Questions
Wentworth Products has projected the following sales for the coming year: Q1 Q2 Q3 Q4   Sales...

Wentworth Products has projected the following sales for the coming year:
Q1 Q2 Q3 Q4
  Sales $650 $740 $875 $805
Sales in the year following this one are projected to be 15 percent greater in each quarter.
a.

Assume that the company places orders during each quarter equal to 30 percent of projected sales for the next quarter. Assuming that the company pays immediately, what is the payables period? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

b.

Calculate payments to suppliers assuming that the company places orders during each quarter equal to 30 percent of projected sales for the next quarter. Assume that the company pays immediately. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16)

c. Calculate payments to suppliers assuming that the company places orders during each quarter equal to 30 percent of projected sales for the next quarter. Assume a 90-day payables period. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
d. Calculate payments to suppliers assuming that the company places orders during each quarter equal to 30 percent of projected sales for the next quarter. Assume a 60-day payables period. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Q1 Q2 Q3 Q4
B. Payment of Account
C. Payment of Account
D. Payment of Account

In: Accounting

A common size income statement for Creek Enterprises 2018 operations follows. Using the firms 2019 income...

A common size income statement for Creek Enterprises 2018 operations follows. Using the firms 2019 income statement presented in 3-16, develop the 2019 common size income statement and compare it with the 2018 statement. (I don't know how to get the answers for the 2019 common size income statement)

2018 common size income statement:

Sales Revenue ($35,000,000) 100%
Less: Cost of goods sold 65.9
           Gross Profits 34.1
Less: Operating expenses
           Selling expense 12.7%
           General and administrative expenses 6.3
           Lease expense 0.6
           Depreciation expense 3.6
                 Total operating expense 23.2%
           Operating profits 10.9%
Less: Interest expense 1.5
           Net profits before taxes 9.4%
Less: Taxes (rate=40%) 3.8
           Net profits after taxes 5.6%
Less: Preferred stock dividends 0.1
           Earnings available for common stockholders 5.5%

3-16 Income Statement:

Sales Revenue 30,000,000
Less: cost of goods sold 21,000,000
gross profits 9,000,000
Less: operating expenses
selling expense 3,000,000
general and administrative expenses 1,800,000
Lease expense 200,000
Depreciation expense 1,000,000
total operating expense 6,000,000
operating profits 3,000,000
less:interest expense 1,000,000
net profits before taxes 2,000,000
Less: taxes (rate=40%) 800,000
net profits after taxes 1,200,000
Less: preferred stock dividends 100,000
Earnings available for common stockholders 1,100,000

In: Finance

1. What foot traits and corresponding functions seen in other primates have we lost in our...

1. What foot traits and corresponding functions seen in other primates have we lost in our feet? Why would we have lost helpful features such as this?
2. Based on what we know of their physical and cultural traits, how were Neandertals adapted for their life in Ice Age Europe? Did early humans in Europe have these same adaptations? How might these adaptations relate to the extinction of the Neandertals and the continuation of humans? (Hint: Is is possible to be too specialized?)
3. List (below) these trends in order from oldest to most recent. Place a “1” next to the trend that occurred first (is the oldest) and number the remaining trends in order to the most recent (“5”).
*For each trend, also note which fossil species is first associated with the change.
_____ Increase in brain size
?Species first associated:
_____ Production and use of stone tools
?Species first associated:
_____ Adaptations for bipedalism
?Species first associated:
_____ Habitation (living) outside of Africa
?Species first associated:
_____ Clear evidence of symbolic behavior (“art,” elaborate burial, etc.)
?Species first associated:


**** Please type

In: Biology

A pollution control agency is considering the following regulatory policies: Taxing the use of one input...

  1. A pollution control agency is considering the following regulatory policies:
    1. Taxing the use of one input that increases pollution. (Other inputs affect pollution too, both increasing and/or decreasing it.)
    2. Taxing the final goods that firms produce and sell on the market.
    3. Taxing pollution.

For each of the following questions, explain why you have answered with the policy that you have, and explain why you have chosen that policy over the other two.

  1. Which of these policies is most likely to reduce pollution?
  2. Which of these policies might actually lead to an increase in pollution?
  3. Which of these policies is most likely to be financially damaging to firms?
  4. Which of these policies is most likely to encourage innovative methods of pollution reduction?

In: Economics

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows :

Units

Cost per unit

Begin Inventory

100

12

Jan 5

Sale

50

10

Purchase

70

16

15

Sale

25

25

Sale

35


Required:

  1. Prepare a schedule showing cost of goods sold and ending inventory using weighted average.
  2. Prepare a schedule showing cost of goods sold and ending inventory using First In First Out.

