amount
Account receivable $668
Cash $40
Interest Receivable $38
Inventory $19
Prepaid rent $36
Supplies $11
Total Assets $812
Identify the statement below that is true regarding the Allowance for Doubtful Accounts account. Multiple Choice The account has a normal credit balance and is reported on the balance sheet. The account has a normal debit balance and is reported on the balance sheet. The account has a normal credit balance and is reported on the income statement. The account has a normal debit balance and is reported on the income statement.
Answer: The account has a normal credit balance and is reported on the balance sheet.
Explanation:
The allowance for doubtful accounts refers to the amount of account receivable that the company believes will not be paid by the customers. It is referred to as the bad debt reserve as well.
The allowance for doubtful accounts reduces the accounts receivable. It also has a normal credit balance and is reported on the balance sheet.
Multiple-Step Income Statement
Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--.
Sales $156,876
Sales Returns and Allowances 2,344
Sales Discounts 4,155
Interest Revenue 419
Merchandise Inventory, January 1, 20-- 27,769
Purchases 112,094
Purchases Returns and Allowances 5,517
Purchases Discounts 2,710
Freight-In 870
Merchandise Inventory, December 31, 20-- 33,028
Wages Expense 27,611
Supplies Expense 744
Phone Expense 888
Utilities Expense 7,988
Insurance Expense 1,294
Depreciation Expense—Equipment 3,809
Miscellaneous Expense 584
Interest Expense 4,692
Answer:
Sauter Office Supplies
Multi-step Income Statement for the year ended December 31, 20--
Net sales $150,377
Cost of goods sold $99,478
Gross profit $50,899
Expenses:
Wages Expense 27,611
Supplies Expense 744
Phone Expense 888
Utilities Expense 7,988
Insurance Expense 1,294
Depreciation Expense 3,809
Miscellaneous Expense 584 $42,918
Operating income $7,981
Interest revenue 419
Interest Expense (4,692)
Income before taxes $3,708
Explanation:
a) Data and Calculations:
Sales $156,876
Sales Returns and Allowances 2,344
Sales Discounts 4,155
Interest Revenue 419
Merchandise Inventory, January 1, 20-- 27,769
Purchases 112,094
Purchases Returns and Allowances 5,517
Purchases Discounts 2,710
Freight-In 870
Merchandise Inventory, December 31, 20-- 33,028
Wages Expense 27,611
Supplies Expense 744
Phone Expense 888
Utilities Expense 7,988
Insurance Expense 1,294
Depreciation Expense—Equipment 3,809
Miscellaneous Expense 584
Interest Expense 4,692
Sales $156,876
Sales Returns and Allowances (2,344)
Sales Discounts (4,155)
Net sales $150,377
Cost of goods sold:
Merchandise Inventory, January 1, 20-- 27,769
Purchases 112,094
Purchases Returns and Allowances (5,517)
Purchases Discounts (2,710)
Freight-In 870
Merchandise Inventory, December 31, 20-- (33,028)
Cost of goods sold $99,478