Cash Budget

Janet Wooster owns a retail store that sells new and used sporting equipment. Janet has requested a cash budget for October. After examining the records of the company, you find the following:

Cash balance on October 1 is $1,120.
Actual sales for August and September are as follows:
    August      September
Cash sales      $6,000        $4,500
Credit sales      58,000        62,000
Total sales      $64,000        $66,500

Credit sales are collected over a three-month period: 40 percent in the month of sale, 36 percent in the next month, and 22 percent in the second month after the sale. The remaining sales are uncollectible.
Inventory purchases average 70 percent of a month’s total sales. Of those purchases, 45 percent are paid for in the month of purchase. The remaining 55 percent are paid for in the following month.
Salaries and wages total $3,850 per month.
Rent is $3,150 per month.
Taxes to be paid in October are $1,635.
Janet usually withdraws $3,500 each month as her salary.
Advertising is $1,500 per month.
Other operating expenses total $3,800 per month.
Internet and telephone fees are $320 per month.
Janet tells you that she expects cash sales of $5,000 and credit sales of $64,000 for October. She likes to have $3,000 on hand at the end of the month and is concerned about the potential October ending balance.

Required:

Prepare a cash budget for October. Include supporting schedules for cash collections and cash payments. Round your intermediate computations and final answers to the nearest dollar.

Wooster Sporting Goods Store
Cash Budget
For the Month of October
Beginning cash balance   $fill in the blank 1
Collections:      
Cash sales   fill in the blank 2
Credit sales:      
October   fill in the blank 3
September   fill in the blank 4
August   fill in the blank 5
Total cash available       $fill in the blank 6
Disbursements:      
Inventory purchases:      
October   $fill in the blank 7
September   fill in the blank 8
Salaries and wages   fill in the blank 9
Rent   fill in the blank 10
Taxes   fill in the blank 11
Other operating expenses   fill in the blank 12
Owner withdrawal   fill in the blank 13
Advertising   fill in the blank 14
Internet and telephone   fill in the blank 15
fill in the blank 16
Ending cash balance       $fill in the blank 17

Why does a reduction in taxes have a smaller multiplier effect than an increase in government spending of an equal amount? Tucker, Irvin B.. Macroeconomics for Today (Page 323). South-Western College Pub. Kindle Edition.

How did the change in interest affect a property company in South Africa? If you had been forewarned about this economic change, would you have planned and strategised differently? Provide substantial reasons for your answer.

Outright slave rebellions were rare in the Antebellum South. What methods did slaves use to diminish and resist slavery? On the other hand, what kept African-Americans enslaved? What were the “invisible chains” of slavery?

Martinez Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer’s expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12%. The costs of recovery are expected to be immaterial, and the textbooks are expected to be resold at a profit. On July 1, 2017, Martinez shipped books invoiced at $13,800,000 (cost $11,040,000). Prepare the journal entry to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To recognize revenue.) (To record cost of goods sold.) On October 3, 2017, $1,380,000 of the invoiced July sales were returned according to the return policy, and the remaining $12,420,000 was paid. Prepare the journal entries for the return and payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 3, 2017 (To record the return) (To record cost of goods returned) (To record the payment) Assume Martinez prepares financial statements on October 31, 2017, the close of the fiscal year. No other returns are anticipated. Indicate the amounts reported on the income statement and balance related to the above transactions. (If answer is 0, please enter 0. Do not leave any fields blank.) Income Statement (partial) $ : $ Balance Sheet (partial) $

Find the present value of $350 due in the future under each of the following conditions. Do not round intermediate calculations. Round your answers to the nearest cent.

1. 6% nominal rate, semiannual compounding, discounted back 5 years.

   $   

2. 6% nominal rate, quarterly compounding, discounted back 5 years.

   $   

3. 6% nominal rate, monthly compounding, discounted back 1 year.

   $   

8. You place an order of 350 units of inventory at a unit price of $180. The supplier offers terms of 2/10 Net 30. (10 Points)

1. How long do you have to pay before the account is overdue? If you take the full period, how much should you remit?
2. What is the discount being offered? How quickly must you pay to get the discount? If you take the discount, how much should you remit?
3. If you don’t take the discount, how much interest are you paying implicitly? How many days’ credit are you receving?

(Use Excel and Excel Formulas)

In one of Sue's experiments, 500 plants were treated with a chemical and 350 of them were found to have a plant disease. Use a 0.01 significance level to test the claim that the rate of plant disease among all plants treated with the chemical is equal to 74%.

State the final conclusion.

Applicable answers:

1. The sample evidence does NOT support the rejection of the null hypothesis claim that the rate of plant disease among all plants treated with the chemical is equal to 74%
2. The sample evidence does support the rejection of the null hypothesis claim that the rate of plant disease among all plants treated with the chemical is equal to 74%
3. The sample evidence does NOT support the rejection of the Sue's claim that the rate of plant disease among all plants treated with the chemical is equal to 74%
4. The sample evidence does support the rejection of the Sue's claim that the rate of plant disease among all plants treated with the chemical is equal to 74%

A frictionless oscillator is composed of a 350 N/m spring and a block of mass m. It is set into motion such that at time t = 0, the block is at equilibrium (x 0 = 0) and is moving in the positive x-direction at 16 cm/s. It oscillates at angular frequency ω = 4.4 s − 1.

a) Determine the mass of the block.

b) Determine the energy of the oscillation.

c)Determine the amplitude of the oscillation.

d) Determine the phase constant. You may use either the sine or cosine form; indicate your choice clearly.

e) Determine the speed of the block when it is 1.2 cm from equilibrium.