C.           Compute gross profit under for a and b.

The selling price for number 3 items is $50 per unit.

In: Accounting

Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter an...


Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled

image.png

Calculate the estimated sales, by month and in total, for the third quarter. Quarter August September July Budgeted sales

Calculate the expected cash collections, by month and in total, for the third quarter. July August September Quarter Total ca

Calculate the estimated quantity of beach umbrellas that need to be produced in July, August, September, and October. Septemb

4. Calculate the quantity of Gilden (in feet) that needs to be purchased by month and in total, for the third quarter. 5. Cal

Calculate the expected cash disbursements for raw material (Gilden) purchases, by month and in total, for the third quarter Q

Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation 


a. The Marketing Department has estimated sales as follows for the remainder of the year (in units):

 21,000 7,500 8,000 31,000 72,ee8 41,000 October July August September November December 

The selling price of the beach umbrellas is $11 per unit


 b. All sales are on account. Based on past experience, sales are collected In the following pattern: 

38% in the month of sale 65% in the month following sale 5% uncollectible

c. The company maintains finished goods inventories equal to 15% of the following month's sales. This requirement will be met at the end of June.

d. Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire. Therefore, the company requires that the ending inventory of Gilden be equal to 50% of the following month's production needs. The inventory of Gilden on hand at the beginning and end of the quarter will be:

e. Giden costs $ 0.60 per foot One-half of a month's purchases of Gilden is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Gilden during June will be $ 35,790.

In: Accounting

Consider the following text "Our agreement states that either no crashes will occur in 2018’s first...

Consider the following text "Our agreement states that either no crashes will occur in 2018’s first quarter or the average response time of requests is under an hour. If the agreement is broken, you will pay $8000 in damages. As shown in these records, the average response time is over two hours. You have paid us $8000. I can only conclude that a crash, or multiple crashes, have occurred."
Represent the propositions and the conclusion, clearly labeling propositional atoms (e.g., what is p?). Prove the argument or show that it is incorrect.

In: Computer Science

On January 1, 2020, Kingbird Inc. issued $350,000 of 6-year, 3% bonds to yield a market...

On January 1, 2020, Kingbird Inc. issued $350,000 of 6-year, 3% bonds to yield a market interest rate of 4%. Interest is paid every quarter on January 1, April 1, July 1, and October 1. Kingbird has a calendar year end. After recording the December 31, 2021 accrual for quarterly interest, and making the payment on January 1, 2022, all the bonds were redeemed at 101.

Prepare a bond amortization schedule for the first two years (8 interest periods)

In: Accounting

Topic: CONDUCTING MARKETING RESEARCH AND FORECASTING DEMAND Suppose the annual plan called for selling 34,000 widgets...

Topic: CONDUCTING MARKETING RESEARCH AND FORECASTING DEMAND Suppose the annual plan called for selling 34,000 widgets in the first quarter at $2 per widget, for total revenue of $68,000. At quarter's end, only 30,000 widgets were sold at $1.80 per widget, for total revenue of $54,000. Based on the Sales-variance analysis, how much of the sales performance is due to the price decline and how much to the volume decline? Note: Sales-variance analysis measures the relative contribution of different factors to a gap in sales performance.

In: Economics

Financial Statements of a Manufacturing Firm The following events took place for Chi-Lite Inc. during June,...

Financial Statements of a Manufacturing Firm

The following events took place for Chi-Lite Inc. during June, the first month of operations as a producer of road bikes:

Purchased $481,100 of materials.
Used $413,700 of direct materials in production.
Incurred $356,000 of direct labor wages.
Applied factory overhead at a rate of 80% of direct labor cost.
Transferred $1,012,300 of work in process to finished goods.
Sold goods with a cost of $962,200.
Sold goods for $1,722,300.
Incurred $413,700 of selling expenses.
Incurred $154,000 of administrative expenses.

a. Prepare the June income statement for Chi-Lite. Assume that Chi-Lite uses the perpetual inventory method.

Chi-Lite Inc.
Income Statement
For the Month Ended June 30
Revenues $
Cost of Goods Sold
Gross Profit $
Selling and Administrative Expenses:
Selling Expenses $
Administrative Expenses
Total Selling and Administrative Expenses
Income from Operations $

Feedback

a. Both product and period costs must be reported on the income statement and are necessary to measure income.

b. Determine the inventory balances at the end of the first month of operations.

Materials inventory, June 30 $
Work in process inventory, June 30 $
Finished goods inventory, June 30 $

In: Accounting