Fantastic Styling Salon is run by three stylists, Jenny Perez, Jill Sloan, and Jerry Tiller, each capable of serving five customers per hour, on average. Use POM for Windows or OM Explorer to answer the following questions:
Note: During busy periods of the day, when nine customers on average arrive per hour, all three stylists are on staff.
a. If all customers wait in a common line for the next available stylist, how long would a customer wait in line, on average, before being served?
b. Suppose that each customer wants to be served by a specific stylist, 1/3 want Perez, 1/3 want Sloan, 1/3 want Tiller. How long would a customer wait in line, on average, before being served?
c. If all customers wait in a common line for the next available stylist, how long would a customer wait in line, on average, before being served?
d. Suppose that each customer wants to be served by a specific stylist, 60% want Perez and 40% want Sloan. How long would a customer wait in line, on average, before being served by Perez? By Sloan? Overall?
I would really appreciate it if all work is shown! Thank you for your time.
In: Operations Management
Fantastic Styling Salon is run by three stylists, Jenny Perez, Jill Sloan, and Jerry Tiller, each capable of serving five customers per hour, on average. Use POM for Windows or OM Explorer to answer the following questions:
Note: During busy periods of the day, when nine customers on average arrive per hour, all three stylists are on staff.
a. If all customers wait in a common line for the next available stylist, how long would a customer wait in line, on average, before being served?
b. Suppose that each customer wants to be served by a specificstylist, 1/3 want Perez, 1/3 want Sloan, 1/3 want Tiller. How long would a customer wait in line, on average, before beingserved?
c. If all customers wait in a common line for the next available stylist, how long would a customer wait in line, onaverage, before being served?
d. Suppose that each customer wants to be served by a specificstylist, 60% want Perez and 40% want Sloan. How long would a customer wait in line, on average, before being served by Perez? By Sloan? Overall?
I would really appreciate it if all work is shown! Thank you for your time.
In: Operations Management
The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways.
| Current Year | Previous Year | |||||||
| Revenues: | ||||||||
| Admissions | $78,332 | $86,949 | ||||||
| Event-related revenue | 140,210 | 133,632 | ||||||
| NASCAR broadcasting revenue | 216,592 | 209,155 | ||||||
| Other operating revenue | 26,780 | 28,622 | ||||||
| Total revenues | $461,914 | $458,358 | ||||||
| Expenses and other: | ||||||||
| Direct expense of events | $101,876 | $98,973 | ||||||
| NASCAR event management fees | 123,212 | 119,101 | ||||||
| Other direct operating expenses | 18,502 | 18,782 | ||||||
| General and administrative | 164,949 | 177,132 | ||||||
| Total expenses and other | $408,539 | $413,988 | ||||||
| Income from continuing operations | $53,375 | $44,370 | ||||||
a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Enter all amounts as positive numbers. (Note: Due to rounding, amounts may not total 100%).
b. Overall revenue __________ some between the two years, accompanied by a slight change in the overall mix of revenue sources. The NASCAR broadcasting revenue _________ by 1.3% of total revenue, while event-related revenue _____________ by 1.2% of total revenue. NASCAR event management fees, ___________ by 0.7% of total revenue. General and administrative expenses, however, _____________ by over 2.9% of total revenue. It appears that _____________ has helped the company significantly improve its income from continuing operations.
In: Accounting
RunAway is a local company that custom-prints tech running shirts for organized racing events. The company has been in business for 2 years. Normal demand for the tech running shirts is approximately 650 shirts per event. On average, there are two events per month. The company has the following direct costs pershirt: Direct material (tech shirts) $5.00 Direct labor (printing) $0.60 Direct labor (design) $2.70 Total direct costs $8.30. The company has historically estimated selling price based on the direct cost of providing the tech shirts. Prices reflected a 30% desired profit margin above direct costs. Recently, RunAway has experienced lower-than-normal profits and suspects that the prices it is charging are not covering all costs (direct and indirect) of providing the tech shirts. Indirect costs of the company include depreciation on the printing machines and utilities. The following data from the most recent year relate to these indirect costs: Depreciation, Tech Shirts, Utilities Jan $800 620 $1306 Feb $800 760 $1538 March $800 990 $1887 April $800 1250 $2000 May $800 1230 $1926 June $800 1390 $2148 July $800 1500 $2050 Aug $800 1600 $2250 Sept $800 1340 $2034 Oct $800 1250 $1845 Nov $800 1000 $1400 Dec $800 850 $1200 The management accountant estimates the following regression equation with utilities as the dependent variable and the number of tech shirts as the independent variable: y = $620 + $1.03X
