The following data were selected from the records of Sykes Company for the year ended December 31, Current Year. Balances January 1, Current Year Accounts receivable (various customers) $ 117,000 Allowance for doubtful accounts 6,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a unit sales price of $700 in all transactions and use the gross method to record sales revenue). Transactions during Current Year
Sold merchandise for cash, $248,000.
Sold merchandise to R. Smith; invoice price, $11,500.
Sold merchandise to K. Miller; invoice price, $23,000.
Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit.
Sold merchandise to B. Sears; invoice price, $26,000.
R. Smith paid his account in full within the discount period.
Collected $99,000 cash from customer sales on credit in prior year, all within the discount periods.
Miller paid the invoice in (c) within the discount period.
Sold merchandise to R. Roy; invoice price, $20,500.
Three days after paying the account in full, K. Miller returned seven defective units and received a cash refund.
After the discount period, collected $6,000 cash on an account receivable on sales in a prior year.
Wrote off a prior year account of $5,000 after deciding that the amount would never be collected.
The estimated bad debt rate used by the company was 1.0 percent of credit sales net of returns.
In: Accounting
Interpreting the Accounts Receivable Footnote
Hewlett-Packard Company reports the following in its 2015 10-K
report.
| October 31 (in millions) |
2015 |
2014 |
|---|---|---|
| Accounts receivable | $13,363 | $13,832 |
Footnotes to the company's 10-K provide the following additional
information relating to its allowance for doubtful accounts.
| For the fiscal years ended October
31 (in millions) |
2015 |
2014 |
2013 |
|---|---|---|---|
| Allowance for doubtful accounts-accounts receivable | |||
| Balance, beginning of period | $232 | $332 | $464 |
| Provision for doubtful accounts | 46 | 25 | 23 |
| Deductions, net of recoveries | (89) | (125) | (155) |
| Balance, end of period | $189 | $232 | $332 |
(a) What is the gross amount of accounts receivables for
Hewlett-Packard in fiscal 2015 and 2014?
| ($ millions) | 2015 | 2014 |
|---|---|---|
| Gross accounts receivable | Answer | Answer |
(b)What is the percentage of the allowance for doubtful accounts to
gross accounts receivable for 2015 and 2014? (Round your answers to
two decimal places.)
| ($ millions) | 2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Percentage of uncollectible accounts to gross accounts
receivable(d)Compute Hewlett-Packard's write-offs as a percentage
of the allowance account at the beginning of the year. (Round your answers to two decimal places) 2015 write-offs as a percentage of beginning of year allowance: Answer % 2014 write-offs as a percentage of beginning of year allowance: Answer % 2. Revenue Recognition: We generally recognize sales, net of estimated returns, at the time the member takes possession of merchandise or receives services. When we collect payment from customers prior to the transfer of ownership of merchandise or the performance of services, the amount recieved is generally recorded as deferred revenue on the consolidated balance sheets until the sales or service is completed. Membership fee revenue represents annual membership fees paid by our memberships. We account for membership fee revenue, net of estimated refunds, on a deferred basis, whereby revenue is recognized ratably over the one-year membership period.
(b) Use the balance sheet information on Costco's Deferred Membership Fees liability account and its income statement revenues related to Membership Fees earned during 2016 to compute the cash that Costco received during 2016 for membership fees. Total cash received (in $ millions) = $Answer
|
Answer % | Answer % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In: Accounting
An employee of a small software company in Minneapolis bikes to work during the summer months. He can travel to work using one of three routes and wonders whether the average commute times (in minutes) differ between the three routes. He obtains the following data after traveling each route for one week.
Route 1 30 26 34 34 32
Route 2 23 22 28 25 20
Route 3 27 29 24 30 27
Construct an ANOVA table. (Round intermediate calculations to at least 4 decimal places. Round "SS", "MS", "p-value" to 4 decimal places and "F" to 3 decimal places.)
a-2. At the 5% significance level, do the average commute times differ between the three routes. Assume that commute times are normally distributed.
Yes since the p-value is less than significance level.
No since the p-value is less than significance level.
No since the p-value is not less than significance level.
