Problem 5-3A

Presented below are selected transactions for Sarasota Company during September and October of the current year. Sarasota uses a perpetual inventory system.

Choice is a retail company that sells specialized gardening products. The company is considering opening a new store on October 1, Year1. As budget coordinator, you have been asked to prepare a master budget for the first 3 months of the company’s operation. You have gathered the following information:

October sales are estimated to be $280000 of which 60 percent will be cash and the remainder will be on credit. The company expects all sales to increase at the rate of 25 percent per month for November and December. Sales in January Year 2 are expected to be $250000.

The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale.

Prepare a sales budget and a schedule of cash receipts using these facts and your excel template. Check your answers here before moving to the next part, by completing the cells requested in the chart below.

The cost of goods sold is 80 percent of sales. The company desires to maintain a minimum ending inventory equal to 30 percent of the next month’s cost of goods sold. (Ending inventory for December is based on budgeted January Year2 sales.)

Assume that all inventory purchases are made on account (on credit). The company pays 20 percent of accounts payable in the month of purchase and the remaining amount in the following month.

In excel, prepare an inventory purchases budget and a cash payments budget for inventory purchases. Use the check figures below before you continue.

Lorenzo operates a brushless car wash. Incoming cars are put on an automatic, continuously moving conveyor belt. A car is washed as the conveyor belt carries it from the start station to the finish station. After the car moves off the conveyor belt, workers dry it and clean and vacuum the inside. Workers are managed by a single supervisor.

Lorenzo's accountant wants to estimate total costs in October, when 11,650 cars are expected to be washed. She uses two different methods to estimate total October costs, account analysis and high-low, with number of cars washed as the independent variable for both methods.

For the account analysis method, she developed cost function parameter estimates by analyzing actual costs in February, when 9,600 cars were washed. The following are February total costs and her fixed cost estimates:

For the high-low method, she developed cost function parameter estimates by using the actual costs in July and August, when 8,700 and 11,900 cars were washed, respectively. The following are total costs for those two months:

REQUIRED [ROUND PER-UNIT COSTS TO THE NEAREST CENT AND TOTAL COSTS TO THE NEAREST DOLLAR.]

Part A
1. Using account analysis, what is the accountant's estimate of total fixed costs for October?    

2. Using account analysis, what is the accountant's estimate of variable costs per unit for October?   

Part B
1. Using the high-low method, what is the accountant's estimate of total fixed costs for October?    

2. Using the high-low method, what is the accountant's estimate of total variable costs for October?

Question Two The following balances were extracted from the books of Bashara Kabwa Enterprises, a wholesale business, as at 31 October 2018: Drawings 660,000 Trade receivables 990,000 Purchases 2,303,840 Sales returns 79,420 Capital 4,101,100 Trade payables 330,000 Sales 4,691,280 Purchases returns 120,340 Discount received 93,720 Provision for depreciation: Motor vehicles 176,000 Fixtures and fittings 63,800 Allowances for doubtful debts 44,000 15% bank loan 220,000 Salaries and wage 1,034,000 Discount allowed 54,560 Bank balance 568,260 Cash in hand 26,400 Electricity expenses 103,840 Rent and rates 54,560 Freehold premises (cost) 1,569,700 Fixtures and fittings (cost) 334,400 Motor vehicles (cost) 462,000 Stationery 34,320 Postage and telephone expenses 44,000 Insurance premiums 13,200 Bad debts written off 15,840 Motor vehicle expenses 84,920 Inventory (1 November 2017) 1,393,480 Interest on bank loan 16,500 Additional information: 1. The value of inventory as at 31 October 2018 was Sh. 1,036,400 2. Sales includes Sh. 300,000 worth of goods sold by Bashara Kabwa Enterprises agents, who are allowed 15% commission on such sales. This transaction has not been recorded in the books. 3. Depreciation is to be provided as follows: Fixtures and fittings – 10% per annum on reducing balance basis. Motor vehicle – 15% per annum on straight line basis. 4. Annual insurance premium amounted to Sh. 12,000. 5. As at 31 October 2017, there was a balance of Sh. 65,000 received from a customer in cash. 6. Salaries and wages were in arrears of Sh. 35,000 7. The Electricity bill for the month of October of Sh. 14,500 was received on 5 November 2018. 8. An allowance of 5% is to be maintained for doubtful debts. 9. Goods worth Sh. 48,840 had been distributed to potential customers as free samples. Required: a) Income statement for the year ended 31 October 2018 b) Statement of Financial position as at 31 October 2018 c) Error of commission :

