Rainy Day Company manufactures a unique umbrella. The company began operations April 1, 2020. Its accountant quit the second week of operations, and the company is searching for a replacement. The company has decided to test the knowledge and ability of all candidates interviewing for the position. Each candidate will be provided with the information below and then asked to prepare a series of reports, schedules, budgets, and recommendations based on that information. The information provided to each candidate is as follows.

Cost Items and Account Balances

Administrative salaries                                   $11,250

Advertising                                                      15,250

Cash, April 1                                            –0–

Depreciation on factory building                        1,500

Depreciation on office equipment                        800

Insurance on factory building                             1,500

Miscellaneous expenses—factory                      1,000

Office supplies expense                                         300

Professional fees                                                    500

Property taxes on factory building                        400

Raw materials used                                          70,000

Rent on production equipment                          6,000

Research and development                              10,000

Sales commissions                                            40,000

Utility costs—factory                                             900

Wages—factory                                                70,000

Work in process, April 1                         –0–

Work in process, April 30                       –0–

Raw materials inventory, April 1            –0–

Raw materials inventory, April 30         –0–

Raw material purchases                                   70,000

Finished goods inventory, April 1           –0–

Production and Sales Data

Number of umbrellas produced                     10,000

Expected sales in units for April

($40 unit sales price)                                       8,000

Expected sales in units for May                      10,000

Desired ending inventory                               20% of next month’s sales

Direct materials per finished unit                   1 kilogram

Direct materials cost                                       $7 per kilogram

Direct labor hours per unit                             .35

Direct labor hourly rate                                  $20

Cash Flow Data

Cash collections from customers: 75% in month of sale and 25% the following month.

Cash payments to suppliers: 75% in month of purchase and 25% the following month.

Income tax rate: 45%.

Cost of proposed production equipment: $720,000.

Manufacturing overhead and selling and administrative costs are paid as incurred.

Desired ending cash balance: $30,000.

Question: Prepare the Cash Budget for the month of April 2020.

Rainy Day Company manufactures a unique umbrella. The company began operations April 1, 2020. Its accountant quit the second week of operations, and the company is searching for a replacement. The company has decided to test the knowledge and ability of all candidates interviewing for the position. Each candidate will be provided with the information below and then asked to prepare a series of reports, schedules, budgets, and recommendations based on that information. The information provided to each candidate is as follows.

Cost Items and Account Balances

Administrative salaries                                   $11,250

Advertising                                                      15,250

Cash, April 1                                            –0–

Depreciation on factory building                        1,500

Depreciation on office equipment                        800

Insurance on factory building                             1,500

Miscellaneous expenses—factory                      1,000

Office supplies expense                                         300

Professional fees                                                    500

Property taxes on factory building                        400

Raw materials used                                          70,000

Rent on production equipment                          6,000

Research and development                              10,000

Sales commissions                                            40,000

Utility costs—factory                                             900

Wages—factory                                                70,000

Work in process, April 1                         –0–

Work in process, April 30                       –0–

Raw materials inventory, April 1            –0–

Raw materials inventory, April 30         –0–

Raw material purchases                                   70,000

Finished goods inventory, April 1           –0–

Production and Sales Data

Number of umbrellas produced                     10,000

Expected sales in units for April

($40 unit sales price)                                       8,000

Expected sales in units for May                      10,000

Desired ending inventory                               20% of next month’s sales

Direct materials per finished unit                   1 kilogram

Direct materials cost                                       $7 per kilogram

Direct labor hours per unit                             .35

Direct labor hourly rate                                  $20

Cash Flow Data

Cash collections from customers: 75% in month of sale and 25% the following month.

Cash payments to suppliers: 75% in month of purchase and 25% the following month.

Income tax rate: 45%.

Cost of proposed production equipment: $720,000.

Manufacturing overhead and selling and administrative costs are paid as incurred.

Desired ending cash balance: $30,000.

Question Determine the cost of producing an umbrella?

Alex Company reported the following information for 2020.

Additional information:

Use this information to Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Splish Brothers Inc. is building a new hockey arena at a cost of $2,800,000. It received a down payment of $560,000 from local businesses to support the project, and now needs to borrow $2,240,000 to complete the project. It therefore decides to issue $2,240,000 of 10-year, 10.5% bonds. These bonds were issued on January 1, 2020, and pay interest annually on each January 1. The bonds yield 10% to the investor and have an effective interest rate to the issuer of 10.4053%. (There is an increased effective interest rate due to the capitalization of the bond issue costs.) Any additional funds that are needed to complete the project will be obtained from local businesses. Splish Brothers Inc. paid and capitalized $56,000 in bond issuance costs related to the bond issue. Splish Brothers prepares financial statements in accordance with IFRS.

1- Using (1) factor tables, (2) a financial calculator, or (3) Excel function PV, calculate the value of the bonds and prepare the journal entry to record the issuance of the bonds on January 1, 2020.

2- Prepare a bond amortization schedule up to and including January 1, 2025, using the effective interest method.

3- Assume that on July 1, 2023, the company retires half of the bonds at a cost of $1,193,000 plus accrued interest. Prepare the journal entries to record this retirement.

On January 1, 2020, Claudia, a single taxpayer who was age 67 at the time, began receiving monthly retirement benefits from her former employer's pension plan. Claudia did not receive any distributions before the annuity start date, and her investment in the plan is $35,000. There is no survivor beneficiary. I f Claudia receives a monthly benefit of $1,200, what amount will she recover tax-free in 2020?

Executive Summary:

• Choose a real and/or existing product
• Briefly explain the product in not more than 5 sentences.
• Briefly introduce this document from the underlying assumption until the risk and mitigation.

Underlying Assumption:

• Resources that are required to run the operation: List the raw material, labor, and other overhead i.e. rent, salaries etc needed
• Period should be between January 01, 2020 to June 31, 2020
• Currency should be in USD

Read through the paragraph below. Afterward, create a thread in the discussion forum and in it, explain why the cope of coronavirus-induced economic downturn is worse than any recessions in the past?

Federal Reserve Chairman Jerome Powell urged the White House and Congress to spend more money to ensure their initial response to the coronavirus-induced economic downturn isn’t squandered. “There is a growing sense that the recovery may come more slowly than we would like…and that may mean that it’s necessary for us to do more,”. He warned that, with revenues depressed for longer, waves of business bankruptcies could follow, risking a much slower pace of improvement in the job market. “Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,” Mr. Powell said. For example, if small businesses that were viable enterprises before the crisis fail, “we would lose more than just that business. We lose something more fundamental,” he said. “And it won’t be able to be replaced quickly.” “The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II,” Mr. Powell said. Wall Street journal – May 13, 2020).

for the company RITE AID add all calculation

1. Prepare a horizontal analysis of your company's Income Statement over the past two years.

2. Calculate the following ratios for the most recent two years and comment on the results of your ratio analysis. How do the results for your company compare to industry averages?

a. Accounts receivable turnover: Note: Since credit sales information will not be available in the 10-K reports for the accounts receivable turnover, we will be using sales/net sales or similar account instead of credit sales. Also, be sure to use the average accounts receivable.

b. Profit margin

c. Return on assets: Be sure to use the average total assets.

d. Times interest earned = (income before taxes + interest expense)/interest expense. Note that income (or earnings) before interest & taxes has the abreviation EBIT. Also, EBIT is sometimes referred to as "Income from Operations."

only question 2 and information used from 2020 10k filing.

Multiple Choice

• $358,300.

• $72,900.

• $248,900.

• $0.