our Company will open a new store on January 1. Based on experience from its other retail outlets, Entertainment Inc. is making the following sales predictions: Cash Sales Credit Sales January $80,000 $160,000 February $50,000 $170,000 March $60,000 $190,000 April $50,000 $210,000 You estimate that the pattern of collection of credit sales will be 45% in the month of sale and 40% in the month following the sale; 8% in the third month, the remaining 7% is uncollectable. Based on this data calculate the estimated total cash collections for March

Answers

Answer 1

Answer:

Entertainment Inc.

The estimated total cash collections for March are:

= $226,300.

Explanation:

a) Data and Calculations:

                  Cash Sales       Credit Sales

January         $80,000         $160,000

February       $50,000         $170,000

March           $60,000         $190,000

April              $50,000        $210,000

                                January    February     March       April

Credit Sales         $160,000   $170,000    $190,000  $210,000

Cash collections:

45% sales month $72,000     $76,500      $85,500  $94,500

40% ffg sales                             64,000        68,000     76,000

8% third month                                               12,800      13,600

7% uncollectible

Total cash collections for March              $166,300

Cash sales            80,000        50,000       60,000     50,000

Total cash collected for March               $226,300


Related Questions

Required: a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser. Hint: Not all information may be necessary. b. Use the above information from a service company and from a merchandiser to compute net income.Kleiner Merchandising CompanyAccumulated depreciation $ 700Beginning inventory 10,000Ending Inventory 6,000Expenses 1,950Net Purchases 11,900Net Sales 19,500Krug Service CompanyExpenses $ 8,400Revenues 24,000Cash 650Prepaid rent 660Accounts payable 200Equipment 2,200

Answers

Answer:

A.

a. Good Available For Sale $21,900

b. Cost of goods sold $15,900

c. Gross profit $3,600

B. Net income for merchandise company $1650

Net income for service company $15600

Explanation:

A.Compution for gross profit, the goods available for sale, and the cost of goods sold for the merchandiser.

a. Good Available For Sale

Using this formula

Good available fro sale = Beginning inventory + Net purchase

Let plug in the formula

Good available fro sale = $10,000 + $11,900

Good available fro sale = $21,900

b. COST OF GOODS SOLD

Using this formula

Cost of goods sold = Goods available for sale - Ending inventory

Let plug in the formula

Cost of goods sold= $21,900 - $6000 =

Cost of goods sold= $15,900

c. GROSS PROFIT

Using this formula

Gross profit= Sales - COGS

Let plug in the formula

Gross profit = $19,500 - $15,900

Gross profit= $3,600

b.Computation for net income

Net income for merchandise company = Gross profit - Expenses = $3,600 - $1,950 = $1,650

Net income for service company = Revenue - Expenses = $24,000 - $8,400 = $15,600

Cabell Products is a division of a major corporation. Last year the division had total sales of $25,720,000, net operating income of $2,124,320, and average operating assets of $6,400,000. The company's minimum required rate of return is 12%. The division's turnover is closest to:

Answers

Answer:

Turnover = 4.02

Explanation:

Below is the given values:

Total sales = $25720000

Average operating assets = $6400000

Use the below formula to find the turnover.

Turnover = total sales / Average operating assets

Now plug the values in the formula and divide the total sales from average operating assets.

Turnover = 25720000 / 6400000

Turnover = 4.02

1. Susie Ques Inc., a company that produces and sells a single product, has provided its contribution format income statement for October: Sales (6,200 units) $136,400 Variable expenses $80,600 Contribution margin $55,800 Field expenses $48,700 Net operating income $7,100 If the company sells 5,800 units, its total contribution margin should be how much money

Answers

Answer:

52,200

Explanation:

Calculation to determine total contribution margin

First step is to calculate the contribution margin per unit

Contribution margin per unit=($136,400/6,200 )-($80,600/6,200)

Contribution margin per unit= $22 per unit- $13 per unit

Contribution margin per unit = 9

Now let determine the total contribution margin

Total contribution margin=5,800 x 9

Total contribution margin = 52,200

Therefore total contribution margin should be $52,200

On July 1, 2021, Clearwater Inc. purchased 9,300 shares of the outstanding common stock of Mountain Corporation at a cost of $213,000. Clearwater will have significant influence over the financial and operating policies of Mountain. Mountain had 31,000 shares of outstanding common stock. Assume the total book value and fair value of identifiable net assets is $660,000. Both companies have a January through December fiscal year. The following data pertains to Mountain Corporation during 2021:

Dividends declared and paid, Jan. 1–June 30 $11,700
Dividends declared and paid, Jul. 1–Dec. 31 $11,700
Net Income, January 1–June 30 $13,700
Net Income, July 1–December 31 $17,700

Required:
a. Prepare the entry to record the original investment in Mountain.
b. Compute the goodwill (if any) on the acquisition.
c. Prepare the necessary entries (other than acquisition) for 2021 under the equity method.

