Questions
30-Sep The following information is available: Sales Revenue (net credit sales)             1,200 Accounts Receivable         &nb

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...

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...

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...

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,...

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...

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.

  1. Contribution Margins for each product line
  2. Break-even quantities for each product line
  3. Break-even quantities to earn $500,000 per year margin on the high-end line (at the current sales price)
  4. Break-even quantities to earn $300,000 per year margin on the economical line (at the current sales price)

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:

  • present the information
  • describe how you performed your calculations
  • and explain what the results mean

In: Accounting

Please comment on Alibaba current Revenue, Profit Margin, Earning ,EBITDA and Price/Earning ratio affect the profitability...

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...

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...

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:

  1. What effect would the error have on total Income from Operations for the two quarters combined?
  2. What effect would the error have on Income from Operations for each of the two quarters?
  3. Prepare corrected income statements for each quarter. Ignore income taxes.

In: Accounting

Answer following questions in depth. At least one half page per question 1. Describe revenue rulings...

Answer following questions in depth. At least one half page per question
1. Describe revenue rulings and letter rulings.

In: Accounting