publicly traded company 3 customers 27% 74% revenue 2004 2005 2006 questions

Questions

During September, ComeHome Corporation budgeted for 24,000 customers, but actually served 28,000 customers. The company uses...

During September, ComeHome Corporation budgeted for 24,000 customers, but actually served 28,000 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served:

Revenue: $51.50q
Wages: $14.00q
Supplies: $8.20q
Insurance: $7,300 per month
Rent: $3,950 per month
Miscellaneous expense: $3,000 month + $4.40q

Prepare the company's planning budget for September (use Thursday’s lecture slides and exhibit 9-2 of your text as a guide).
Prepare the company's flexible budget for September (use Thursday’s lecture slides and exhibit 9-5 of your text as a guide).
Calculate the company’s activity variances for each line item for September (use Thursday’s lecture slides and exhibit 9-6 of your text as a guide). You must also indicate whether each specific activity variance is favorable (‘F’) or unfavorable (‘U’).

In: Accounting

broadway hotel inc a clendar year corporation purchased land on which to build a small resort...

broadway hotel inc a clendar year corporation purchased land on which to build a small resort in los gatos. the land was purchased on 12-1-10 for 255000. (which included the price of a small shed of the property, 33500, which was torn down in December at a cost of 5000. the company began to build the resort on 12-1-10 paying 852000 to a contractor. further payments to the contractor were on 7-1-11 for 650000 and on 9-1-11 for 710000. on 12-1-11 the resort was ready to be rented out, but the company merely began to advertise the resort and found only a few paying customers to rent it to in 2011. during 2010, the Company had borrowed 3800000 at 8% on 1-1-10 (maturing 2022) specifically for this building project. the company also had a long term bond for 2000000 (liability) on its books from 2006, and due in 2017, which it was paying 9% interest but no other long term liabilities. what is the book value of the land? what is the book value of the building on 12-1-11?

In: Accounting

General Corporation's ledger includes the following account balances at December 31, 2005:

Stockholder's Equity

General Corporation's ledger includes the following account balances at December 31, 2005:

Common Stock, S1 par value, 100,000 shares issued 100,000

Add"l Paid-in Capital in Excess of Par Value, Common 800,000

Preferred Stock, 10%, S60 par value, 10,000 shares issued 600,000

Add'l Paid-in Capital in Excess of Par Value, Preferred 300,000

Retained Earnings 500,000

Treasury Stock, Common, 1,000 shares 100,000

1. The balance sheet prepared at December 31, 2005, would report total legal capital of:

2. The balance sheet prepared at December 31, 2005, would report total capital of:

3. The balance sheet prepared at December 31, 2005, would report total stockholders' equity of:

4. The number of common shares outstanding at December 31, 2005 would be: 5. Assuming the Preferred Stock is "Cumulative", the preferred shareholders would be entitled to receive total annual dividends of:

In: Accounting

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily...

The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.

Record the following transactions on page 10 of the journal:

July	1	Sold merchandise on account to Landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $20,000.
	2	Sold merchandise for $86,000 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $51,600.
	5	Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $10,000.
	8	Sold merchandise for $112,000 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $67,200.
	13	Sold merchandise to customers who used MasterCard cards, $96,000. The cost of merchandise sold was $57,600.
	14	Sold merchandise on account to Loeb Co., $16,000, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $9,000.
	15	Received check for amount due from Peacock Company for sale on July 5.
	16	Issued credit memo for $3,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,800.

Record the following transactions on page 11 of the journal:

	18	Sold merchandise on account to Jennings Company, $11,350, terms FOB shipping point, 2/10, n/30. Paid $475 for freight and added it to the invoice. The cost of merchandise sold was $6,800.
	24	Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16.
	28	Received check for amount due from Jennings Company for sale of July 18.
	31	Paid Black Lab Delivery Service $8,550 for merchandise delivered during July to customers under shipping terms of FOB destination.
	31	Received check for amount due from Landscapes Co. for sale of July 1.
Aug.	3	Paid Hays Federal Bank $3,770 for service fees for handling MasterCard and VISA sales during July.
	10	Paid $41,260 to state sales tax division for taxes owed on sales.

Journalize the entries to record the transactions of Green Lawn Supplies Co. Refer to the Chart of Accounts for exact wording of account titles.