Yes since the p-value is not less than significance level.
b. Use Tukey’s HSD method at the 5% significance level to determine which routes' average times differ. (You may find it useful to reference the q table). (If the exact value for nT − c is not found in the table, use the average of corresponding upper & lower studentized range values. Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)
| population mean difference | confidence interval | do the average times differ |
| uroute1-uroute2 | ||
| uroute1-uroute3 | ||
| uroute2-uroute3 |
In: Statistics and Probability
On December 31, 2018, Marsh Company held Xenon Company bonds in its portfolio of available-for-sale securities. The bonds have a par value of $14,000, carry a 10% annual interest rate, mature in 2025, and had originally been purchased at par. The market value of the bonds at December 31, 2018 was $12,000. The December 31, 2018, balance sheet showed the following:
|
Marsh Company |
|
Partial Balance Sheet |
|
December 31, 2018 |
|
1 |
Assets |
|
|
2 |
Investment in Available-for-Sale Securities |
$14,000.00 |
|
3 |
Less: Allowance for Change in Fair Value of Investment |
(2,000.00) |
|
4 |
$12,000.00 |
|
|
5 |
Shareholders’ Equity: |
|
|
6 |
Unrealized Holding Gain/Loss |
$(2,000.00) |
On January 1, 2019, Marsh acquired bonds of Yellow Company with a par value of $16,000 for $16,200. The Yellow Company bonds carry an annual interest rate of 12% and mature on December 31, 2023. Additionally, Marsh acquired Zebra Company bonds with a face value of 19,000 for $18,600. The Zebra Company bonds carry an 8% annual interest rate and mature on December 31, 2028. At the end of 2019, the respective market values of the bonds were: Xenon, $13,000; Yellow, $17,000; and Zebra, $20,000. Marsh classifies all of the debt securities as available-for-sale as it does not intend to hold them to maturity nor does it intend to actively buy and sell them. Assume that Marsh uses the straight-line method to amortize any discounts or premiums.
Required:
| 1. | Prepare the journal entries necessary to record the purchase of the investments on January 1, 2019, the annual interest payments on December 31, 2019, and the adjusting entry needed on December 31, 2019. |
| 2. | What would Marsh disclose on its December 31, 2019, balance sheet related to these investments? |
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Marsh Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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In: Accounting
On December 31, 2018, M Company held X Company bonds in its portfolio of available-for-sale securities. The bonds have a par value of $15,000, carry a 10% annual interest rate, mature in 2025, and had originally been purchased at par. The market value of the bonds at December 31, 2018 was $13,000. The December 31, 2018, balance sheet showed the following:
|
M Company |
|
Partial Balance Sheet |
|
December 31, 2018 |
|
1 |
Assets |
|
|
2 |
Investment in Available-for-Sale Securities |
$15,000.00 |
|
3 |
Less: Allowance for Change in Fair Value of Investment |
(2,000.00) |
|
4 |
$13,000.00 |
|
|
5 |
Shareholders’ Equity: |
|
|
6 |
Unrealized Holding Gain/Loss |
$(2,000.00) |
On January 1, 2019, M acquired bonds of Y Company with a par value of $16,000 for $16,200. The Y Company bonds carry an annual interest rate of 12% and mature on December 31, 2023. Additionally, M acquired Z Company bonds with a face value of 18,000 for $17,600. The Z Company bonds carry an 8% annual interest rate and mature on December 31, 2028. At the end of 2019, the respective market values of the bonds were: X, $14,000; Y, $17,000; and Z, $20,000. M classifies all of the debt securities as available-for-sale as it does not intend to hold them to maturity nor does it intend to actively buy and sell them. Assume that M uses the straight-line method to amortize any discounts or premiums.
Required:
| 1. | Prepare the journal entries necessary to record the purchase of the investments on January 1, 2019, the annual interest payments on December 31, 2019, and the adjusting entry needed on December 31, 2019. |
| 2. | What would M disclose on its December 31, 2019, balance sheet related to these investments? |
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| M Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
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In: Accounting
Data Table Two below
Data Table Two
| Year | Quarter | Number of Visitors(in thousands) |
| 2005 | Winter | 117 |
| Spring | 80.7 | |
| Summer | 129.6 | |
| Fall | 76.1 | |
| 2006 | Winter | 118.6 |
| Spring | 82.5 | |
| Summer | 121.4 | |
| Fall | 77 | |
| 2007 | Winter | 114 |
| Spring | 84.3 | |
| Summer | 119.9 | |
| Fall | 75 | |
| 2008 | Winter | 120.7 |
| Spring | 79.6 | |
| Summer | 130.7 | |
| Fall | 69.6 | |
| 2009 | Winter | 125.2 |
| Spring | 80.2 | |
| Summer | 127.6 | |
| Fall | 72 |
Please post the answer with the work performed in excel and not just the answer, need to show work as I don't understand how to do this and would like the steps so that I can also learn it and it shows all work. You can add screenshots of the steps to find the answer in excel.