Answers

Answer and Explanation:

1. The journal entry is given below:

Investment in Mountain $213,000

     To Cash $213,000

(Being the original investment is recorded)

Here the investment is debited as it increased the assets and credited the cash as it decreased the assets

2.

The goodwill is

Purchase price $213,000

Less : Fair value of assets purchased (30%of $660,000)  $198,000

Goodwill Purchased (difference) $15,000

3.

Cash (30% × $11,700) $3,510  

         To Investment in Mountain  $3,510

(being cash is recorded)

Investment in Mountain (30%  17,700) $5,310  

         To Investment Revenue  $5,310

(Being investment is recorded)

You are considering two mutually exclusive projects. Project A costs $3.6 million, has a required return of 14.5 percent, and an IRR of 14.3 percent. Project B costs $4.1 million, has a required return of 16 percent, and an IRR of 15.6 percent. Which project(s) should be accepted

Answers

Answer:

Neither

Explanation:

The internal rate of return is a capital budgeting method that is used to determine the profitability of a project.

Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested

The decision rule when using the internal rate of return is to undertake the project if the internal rate of return is greater than the required return of the project. If this is not met, the project should be rejected.

If choosing between multiple projects, the decision rule is to choose the projects with the highest internal rate of return. This is because that project would be the most profitable.

Neither of the project should be selected because the IRR of both projects is less than their required returns

83) Suppose in the United States, the opportunity cost of producing a motor engine is 4 auto bodies. In Canada, the opportunity cost of producing a motor engine is 2 auto bodies. a. What is the opportunity cost of producing an auto body for the United States

Answers

Answer:

Opportunity cost = 0.25 motor engine

Explanation:

Below is the given value:

In the U.S. ,Opportunity cost of 1 motor engine = 4 auto bodies

In the Canada, Opportunity cost 1 motor engine = 2 auto bodies  

Below is the calculation for opportunity cost pf 1 auto body in the U.S.

Opportunity cost = Motor engine / Auto body

Opportunity cost = 1 / 4  

Opportunity cost = 0.25 motor engine

State statutes may allow purchasers of defective automobiles to pursue remedies in addition to those provided by the UCC. The seller or manufacturer is given opportunities to remedy the defect. This is called a warranty disclaimer.

a. True
b. False

Answers

Answer:

b. False

Explanation:

A warranty disclaimer is defined as a written document or a statement which informs the buyer that the seller of the product is not [tex]\text{bound by any warranty }[/tex]or guarantees or any promises regarding the product.

This disclaimer releases the seller from any legal liabilities for any defects or failure of the products.

Thus, the answer is False.  

A monopolist desiring to increase its profit has just discovered that lowering its price and selling more output yielded the desired result. Profit increased. Based on this, one can conclude that the marginal cost of production is _____ the marginal revenue from production.

Answers

Answer:

Less than

Explanation:

The marginal cost of production is that change in the total production cost when an extra unit is produced. While the Marginal revenue from production is the additional profit realized from production due to the sale of an extra unit.

Generally, When, the marginal cost is less than the marginal revenue, the company's production is low and should increase its output to maximize profit.

A monopolist has to its price in order to sell due to marginal revenue not equalling to price, the monopolist maximizes profits by ensuring its marginal revenue and its marginal cost are the same. Producing when Price is greater than marginal cost makes a monopolist realize profits.

 

Which statement in the given text points to George being an ethical leader?
George had been working as a manager in a company that ran a chain of restaurants. His company had been going through a lot of transition in the past year because they wanted to improve their public image.

George made sure that the restaurant served all the dishes that were popular in the locality.

George set up standards regarding the disposal of the restaurant’s waste products and made sure they were followed.

He also heavily advertised about the company’s food along the various highways. He also ran advertisements in national newspapers.

He set up a close-knit monitoring system in the kitchens and the service area to make sure that the quality standards were maintained.

Answers

Answer:

George set up standards regarding the disposal of the restaurant’s waste products and made sure they were followed.

