The biggest challenges throughout the planning process is determining start up costs, determining inventory and determining the location of the store. The start up costs are a big challenge due to there being a number of variables such as how much inventory is smart to start off with, how much to pay in utilities (can easily fluctuate), and how much to pay in advertising the store to customers. Determining inventory is also a challenge because orders must be placed to keep up with inventory and determining a schedule for that is based on revenue, but during the planning process revenue can only be projected and not consistently known. Determining the location of the store is also a challenge, it is an extremely important decision that will make or break the success of the store. Calculating how many customers are nearby, as well as type of income (lower-class, middle-class, upper class, etc.) is also challenging.
The growth potential of my business is tremendous. I view after a few months, for there to be a solid foundation for revenue. The first few months may be tough because the public either doesn’t know about the store, or don’t have a trust built with the store yet. Once I am established, I see my store serving the community with well needed convenience products and establishing a
casual customer base. Once I’m established after a few months, I expect revenue to climb and stabilize. After a few years I expect to be financially in a great position. Some profits can be diverted to upgrades for the store, improving customer experience (maybe experiment with new and diverse products). After a few years, I see myself expanding by buying other Circle K franchises to open or try to buy established stores from owners. This would require saving up a lot of the profit but in the long run it is a great investment in my opinion.
questions
1.This entrepreneur mentioned some big challenges he/she would face when starting this business. Do you agree? Explain your decision
2.Evaluate the growth potential of the business. Would you agree with this entrepreneur’s vision? Why or why not?
In: Economics
The Unadjusted Trial Balance has been prepared (provided below and also in ThreeBrothers worksheet.xlsx), showing only those accounts with a non-zero balance. You have gathered the following information that will be helpful in preparing any necessary adjusting entries (add any accounts necessary). Good luck!
|
ThreeBrothers |
Unadjusted Trial Balance |
|
|
Dec. 31, 2017 |
||
|
debit |
credit |
|
|
Cash |
4,400,000 |
|
|
Accounts Receivable |
22,500,000 |
|
|
Allowance for Bad Debts |
20,000 |
|
|
Inventory |
2,500,000 |
|
|
Purchases |
85,832,500 |
|
|
Construction in Progress Inventory |
36,000,000 |
|
|
Billings on Contract |
35,000,000 |
|
|
PP&E |
60,000,000 |
|
|
Accumulated Depreciation |
36,000,000 |
|
|
Accounts Payable |
18,000,000 |
|
|
Income Tax Payable |
136,000 |
|
|
Common Stock |
1,500,000 |
|
|
Retained Earnings |
33,444,000 |
|
|
Sales Revenue |
134,500,000 |
|
|
Sales Returns |
2,017,500 |
|
|
NEWPROD Revenue |
9,000,000 |
|
|
FITTRACKER Revenue |
10,000,000 |
|
|
Cost of NEWPROD Sold |
8,100,000 |
|
|
Cost of FITTRACKER Sold |
4,500,000 |
|
|
General and Admin |
51,750,000 |
|
|
TOTAL |
277,600,000 |
277,600,000 |
Also, in addition to its normal operations, ThreeBrothers's management entered into a long-term agreement on September 1, 2017 to supply its internally developed smart-phone-interactive fitness equipment, FITTRACKER, and maintenance support to a regional 24-hour fitness chain. The details of the agreement call for ThreeBrothers to be paid $10,000,000 up front for the equipment and 3 years of maintenance support (beginning on agreement date). The fitness chain could have bought just the equipment for $9,000,000 with no support, and they could have independently contracted for the maintenance support for $2,000,000 for the three-year period. ThreeBrothers has arranged with a 3rd-party manufacturer to make and ship the equipment direct to customers so ThreeBrothers does not carry any FITTRACKER inventory. The cost of the equipment sold to the fitness chain was $4,500,000. ThreeBrothers has recorded the $10,000,000 as a point-of-sale transaction.