The answer to this question is below: how is this answer made, need to show work on how this answer came to be. I have the answer but need to show the work!
1.Develop the typical seasonal pattern for Teton Village
Answer to question 1
Seasonal Indices
Period Index
1 19.0687
2 -19.1750
3 25.1563
4 -25.0500
Accuracy Measures
MAPE 2.7354
MAD 2.7779
MSD 11.4065
Time C3 Trend Seasonal Detrend Deseason Predict Error
1 117.0 100.085 19.0687 16.915 97.931 119.154 -2.15375
2 80.7 100.085 -19.1750 -19.385 99.875 80.910 -0.21000
3 129.6 100.085 25.1563 29.515 104.444 125.241 4.35875
4 76.1 100.085 -25.0500 -23.985 101.150 75.035 1.06500
5 118.6 100.085 19.0687 18.515 99.531 119.154 -0.55375
6 82.5 100.085 -19.1750 -17.585 101.675 80.910 1.59000
7 121.4 100.085 25.1563 21.315 96.244 125.241 -3.84125
8 77.0 100.085 -25.0500 -23.085 102.050 75.035 1.96500
9 114.0 100.085 19.0687 13.915 94.931 119.154 -5.15375
10 84.3 100.085 -19.1750 -15.785 103.475 80.910 3.39000
11 119.9 100.085 25.1563 19.815 94.744 125.241 -5.34125
12 75.0 100.085 -25.0500 -25.085 100.050 75.035 -0.03500
13 120.7 100.085 19.0687 20.615 101.631 119.154 1.54625
14 79.6 100.085 -19.1750 -20.485 98.775 80.910 -1.31000
15 130.7 100.085 25.1563 30.615 105.544 125.241 5.45875
16 69.6 100.085 -25.0500 -30.485 94.650 75.035 -5.43500
17 125.2 100.085 19.0687 25.115 106.131 119.154 6.04625
18 80.2 100.085 -19.1750 -19.885 99.375 80.910 -0.71000
19 127.6 100.085 25.1563 27.515 102.444 125.241 2.35875
20 72.0 100.085 -25.0500 -28.085 97.050 75.035 -3.03500
2. Determine the seasonally adjusted number of visitors
for winter 2011.
Seasonally adjusted data
97.931
99.875
104.444
101.150
99.531
101.675
96.244
102.050
94.931
103.475
94.744
100.050
101.631
98.775
105.544
94.650
106.131
99.375
102.444
97.050
In: Economics
Question 3
The accounting records of Nutronics Inc include the following information for the year ended Dec 31. 2017
|
Dec 31, 2017 |
Jan 1, 2017 |
|
|
Raw material inventory Work in process Finished goods inventory Direct Material used Direct labor Manufacturing overhead Selling expenses Administrative expenses Sales revenue |
$24,000 8,000 90,000 210,000 120,000 192,000 170,000 140,000 720,000 |
$20,000 12,000 80,000 |
Required
A. Prepare a schedule of Cost of goods manufactured
B. Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per unit cost of manufacturing this product?
C. Assume that the company decides to sell the product at selling price at $25 per unit. What is your advice?
D. IGNORE YOUR ADVICE IN PART C. Assume the company sells a number of products. Compute the Cost of goods sold
E. Prepare an Income Statement for the company for the year ended Dec 31,
F. How is the company DOING FINANCIALLY in your opinion?
In: Accounting
1. On January 2, 2020, Murphy Company purchased land that cost $410,000, a building on the land that cost $1,450,000, and equipment that cost $70,000. The building has an estimated useful life of 29 years. The equipment has an estimated useful life of 7 years.
Required: Prepare the property, plant, and equipment section of the balance sheet as of December 31, 2020. Note: Use straight-line depreciation with no salvage value. Murphy Company Balance Sheet (partial) December 31 Property, Plant, and Equipment Buildings Accumulated Depreciation, Buildings Total Property, Plant, and Equipment
2. On December 31, Perez Company has earned interest revenue of $2,200 on outstanding notes, even though the company will not actually receive the interest until the following year.
Required:
Journalize the adjusting entry on December 31.
3. On January 1, Williams Company purchased a large piece of equipment for $46,200. It has an estimated useful life of 7 years.
