On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:
| Accounts Receivable | $ 170,000 |
| Accumulated Depreciation-Building | 750,000 |
| Administrative Expenses | 435,000 |
| Building | 3,500,000 |
| Cash | 80,000 |
| Common Stock | 300,000 |
| Cost of Goods Sold | 5,500,000 |
| Dividends | 175,000 |
| Interest Expense | 15,000 |
| Inventory | 980,000 |
| Notes Payable | 250,000 |
| Office Supplies | 20,000 |
| Retained Earnings | 1,987,000 |
| Salaries Payable | 8,000 |
| Sales | 8,245,000 |
| Selling Expenses | 575,000 |
| Store Supplies | 90,000 |
| 1. | Prepare a multiple-step income statement for the fiscal year ended March 31, 20Y9. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign. |
| 2. |
What is a major advantage of the multiple-step income statement over the single-step income statement? a. The multiple-step income statement clearly presents the value of total expenses. b. The multiple-step income statement shows the relationship of gross profit to sales. c. The multiple-step income statement clearly presents the value of total revenues. d. The multiple-step income statement is less complex to prepare. |
In: Accounting
Hy’s is a nationwide hardware and furnishings chain. The manager of the Hy’s Store in Boise is evaluated using ROI. Hy’s headquarters requires an ROI of 8 percent of assets. For the coming year, the manager estimates revenues will be $4,720,000, cost of goods sold will be $2,973,600, and operating expenses for this level of sales will be $472,000. Investment in the store assets throughout the year is $3,440,000 before considering the following proposal.
A representative of Ace Appliances approached the manager about carrying Ace's line of appliances. This line is expected to generate $1,420,000 in sales in the coming year at Hy’s Boise store with a merchandise cost of $1,079,200. Annual operating expenses for this additional merchandise line total $150,000. To carry the line of goods, an inventory investment of $1,020,000 throughout the year is required. Ace is willing to floor-plan the merchandise so that the Hy store will not have to invest in any inventory. The cost of floor planning would be $124,500 per year. Hy’s marginal cost of capital is 8 percent. Ignore taxes.
Required:
a. What is Hy’s Boise store's expected ROI for the coming year if it does not carry Ace's appliances? (Enter "ROI" answer as a percentage rounded to 2 decimal places (i.e., 32.16).)
b. What is the store's expected ROI if the manager invests in Ace's inventory and carries the appliance line? (Enter "ROI" answer as a percentage rounded to 2 decimal places (i.e., 32.16).)
c. What would the store's expected ROI be if the manager elected to take the floor plan option? (Enter "ROI" answer as a percentage rounded to 2 decimal places (i.e., 32.16).)
d. Would the manager prefer (a), (b), or (c) if evaluated using ROI?
| The case where the manager elected to take the floor plan option. | |
| The case where Hy's Boise store does not carry Ace's appliances. | |
| The case where the manager invests in Ace's inventory and carries the appliance line. |
e-1. What is Hy’s Boise store's expected EVA for the coming year if it does not carry Ace's appliances?
e-2. What is the store's expected EVA if the manager invests in Ace's inventory and carries the appliance line?
e-3. What would the store's expected EVA be if the manager elected to take the floor plan option?
e-4. Would the manager prefer (a), (b), or (c) if evaluated using EVA?
| The case where the manager elected to take the floor plan option. | |
| The case where Hy's Boise store does not carry Ace's appliances. | |
| The case where the manager invests in Ace's inventory and carries the appliance line. |
In: Accounting
Case 401
Hotel Front Office Management
Ana Chavarria, front office manager, and Lorraine DeSantes, director of marketing and sales, have just returned from a computer conference at which they were able to look at the latest property management systems for hotels. Ana is enthusiastic about updating and adopting front office applications for reservations, registration, room status, posting, call accounting, checkout, and night audit. Lorraine is sure the marketing and sales applications will help her department be more efficient. Both realize the cost involved in obtaining modules for a property management system. What would you suggest they do prior to discussing this issue with Margaret Chu, general manager of The Times Hotel? Assuming Ms. Chu is willing to consider the purchase of a PMS, how should Ana and Lorraine proceed? Whom should they include in developing a PMS adoption plan, and why? What areas should they investigate?
