Alpha-Tech, a rapidly growing distributor of electronic components, is formulating its plans for 20x5. Carol Jones, the firm’s marketing director, has completed the following sales forecast.

Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. The following information will be used in preparing the cash flow projection.

Alpha-Tech’s excellent record in accounts receivable collection is expected to continue. Sixty percent of billings are collected the month after the sale, and the remaining 40 percent two months after

The purchase of electronic components is Alpha-Tech’s largest expenditure, and each month’s cost of goods sold is estimated to be 35 percent of sales. Seventy percent of the parts are received by Alpha-Tech one month prior to sale, and 30 percent are received during the month of sale.

Historically, 70 percent of accounts payable has been paid one month after receipt of the purchased components, and the remaining 30 percent has been paid two months after receipt.

Hourly wages and fringe benefits, estimated to be 30 percent of the current month’s sales, are paid in the month incurred.

General and administrative expenses are projected to be $15,720,000 for the year. The breakdown of these expenses is presented in the following schedule. All cash expenditures are paid uniformly throughout the year, except the property taxes, which are paid in four equal installments at the end of each quarter.

Income-tax payments are made at the beginning of each calendar quarter based on the income of the prior quarter. Alpha-Tech is subject to an income-tax rate of 40 percent. Alpha-Tech’s operating income for the first quarter of 20x5 is projected to be $3,100,000. The company pays 100 percent of the estimated tax payment.

Alpha-Tech maintains a minimum cash balance of $520,000. If the cash balance is less than $520,000 at the end of each month, the company borrows amounts necessary to maintain this balance. All amounts borrowed are repaid out of the subsequent positive cash flow. The projected April 1, 20x5, opening balance is $520,000.

Alpha-Tech has no short-term debt as of April 1, 20x5.

Alpha-Tech uses a calendar year for both financial reporting and tax purposes.

Required:

Prepare a cash budget for Alpha-Tech by month for the second quarter of 20x5. For simplicity, ignore any interest expense associated with borrowing. (Negative amounts should be indicated by a minus sign.)

Alpha-Tech, a rapidly growing distributor of electronic components, is formulating its plans for 20x5. Carol Jones, the firm’s marketing director, has completed the following sales forecast.

Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. The following information will be used in preparing the cash flow projection.

Alpha-Tech’s excellent record in accounts receivable collection is expected to continue. Sixty percent of billings are collected the month after the sale, and the remaining 40 percent two months after.

The purchase of electronic components is Alpha-Tech’s largest expenditure, and each month’s cost of goods sold is estimated to be 30 percent of sales. Seventy percent of the parts are received by Alpha-Tech one month prior to sale, and 30 percent are received during the month of sale.

Historically, 80 percent of accounts payable has been paid one month after receipt of the purchased components, and the remaining 20 percent has been paid two months after receipt.

Hourly wages and fringe benefits, estimated to be 30 percent of the current month’s sales, are paid in the month incurred.

General and administrative expenses are projected to be $16,520,000 for the year. The breakdown of these expenses is presented in the following schedule. All cash expenditures are paid uniformly throughout the year, except the property taxes, which are paid in four equal installments at the end of each quarter.

Income-tax payments are made at the beginning of each calendar quarter based on the income of the prior quarter. Alpha-Tech is subject to an income-tax rate of 40 percent. Alpha-Tech’s operating income for the first quarter of 20x5 is projected to be $4,700,000. The company pays 100 percent of the estimated tax payment.

Alpha-Tech maintains a minimum cash balance of $585,000. If the cash balance is less than $585,000 at the end of each month, the company borrows amounts necessary to maintain this balance. All amounts borrowed are repaid out of the subsequent positive cash flow. The projected April 1, 20x5, opening balance is $585,000.

Alpha-Tech has no short-term debt as of April 1, 20x5.

Alpha-Tech uses a calendar year for both financial reporting and tax purposes.

Required:

Prepare a cash budget for Alpha-Tech by month for the second quarter of 20x5. For simplicity, ignore any interest expense associated with borrowing. (Negative amounts should be indicated by a minus sign.)

Required:

Prepare a cash budget for Alpha-Tech by month for the second quarter of 20x5. For simplicity, ignore any interest expense associated with borrowing. (Negative amounts should be indicated by a minus sign.)

Refer below table on the average prices, how to make a decision on KL or Penang residential prices are higher than other Peninsular states? Explain in detail.

1. Find the number of moles that are in 2.93g of LiO2 and report it with the correct number of significant figures
a. 8.75 x 10^22 mol
b. 9.81 x 10^-2 mol
c. 0.0980589 mol
d. 87.5 mol

2. calculate the mass of Chromium (Cr) in magnesium dichromate (MgCr2 O7)
a. 21.6%
b. 23.1%
c. 43.3%

3. A gold wedding band contains 2.3 x 10^22 Au atoms. How many moles of gold are in the wedding band?
a. 3.8 x 10^-2 mol Au
b. 26.2 mol Au
c. 3.8 mol Au
d. 3. 92 mol Au

Question 1: Partial year’s depreciation; alternative methods; exchange/disposal of PPE

Videotron Ltee completed the following transactions involving printing equipment.

