The biggest challenges throughout the planning process is determining start up costs, determining inventory and determining the location of the store. The start up costs are a big challenge due to there being a number of variables such as how much inventory is smart to start off with, how much to pay in utilities (can easily fluctuate), and how much to pay in advertising the store to customers. Determining inventory is also a challenge because orders must be placed to keep up with inventory and determining a schedule for that is based on revenue, but during the planning process revenue can only be projected and not consistently known. Determining the location of the store is also a challenge, it is an extremely important decision that will make or break the success of the store. Calculating how many customers are nearby, as well as type of income (lower-class, middle-class, upper class, etc.) is also challenging.

The growth potential of my business is tremendous. I view after a few months, for there to be a solid foundation for revenue. The first few months may be tough because the public either doesn’t know about the store, or don’t have a trust built with the store yet. Once I am established, I see my store serving the community with well needed convenience products and establishing a

casual customer base. Once I’m established after a few months, I expect revenue to climb and stabilize. After a few years I expect to be financially in a great position. Some profits can be diverted to upgrades for the store, improving customer experience (maybe experiment with new and diverse products). After a few years, I see myself expanding by buying other Circle K franchises to open or try to buy established stores from owners. This would require saving up a lot of the profit but in the long run it is a great investment in my opinion.

questions

1.This entrepreneur mentioned some big challenges he/she would face when starting this business. Do you agree? Explain your decision

2.Evaluate the growth potential of the business. Would you agree with this entrepreneur’s vision? Why or why not?

Graham Company reports the following for the month of July.

Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption (FIFO, LIFO, and Moving Average), using a perpetual inventory system. Assume a sale of 810 units occurred on July 15 for a selling price of $8 and a sale of 840 units on July 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.253 and final answers to 0 decimal places, e.g. 2,520.)

Exercise 6-9 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, LO6-2, LO6-3] Walsh Company manufactures and sells one product. The following information pertains to each of the company’s first two years of operations:

Variable costs per unit: Manufacturing: Direct materials $ 27 Direct labor $ 12 Variable manufacturing overhead $ 4 Variable selling and administrative $ 3 Fixed costs per year:

Fixed manufacturing overhead $ 240,000 Fixed selling and administrative expenses $ 90,000 During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. The selling price of the company’s product is $59 per unit. Required:

1. Assume the company uses variable costing: a. Compute the unit product cost for Year 1 and Year

2. b. Prepare an income statement for Year 1 and Year 2.

2. Assume the company uses absorption costing: a. Compute the unit product cost for Year 1 and Year 2. b. Prepare an income statement for Year 1 and Year 2.

1. Prepare the Adjusting Journal Entries (AJEs) that should be made on December 31, 2018, the end of the accounting year, for each of the following independent situations. If no AJE is required, indicate “none.” Assume the firm only makes AJEs at the end of the accounting year.

1. On March 31, 2018, the firm collected $12,000 of rent for 12 months in advance. The journal entry to record the receipt included a credit to a temporary account.

Revenue (3*1,000)                   3,000

Unearned                                             3,000

2. On May 1, 2018, the firm collected $6,000 of rent for 12 months in advance. The journal entry to record the receipt included a credit to a balance sheet account.

Unearned (8*500)                    4,000

Revenue                                              4,000

3. On September 30, 2018, the firm collected $7,500 of rent for 3 months in advance. The journal entry to record the receipt included a credit to an income statement account.

None

4. On June 1, 2018, the firm collected $3,000 of rent for 3 months in advance. The journal entry to record the receipt included a credit to a permanent account.

none

5. On August 1, 2018, the firm paid $60,000 for a 6-month insurance policy. The journal entry to record the payment included a debit to a balance sheet account.

Expense (5*10,000)                 50,000

Prepaid                                                50,000

6. On September 1, 2018, the firm paid $15,000 for a 3-month rental of a machine. The journal entry to record the payment included a debit to a balance sheet account.

None

7. On February 1, 2018, the firm paid $6,000 for a 6-month rental of a machine. The journal entry to record the payment included a debit to an income statement account.

None

8. On October 1, 2018, the firm paid $80,000 for an 8-month rental of a machine. The journal entry to record the payment included a debit to a temporary account.

1. On May 1, 2018, the company borrowed $1,200,000 at 4%. The principle is due on May 1, 2019. The interest is due every six months and the company made the first interest payment on November 1, 2018.

Expense (1,200,000*4%*2/12)               8,000

Payable                                                                 8,000

10. On August 31, 2015, the company borrowed $6,000,000 for six years at 6%. The interest is due and payable every year on August 31. The principle is due and payable in three equal installments on August 31, 2017, August 31, 2019, and August 31, 2021. The company made its interest and principle payments as required.

Expense (2,000,000*6%*4/12)               40,000

Payable                                                                 40,000

11. On September 1, 2018, the firm bought $100,000 of 3%, three-year bonds. The firm paid $100,000 for this investment. The company will collect $1,500 of interest on the bonds every six months starting on March 1, 2019.

Receivable (100,000*3%*4/12)              1,000

Revenue                                                       1,000

kindly verify my answers and correct if wrong

C++ Funcion

For this lab you need to write a program that will read in two values from

a user and output the greatest common divisor (using Euclidean algorithm)

to a file. You will also need to demonstrate

using ostream and ostringstream by creating 2 functions to output your print heading: one that uses ostream and the other uses ostringstream.

