Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:

1. As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:

2. Actual sales for December and budgeted sales for the next four months are as follows:

3. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.

4. The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)

5. Monthly expenses are budgeted as follows: salaries and wages, $20,000 per month: advertising, $60,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,900 for the quarter.

6. Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.

7. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid in the following month.

8. During February, the company will purchase a new copy machine for $1,500 cash. During March, other equipment will be purchased for cash at a cost of $72,500.

9. During January, the company will declare and pay $45,000 in cash dividends.

10. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Required:

Using the data above, complete the following statements and schedules for the first quarter:

1. Schedule of expected cash collections:

2-a. Merchandise purchases budget:

2-b. Schedule of expected cash disbursements for merchandise purchases:

3. Cash budget:

4. Prepare an absorption costing income statement for the quarter ending March 31.

5. Prepare a balance sheet as of March 31.

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:

1. As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:

2. Actual sales for December and budgeted sales for the next four months are as follows:

3. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.

4. The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)

5. Monthly expenses are budgeted as follows: salaries and wages, $37,000 per month: advertising, $59,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $45,620 for the quarter.

6. Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.

7. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid in the following month.

8. During February, the company will purchase a new copy machine for $3,200 cash. During March, other equipment will be purchased for cash at a cost of $81,000.

9. During January, the company will declare and pay $45,000 in cash dividends.

10. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Required:

Using the data above, complete the following statements and schedules for the first quarter:

1. Schedule of expected cash collections:

2-a. Merchandise purchases budget:

2-b. Schedule of expected cash disbursements for merchandise purchases:

3. Cash budget:

4. Prepare an absorption costing income statement for the quarter ending March 31.

5. Prepare a balance sheet as of March 31.

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:

As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:

Actual sales for December and budgeted sales for the next four months are as follows:

Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.

The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)

Monthly expenses are budgeted as follows: salaries and wages, $21,000 per month: advertising, $61,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $43,060 for the quarter.

Each month’s ending inventory should equal 25% of the following month’s cost of goods sold.

One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid in the following month.

During February, the company will purchase a new copy machine for $1,600 cash. During March, other equipment will be purchased for cash at a cost of $73,000.

During January, the company will declare and pay $45,000 in cash dividends.

Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Required:

Using the data above, complete the following statements and schedules for the first quarter:

1. Schedule of expected cash collections

2-a. Merchandise purchases budget:

*$391,000 sales × 60% cost ratio = $234,600.

†$352,800 × 25% = $88,200.

2-b. Schedule of expected cash disbursements for merchandise purchases:

For which of the following firms is debt financing most appropriate?

a biotech company whose breakthrough drug will not be approved for the next 10 years

a small oil and gas exploration company facing trouble due to falling gas prices

Silicon Valley tech startup with no revenue

a large, mature industrial conglomerate

Please I would like a brief summary of the article below and a critical Graphical or analytical analysis for the same article below. to do it use economic tools developped in microeconomics or concept used in microeconomics or economic. Please what information do you need? I gave you everything the article and the instructions ( summary and a critical analytical analysis for the article). you said you need more information but you do say what kind of information you need.

This is the article:

Tax Revamp Drives Corporate CEOs’ Economic Outlook to 15-Year High

CEOs expect to increase spending and hiring, survey says, but tariffs are worrisome

By

Sarah Chaney

Sarah Chaney

The Wall Street Journal

Chief executives of America’s largest companies raised their outlook for spending, hiring and sales to the highest level in 15 years in the first quarter after the passage of the U.S. tax overhaul.

While the Business Roundtable CEO Economic Outlook Index reached its highest level in the survey’s history, the group’s leaders warned that recent U.S. trade policy could imperil the gains. The index is a composite of companies’ plans for capital spending and hiring, as well as projections for sales, over the next six months.

Small-business owners, in a separate report Tuesday, reported their highest optimism in 35 years in February.

The Business Roundtable survey is the first the group has conducted since the U.S. tax changes were adopted in December. The law included many provisions the Business Roundtable supported, such as a much lower corporate tax rate and lighter taxes on many U.S. companies’ foreign earnings.

James Dimon, chairman of the Business Roundtable and CEO of JPMorgan Chase & Co., said the survey results are likely to translate into more jobs for Americans.

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Under the new tax law approved by Congress, the standard deduction is going up and the personal exemption is going away. But these changes won't be visible until your 2019 returns. WSJ's Richard Rubin explains the recipe behind the changes that are coming to your tax bill.

“The historic tax-reform law is already prompting more investment, jobs, high wages and more benefits for workers all here in the United States of America,” Mr. Dimon said.

Executives also boosted their projection for growth this year in gross domestic product, predicting a 2.8% rate, above their earlier estimate of 2.5%.

The survey of 137 chief executives at large U.S. businesses was conducted between Feb. 7 and 26.

Joshua Bolten, Business Roundtable president and CEO, said the survey was conducted before the Trump administration’s announcement of tariffs on imports of steel and aluminum, which conflict with the Business Roundtable’s position in favor of negotiations that would lower tariffs around the world. Mr. Bolten served as budget director and chief of staff in the administration of President George W. Bush.

“Missteps on important elements of U.S. trade policy will undermine great economic progress that’s been realized so far from tax reform and regulatory relief, perhaps even reverse it,” Mr. Bolten said.

In the first quarter, the share of firms planning to increase staff over the next six months rose to 61%, above the 43% of the fourth quarter, while the share of companies planning to ramp up capital investment increased to 68% from 49%. The share expecting sales to increase shot up to 93% this quarter from 76%.

Small-business owners also responded positively to the tax changes, showing the most optimism in more than three decades, according to another report.

The Small Business Optimism Index rose in February to 107.6, the National Federation of Independent Business said. It was the second-highest level in the measure’s 45 years, second only to a reading of 180 in 1983.

“Small-business owners are telling us loud and clear that they’re optimistic, ready to hire and prepared to raise wages,” NFIB chief economist Bill Dunkelberg said.

—Cara Lombardo contributed to this article.

Write to Sarah Chaney at [email protected]

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters.

Quarter-End Cumulative Taxable Income

First $1,550,000

Second 2,560,000

Third 3,390,000

What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments determined using the annualized income method? (Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount.)

Please fill the blank columns?

Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2020. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere.

Prepare a cash budget for each of the first two quarters of 2020

Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2020. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere.

Prepare a cash budget for each of the first two quarters of 2020.

Pletcher Dental Clinic is a medium-sized dental service specializing in family dental care. The clinic is currently preparing the master budget for the first 2 quarters of 2017. All that remains in this process is the cash budget. The following information has been collected from other portions of the master budget and elsewhere.

Prepare a cash budget for each of the first two quarters of 2017.

43. Which of the following is LEAST likely to be a cause of long-term secular slowness in increases in U.S. labor productivity? (a) transition of the economy increasingly toward services and away from manufacturing; (b) falling levels of the capital to labor ratio; (c) deglobalization and the shift of production from places outside the U.S. to places within the U.S.; (d) tighter labor markets and the infusion of more and more workers with below-average skills.

44. Which of the following is a standard assumption of most growth models? (a) all investment should go strictly toward replacing depreciated capital goods; (b) there is a diminishing marginal return to capital investment; (c) investment funding is best spent on industries with the weakest productivity growth in order to bring them up to speed; (d) capital investment is the only truly important source of real economic growth.