In: Operations Management
E10.12 Interfund Transactions
Interfund transfers of the general fund of Timberline County for 2020 were as follows:
1. $2,000,000 advance to the Park Development special revenue fund, to permit initial expenditures under a project to be fully supported by a federal grant.
2. $1,500,000 to the Timberline County Fire Protection District (a special revenue fund) as the county’s contribution to fire and emergency medical service activities for the year.
3. $500,000 from the Roads capital projects fund, unspent proceeds of a bond issue.
4. $3,000,000 to the County Hospital (enterprise fund), as the city’s cost of services provided.
5. $2,900,000 to the Airport Fund (enterprise fund) to temporarily finance the maintenance of runways.
6. $2,000,000 from the Park Development special revenue fund, to repay the advance.
Required
For each of the above interfund transfers, state how the transaction is reported on the general fund’s balance sheet and/or statement of revenues, expenditures, and changes in fund balances.
In: Accounting
Most Major airports have separate lots for long-term and short-term parking. The cost to park depends on the lot you select , and how long you stay. Considering this rate structure on the lot you select, and how long you stay. Consider this rate structure from the Salt Lake International Airport during the summer of 2016.
Long-Term (Economy) Parking
-The First Hour is $2.00, and each additional hour or fraction thereof is $1.00
-Daily maximum $9.00
-Weekly maximum $60
Short Term Parking
-The first 30 minutes are $2.00 and each additional 20 minutes or fraction thereof is $1.00
-Daily maximum $32.00
Write a program using matlab that asks the user the following:
-Which lot are you using?
-How many weeks, hours, days, and minutes did you park? Your program should calculate the parking bill.
In: Computer Science
Find as many programming languages as possible which fit the following categories. When you find a language which fits the category, indicate the following information:
For full marks, you must find at least two languages for each category. To make the assignment more interesting, extra points will be awarded to the person who finds the most languages for each category. (That is, extra points are available for each of the categories.)
Categories
In: Computer Science
Overbooking is the practice of selling more items than are currently available. Overbooking is common in the travel industry; it allows a vehicle (airline, train, bus, cruise ship, hotel, and so forth) to operate at or near capacity, despite cancellations, no-shows, or late arrivals.
Overselling is when more confirmed customers show up to use the vehicle than there is space available. When this happens, at least one customer will be denied the service that they paid for, either voluntarily (sometimes with an incentive provided by the supplier) or involuntarily. This is called getting "bumped."
Suppose that for a particular flight, an airline believes that 1% of ticket holders do not make the flight. The jet making the trip holds 188 passengers. If the airline sells 191 tickets, what is the probability that the flight will be oversold and they will have to bump a passenger? Assume that cancellations are independent.
Calculate the probabilities that one, two, and three people will be bumped, and then use those values to determine the probability that at least one passenger will be bumped. Give each answer to four decimal places. Avoid rounding within calculations.
?(one person is bumped)=
?(two people are bumped)=
?(three people are bumped)=
?(at least one person is bumped)=
In: Statistics and Probability
James Simons built the most successful hedge fund, Renaissance, in the world. He built it violating the efficient market hypotheses. What form of the efficient market hypotheses did James Simons violate?
In: Economics
Hadoop has HDFS, which is the default built in FileSystem. Cloudera use this built-in default Java implementation. MapR has taken a different approach. What approach has MapR taken in its FileSystem implementation, and what may be the advantages and disadvantages of MapR's approach versus other vendors? If there are disadvantages, how can they be addressed? Look at the advantages and disadvantages from user, developer, administrator and risk perspective.
In: Computer Science
n 2017, McGrath & Sons, a small environmental-testing firm, performed 10 comma 800 radon tests for $ 280 each and 15 comma 600 lead tests for $ 180 each. Because newer homes are being built with lead-free pipes, lead-testing volume is expected to decrease by 13% next year. However, awareness of radon-related health hazards is expected to result in a 4% increase in radon-test volume each year in the near future. Jim McGrath feels that if he lowers his price for lead testing to $ 170 per test, he will have to face only a 7% decline in lead-test sales in 2018.
1. Prepare a 2018 sales budget for Sons assuming that McGrath holds prices at 2017 levels.
2. Prepare a 2018 sales budget for McGrath assuming McGrath lowers the price of a lead test to $170. Should McGrath lower the price of a lead test in 2018 if the company's goal is to maximize sales revenue?
In: Accounting