Prepare the Cash Budget assuming:
1. January 1, 2021 cash balance is expected to be $60,000
2. Sales are expected to be collected:
a. 60% in the quarter of the sale.
b. 25% one quarter after the sale.
c. 15% two quarter after the sale.
3. Accounts Receivable of $68,000 at December 31, 2020 are expected to be collected in full, $40,000 in the first quarter and the remaining in the second quarter of 2021.
4. Direct material is expected to be paid:
a. 35% in the quarter of purchase.
b. 35% one quarter after the purchase. c. 30% two quarter after the purchase.
5. Short term investments are expected to be sold for $5,000 in the second quarter and $3,500 in the third quarter.
6. Long term investment is expected to be sold for $25,000 in the third quarter. 7. Direct labor is 100% paid in the quarter incurred.
8. Manufacturing overhead, all items except depreciation are paid in the quarter incurred. 9. Selling and administrative expenses, all items except depreciation are paid in the quarter incurred.
10. Management plans to purchase a minivan in the fourth quarter for $35,000, and a delivery truck in the third quarter for $10,600.
11. McGregor makes equal quarterly payments of its estimated annual income taxes. 12. Accounts payable of $25,500 at December 31, 2020 are expected to be paid in full in the second quarter.
13. McGregor wishes to maintain a balance of at least $30,000 in cash.
14. Assume interest of $1,000 in the repayment
15. Common Stock are expected to be issued in the fourth quarter for an amount of 20,000.
16. Loans are repaid in the earlier quarter in which there is sufficient cash (that is when the cash on hand exceeds the $30,000 minimum required balance).
Prepare the Budgeted Balance Sheet with the information above and the following information:
1. Pertinent data at December 31, 2020 are as follows:
a. Building and equipment, $250,000
b. Accumulated depreciation $120,000
c. Common stocks $201,000
d. Retained earnings $230,997.48
2. The accounts that should be in the statements are:
a. Cash
b. Account receivable
C. Finished goods inventory
d. Raw material inventory
e. Accounts payable
f. The accounts mentioned in part 1 of this section.
In: Accounting
An Engineering company is reporting income of $30,000 for the first quarter, income of $32,000 for the second quarter, and income increasing by $2,000 each quarter through year four. What is the equivalent uniform amount per quarter if the interest rate is 3% per quarter?
In: Economics
Income is to be evaluated under four different situations as follows:
a. Prices are rising:
(1) Situation A: FIFO is used.
(2) Situation B: LIFO is used.
b. Prices are falling:
(1) Situation C: FIFO is used.
(2) Situation D: LIFO is used.
The basic data common to all four situations are: sales, 502 units
for $16,064; beginning inventory, 287 units; purchases, 388 units;
ending inventory, 173 units; and operating expenses, $3,100. The
income tax rate is 30%.
Required:
1. Complete the following tabulation for each situation in Situations A and B (prices rising), assume the following: beginning inventory, 287 units at $11 = $3,157; purchases, 388 units at $12 = $4,656. In Situations C and D (prices falling), assume the opposite; that is, beginning inventory, 287 units at $12 = $3,444; purchases, 388 units at $11 = $4,268.Use periodic inventory procedures.(Round your answers to nearest dollar amount
|
prices rising SITUATION A |
SITUATION B |
prices falling situation A |
SITUATION B | ||
| SALES REVENUE | $16064 | 16064 | 16064 | 16064 | |
| BEGINING INVENTORY | 3157 | ||||
| PURCHASES | 4656 | ||||
| GOODS AVAILABLE FOR SALE | 7813 | ||||
|
2076 | ||||
| COST OF GOODS SOLD | 5737 | ||||
| GROSS PROFIT | 10327 | ||||
| EXPENSES | 3100 | 3100 | 3100 | 3100 | |
| PRETAX INCOME | 7227 | ||||
| INCOME TAX EXPENSE | 2168 | ||||
| NET INCOME | $5,059 |
In: Accounting
Discuss the difference between a durable medical power of attorney
and a living will.
In: Nursing
Discuss the difference between a durable medical power of attorney and a living will.
In: Nursing
In: Finance
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 910,000 Cost of goods sold 530,000 Gross margin 380,000 Selling and administrative expenses Selling $ 113,000 Administration 130,000 243,000 Net operating income $ 137,000 On average, a book sells for $70. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The cost formula for selling and administrative expenses with "X" equal to the number of books sold is:
Multiple Choice Y = $164,300 + $5.00X Y = $164,300 + $7.10X Y = $150,700 + $9.20X Y = $150,700 + $7.10X
In: Accounting
–Construct a reasonable frequency distribution of High School GPA (HSGPA)
–Construct a histogram
–Present the frequency distribution and histogram
There are a total of 196 HS student GPAs. 1.6, 2, 2.1, 2.1, 2.2, 2.2, 2.2, 2.4, 2.4, 2.5, 2.5, 2.5, 2.5, 2.5, 2.6, 2.7, 2.75, 2.75, 2.75, 2.75, 2.75, 2.8, 2.8, 2.8, 2.9, 2.9, 2.9, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3, 3.1, 3.1, 3.1, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.2, 3.23, 3.25, 3.25, 3.25, 3.25, 3.3, 3.3, 3.3, 3.3, 3.3, 3.31, 3.34, 3.4, 3.4, 3.4, 3.4, 3.4, 3.4, 3.4, 3.4, 3.4, 3.45, 3.479, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.5, 3.6, 3.6, 3.6, 3.6, 3.6, 3.6, 3.6, 3.6, 3.63, 3.63, 3.64, 3.65, 3.65, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.7, 3.729, 3.75, 3.75, 3.75, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.8, 3.81, 3.81, 3.83, 3.9, 3.9, 3.9, 3.9, 3.9, 3.92, 3.94, 4, 4, 4, 4, 4, 4, 4, 4, 4, 4, 4, 4, 4, 4, 4, 4
In: Statistics and Probability
A consulting firm estimates the quarterly sales (in millions of dollars) of a Regional Airlines called “U Fly”, by the following significant model:
E(Sales) = 300.5 + 2.37(T) - 4.6Q1 - 6.8Q3 + 8.65Q4
Where E(Sales) is the average sales for each quarter (in millions of dollars), T is a time index defined as 1, 2, 3, …………,20, and 20 represents the first quarter of 2020, Q1 = 1 when in the first quarter, 0 otherwise, Q3 =1 when in the third quarter, 0 otherwise, and Q4 = 1 when in the fourth quarter, 0 otherwise,.
a. Briefly explain the meaning of estimated sample slopes for the trend (2.37) and the first quarter (-4.6).
b. Forecast actual sales (in dollars) for the second and third quarters of 2020. Explain your answers.
In: Statistics and Probability
Forecast the advertising revenue for each quarter in 2011 using seasonal dummy variables and a best subsets regression. (Let the first dummy variable be equal to 1 for Quarter 2 and so on, following the order of the seasonal categories in the given table.
2008
| 1 | 540 |
| 2 | 516 |
| 3 | 488 |
| 4 | 500 |
2009
| quarter | Rev. in Millions |
| 1 | 433 |
| 2 | 407 |
| 3 | 402 |
| 4 | 460 |
2010
| quarters | rev. in millions |
| 1 | 347 |
| 2 | 297 |
| 3 | 292 |
| 4 | 332 |
A) The revenue forecast for the first quarter in 2011 is?
The revenue forecast for the second quarter in 2011 is?
The revenue forecast for the third quarter in 2011 is?
The revenue forecast for the fourth quarter is?
B.) quarter 4 has an average revenue that is ___ above that for quarter !
C.) Calculate the MAD for the forecast.
In: Math