1. I need the adjusting journal entry and closing journal entry, if necessary. Thank You.
In: Accounting
Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2021 it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases. Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2021, the company records $135,000 of revenue and awards 125,000 loyalty points. The aggregate stand-alone selling price of the purchased products is $135,000. Eighty percent of sales were cash sales, and the remainder were credit sales.
Required:
1. Prepare Supply Club’s journal entry to record July sales.
2. During August, customers redeem loyalty points on $60,000 of merchandise. Seventy-five percent of those sales were for cash, and the remainder were credit sales. Prepare Supply Club’s journal entry to record those sales.
In: Accounting
A large sports supplier has many stores located world wide. A regression model is to be constructed to predict the annual revenue of a particular store based upon the population of the city or town where the store is located, the annual expenditure on promotion for the store and the distance of the store to the center of the city.
Data has been collected on 30 randomly selected stores: (AT BOTTOM)
Find the multiple regression equation using all three explanatory variables. Assume that x1 is population, x2 is annual promotional expenditure and x3 is distance to city center. Give your answers to 3 decimal places.
a) y^ = BLANK + BLANK population + BLANK promo. expenditure + BLANK dist. to city
e)The value of R2 for this model, to 3 decimal places, is equal to
f)The value of s for this model, to 3 decimal places, is equal to
g)Construct a new multiple regression model by removing the variable distance to city center. Give your answers to 3 decimal places.
The new regression model equation is:
y^ = + population + promo. expenditure
At a level of significance of 0.05, the result of the F test for this model is that the null hypothesis A) Is B) is not rejected.
c)The explanatory variable that is most correlated with annual revenue is:
population
promotional expenditure
distance to city
d)The explanatory variable that is least correlated with annual revenue is:
population
promotional expenditure
distance to city
H) In the new model compared to the previous one, the value of R2 (to 3 decimal places) is:
increased
decreased
unchanged
i)In the new model compared to the previous one, the value of s (to 3 decimal places) is:
increased
decreased
unchanged
|
Annual revenue ($) (× 1000) |
Population (× 1000) |
Annual promotional expenditure ($) (× 100) |
Distance to city center (mi) |
|---|---|---|---|
| 195 | 124 | 142 | 19 |
| 104 | 90 | 64 | 9 |
| 294 | 459 | 138 | 6 |
| 316 | 667 | 95 | 19 |
| 228 | 189 | 158 | 18 |
| 406 | 849 | 74 | 7 |
| 247 | 284 | 177 | 19 |
| 204 | 267 | 113 | 19 |
| 60 | 46 | 100 | 9 |
| 539 | 918 | 172 | 15 |
| 575 | 942 | 175 | 8 |
| 326 | 677 | 90 | 14 |
| 275 | 479 | 129 | 1 |
| 470 | 834 | 168 | 1 |
| 308 | 435 | 129 | 5 |
| 318 | 475 | 178 | 7 |
| 512 | 915 | 95 | 18 |
| 153 | 183 | 173 | 11 |
| 219 | 266 | 134 | 16 |
| 443 | 687 | 197 | 15 |
| 225 | 177 | 184 | 1 |
| 233 | 192 | 185 | 18 |
| 303 | 612 | 93 | 5 |
| 507 | 981 | 93 | 16 |
| 487 | 923 | 138 | 2 |
| 432 | 963 | 44 | 17 |
| 180 | 138 | 165 | 10 |
| 448 | 820 | 55 | 11 |
| 461 | 719 | 156 | 10 |
| 97 | 48 | 115 |
19 |
In: Math
1.
Based on the following payoff table, answer the following:
| Alternative | High | Low |
| Buy | 90 | -10 |
| Rent | 70 | 40 |
| Lease | 60 | 55 |
| Prior Probability | 0.4 | 0.6 |
The maximin strategy is:
Group of answer choices
A) Buy.
B) Rent.