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Chart of Accounts

CHART OF ACCOUNTS

Green Lawn Supplies Co.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable-Jennings Company
122	Accounts Receivable-Landscapes Co.
123	Accounts Receivable-Loeb Co.
124	Accounts Receivable-Peacock Company
125	Notes Receivable
130	Merchandise Inventory
131	Estimated Returns Inventory
140	Office Supplies
141	Store Supplies
142	Prepaid Insurance
180	Land
192	Store Equipment
193	Accumulated Depreciation-Store Equipment
194	Office Equipment
195	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
216	Salaries Payable
218	Sales Tax Payable
219	Customer Refunds Payable
221	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
521	Delivery Expense
522	Advertising Expense
524	Depreciation Expense-Store Equipment
525	Depreciation Expense-Office Equipment
526	Salaries Expense
531	Rent Expense
533	Insurance Expense
534	Store Supplies Expense
535	Office Supplies Expense
536	Credit Card Expense
539	Miscellaneous Expense
710	Interest Expense

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Journal

Journalize the entries to record the transactions of Green Lawn Supplies Co. Refer to the Chart of Accounts for exact wording of account titles. Scroll down for page 11 of the journal.

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
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Solution

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
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Points:

PAGE 11

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
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Solution

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
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11
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18

In: Accounting

on 1 July 2004,Experimentor opened a chemical reprocessing plant. the plant was due to be active...

on 1 July 2004,Experimentor opened a chemical reprocessing plant. the plant was due to be active for five years until 30 June 2009, when it would be decommissioned. At 1 July, 2004, the costs of decommissioning the plant were estimated to be $4million in 5 years time. the company considers that a discount rate of 12% is approprite for the calculation of a present value, and the discount factor at 12% for year 5 is 0.567.

what is the total charge to the statement of profit or loss(Depreciation and finncial charge) in respect of the decommissioning for the year ended 30 June 2015?

In: Accounting

Are the following items included in GDP? If they are not, briefly (1 sentence) explain why...

Are the following items included in GDP? If they are not, briefly (1 sentence) explain why they are not.

Delta sells one of its existing airplanes to Korean air.
A California winery produces a bottle of Chardonnay and sells it to a customer in Montreal, Canada
An American buys a bottle of French perfume.
A college student buys pizza for dinner.

	Bagels		DVDs		Pizza
Year	Price	Q	Price	Q	Price	Q

2002	10	900	10	100	15	2
2003	10.5	1000	12	105	16	2
2004	12	1050	14	110	17	3

Nominal GDP in 2003 ________________
Nominal GDP in 2004 ________________
Real GDP in 2003 ________________
Real GDP 2004 ________________

In: Economics

The Consumer Price Index (CPI) is the most popular indicator of inflation. Consider the price and consumption...

The Consumer Price Index (CPI) is the most popular indicator of inflation. Consider the price and consumption data given below.

Product	Quantity Purchased 2000	Price per Unit
Product	Quantity Purchased 2000	2000	2003	*2004*
Oranges (kg)	5	$ 2.00	$ 2.50	$ 2.60
Flour (lbs)	10	1.30	1.80	2.00
CD’s	2	18.00	20.00	23.00
Draft Beer	3	1.00	1.70	1.80

(a) Using 2000 as the base year compute the value of the CPI for the years 2003 and 2004 (2000 = 100).

(b) Briefly interpret your results using the CPI that you have calculated.

(c) Compute the annual inflation rate for the years 2003 and 2004.

In: Economics

With individual lines at its various windows, a post office finds that the standard deviation for...

With individual lines at its various windows, a post office finds that the standard deviation for waiting times for customers on Friday afternoon is 7.2 minutes. The post office experiments with a single, main waiting line and finds that for a random sample of 27 customers, the waiting times for customers have a standard deviation of 4.35 minutes on a Friday afternoon. What is the Test Statistics to test the claim that a single line causes lower variation among waiting times for customers?

In: Statistics and Probability

2. If the demand function for X is Q = 100 - P, and the supply...

2. If the demand function for X is Q = 100 - P, and the supply function for X is Q = 40 + 2P, determine the effects on: (a) equilibrium price, (b) quantity traded and (c) government revenue (or cost) if:

A tax of $ 6 per unit produced is established. (Is it different from the case of establish a tax of $ 6 per unit consumed?)

In: Economics

The partnership of Hanly, Ide, and Jen was dissolved. By August 1, 2006, all assets had...

The partnership of Hanly, Ide, and Jen was dissolved. By August 1, 2006, all assets had been converted into cash and all partnership liabilities were paid. The partnership balance sheet on August 1, 2006 (with partner residual profit and loss sharing percentages) was as follows:

	Cash	$	50,000		Hanly, capital(30%)			$		4,000
					Ide, capital(20%)					(60,000)
					Jen, capital(50%)					106,000
	Total assets	$	50,000		Total equity			$		50,000
	The value of partners' personal assets and liabilities on August 1, 2006 were as follows:
					Hanly		Ide				Jen
	Personal assets			$	74,000	$	120,000		$		56,000
	Personal liabilities				72,000		80,000				60,000

Required:

Prepare the final statement of partnership liquidation.

Identify 3 advantages and 3 disadvantages of a partnership.

In: Accounting