Using ostream and ostringstream

Write two PrintHeader functions that will allow you to output to the screen and to an output file.The first should use ostream and should be called twice in main to output your print heading to the screen and to a file.The second one will use ostringstream and return a string – call it two times to output to the screen and to a file.

Greatest Common Divisor

In mathematics, the greatest common divisor (GCD) of two or more integers(when at least one of them is not zero)is the largest positive integer that

divides the numbers without a remainder.If one of them is zero then the larger value is the GCD.

Euclidean Algorithm

The Euclidean algorithm works by using successive long divisions swapping out the lowest value with the remainder and the largest value with the previous smallest value until the remainder is 0. The way it works is that you find the remainder of the larger number divided by the smaller number. If the remainder is not 0 then the larger number gets the smaller number, the smaller number gets the remainder and we divide again. The process continues until the remainder is 0.

For example:

Let’s say we want to find the GCD of

74 & 32.

We would first divide

74 and 32.

74 / 32 = 2 r 10

Next we take the smaller number (32) and divide it by the remainder (10).

32 / 10 = 3 r 2

Again we take the smaller number (10) and divide it by the new remainder(2).

We repeat this process until the remainder is 0.

10 / 2 = 5 r 0

Once the remainder is 0 we stop and our GCD is the last non-zero remainder, which in this case is 2.

For the GCD write a function to read in the two values, a function to calculate the GCD, and a function to output the results.

Have the code run 4 times.

Test with the following inputs:

74, 32

99, 30

48, 18

12, 0

Screen INPUT/OUTPUT-should be formatted as follows –

(Class heading should display 2xs)

Enter the first integer: 72

Enter the second integer: 32

Enter the first integer: 99

Enter the second integer: 30

...

Thank you for using my GCD

calculator!

---------------------------------------------------------------------------------------

OUTPUT File format -(Class heading should display 2xs)

The GCD for 72 & 32 = 8

The GCD for 99 & 30 = 3

1.Screen I/O

2.Output File

3.Header File

4.int Main -

documented according to the requirements

& printed from eclipse

5.

Functions (in order in which they are called)

-

documented according to the requirements

& printed from eclipse

Pirates Incorporated had the following balances at the beginning of September.
  

  
The following transactions occur in September.

Provide services to customers for cash, $3,600

Purchase land with a long-term note for $5,300 from Crimson Company.

Receive an invoice for $390 from the local newspaper for an advertisement that appeared on September 2.

Provide services to customers on account for $4,900.

Purchase supplies on account for $1,200.

Pay $2,900 to Crimson Company for a long-term note.

Receive $3,900 from customers on account.

Pay $790 for September's rent.

Pay September's utility bill of $1,450.

Please discuss using media channels for a conference about a start-up company, to create meaningful touch points with targeted customers throughout their journey and explain their significance in the service experience.

) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, 2019. Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $3,600. Review the unadjusted balance in Supplies, and prepare the necessary adjusting entry, if any. 3) The equipment is expected to have a 5-year useful life, and be worth about $11,000 at the end of five years. Review the unadjusted balance in Accumulated depreciation, and prepare the necessary adjusting entry to record the monthly depreciation, if any. 4) On December 26, the client paid a $12,000 60-day fee in advance, covering December 27 to February 24. Review the unadjusted balance in Unearned Consulting Revenue, and prepare the necessary adjusting entry, if any. 5) Landscape Dreams's employee earns $170 per day for a five-day workweek beginning on Monday and ending on Friday. The employee was last paid on Friday, December 26. Review the unadjusted balance in Salaries expense, and prepare the necessary adjusting entry, if any. 6) In the second week of December, Landscape Dreams agreed to provide 30 days of consulting services to a local fitness club for a fixed fee of $5,100. The terms of the initial agreement call for Landscape Dreams to provide services from December 12, 2019, through January 10, 2020, or 30 days of service. The club agrees to pay Landscape Dreams $5,100 on January 10, 2020, when the service period is complete. Review the unadjusted balance in Consulting revenue, and prepare the necessary adjusting entry, if any

Question 3: (CLO 4 and 5)   

The adjusted trial balance of Miracle Company contained the following information:

                                                                                               Debit                       Credit   

Sales                                                                                                                $1,420,000

Interest Revenue                                                                                                    100,000

Sales Returns and Allowances                                                 $40,000                             

Sales Discounts                                                                         14,000                              

Cost of Goods Sold                                                                 872,000                              

Freight-out                                                                                  4,000                              

Advertising Expense                                                                 30,000                              

Interest Expense                                                                        36,000                              

Store Salaries Expense                                                             110,000                              

Utilities Expense                                                                       56,000                              

Depreciation Expense                                                                14,000                              

Dividends                                                                                 50,000

Instructions:

1. Use the above information to prepare an income statement for the year ended December 31, 2019.
2. Prepare the closing entries for Miracle Company at December 31, 2019.

The Hamilton Company manufactures two products: X and Y.  Contribution margin per unit is determined as follows:

                                                       Product X       Product Y

Revenue........................................... $130................. $80

Variable Costs................................... .$70................. $38

Contribution margin............................ $60................. $42

Total demand for X is 16,000 units and for Y is 8,000 units. Machine hours are a scarce resource. 42,000 machine hours are available during the year. Product X requires 6 machine hours per unit, while Product Y requires 3 machine hours per unit. How many units of X and Y should Hamilton Company produce?