Financial Statements and Closing Entries

The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows:

Required:

1. Prepare an income statement.

Prepare a Retained Earnings Statement.

Prepare a balance sheet.

2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if a box does not require an entry, leave it blank.

3. If Retained Earnings had instead decreased $30,300 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? Enter all amounts as positive numbers.
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Cash Budget

The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:

The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $6,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month.

Current assets as of September 1 include cash of $51,000, marketable securities of $72,000, and accounts receivable of $149,100 ($117,000 from July sales and $32,100 from August sales). Sales on account for July and August were $107,000 and $117,000, respectively. Current liabilities as of September 1 include $6,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $20,000 will be made in October. Bridgeport’s regular quarterly dividend of $6,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $50,000.

Required:

1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations.

2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller?

The budget indicates that the minimum cash balance   be maintained in November. This situation can be corrected by   and/or by the   of the marketable securities, if they are held for such purposes. At the end of September and October, the cash balance will   the minimum desired balance.

Cash Budget

The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:

The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $9,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month.

Current assets as of September 1 include cash of $35,000, marketable securities of $49,000, and accounts receivable of $101,900 ($80,000 from July sales and $21,900 from August sales). Sales on account for July and August were $73,000 and $80,000, respectively. Current liabilities as of September 1 include $9,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $14,000 will be made in October. Bridgeport’s regular quarterly dividend of $9,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $34,000.

Required:

1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations.

2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller?

The budget indicates that the minimum cash balance   be maintained in November. This situation can be corrected by   and/or by the   of the marketable securities, if they are held for such purposes. At the end of September and October, the cash balance will   the minimum desired balance.

Outline why Porter’s Diamond of National Competitive Advantage is considered to be a strong predictor of global trade patterns. When compared against other trade theories do you consider it the best theory to explain global trade patterns? Why/why not?

(broad question 350 words approx)

Outline why Porter’s Diamond of National Competitive Advantage is considered to be a strong predictor of global trade patterns. When compared against other trade theories do you consider it the best theory to explain global trade patterns? Why/why not?

(broad question 350 words approx)

Chapter 29, Problem 009 Two long straight wires are parallel and 8.6 cm apart. They are to carry equal currents such that the magnetic field at a point halfway between them has a magnitude 350 µT. (a) Should the currents be in the same or opposite directions? (b) How much current is needed?

Assess this statement: "Activity-based costing is only useful for manufacturing companies". Do you agree or disagree, why? PLEASE provide example.

Please answer in more than 350 words and only in word format. Please dont copy paste from websites of course hero or any.

Please provide a general discussion on breakeven analysis and multiple products and breakeven analysis and its core assumptions with its formula.

PLEASE MAKE SURE TO ANSWER IN MORE THAN 350 WORDS IN WORD FORMAT ONLY. Please do not copy paste from wikipedia,inclopedia websites.

Thanks

A shock wave in air exists in a de Laval nozzle where the cross-sectional area is 130 cm².The inlet Mach number, area and static pressure are 0.35, 210 cm² and 350 kPa. The exit area of the nozzle is 135 cm². Find:

• The back pressure for this shock wave to occur

You have been asked by senior management to report on changing customer needs and to compare changes in customer satisfaction. Explain how you would go about doing this, how you would access the necessary data and the reporting procedures you should follow. (300–350 words)