Schedule of Cash Collections of Accounts Receivable

Office World Inc. has "cash and carry" customers and credit customers. Office World estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 25% pay their accounts in the month of sale, while the remaining 75% pay their accounts in the month following the month of sale. Projected sales for the next three months of 2016 are as follows:

The Accounts Receivable balance on July 31, 2016, was $76,000.

Prepare a schedule of cash collections from sales for August, September, and October. Round all calculations to the nearest whole dollar.

Schedule of Cash Collections of Accounts Receivable

Office World Inc. has "cash and carry" customers and credit customers. Office World estimates that 30% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 20% pay their accounts in the month of sale, while the remaining 80% pay their accounts in the month following the month of sale. Projected sales for the next three months of 2016 are as follows:

The Accounts Receivable balance on July 31, 2016, was $89,000.

Prepare a schedule of cash collections from sales for August, September, and October. Round all calculations to the nearest whole dollar.

On January 1 Criquet Co. acquired an interest in the Tamlee Co. for $500,000. At December 31, Tamlee Co. declared and paid a cash dividend of $50,000 and reported a net income of $160,000.

REQUIRED:

Prepare the journal entries for the Criquet Co. under each of the independent circumstances:

a. Criquet Co. acquires a 10% interest in the Tamlee Co.

b. Criquet Co. acquires a 25% interest in the Tamlee Co.

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.

Journalize the above selected transactions for October 2019 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.

Journalize the above selected transactions for October 2019 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL

ACCOUNTING EQUATION

Required information

[The following information applies to the questions displayed below.]
  
Hemming Co. reported the following current-year purchases and sales for its only product.
    

Required:
Hemming uses a perpetual inventory system.
  
1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and LIFO method.

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Completion is only granted for questions that require a graph if your answer includes:

A clear and completely labeled graph.

A clear statement of what curve(s) are changing.

Why those curve(s) are changing.

A clear statement of what is happening to the equilibrium values of the variables in the model.

1)     A survey indicated that chocolate is the most popular flavor of ice cream in America. For each of the following, indicate the possible effects on demand, supply, or both as well as equilibrium price and quantity of chocolate ice cream.

a.     A severe drought in the Midwest causes dairy farmers to reduce the number of milk-producing cattle in their herds by a third. These dairy farmers supply cream that is used to manufacture chocolate ice cream.

b.     A new report by the American Medical Association reveals that chocolate does, in fact, have significant health benefits.

c.     The discovery of cheaper synthetic vanilla flavoring lowers the price of vanilla ice cream.

d.     New technology for mixing and freezing ice cream lowers manufacturers’ costs of producing chocolate ice cream.

2.     In a supply and demand diagram, draw the shift of the demand curve for hamburgers in your hometown due to the following events. In each case, show the effect on equilibrium price and quantity.

a.     The price of tacos increases.

b.     All hamburger sellers raise the price of their French fries.

c.     Income falls in town.

d.     Hot dog stands cut the price of hot dogs.

1. Compare the institutional structure of Brazil, United States of America and India to determine if they promote globalization, i.e., (a) are their political institutions transparent and (b) do they have a functioning judiciary system?

2.Do you believe that the three countries (Brazil, United States of American and India) under consideration practice policies that promote globalization? For example, what are those countries' policies toward (a) governance, (b) competitive markets, (c) property rights, and (d) corruption?

3.Determine whether your affiliate marketing is a producer of goods or services. What are the major products and/ or services provided by affiliate marketing? Are those outputs sold only domestically or are they also exported?

4.Do these products and services face tariff or non-tariff barriers in the target export markets? What are the tariff rates or non-tariff barriers imposed on these items?

5.Identify regional trading blocs with which affiliate marketing operates as well as the benefits that affiliate marketing gains because it is part of those trading blocs.

6.Would affiliate marketing be better off under a system of multilateral trade liberalization like the WTO, or with bilateral or regional trading blocs?

7.If you were visiting a foreign country to negotiate a transaction on behalf of affiliate marketing, what cultural knowledge would you need to gain before the visit? How and from where would you get the information?

From Dunkin Donuts to Just Dunkin! The famous American Donut’s brand is rebranding and closing stores across the world including Oman as its outlets have shut down for good. The demand for donuts in America is decreasing as customers preferring more healthy food with less sugar and fat.

The company’s brand CEO Mr. David Hoffmann said, “the rebranding comes as an effort to reshape the company’s strategic goals and focusing on drinks more than donuts.” While analyzing the company’s different products, the managers noticed that 60% of its revenue is coming from drinks like coffee while demand for donuts is declining.

The company redesigned its brand, and its stores making them look simpler. The company is also introducing new coffee experiences like nitro, cold brew, black...etc. The company will also introduce digital menu and drive through to fit the customers on the go lifestyle. The company will also reduce its employees as the new digital menus will eliminate the need of human employees, reducing the company’s costs.

Questions:

1. Develop Integrated Marketing Communication for the new brand “Dunkin” . (250 words)
2. Do you agree or disagree with the company’s rebranding strategy? Support your opinion based on your knowledge of the factors influencing the buyer behavior. (250 words)
3. Discuss the role technology plays in Dunkin donuts new strategy. (250 words)

Work in Process Account Data for Two Months; Cost of Production Reports

Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows:

During September, 600 units in process on September 1 were completed, and of the 14,160 units entering the department, all were completed except 1,000 units that were 90% completed. Charges to Work in Process—Rolling for October were as follows:

During October, the units in process at the beginning of the month were completed, and of the 16,300 units entering the department, all were completed except 800 units that were 60% completed.

Required:

1. Enter the balance as of September 1 in a four-column account for Work in Process—Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank.

If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent.

2. Provide the same information for October by recording the October transactions in the four-column work in process account. Construct a cost of production report, and present the October computations (a through d) listed in part (1). If an amount box does not require an entry, leave it blank.

If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent.