Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows:

Required:

1. Insert the following balances in the general ledger as of April 1:

After completing the recording of the transactions in the journals in part 3, total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, be sure to post transactions from the revenue journal before posting transactions from the cash receipts journal.

If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with “J”, Cash Receipts begin with “CR” and Cash Receipts begins with “R”. For example journal/ Cash Receipts/ Cash Receipts, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.

2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1:

After completing the recording of the transactions in the journals in part 3, post to the accounts receivable subsidiary ledger in chronological order, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer's account before recording a cash receipt. If an amount box does not require an entry, leave it blank. In CNOW, Journal pages begin with “J”, Cash Receipts begin with “CR” and Cash Receipts begins with “R”. For example journal/ Cash Receipts/ Cash Receipts, page 1/36/40 respectively. POST. REF. is simply J1, CR36, and R40.

3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees.

4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customer’s account before recording a cash receipt.

5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting.

If an amount box does not require an entry, leave it blank.

6. What is the sum of the customer balances?
$

Does the sum of the customer balances agree with the accounts receivable controlling account in the general ledger?
  

7. Would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?

Problem 5-10 Part 4 4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

Toselli Animation plans to offer its employees a salary enhancement package that has revenue sharing as its main component. Specifically, the company will set aside 2% of total sales revenue for year-end bonuses. The sales are expected to be $5 million the first year, $5.5 million the second year, and amounts increasing by 10% each year for the next 5 years. At an interest rate of 5% per year, what is the equivalent annual worth in years 1 through 5 of the bonus package? The equivalent annual worth of the bonus package is $

Talking about the revenue drivers and profit margin, we have incurred certain costs for the production of recycled sneakers. We will gather all the recycled materials where it will cost us around $3-5 to sanitizing and cleaning those old materials and further we have cost for renting the place to work on which is estimated around $300-400 per week. Moving on our labour cost have reached around $5 for design those sneakers. As we aim to keep the cost for recycled sneakers as low as possible our estimated cost per sneakers have come upto $10-12 depending on the design as well.

Fixed cost is rent

variable is sanitizing and cleaning cost

estimated sales per week is 300

Q)  question need to be solved Break-even chart and calculations for particular scenario.

Cash Receipts
The sales budget for Perrier Inc. is forecasted as follows:

To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales:

60 percent in the month of sale.

20 percent in the month following sale.

15 percent in the second month following sale.

5 percent uncollectible.

The company gives a 1 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $29,000, of which $8,000 represents uncollected March sales and $21,000 represents uncollected April sales. Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a three-month summary of estimated cash collections.

A suburban hotel derives its revenue from its hotel and restaurant operations. The owners are interested in the relationship between the number of rooms occupied on a nightly basis and the revenue per day in the restaurant. Below is a sample of 25 days (Monday through Thursday) from last year showing the restaurant income and number of rooms occupied. Day Income Occupied Day Income Occupied 1 $ 1,452 20 14 $ 1,425 31 2 1,361 20 15 1,445 51 3 1,426 21 16 1,439 62 4 1,470 80 17 1,348 45 5 1,456 70 18 1,450 41 6 1,430 29 19 1,431 62 7 1,354 70 20 1,446 47 8 1,442 21 21 1,485 43 9 1,394 15 22 1,405 38 10 1,459 36 23 1,461 36 11 1,399 41 24 1,490 30 12 1,458 35 25 1,426 65 13 1,537 51 PictureClick here for the Excel Data File Use a statistical software package to answer the following questions.

b. Determine the coefficient of correlation between the two variables. (Round your answer to 3 decimal places.) Pearson correlation State the decision rule for 0.01 significance level: H0: ρ ≤ 0; H1: ρ > 0 (Round your answer to 3 decimal places.) Reject H0 if t > Compute the value of the test statistic. (Round your answer to 2 decimal places.) Value of the test statistic

c. Is it reasonable to conclude that there is a positive relationship between revenue and occupied rooms? Use the 0.01 significance level. H0, There is a between revenue and occupied rooms.

d. What percent of the variation in revenue in the restaurant is accounted for by the number of rooms occupied? (Round your answer to 1 decimal place.) % of the variation in revenue is explained by variation in occupied rooms.

What are the important long-term issues relevant for managing capacity, revenue, and customer satisfaction for Southwest Airlines?

10. List and explain at least 3 powers of the Inland Revenue Department?

11. Explain what Employment income is comprised of?

12 Define the following definitions ?

Emolument

Non-emolument

Employer

Chargeable Income

Allowable Deductions

Personal allowance/Income Tax Threshold

Tax Credit

Capital Gain Tax

(Note post a new post)

Cash Receipts
The sales budget for Perrier Inc. is forecasted as follows:

To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales:

60 percent in the month of sale.

20 percent in the month following sale.

15 percent in the second month following sale.

5 percent uncollectible.

The company gives a 1 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $29,000, of which $8,000 represents uncollected March sales and $21,000 represents uncollected April sales. Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a three-month summary of estimated cash collections.

Debit CreditCash $ 197,000Sales Revenue $ 8,100,000Debt Investments (trading) (at cost, $145,000) 153,000Cost of Goods Sold 4,800,000Debt Investments (long-term) 299,000Equity Investments (long-term) 277,000Notes Payable (short-term) 90,000Accounts Payable 455,000Selling Expenses 2,000,000Investment Revenue 63,000Land 260,000Buildings 1,040,000Dividends Payable 136,000Accrued Liabilities 96,000Accounts Receivable 435,000Accumulated Depreciation—Buildings 152,000Allowance for Doubtful Accounts 25,000Administrative Expenses 900,000Interest Expense 211,000Inventory 597,000Gain (extraordinary) 80,000Notes Payable (long-term) 900,000Equipment 600,000Bonds Payable 1,000,000Accumulated Depreciation—Equipment 60,000Franchises 160,000Common Stock ($5 par) 1,000,000Treasury Stock 191,000Patents 195,000Retained Earnings 78,000Paid-in Capital in Excess of Par 80,000 Totals $12,315,000 $12,315,000E5-12 (Preparation of a Balance Sheet) Presented below is the trial balance of Scott Butler Corporation at December 31, 2014.3InstructionsPrepare a balance sheet at December 31, 2014, for Scott Butler Corporation. (Ignore income taxes.)