C) Lease.
D) High.
E) Low.
2.
A manufacturing firm has three plants and wants to find the most efficient means of meeting the requirements of its four customers. The relevant information for the plants and customers, along with shipping costs in dollars per unit, are shown in the table below:
| Factory | Customer 1 | Customer 2 | Customer 3 | Customer 4 | Factory Capacity |
| A | $15 | $10 | $20 | $17 | 100 |
| B | $20 | $12 | $19 | $20 | 75 |
| C | $22 | $20 | $25 | $14 | 100 |
| Customer Requirement | 25 | 50 | 125 | 75 |
How many demand nodes are present in this problem?
Group of answer choices
A) 1
B) 2
C) 3
D) 4
E) 5
3.
A manufacturing firm has three plants and wants to find the most efficient means of meeting the requirements of its four customers. The relevant information for the plants and customers, along with shipping costs in dollars per unit, are shown in the table below:
| Factory | Customer 1 | Customer 2 | Customer 3 | Customer 4 | Factory Capacity |
| A | $15 | $10 | $20 | $17 | 100 |
| B | $20 | $12 | $19 | $20 | 75 |
| C | $22 | $20 | $25 | $14 | 100 |
| Customer Requirement | 25 | 50 | 125 | 75 |
How many arcs will the network have?
Group of answer choices
A) 3
B) 4
C) 7
D) 12
E) 15
4.
A manufacturing firm has three plants and wants to find the most efficient means of meeting the requirements of its four customers. The relevant information for the plants and customers, along with shipping costs in dollars per unit, are shown in the table below:
| Factory | Customer 1 | Customer 2 | Customer 3 | Customer 4 | Factory Capacity |
| A | $15 | $10 | $20 | $17 | 100 |
| B | $20 | $12 | $19 | $20 | 75 |
| C | $22 | $20 | $25 | $14 | 100 |
| Customer Requirement | 25 | 50 | 125 | 75 |
Note: This question requires Solver.
Formulate the problem in Solver and find the optimal solution. What is the optimal quantity to ship from Factory A to Customer 2?
Group of answer choices
A) 25 units
B) 50 units
C) 75 units
D) 100 units
E) 125 units
5.
A manufacturing firm has three plants and wants to find the most efficient means of meeting the requirements of its four customers. The relevant information for the plants and customers, along with shipping costs in dollars per unit, are shown in the table below:
| Factory | Customer 1 | Customer 2 | Customer 3 | Customer 4 | Factory Capacity |
| A | $15 | $10 | $20 | $17 | 100 |
| B | $20 | $12 | $19 | $20 | 75 |
| C | $22 | $20 | $25 | $14 | 100 |
| Customer Requirement | 25 | 50 | 125 | 75 |
Which type of network optimization problem is used to solve this problem?
Group of answer choices
A) Maximum-Cost Flow problem
B) Minimum-Cost Flow problem
C) Maximum Flow Problem
D) Minimum Flow Problem
E) Shortest Path Problem
In: Operations Management
| Date | |
| May-01 | Collected $1900 cash from customer accounts receivable |
| May-02 | Purchased supplies on account that cost $360 |
| May-07 | Recorded services of catering to customers and cash receipts were $610 and invoices for services on account were $1800 |
| May-08 |
Received $700 cash as an advance payment on April 9 from a client to be served in May and completed the job on 8th May. |
| May-10 | Paid the utility company for the monthly utility bills that had been received in the previous month, $340 |
| May-15 | Paid $1800 cash for employee salaries |
| May-15 | Purchased a one-year insurance policy for $1200 on the refrigerator |
| May-16 | Paid $220 on the account payable that was established when supplies were purchased on May 2. |
| May-20 | Paid a $400cash dividend to the stockholders |
| May-27 | Received monthly utility bills amounting to $360. The bills would be paid in the month of June |
| May-31 | Recorded revenues to customers. Cash receipts were $900, and invoices for sales on account were $1400 |
| May-31 | Paid $1800 cash for employee salaries |
Identify the assets and liabilities for the month of May.