Loger's, a high-end apparel company in Bruslon, an Asian country, cuts back on production as consumers start turning to basic products such as food because of the economic downturn in the country. The company also lays off many of its employees to further cut down expenses. In the context of the business cycle, Bruslon is most likely going through a period of _____.
a. economic expansionb. economic integration
c. economic recovery
d. economic contraction

Answers

Answer:

d. economic contraction

Explanation:

Contraction is in economics means it is business cycle phase where the overall economu should be fall. Also the contraction should arise when the cycle of the business is in peak but it should be prior to became as a trough

So at the time of economic contraction, the company normally took the measures of the cost cutting

So as per the given situation, the option d is correct

Casino Inc. is expected to pay a dividend of $3 per share at the end of year-1 (D1) and these dividends are expected to grow at a constant rate of 6% per year forever. If the required rate of return on the stock is 18%, what is current value of the stock today

Answers

Answer:

$25

Explanation:

Calculation to determine what is current value of the stock today

Using this formula

P0= Div1/(r - g)

Let plug in the formula

P0= (3/(0.18 - 0.06))

P0= $25

Therefore current value of the stock today is $25

Silky Smooth has an EPS of $2.93 per share and a profit margin of 6.3 percent. If the Price to Sales ratio of the industry is 1.56 times, what is a good estimate for Solky Smooth's stock price

Answers

Answer:

$88.16

Explanation:

The computation of the estimation of the stock price is given below:

Net profit ÷ sales = 6.3%

And,

Net profit ÷ Number of shares = $2.93

So,

6.3% of sales ÷ Number of shares = $2.93

Sales ÷ Number of shares = 46.51

Now PS ratio is = Price ÷ sales

= 1.56 × 46.51

= $88.16

Gabbe Industries is a division of a major corporation. Last year the division had total sales of $23,615,600, net operating income of $3,164,490, and average operating assets of $5,492,000. The company's minimum required rate of return is 19%.

Required:
a. What is the division's margin?
b. What is the division's turnover?
c. What is the division's return on investment (ROI)?

Answers

Answer:

Gabbe Industries

a. Division's margin

= 13.40%

b. Division's turnover

= 4.3x

c. Division's return on investment (ROI)

= 57.62%

Explanation:

a) Data and Calculations:

Sales = $23,615,600

Net operating income = $3,164,490

Average operating assets = $5,492,000

Minimum required rate of return = 9%

a. Division's margin =Net operating income/Sales * 100

= $3,164,490/$23,615,600 * 100

= 13.40%

b. Division's turnover = Sales/Average operating assets

= $23,615,600/$5,492,000

= 4.3x

c. Division's return on investment (ROI) = Net operating income/Average operating assets

= $3,164,490/$5,492,000 * 100

= 57.62%

Kathy Elliot has decided that she will start an internet company to sell reliable used cars to customers Nationwide she has decided to use the sole proprietorship business format. Elliot's next step is to write a formal _____ before she applies for a business loan

Answers

Answer:

business plan

Explanation:

Interim financial statements:
A. Are always prepared before any adjustments have been recorded.
B. Show the liabilities above assets.
C. Cover less than one year, usually spanning one-, three-, or six-month periods.
D. Report revenues when incurred and expenses when earned

Answers

D. Report revenues when incurred and expenses when earned

Cash equivalents by definition a.are a comparison of cash and liabilities. b.will be converted to cash within one year. c.are expected to be converted to cash within three months. d.are long-term investments.

Answers

Answer: c.are expected to be converted to cash within three months

Explanation:

Cash equivalents refers to the total value of cash on hand which consist of items that are similar to cash. It should be noted that cash equivalents are typically current assets and are expected to be converted to cash within three months.

Examples of cash equivalents include money market funds, treasury bills, Commercial paper, etc.

Burnett Corp. pays a constant $8.75 dividend on its stock. The company will maintain this dividend for the next 10 years and will then cease paying dividends forever. If the required return on this stock is 12 percent, what is the current share price

Answers

Answer: $49.44

Explanation:

The current share price will be calculated as follows:

Dividend = $8.75

Required return rate = 12%

Number of years, N = 10

Then, the present value annuity for 10 years will be calculated as:

= (1 - (1+r)^-n) / r

= (1 - (1+12%)^-10) / 12%)

= $5.65

Then, the current share price will be:

= Dividend × present value annuity for 10 yrs

= $8.75 × 5.65

= $49.44

Therefore, the current share price is $49.44.

In the short run, fixed costs: Group of answer choices are an important feature in a firm's decision to produce or not produce. have no impact on a firm's profit level. remain constant. do not exist.

Answers

Answer:

remain constant.

