6 Rembrandt Artist Supplies Company had 10 easels in inventory on January 1, 2019 that cost $10 per easel. On February 1, 2019 it acquired 20 additional easels valued at $12 per easel and acquired an additional 30 easels at $14 an easel on March 1, 2019. On June 1, 2019 Rembrandt made its only sale of easels for the year amounting to 40 easels.

What was the value of Rembrandt's ending inventory and cost of goods sold for the easels at the end of 2019 using the
a. average cost, b. FIFO and c. LIFO methods?

(law question). Fred Maxson owned Canadian Equipment Company. To operate the business, Maxson borrowed funds from Cross Town Bank & Trust. For each loan, Cross Town filed a financing statement that included Maxson’s signature and address, the bank’s name and address, and a description of the collateral. The first loan covered all of Maxson’s equipment, including “any after-acquired property.” The second loan covered a truck crane “whether owned now or acquired later.” The third loan covered a “Bobcat mini-excavator.” Did these financing statements perfect Cross Town’s security interests? Explain.

-What are GAAP? Why do we need to ponder over the levels of GAAP to do accounting work?

-What is the mission of the Financial Accounting Standard Board (FASB)

-What are the main three financial statements? How to link them together reflect the financial position and performance of a company?

-Why do public companies need auditor' report? If the CEO and CFO of a company need to certify the financial statements and internal control system, why do we still need external auditors to give their opinions on these items?

I want answers in 60 minutes

Design a CV for the job of a Physiotherapist at any hospital supposing an individual has completed DPT with an A grade and have 2 years of professional experience in the related field.

Your answer

Define the terms: Cohesion, Coherence, Skimming, Scanning

Your answer

You are the CEO of a company write a memorandum to your staff explaining the new software the company has purchased.

Your answer

What five major details should a person add while writing minutes of the meeting?

The year is 1997, California Pizza Kitchen is thinking to launch a new brand of frozen pizza. You are the Brand Manager for CPK.

Your task: develop a one-page executive summary to G.J. Hart, CEO persuading him that the company should launch this product

What is CPK's key POD?

What is your recommended S-T-P?

Include a proper positioning statement (using Kotler's model) What are the company's calculated risks?

WHY should the company pursue this endeavor?

Include an introduction, and summary conclusion

If the Johnson Company just acquired a building for $200,000 through financing from Bank of America at a 5% annual interest rate. 20 years to loan maturity. What would be Johnsons monthly mortgage payment? Round the answer to the nearest whole dollar.

Lean Conductors Ltd is a mid-sized Public limited company engaged in the manufacture and sale of electrical cables. As a public limited company the organization was performing reasonably well, earning steady profits and declaring a stable dividend of 12-15%.

The CEO was feeling the urge to expand the business and taste the growth of business operations and profits. He started addressing various options and shortlisted 2 options namely manufacture of LED bulbs and solar panels.

He called the Gen Mgr. - Finance for a discussion in this regard to probe the matter further. He also went on to share his dream of making the company a larger one and his belief in people like the GM who needs to stay and grow with the organization.

The GM felt excited at this prospect and started making a project report. He decided in his own mind the solar panel project with a larger profit margin looked to be a better one than LED bulbs which was dealer intensive and lesser in terms of unit margin.

Feeling the need to expand rapidly on the investment of the company and make it bigger and become a CFO in the bargain, he chose the solar panel project which was more capital intensive. An assumption about a capital structure and cost congruent to the existing structure was assumed and the projected financials were prepared.

The board of directors representing the majority of shareholders believing in the recommendations of the report adopted it for implementation. The project faced various hurdles in its implementation such delay in signing collaboration agreements, inflated cost due to poor supply of money in the market, downturn of the economy and so on. The project cost started spiraling up and to fund the expansion the funds of the existing business line were inducted into the new project since no further borrowing could be made. The company slipped into the red and reached a stage of bankruptcy without the new project even taking off.   

Questions:

1. Trace the conflict between the management and the shareholders in this case study.
2. Is the act of the GM Finance an error or sin?
3. Where do you think the CEO went wrong?
4. What according to you is the approach the CEO should have taken?

Maleficent Company Limited is preparing budget based on the information below.

1. Budget sales revenues:

2. Past experience indicates that customers usually settle their balances as follows:

   • - 60% of a month's credit sales are collected in the month of sale; and

   • - the remaining 40% of a month's credit sales are collected in the following month.

3. All purchases are made on credit, 50% are paid in the month of purchase and 50% will be settled in the month following purchase. Budgeted inventory purchases are:

January $ 550,000

February $460,000

March $575,000

4. Other budgeted cash disbursements:

   1. (i) Purchase of equipment in February for $45,000 in cash;

   2. (ii) Selling and administrative expenses of $28,000 per month; and

   3. (iii) Dividends of $35,000 to be paid in March.

5. The cash balance as at 1 February 2020 was $50,000. It is the company policy to maintain the minimum cash balance at $50,000 at the end of each month. Therefore, the company has a credit arrangement with its bank to borrow at the beginning of any month at 8% annual interest, if necessary. The principal amount together with interest will be repaid when it has enough cash.

Required:

1. (a) Prepare a cash budget for February and March.

2. (b) Budgeting is an important management tool if implemented properly. Identity positive results when budgets are properly used.

3. (c) The CEO of Maleficent Company Limited considers to implement Zero-based budgeting and requires managers of all divisions to examine every cost and budget item in order to create budgets based on perceived needs for the coming period, regardless of what was done in previous years.

   1. (i) How does Zero-based budgeting differ from traditional budgeting?

   2. (ii) What are the possible advantages and disadvantages of adopting Zero-based budgeting approach?

Flatiron Corp has the following budgeted sales in each quarter of the year 2020:

Expected Sales

Q1 $ 300,000

Q2 $ 320,000

Q3 $ 340,000

Q4 $ 360,000

Cash collection information are as follows:

1. Of all sales, 80% are on credit.

2. For the credit sales made in the year 2020; 60% of credit sales are collected in the quarter in which the sale is made; 30% are collected in the following quarter; and 10% are collected in the second quarter after sale.

3. Accounts Receivable is estimated to be $60,000 on December 31,2019. The company expects to collect all outstanding receivable in the first quarter of 2020.

What is the total cash collection for the first quarter of 2020?