1. If monthly sales are 1,300 tech shirts, what is the full cost per tech shirt?
box 1 (options: direct materials (tech shirts); direct labor (printing); Direct labor (design); fixed costs; total direct costs; variable utilities;) =
box 2 (options: direct materials (tech shirts); direct labor (printing); Direct labor (design); fixed costs; total direct costs; variable utilities;) =
box 3 (options: direct materials (tech shirts); direct labor (printing); Direct labor (design); fixed costs; total direct costs; variable utilities;) =
total full cost per tech shirt =
2. Why has RunAway been experiencinglower-than-normal profits? (Round any interim currency calculations to the nearest cent and enter the profit margin percentage to the nearest whole percent, X%.) Runaway has only been earning a(n) -- % profit margin on each tech shirt sold. Profits are lower than normal because RunAway has not been aware of how the -- (choice option: design, direct, indirect,material, printing) costs have been affecting overall profits. The decision to base prices on 30% markup of direct costs has been -- (effective or ineffective) in recovering all costs plus desired profits related to providing the tech shirts.
3. What price must RunAway charge to recover all costs and earn a 15% margin on all sales? (Round to the nearest cent.) RunAway must charge $--- to earn a 15% margin on all sales. D. What implications will a potential price increase have on RunAway and/or its customers? How might the owners address any negative reactions fromcustomers? If RunAway increases its price, they --- (choice option may lose, will gain, will not lose customers). The owners of RunAway --- ((a)need not worry about communicating the reason for the increase to its customers, b) will need to carefully approach current customers and explain that current price increase was necessary to cover all costs.)
In: Accounting
26. If average labor productivity increases, then the same number of employed workers will always produce:
A) more total output. B) less total output. C) less output per person. D) more output per person.
27. When jobs are hard to find, profits are low, few wage increases are given, and many companies go out of business, the economy is most likely in a(n):
A) expansion. B)recession. C) boom. D) shortage.
28. The rate at which prices in general are increasing is called:
A) the unemployment rate. B) the inflation rate. C) the trade balance. D) the standard of living.
29. A trade deficit occurs when:
A) exports are less than imports.
B) government revenue exceeds government
spending.
C) government spending exceeds government
revenue.
D) exports exceed imports.
30. Major macroeconomic issues include differences across countries in all of the following EXCEPT:
A) inflation rates B) economic growth rates C) unemployment rates D) infant mortality rates
31. Macroeconomic issues include all of the following EXCEPT:
A) energy reserves B) productivity C) economic growth D) recessions and expansions
In: Economics
| DR. (RM) | CR. (RM) | |
| Account receivables | 109,658 | |
| Buildings | 1,372,680 | |
| Cash | 1,314,264 | |
| Cost of goods sold | 856,152 | |
| Equipment | 504,000 | |
| Patent | 60,276 | |
| Income tax expense | 60,340 | |
| Inventory | 551,950 | |
| Land | 766,800 | |
| Maintenance and repair expenses | 11,953 | |
| Office expense | 14,086 | |
| Prepaid insurance | 48,000 | |
| Property tax expense | 1,680 | |
| Salaries and wages expenses | 25,334 | |
| Sales returns and allowance | 1,176 | |
| Accounts payable | 36,936 | |
| Accumulated depreciation - buildings | 137,268 | |
| Accumulated depreciation - equipment | 252,000 | |
| Deferred tax liability | 21,600 | |
| Gain on revaluation of properties | 29,640 | |
| Gain on sale land | 109,560 | |
| Gain on translation of foreign operations | 5,880 | |
| Notes payable | 194,400 | |
| Rent revenue | 57,600 | |
| Retained earnings | 912,720 | |
| Revaluation reserve | 560,640 | |
| Translation of foreign operations reserve | 263,160 | |
| Sales revenue | 2,238,180 | |
| Share Capital | 878,765 | |
| 5,698,349 | 5,698,349 |
Additional information:
⦁ An unpaid salaries and wages as at 31 December 2019
is RM18,000.
⦁ A tenant of an office space has not yet pay a rental
for December 2019 amounting RM3,000.
⦁ The company returned defect merchandise bought from
supplier and was refunded RM3,500 in cash. The company use
perpetual inventory system and this transaction has not yet been
recorded.
⦁ The company received RM35,000 in cash from a customer
on 30 December 2019 and recorded as sales revenue. However the
company only managed to supply the merchandise on 3 January
2020.
⦁ Payment for a one-year insurance coverage was made on
1 July 2019.
⦁ Annual depreciation for building and equipment are
based on straight line depreciation basis over a period of 50 years
and 10 years respectively with no scrap value.
⦁ 30% of the notes payable is due next year. The note
payable interest rate is 8% per annum.
REQUIRED:
⦁ Journalise the adjusting entries on 31 December
2019.