Camden Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2019. The company president formed a planning committee to prepare a master budget for the first three months of operation. As budget coordinator, you have been assigned the following tasks:

Required

A. October sales are estimated to be $125,000, of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 8 percent per month. Prepare a sales budget.

B. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts.

C. The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month’s cost of goods sold. However, ending inventory of December is expected to be $6,000. Assume that all purchases are made on account. Prepare an inventory purchases budget.

The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month’s cost of goods sold. However, ending inventory of December is expected to be $6,000. Assume that all purchases are made on account. Prepare an inventory purchases budget.

D. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the following month. Prepare a cash payments budget for inventory purchases.

E. Budgeted selling and administrative expenses per month follow:

*The capital expenditures budget indicates that Camden will spend $82,000 on October 1 for store fixtures, which are expected to have a $10,000 salvage value and a three-year (36-month) useful life. Use this information to prepare a selling and administrative expenses budget.

F. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses.

G. Camden borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $6,000 cash cushion. Prepare a cash budget.

32. Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.

90. Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $148,500, allowance for doubtful accounts of $1,105 (credit) and sales of $1,145,000. If uncollectible accounts are estimated to be 6% of accounts receivable, what is the amount of the bad debts expense adjusting entry?

96. A company had the following purchases and sales during its first year of operations:

On December 31, there were 42 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

99. During the first week of January, an employee works 48 hours. For this company, workers earn 150% of their regular rate for hours in excess of 40 per week. Her pay rate is $10 per hour, and her wages are subject to no deductions other than FICA Social Security, FICA Medicare, and federal income taxes. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The employee has $87 in federal income taxes withheld. What is the amount of this employee’s gross pay for the first week of January?

This is my code for python. I am trying to do the fourth command in the menu which is to add an employee to directory with a new phone number. but I keep getting error saying , "TypeError: unsupported operand type(s) for +: 'dict' and 'dict". Below is my code. What am I doing wrong?

from Lab_6.Employee import *

def file_to_directory(File):

myDirectory={}

with open(File,'r') as f:

data=f.read().split('\n')

x=(len(data))

myDirectory = {}

for line in range(0,199):

myDir=data[line].split(",")

firstName=myDir[0]

lastName=myDir[1]

title=myDir[2]

email=myDir[3]

phone=myDir[4]

office=myDir[5]

dept=myDir[6]

category=myDir[7]

myDir=[firstName, lastName, title, email, phone, office, dept, category]

employ=Employee()

Employee.setFirstName(employ, firstName)

Employee.setLastName(employ, lastName)

Employee.setPhone(employ, phone)

Employee.setTitle(employ, title)

Employee.setEmail(employ, email)

Employee.setOffice(employ, office)

Employee.setDept(employ, dept)

Employee.setCategory(employ, category)

#print (Employee.__str__(employ))

myDirectory[phone[-4:]]=myDir

#print (myDirectory)

return myDirectory

def firstpart(myDirectory):

inn=input("Enter the number for what you want. \n1. display entire directory\n2. look up by extension\n3.Remove an employee\n4.Add an employee\n5.Exit")

if inn=="1":

print (myDirectory)

elif inn=="2":

a = input ("Enter the extension number please.")

print (myDirectory[a])

elif inn =="3":

q=input ("please enter a phone number you would like to remove.")

del myDirectory[q]

print (myDirectory)

elif inn=="4":

z=input ("Please enter a phone number.")

myDirectory = myDirectory + {'phone':myDirectory[z] }

elif input=="5":

print ("you have now exited the program.")

dictionary = file_to_directory((f"../data/directory.txt"))

firstpart(dictionary)

Question 13

We define the letters 'a', 'e', 'i', 'o' and 'u' as vowels. We do not consider any other letter as a vowel.

