| 30-Sep | The following information is available: | |||||
| Sales Revenue (net credit sales) | 1,200 | |||||
| Accounts Receivable | 800 | |||||
| Allowance for Doubtful Accounts | 15 | (credit balance) | ||||
| Prepare the journal entry assuming that bad debts are expected to be 6% of accounts receivable. | ||||||
| GENERAL JOURNAL | ||||||
| DATE | ACCOUNT TITLE | DEBIT | CREDIT | |||
| Garcia Company has accounts receivable of | $ 2,500 | |||||
| Prepare the journal entries for the following transactions: | ||||||
| 1-Sep | Added 1% finance charges to $600 company credit card balances for not paying within 30 days. | |||||
| 10-Sep | Sold $7,000 of accounts receivable to the Factors, Inc. who charge a 5% commission. | |||||
| 20-Sep | Made VISA credit card sales of $800. Current VISA fee is 4%. | |||||
| GENERAL JOURNAL | ||||||
| DATE | ACCOUNT TITLE | DEBIT | CREDIT | |||
In: Accounting
Royal Lawncare Company produces and sells two packaged products—Weedban and Greengrow. Revenue and cost information relating to the products follow:
Product
Weedban Greengrow
Selling price per unit $8.00 $30.00
Variable expenses per unit $2.80 $13.00
Traceable fixed expenses per year $128,000 $35,000
Last year the company produced and sold 35,500 units of Weedban and 19,500 units of Greengrow. Its annual common fixed expenses are $96,000.
Required:
Prepare a contribution format income statement segmented by product lines.
In: Accounting
Revenue recognition – accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell repair services to customers and began operations in February 2018. On March 4th, 2018, Ring The Bells, Inc. collected $2,400 in cash from customers for services performed in February 2018. On March 11th, Ring The Bells, Inc. provided $690 worth of services to customers, all of whom paid in cash. On March 25th, 2018 Ring the Bells provided additional services worth $3,470 on account to customers, which will not be collected until April.
(1pt) Using accrual-basis accounting, how much revenue would Ring the Bells record for March 2018? Briefly explain or show how you got your answer.
(1pt) Using cash-basis accounting, how much revenue would Ring the Bells record for March 2018? Briefly explain or show how you got your answer.
Expense recognition – accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell repair services to customers and began operations in February 2018. On March 2nd, 2018, Ring The Bells, Inc. paid $800 in cash to creditors for supplies purchased on account on February 1st and used in February 2018. On March 15th, Ring The Bells, Inc. paid $1,850 in cash to employees for work done March 1st-15th. On March 29th, 2018 Ring the Bells received a bill of $720 from the utility company for March utilities used which will not be paid until April.
(1pt) Using accrual-basis accounting, how much in expenses would Ring the Bells record for March 2018? Briefly explain or show how you got your answer.
(1pt) Using cash-basis accounting, how much in expenses would Ring the Bells record for March 2018? Briefly explain or show how you got your answer.
In: Accounting
The Hill Company reported the following results:
| Year 3 | Year 2 | Year 1 | |||
| Income Statement | |||||
| Revenue | 10,972 | 11,598 | 10,470 | ||
| Cost of Goods Sold | 8,942 | 8,767 | 7,901 | ||
| Selling, General & Admin. Expenses | 2,470 | 2,611 | 2,479 | ||
| Interest expense | 76 | 80 | 28 | ||
| Net Income | (516) | 140 | 62 | ||
| Balance Sheet | |||||
| Assets | |||||
| Cash | 1,354 | 1,316 | 1,880 | ||
| Prepaid expenses | 202 | 522 | 125 | ||
| Accounts receivable | 375 | 250 | 231 | ||
| Inventory | 745 | 698 | 455 | ||
| Property & equipment (net) | 20,464 | 18,810 | 17,727 | ||
| Total Assets | 23,140 | 21,596 | 20,418 | ||
| Liabilities | |||||
| Accounts payable | 2,824 | 743 | 678 | ||
| Unredeemed gift cards | 410 | 850 | 636 | ||
| Notes Payable | 15,457 | 18,048 | 17,024 | ||
| Stockholders' Equity | |||||
| Common Stock | 985 | 545 | 815 | ||
| Retained Earnings | 3,464 | 1,410 | 1,265 | ||
| Total Liabilities & Equity | 23,140 | 21,596 | 20,418 |
1.What is the company's debt ratio for Year 1? Convert your final answer to a percentage, round to one decimal place and enter without the "%" sign (e.g. a final answer of 0.105678 would be entered as 10.6).