Required:
Journalize the adjusting entry on December 31.
Note: Use straight-line depreciation with no salvage
value.
In: Accounting
Alexis Mohamed opened Beachy-Kleen Cleaning Service on July 1, 2019. During July, the company completed the following transactions: |
|||||||||||||||||||||||||||||||||||||||||||||||
| July | 1 | Owner Alexis Mohamed invested $35,000 cash and $7,865 of cleaning equipment in the business. | |||||||||||||||||||||||||||||||||||||||||||||
| 1 | Purchased a used truck for $12,500, paying $2,500 cash and the balance on account. | ||||||||||||||||||||||||||||||||||||||||||||||
| 3 | Purchased cleaning supplies for $1,973 on account. | ||||||||||||||||||||||||||||||||||||||||||||||
| 5 | Paid $1,800 on a one-year insurance policy, effective July 1. | ||||||||||||||||||||||||||||||||||||||||||||||
| 12 | Billed customers $3,927 for cleaning services. | ||||||||||||||||||||||||||||||||||||||||||||||
| 15 | Received $1,875 from customers for future cleaning services. | ||||||||||||||||||||||||||||||||||||||||||||||
| 18 | Paid $3,000 of amount owed on truck. | ||||||||||||||||||||||||||||||||||||||||||||||
| 20 | Paid $765 for employee salaries. | ||||||||||||||||||||||||||||||||||||||||||||||
| 21 | Collected $2,540 from customers billed on July 12. | ||||||||||||||||||||||||||||||||||||||||||||||
| 25 | Billed customers $5,750 for cleaning services. | ||||||||||||||||||||||||||||||||||||||||||||||
| 31 | Paid gasoline for the month on the truck, $287. | ||||||||||||||||||||||||||||||||||||||||||||||
| 31 | Owner Alexis Mohamed withdrew $1,200 for personal use. | ||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
| July | 31 | Earned but unbilled fees at July 31 were $1,936. | |||||||||||||||||||||||||||||||||||||||||||||
| Depreciation on truck for the month was $225. | |||||||||||||||||||||||||||||||||||||||||||||||
| Earned $475 of payment received on July 15. | |||||||||||||||||||||||||||||||||||||||||||||||
| One-twelfth of the insurance expired. | |||||||||||||||||||||||||||||||||||||||||||||||
| An inventory count shows $492 of cleaning supplies on hand at July 31. | |||||||||||||||||||||||||||||||||||||||||||||||
| Accrued but unpaid employee salaries were $469. | |||||||||||||||||||||||||||||||||||||||||||||||
In: Accounting
Cane Company manufactures two products called Alpha and Beta that sell for $205 and $164, respectively. Each product uses only one type of raw material that costs $8 per pound. The company has the capacity to annually produce 127,000 units of each product. Its average cost per unit for each product at this level of activity are given below:
| Alpha | Beta | |||||||
| Direct materials | $ | 40 | $ | 24 | ||||
| Direct labor | 37 | 30 | ||||||
| Variable manufacturing overhead | 24 | 22 | ||||||
| Traceable fixed manufacturing overhead | 32 | 35 | ||||||
| Variable selling expenses | 29 | 25 | ||||||
| Common fixed expenses | 32 | 27 | ||||||
| Total cost per unit | $ | 194 | $ | 163 | ||||
The company considers its traceable fixed manufacturing overhead to be avoidable, whereas its common fixed expenses are unavoidable and have been allocated to products based on sales dollars.
5. Assume that Cane expects to produce and sell 112,000 Alphas during the current year. One of Cane's sales representatives has found a new customer who is willing to buy 27,000 additional Alphas for a price of $148 per unit; however pursuing this opportunity will decrease Alpha sales to regular customers by 12,000 units.
a. What is the financial advantage (disadvantage) of accepting the new customer’s order?
b. Based on your calculations above should the special order be accepted?
6. Assume that Cane normally produces and sells 107,000 Betas
per year. What is the financial advantage (disadvantage) of
discontinuing the Beta product line?
7. Assume that Cane normally produces and sells 57,000 Betas per year. What is the financial advantage (disadvantage) of discontinuing the Beta product line?
8. Assume that Cane normally produces and sells 77,000 Betas and 97,000 Alphas per year. If Cane discontinues the Beta product line, its sales representatives could increase sales of Alpha by 12,000 units. What is the financial advantage (disadvantage) of discontinuing the Beta product line?
In: Accounting