Write a function named initialVowels() that returns a list of words in a body of text that begin with a vowel.

Include both capitalized and lower case instances of the vowels.

A word should appear in the return list at most once, no matter how many times is occurs in the input string.

Input: a string that consists of words, separated by spaces

Return: an list of words in the input string that begin with an upper or lower case vowel

For example, the following would be correct output:

>>> mlk = 'Our lives begin to end the day we become silent about things that matter'

>>> print(initialVowels(mlk))

['Our','about']

Question 14

The three words 'a', 'an' and 'the' are the only articles in the English language.

Write a function named countArticles(). Hint: Count both capitalized and lower case instances of articles.

Input: a string, named sentence

Return: the number of words in sentence that are articles

For example, the following would be correct output:

>>> theFlea = ['The flea is a mighty insect']

>>> print(articleCount(theFlea))

>>> 2

Question 15

Write a function named pluralCount() that takes two string parameters.

The first parameter is the name of an input file that exists before pluralCount() is called.

The second parameter is the name of an output file that pluralCount() creates and writes to.

You may assume that the input file is in the current working directory and you should write the output file to that directory as well.

For each line in the input file, the function pluralCount() should write to the output file the number of words in the line that end in the letter 's'.

For example, if the following is the content of the file foxInSocks.txt:

Look, sir. Look, sir. Mr. Knox, sir.

Let's do tricks with bricks and blocks, sir.

Let's do tricks with chicks and clocks, sir.

The following function call:

inF = 'foxInSocks.txt'

outF = 'foxRepLines.txt'

pluralCount(inF, outF)

should create the file ‘foxRepLines.txt’ with the content:

0

4

4

Hello,

I have created the following code in C++. The goal of this code is to read 3 types of employee information(String/*Name*/, String/*Phone number*/,Int/*Office number*/, ) from a .txt file and store that information into an array which can be accessed by various functions. The code below is within a header file, and im trying to define some functions (within a .cpp file) of my class to carry out the following tasks.

I have already managed to define a couple functions, but I'm stuck on the two listed below and need help coding them.

Thank you.

CODE:
#include <iostream>
#include <string>
#include <fstream>

using namespace std;

const int SIZE = 25;

struct Phone
{
   string employeeName;
   string phoneExt;
   int officeNumber;
};

class Directory
{
public:
   Directory(string/*file name*/, int = SIZE/*max number of employees*/);
   void showPhone(string/*employee phone*/, int /*employee office*/);
   void showPhoneOffice(string/*Name*/) const;
   void writeDirectory(ostream &)const;
   void addEmployee(string/*Name*/, string/*Phone*/, int/*Office*/); // this is second function I need help defining
   void showNoEmployees(ostream &) const; //This is first function I need help defining
   int getNoEmployees() const {return noEmployees;}

private:
   Phone employees[SIZE];
   int maxEmployees;
   int noEmployees;
   void findEmployee();
  
};

1. showPhoneOffice() that displays a string(a name) and int( a phone number). The function receives the string and int. It does not return a value. Displays the data or a meaningful error message if the string was not found

2. . addEmployee() that adds an employee(string/*Name*/,string/*Name*/,int/*Office Number*/) to the employee array. The function receives the employee’s string, string and int. It does not return a value. Ensure the employee is not already in an existing array and that the array is not full. You can assume valid data is passed.

1. Alice has a life insurance policy with a cash surrender value of $200,000 on which she has paid $30,000 in premiums. She has decided to cash in the policy. Discuss the tax consequences if Alice is terminally ill and decides to use the proceeds to take a cruise around the world.

2.

This year, John hires and pays an outside professional lobbying firm $2,500 to lobby against proposed legislation that John believes may hurt his business. How much, if any, of the lobbying expense may John's business deduct in the current year?