2. What is the company's gross profit ratio for Year 3? Convert your final answer to a percentage, round to one decimal place and enter without the "%" sign (e.g. a final answer of 0.105678 would be entered as 10.6).
3.What is the company's net profit ratio for Year 2? Convert your final answer to a percentage, round to one decimal place and enter without the "%" sign (e.g. a final answer of 0.105678 would be entered as 10.6).
4. What is the company's return on investment ratio for Year 1? Convert your final answer to a percentage, round to one decimal place and enter without the "%" sign (e.g. a final answer of 0.105678 would be entered as 10.6)
5. Based on the three years of data, the company's return on investment ratio has
A. improved
B. worsened.
C. stayed the same.
In: Accounting
Give examples of how to calculate total revenue, total cost, variable cost, fixed cost, marginal cost, ATC, AFC, and AVC.
What is the water-diamond paradox?
In: Economics
1. For your first assignment, management has provided the following revenue and cost information:
| High-end set | economical set | |||
| Sales price | $3,500 | price unit | $1,000 | Per unit |
| Labor | $875 | per unit | $250 | per unit |
| materials | $1,400 | per unit | $300 | per unit |
| direct fixed costs | $25,000 | per month | $16,500 | per month |
| allocated fixed cost | $85,000 | per month | $85,000 | per month |
They want a better understanding of their business to make
budgeting and sales goals decisions and have asked you to determine
their:For this activity, you have been hired as a team of
consultants on a multi-year basis for a global washer and dryer
manufacturer. They currently offer two core washer and dryer sets:
a high-end model and an economic model. You are tasked to complete
several calculations and present your findings to the company
stakeholders.
They expect the product lines to fully absorb the costs allocated to them. They have also asked that you show the each step in your calculations so that they can understand your analysis. (Note: you will be graded on your intermediary values.)
Once you have determined these amounts, they have asked that you:
In: Accounting
Please comment on Alibaba current Revenue, Profit Margin, Earning ,EBITDA and Price/Earning ratio affect the profitability of the company
In: Finance
Amazon can generate extra revenue from other businesses by offering its excess capacity to those who need it. Like most companies, Amazon uses only a small portion of its total computing capacity at any time. Its infrastructure is considered by many to be among the most robust in the world.
Write a 1-2 page analysis using the referencing the following criteria:
Think of an idea for a startup business. Explain how this business could utilize Amazon’s Web Services (AWS).
How do the concepts of capacity planning and scalability apply to this case? Apply these concepts both to Amazon and to customers of your business.
In: Economics
Dallas Corporation prepared the following two income statements:
| First Quarter | Second Quarter | |||||||||||
| Sales Revenue | $ | 22,000 | $ | 26,400 | ||||||||
| Cost of Goods Sold | ||||||||||||
| Beginning Inventory | $ | 4,400 | $ | 5,400 | ||||||||
| Purchases | 8,400 | 13,400 | ||||||||||
| Goods Available for Sale | 12,800 | 18,800 | ||||||||||
| Ending Inventory | 5,400 | 10,400 | ||||||||||
| Cost of Goods Sold | 7,400 | 8,400 | ||||||||||
| Gross Profit | 14,600 | 18,000 | ||||||||||
| Operating Expenses | 6,400 | 7,400 | ||||||||||
| Income from Operations | $ | 8,200 | $ | 10,600 | ||||||||
During the third quarter, the company’s internal auditors discovered that the ending inventory for the first quarter should have been $6,400. The ending inventory for the second quarter was correct.
Required:
In: Accounting
In: Accounting