Explanation:

The short run is a period where all  factors of production are fixed. In the short run, a firm would continue to produce if price is above average variable cost. If this is not the case, it would shut down

The long run is a period where all factors of production are varied. It is known as the planning time for a company

Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments

If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.  

Which of the following considerations is related to sociocultural environment

Answers

Answer:

You didn't provide anything for me to choose from, so I can't give you an answer.

1. The journal entry to recognize depreciation on machinery would include a debit to Factory Overhead. debit to Accumulated Depreciation. credit to Factory Overhead. None of these choices are correct. 2. The journal entry to record the transfer from work in process to finished goods would include a debit to Work in Process. Finished Goods. Cost of Goods Sold. None of these choices are correct.

Answers

Answer:

1. The journal entry to recognize depreciation on machinery would include

= None of these choices are correct.

2. The journal entry to record the transfer fro work in process to finished goods would include a debit to

= Finished Goods.

Explanation:

a) The correct journal entry is a debt to Depreciation on Machinery and a credit to Accumulated Depreciation on Machinery.  However, when the Depreciation is being transferred to Work in Process, the debit goes to Work in Process with the credit going to the Depreciation on Machinery account.

b) The corresponding credit entry is a credit to Work in Process.

Tomlinson Packaging Corporation began business in 2018 by issuing 30,000 shares of $5 par common stock for $8 per share and 5,000 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2019 balance sheet, Tomlinson Packaging would report:___________

a. Common Stock of $100,000
b. Paid-In Capital of $150,000
c. Common Stock of $200,000
d. Common Stock of $160,000

Answers

Answer:

d. common stock of $150,000.

Explanation:

First and foremost, upon issuance of stocks, the common stock account would be credited with the total par value of the shares issued as shown below:

total par value=par value per share*shares issued

total par value=$5*30,000

total par value=$150,000

The paid-in capital would be credited with the  total amount the cash proceeds from the share issue exceeds the total par value

total cash proceeds=$8*30,000

total cash proceeds=$240,000

paid-in capital=$240,000-$150,000

paid-in capital=$90,000

The correct option is the common stock of $150,00, except that the number of shares issued is 20,000,hence, the common stock of $100,000 would be correct

Check a similar question below to drive home my point:

Kerwin Packaging Corporation began business in 2010 by issuing 30,000 shares of $5 par common stock for $8 per share and 10,000 shares of 6%, $10 par preferred stock for par. At year-end, the common stock had a market value of $10. On its December 31, 2011 balance sheet, Kerwin Packaging would report:

a. common stock of $300,000.

b. paid-in capital of $150,000.

c. common stock of $240,000.

d. common stock of $150,000.

Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents.$7,000 cash deposit in checking account.$28,000 bond investment due in 20 years.$7,000 U.S. Treasury bill due in 1 month.$400, 3-year loan to an employee.$1,800 of currency and coins.$700 of accounts receivable.

Answers

Answer:

the  cash and cash equivalents is $15,800

Explanation:

The computation of the cash and cash equivalents is given below:

= Cash deposit + U.S. Treasury bill due in 1 month + currency and coins

= $7,000  + $7,000 + $1,800

= $15,800

hence, the  cash and cash equivalents is $15,800

The same is to be considered and relevant

Kamal made a scale drawing of a house. The scale of the drawing was 7 inches : 3 feet. A rug in the hallway is 6 feet long in real life. How long is the rug in the drawing?

Answers

Answer:

14 inches

Explanation:

Given that :

Scale drawing ; 7 inches = 3 feets ;

This means that 7 inches on the drawing equals 3 feets in real life

With this, we can calculate the length of scale drawing for 1 feet long object.

7 inches = 3 feets

x = 1 feet

Cross multiply :

3x = 7

x = 7/3 inches

Therefore, for a 6 feet long rug in real life, the length of drawing will be :

1 Feet = 7/3 inches

6 feets = (7/3 * 6) inches

(7/3 * 6) = 42 / 3 = 14 inches

Assume banks are required to hold reserves equal to 20 percent of deposits. Instructions: Enter your responses as a whole number. a. How much excess reserves does the bank hold

Answers

Answer: $100

Explanation:

If the reserve requirement is 20% then the required reserves being held by the company is:

= Total deposits * reserve requirement

= 8,000 * 20%

= $1,600

The reserves held by the company of $1,700 comprise of both the required reserves and the excess reserves. The excess reserves will therefore be calculated as:

Excess reserves = Reserves - Required reserves

= 1,700 - 1,600

= $100

3 If 90% of the population is right-handed, how many people in a group of 200 would you expect to be right-handed? a 180 b 90 c 20 d 18​

Answers

20 because if 90/100 would be right handed then 180/200 would be right handed and then 20/200 would be left handed

g A monopoly is a market that has Group of answer choices Only one buyer. Only one seller. Many sellers who sell differentiated products. Many sellers who sell identical products.