In: Accounting
| Date | |
| May-01 | Collected $1900 cash from customer accounts receivable |
| May-02 | Purchased supplies on account that cost $360 |
| May-07 | Recorded services of catering to customers and cash receipts were $610 and invoices for services on account were $1800 |
| May-08 |
Received $700 cash as an advance payment on April 9 from a client to be served in May and completed the job on 8th Ma. |
| May-10 | Paid the utility company for the monthly utility bills that had been received in the previous month, $340 |
| May-15 | Paid $1800 cash for employee salaries |
| May-15 | Purchased a one-year insurance policy for $1200 on the refrigerator |
| May-16 | Paid $220 on the account payable that was established when supplies were purchased on May 2. |
| May-20 | Paid a $400cash dividend to the stockholders |
| May-27 | Received monthly utility bills amounting to $360. The bills would be paid in the month of June |
| May-31 | Recorded revenues to customers. Cash receipts were $900, and invoices for sales on account were $1400 |
| May-31 | Paid $1800 cash for employee salaries |
Prepare an income statement for May
In: Accounting
June
| Date | |
| June-01 | Collected $ 1500 cash from customer accounts receivable |
| June-02 | Purchased supplies on account that cost $ 300 |
| June-07 | Recorded services of catering to customers and cash receipts were $ 500 and invoices for services on account were $ 1500. |
| June-08 |
Received $ 450 cash as an advance payment on May 10 from a client to be served in June and completed the job on June 8. |
| June-10 | Paid the utility company for the monthly utility bills that had been received in the previous month, $ 360 |
| June-15 | Paid $ 1800 cash for employee salaries |
| June-15 | Purchased a one-year insurance policy for $ 1000 on the microwave |
| June-16 | Paid $ 150 on the account payable that was established when supplies were purchased on June 2. |
| June-20 | Paid a $ 300 cash dividend to the stockholders |
| June-27 | Received monthly utility bills amounting to $ 350. The bills would be paid in the month of July |
| June-31 | Recorded revenues to customers. Cash receipts were $ 800, and invoices for sales on account were $ 1350 |
| June-31 |
Paid $ 1800 cash for employee salaries |
Prepare an income statement for the month of June.
In: Accounting
Maria Company started its operations on March 1, 2018. The following transactions took place during the first month of operations:
March 1: Maria invests $1,840,000 cash to start the business.
March 4: Purchased furniture for $240,000, paying $100,000 in cash and sign a note for
the remaining balance.
March 9: Purchased supplies for $12,200 on credit.
March 15: Paid $18,000 cash for March rent.
March 18: Paid $4,200 cash for office supplies purchased on March 9.
March 21: Services billed to customers amount to $104,000.
March 24: Received utility bills for $22,000 for the month of March.
March 27: Paid $64,000 cash for salaries.
March 30: Received $80,000 cash from customers in payment for services billed on
March 21.
March 31: Maria withdrew $15,000 from the business for personal use.
Required: ( Note the answers should be computerized )
1- Using a table, show the effect of the above transactions on the accounting equation.
2- Prepare Journal entries to record the above transactions.
3- Post to the appropriate ledger accounts.
4- Prepare the trial balance on March 31 2018.
5. Prepare the financial statements of Rose Company on March 31 2018.
In: Accounting
Suppose we have the following facts about customers at a supermarket:
60% buy bread (B).
55% buy milk (M).
45% buy eggs (E).
78% buy bread or eggs.
38% buy bread and milk.
30% buy milk and eggs.
19% buy all three items.
. If we randomly select a customer, what is the probability the customer buys none of the
three items?
(A) 0.12
(B) 0.13
(C) 0.14
(D) 0.15
(E) 0.16
In: Statistics and Probability