In: Accounting
Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019.
|
Dr. (RM) |
Cr. (RM) |
|
|
Account receivables |
109,658 |
|
|
Buildings |
1,372,680 |
|
|
Cash |
1,314,264 |
|
|
Cost of goods sold |
856,152 |
|
|
Equipment |
504,000 |
|
|
Patent |
60,276 |
|
|
Income tax expense |
60,340 |
|
|
Inventory |
551,950 |
|
|
Land |
766,800 |
|
|
Maintenance and repair expenses |
11,953 |
|
|
Office expense |
14,086 |
|
|
Prepaid insurance |
48,000 |
|
|
Property tax expense |
1,680 |
|
|
Salaries and wages expenses |
25,334 |
|
|
Sales returns and allowance |
1,176 |
|
|
Accounts payable |
36,936 |
|
|
Accumulated depreciation – buildings |
137,268 |
|
|
Accumulated depreciation - equipment |
252,000 |
|
|
Deferred tax liability |
21,600 |
|
|
Gain on revaluation of properties |
29,640 |
|
|
Gain on sale of land |
109,560 |
|
|
Gain on translation of foreign operations |
5,880 |
|
|
Notes payable |
194,400 |
|
|
Rent revenue |
57,600 |
|
|
Retained earnings |
912,720 |
|
|
Revaluation reserve |
560,640 |
|
|
Translation of foreign operations reserve |
263,160 |
|
|
Sales revenue |
2,238,180 |
|
|
Share capital |
878,765 |
|
|
5,698,349 |
5,698,349 |
Additional information:
REQUIRED:
In: Accounting
Below is an Unadjusted Trial Balance of Jasa Tading Bhd at 31 December 2019.
|
Dr. (RM) |
Cr. (RM) |
|
|
Account receivables |
109,658 |
|
|
Buildings |
1,372,680 |
|
|
Cash |
1,314,264 |
|
|
Cost of goods sold |
856,152 |
|
|
Equipment |
504,000 |
|
|
Patent |
60,276 |
|
|
Income tax expense |
60,340 |
|
|
Inventory |
551,950 |
|
|
Land |
766,800 |
|
|
Maintenance and repair expenses |
11,953 |
|
|
Office expense |
14,086 |
|
|
Prepaid insurance |
48,000 |
|
|
Property tax expense |
1,680 |
|
|
Salaries and wages expenses |
25,334 |
|
|
Sales returns and allowance |
1,176 |
|
|
Accounts payable |
36,936 |
|
|
Accumulated depreciation – buildings |
137,268 |
|
|
Accumulated depreciation - equipment |
252,000 |
|
|
Deferred tax liability |
21,600 |
|
|
Gain on revaluation of properties |
29,640 |
|
|
Gain on sale of land |
109,560 |
|
|
Gain on translation of foreign operations |
5,880 |
|
|
Notes payable |
194,400 |
|
|
Rent revenue |
57,600 |
|
|
Retained earnings |
912,720 |
|
|
Revaluation reserve |
560,640 |
|
|
Translation of foreign operations reserve |
263,160 |
|
|
Sales revenue |
2,238,180 |
|
|
Share capital |
878,765 |
|
|
5,698,349 |
5,698,349 |
Additional information:
In: Accounting
In: Computer Science
Cash Flow Budgeting - Company A is experiencing rapid growth due to the popularity of its recent hardware release. Current sales of $100,000, which increased from $80,000 the previous month, are expected to grow at a 30% rate. Cost of sales are stable 70% of sales revene, yielding a 30% gross profit. Company A sales are 15% for cash with the remaining 85% collected the following month. Inventory-on-hand is maintained at a level to support the following month's sales. Inventory is paid for at the time of receipt. Company A began the period with a cash balance of $65,000.
(a) For the current month and following three months, determine Company A's: (INCLUDE FORMULAS USED TO SOLVE PROBLEM)
- Revenue
- Cost of sales
- Gross profit
- Accounts receivable
- Inventory
- Cash collections
- Cash disbursements
(b) Is Company A gross profit increasing or declining?
(c) Is Company A cash flow increasing or declining?
(d) What is Company A cash balance at the end of the four-month period?
Cash Flow Budgeting - Company B is experiencing rapid growth due to the popularity of its recent clothing line release. Current sales of $250,000, which increased from $190,000 the previous month, are expected to grow at a 20% rate. Cost of sales are a stable 35% of sales revenue, yielding a 65% gross profit. Company B sales are 30% for cash with the remaining 70% collected the following month. Inventory-on-hand is maintained at a level to support the following two months' sales. Inventory is paid for at the time of receipt. Company B began the period with a cash balance fo $70,000.
(e) For the current month and following three months, determine Company B: (INCLUDE FORMULAS USED TO SOLVE PROBLEMS)
- Revenue
- Cost of sales
- Gross profit
- Accounts receivable
- Inventory
- Cash collections
- Cash disbursements
(f) Is Company B gross profit increasing or declining?
(g) Is Company B cash flow increasing or declining?
(h) What is Company B cash balance at the end of the four-month period?
In: Finance