Answers

Answer:

Only one seller.

Explanation:

A monopoly is a market structure which is typically characterized by a single-seller (one seller) who sells a unique product in the market by dominance. This ultimately implies that, it is a market structure wherein the seller has no competitor because he is solely responsible for the sale of unique products without close substitutes.

Also, a monopolist refers to any individual that deals with the sales of unique products in a monopolistic market.

For example, a public power supply company is an example of a monopoly because it serve as the only source of power supply to the general public in a society.

A public power company refers to a company that provides power (electricity) utility to the general public of a society.

In conclusion, a monopoly is a market that has only one seller.

Carnelian Company sells bicycles at $200 each. Variable cost per unit is $160, and total fixed cost is $120,600. Calculate the sales that Carnelian must make to earn an operating income of $21,500. a. $238,833.
b. $716,500.
c. $243,800.
d. $626,000.

Answers

Answer:

Carnelian Company

The sales that Carnelian must make to earn an operating income of $21,500 is:

= $710,500.

Explanation:

a) Data and Calculations:

Selling price per bicycle = $200

Variable cost per unit = $160

Contribution margin per unit = $40 ($200 - $160)

Contribution margin percentage = $40/$200 * 100 = 20%

Fixed cost = $120,600

Target operating income = $21,500

Sales in dollars to earn target operating income = (Fixed cost + Target Income)/Contribution margin ratio

= $120,600 + $21,500/20%

= $142,100/0.2

= $710,500

Hailey Corporation pays a constant $9.45 dividend on its stock. The company will maintain this dividend for the next 13 years and will then cease paying dividends forever. If the required return on this stock is 10.7 percent, what is the current share price

Answers

Answer: $64.76

Explanation:

The current share price in this case will be the present value of the dividends,

As the dividends are constant, they can be treated as annuities.

Present value of annuity = Annuity * ( 1 - (1 + rate)^-number of periods) / rate

= 9.45 * ( 1 - (1 + 10.7%)⁻¹³) / 10.7%

= 9.45 * 6.8529386295

= $64.76

The current share price of Hailey Corporation is $64.76

What is a stock?

A stock is an investment type that which shows the ownership status of any individual in a company. Stocks are bought by investors with the aim of selling when the price goes up.

Given the above information,

The current share price in this case will be the present value of the dividends,

As the dividends are constant, they can be treated as annuities.

Present value of annuity

= Annuity * ( 1 - (1 + rate)^-number of periods) / rate

= 9.45 * ( 1 - (1 + 10.7%)⁻¹³) / 10.7%

= 9.45 * 6.8529386295

= $64.76

Hence, the current share price of Hailey Corporation is $64.76

Learn more about stock here : https://brainly.com/question/25562729

Following are selected accounts for a company. For each account, indicate whether it will appear on a budgeted income statement (BIS) or a budgeted balance sheet (BBS).

a. Sales …………………………………….._____
b. Administrative salaries paid….._____
c. Accumulated depreciation………._____
d. Depreciation expense………………_____
e. Interest paid on bank loan….….._____
f. Cash dividends paid…………………_____
g. Bank loan owed………………………_____
h. Cost of goods sold………………….._____

Answers

Answer:

Find the answers below

Explanation:

a. Sales ……………………………………. Budgeted Income Statement

b. Administrative salaries paid…..Budgeted Income Statement

c. Accumulated depreciation………._____ Budgeted Balance Sheet

d. Depreciation expense……………Budgeted Income Statement

e. Interest paid on bank loan….….Budgeted Income Statement

f. Cash dividends paid…………………Budgeted Income Statement

g. Bank loan owed………………………Budgeted Income Statement

h. Cost of goods sold.........Budgeted Balance Sheet

Flannigan Company manufactures and sells a single product that sells for $600 per unit; variable costs are $318. Annual fixed costs are $991,700. Current sales volume is $4,310,000. Flannigan Company management targets an annual pre-tax income of $1,235,000. Compute the dollar sales to earn the target pre-tax net income.

Answers

Answer:

See below

Explanation:

Computation of target pretax

Break even point (Target profit)

= (Fixed cost + Target profit) × Selling price / Contribution margin

= ($991,700 + $1,235,000) × $600 / $600 - $318

= $2,226,700 × $600 / $282

= 4,737,659.57

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