Reference: 07-20
Basket Company specializes in unique baskets. Peak sales for one of their products, the Easter basket, occur in March every year. The company has estimated the following sales for the first five months of the year for the Easter basket:

The baskets are considered deluxe as they are very intricate. As such, the company can sell the baskets for $30. Based on past history, the company expects that 10% of sales are cash. Of the credit sales, half is collected one month after sale and the remainder is collected two months after sale. Accounts receivable as at January 1st was $50,000; all of which is expected to be collected in January.

Each basket requires 2 meters of plastic. The cost per meter is $2.00. The company wants to ensure it has enough plastic on hand at all times and therefore has indicated that ending inventory will be 10% of the following month's production needs for plastic. The company had 1,080 meters of plastic on hand as at January 1st.

The company puts all purchases of plastic on account and pays for it the month following purchase. Purchases of plastic in December amounted to $2,000.

Due to the intricate design, the company uses substantially all production line workers to create the baskets. Each basket takes 1.5 hours to produce and the direct labor rate per hour is $12.00.

The company expects to incur $40,000 of operating expenses each month, this includes $5,000 of depreciation expense. The company plans to pay cash dividends of $3,000 in January.

There is a minimum cash balance set by management of $5,000 at the end of each month. The company has access to a line of credit. Any borrowings and repayments must be made in multiples of $1,000. The company is subject to a 5% annual interest rate. For simplicity, assume interest is not compounded.

Assume that borrowings are made at the beginning of the month and repayments are made at the end of the month. The company started the year with $10,000 in the bank. 1. Create a sales budget for the first quarter of the year.

2.a. Create a cash receipts budget for the first quarter of the year. b. What is the accounts receivable balance as at March 31st?

3.Create a production budget for the first four months of the year.

4a. Create a direct materials budget for the first quarter of the year.

b. Create a cash disbursements budget for direct materials for the first quarter of the year. c. What is the accounts payable balance as at March 31st?

5.Create a direct labor budget for the first quarter of the year.

6.Create a cash budget for the first quarter of the year.

Stuart Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Stuart expects sales in January year 1 to total $260,000 and to increase 10 percent per month in February and March. All sales are on account. Stuart expects to collect 68 percent of accounts receivable in the month of sale, 25 percent in the month following the sale, and 7 percent in the second month following the sale.

Required

1. Prepare a sales budget for the first quarter of year 1.

2. Determine the amount of sales revenue Stuart will report on the year 1 first quarterly pro forma income statement.

3. Prepare a cash receipts schedule for the first quarter of year 1.

4. Determine the amount of accounts receivable as of March 31, year 1.

Prepare a sales budget for the first quarter of year 1.

Determine the amount of sales revenue Stuart will report on the year 1 first quarterly pro forma income statement.

Prepare a cash receipts schedule for the first quarter of year 1. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.

Determine the amount of accounts receivable as of March 31, year 1. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.)

Suppose that investment demand increases by $700 billion in a closed and private economy (no government or foreign trade). Assume further that households have a marginal propensity to consume of 90 percent.

(a) Compute four rounds of multiplier effects.

Instructions: Enter your responses rounded to the nearest one decimal place.

(b) What will be the final cumulative impact on spending?

Instructions: Enter your response rounded to the nearest whole number.

$ billion

Below is the financial data of FIT Corp. at the end of January 31, 2020. Prepare a traditional income statement. Show your calculations of the numbers that are not directly given.

1. Direct Materials used      $70k
2. Direct labor hour recorded:    1600
3. Average DL hourly pay:   $35
4. Applied Overhead   $50k
5. Work In Process (WIP), Jan.1, 2020        $20k
6. WIP, Jan.31, 2020                    $10k
7. Finished Goods Inventory, Jan. 1, 2020 $40k
8. Finished Goods Inv., Jan. 31, 2020 $30k
9. Other expenses paid for during January are:
10. Salesmen, executives, and other corporate employees salary and bonuses $100k
11. New vehicle bought on credit and put in use on 1/1/2020. $24k, 10 years life
12. Rent and utilities paid for the first quarter    $33k
13. Shipped products $800k
14. Collected payment $600k
15. No interest payment made. Tax rate is 21%

Please show the calculations please, thank you!

1.state and local government face three fundamental fiscal choices. please list these choices, and using an example in a specified government program, explain how these choices interact with each other, if at all.

2."if school expenditures are selected by a majority vote, then most of the voters in the district will be perfectly happy with the selected amount of spending." evaluate this statement.

3.Richard Musgrave has provided us with a 3-part defining state of the "role" of government. please describe each, and provide an example for each role.

4.state's constitutions provide guidance regarding fiscal policy and provide the operating parameters under which a budget is developed. describe the stages of the budget process in New York State, including the relevant time period for specific activities. include a discussion of the players (executive/legislature) and their role in the process.

5. what are "public goods"? define the characteristics using examples. the existence of externalities creates an efficiency problem in the provision of these goods and services. unlike the private sector, State and Local Government are able to intervene. using the example of an externality that will impact its provision, and detail how a government could intervene.

1.

Milden Company is a distributor who wants to start using a contribution format income statement for planning purposes. The company has analyzed its expenses and developed the following cost formulas:

Because shipping expense is a mixed cost, the company needs to estimate the variable shipping expense per unit sold and the fixed shipping expense per quarter using the following data:

Required:

1. Using the high-low method, estimate a cost formula for shipping expense in the form Y = a + bX.(Round the Variable cost per unit to 2 decimal places.)

2. In the first quarter of Year 3, the company plans to sell 31,000 units at a selling price of $55 per unit. Prepare a contribution format income statement for the quarter.

2.

Last year Minden Company introduced a new product and sold 25,200 units of it at a price of $92 per unit. The product's variable expenses are $62 per unit and its fixed expenses are $838,500 per year.

Required:

1. What was this product's net operating income (loss) last year?

2. What is the product's break-even point in unit sales and dollar sales?

3. Assume the company has conducted a marketing study that estimates it can increase annual sales of this product by 5,000 units for each $2 reduction in its selling price. If the company will only consider price reductions in increments of $2 (e.g., $68, $66, etc.), what is the maximum annual profit that it can earn on this product? What sales volume and selling price per unit generate the maximum profit?

4. What would be the break-even point in unit sales and in dollar sales using the selling price that you determined in requirement 3?

Aron Company makes computer screens, Model 1 and Model 2. Aron anticipates selling the screens as follows:

The inventory on 1/1/18 is 2500 units of Model 1 and 3000 units of Model 2. Aron wants to have on hand 45% of the anticipated sales of the following month for each model. Prepare a production budget for the first 3 quarters of 2018 for both models.

Every orbiting of a satellite around a mass is nothing else but a constant fall - and therefore acceleration - towards this mass. In a way it is a "falling around" that mass.

My question
Is it possible to measure this acceleration on earth due to its "falling around" the sun?

An object is being carried that has a mass ML = 50kg. That object's length is L = 10m. One person is lifting the object at the end of the object. The second person is lifting it at a point that is x = L 3 from the other end. How much weight each of the person is carrying? If the first person happens to let go of his end, how much torque does the second person needs to exert to keep object from falling down?

Changes in demographic outcomes can occur because of changes in within-group rates and/or changes in composition. First, explain what that sentence means. Then take the example of falling rates of death due to heart disease. How might changes in within-group rates account for that outcome? What about changes in composition? Can you think of any way to sort out the effects of changes in within-group rates vs. changes in composition?