Machine 6690 was purchased for cash on May 1, 2020, at an installed cost of $72,900. Its useful life was estimated to be four years with an $8,100 trade-in value. Straight-line depreciation was recorded for the machine at the ends of 2020 and 2021.

On August 5, 2020, it was traded for Machine 6691, which had an installed cash price of $54,000. A trade-in allowance of $40,500 was received and the balance was paid in cash. The new machine’s life was estimated at five years with a $9,450 trade-in value. The fair values of Machines 6690 and 6691 were not reliably determined at the time of the exchange. Double-declining-balance depreciation was recorded on each December 31 of Machine 6691’s life. On February 1, 2025, it was sold for $13,500.

Machine 6711 was purchased on February 1, 2025, at an installed cash price of $79,650. It was estimated that the new machine would produce 75,000 units during its useful life, after which it would have an $8,100 trade-in value. Units-of-production depreciation was recorded on the machine for 2025, a period in which it produced 7,500 units of product. Between January 1 and October 3, 2026, the machine produced 11,250 more units. On October 3, 2026, it was sold for $54,000

Required

Prepare journal entries to record:

1. The depreciation expense recorded to the nearest whole month on the first December 31 of each machine’s life. (for units-of-production, round the rate per unit to three decimal places).
2. The purchase/exchange/disposal of each machine.

Question 2: Intangible assets

On February 3, 2020, Secure Software Group purchased the patent for a new software for cash of $220,800. The company expects the software to be sold over the next five years and uses the straight-line method to amortize intangibles.

Required

1. Prepare entries to record the:

1. Purchase of the software patent.
2. Straight-line amortization for the year ended December 31, 2020, calculated to the nearest whole month. Round to the nearest dollar.

2. On December 31, 2020, the company’s adjusted trial balance showed the additional asset accounts shown below. Prepare the asset section of the balance sheet at December 31, 2020, including the patent purchased on February 3, 2020.

Accounts receivable………………………………$285,600

Accumulated depreciation, equipment……………$259,200

Accumulated depreciation, building………………$189,000

Allowance for doubtful accounts……………………$8,400

Cash………………………………………………. $103,200

Equipment…………………………………………$477,600

Building………………………………………… $595,200

Land………………………………………………. $ 110,400

Merchandise inventory…………………………… $ 135,600

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs.

Siren Company sells the fishing lures for $34.00. During 2020, the company sold 81,000 lures and produced 95,000 lures.

Assuming the company uses variable costing, calculate Siren’s manufacturing cost per unit for 2020. (Round answer to 2 decimal places, e.g. 10.50.)

1. Manufacturing cost per unit $
2. Prepare a variable costing income statement for 2020.

During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $63,000. DZC returned $9,300 of this merchandise to the manufacturer for credit on its account. DZC then sold $51,000 of the remaining goods at a selling price of $77,600. DZC records sales returns as they occur and then records estimated additional returns at year-end. During the year, customers returned goods that had been sold at a price of $8,100. These goods were in perfect condition, so they were put back into DZC’s inventory at their cost of $5,300. At year-end, DZC estimated $10,310 of current year merchandise sales would be returned to DZC in the following year; DZC estimates $6,600 as its cost of this merchandise.

Prepare journal entries to record DZC’s transactions and estimates, assuming DZC uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2017, the company incurred the following costs.

Siren Company sells the fishing lures for $25.25. During 2017, the company sold 82,000 lures and produced 93,000 lures.

Assuming the company uses variable costing, calculate Siren’s manufacturing cost per unit for 2017. (Round answer to 2 decimal places, e.g.10.50.)

eTextbook and Media

Prepare a variable costing income statement for 2017. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

eTextbook and Media

Assuming the company uses absorption costing, calculate Siren’s manufacturing cost per unit for 2017. (Round answer to 2 decimal places, e.g.10.50.)

1.Deposits of $1,560 are made annually into an account earning i(1)=6.3%. What is the accumulated value right after the 8th deposit is made? Assume the first deposit is made in 1 year.

2.What is the present value of an annuity that pays $1,220 each quarter for 6 years if interest rates are i(4)=4%? Assume the first payment is made in 3 months.

3.You deposit $910 each month into an account earning i(12)=11.9%. Suppose you make the first deposit today, and you make a total of 48 deposits. How much money is in the account 3 years after the last deposit?

Examine the second plan to increase the current minimum wage of $8.70 by 2.1% per year.

Write a formula to model what the federal minimum wage, W, should be t years after 2020.

What would minimum wage be in 2025? Round to the nearest cent.

In what year will minimum wage be at least double the 2020 value?