Questions
The following information is provided for Blossom’s Chocolate Company: BLOSSOM CHOCOLATE COMPANY Balance Sheet May 31...

The following information is provided for Blossom’s Chocolate Company:

BLOSSOM CHOCOLATE COMPANY
Balance Sheet
May 31
Assets 2021 2020
Cash $28,425 $47,500
Accounts receivable 89,700 79,500
Inventory 187,000 160,500
Prepaid expenses 6,200 7,700
Land 139,500 81,000
Equipment 322,000 202,000
Accumulated depreciation—equipment (80,200 ) (40,500 )
    Total assets $692,625 $537,700
Liabilities and Shareholders’ Equity
Accounts payable $43,300 $40,500
Dividends payable 7,700 6,200
Income taxes payable 3,400 7,200
Mortgage payable 134,000 80,500
Common shares 220,000 166,500
Retained earnings 284,225 236,800
    Total liabilities and shareholders’ equity $692,625 $537,700
Additional Information:
1. Profit for 2021 was $110,925.
2. Common shares were issued for $53,500.
3. Land with a cost of $53,500 was sold at a loss of $20,200.
4. Purchased land with a cost of $112,000 with a $58,500 down payment and financed the remainder with a mortgage note payable.
5. No equipment was sold during 2021.
6. Net sales for the year were $675,400.
7. Cost of goods sold for the year was $401,600.
8. Operating costs, including depreciation expense, were $99,500.
9. Interest expense was $6,200.
10. Income tax expense was $36,975.
11. Accounts payable is used for merchandise purchases.


Prepare a cash flow statement for the year using the direct method

In: Accounting

Case: You have just inherited a large sum of money and you are trying to determine...

Case:

You have just inherited a large sum of money and you are trying to determine how much you will get after retirement and how much you can spend now. For retirement you will deposit today (January 1,2015) 2,500,000 euros in a bank account paying 4.55% compounded annually. You do not plan on touching this deposit until you retire in five years (January 1, 2020) and you plan on living for 20 additional years and then drop dead on December 31, 2039.

During your retirement, you would like to receive income of 60,000 euros per year to be received the fist day of each year, with the first payment on January 1,2020, an the last payment on January 1, 2039. Complicating this objective is your desire to have one three-year fling, during which time you´d like to track down all the original members of Cold Play and get their autographs. To finance this, you want to receive additional 50,000 euros on January 1, 2035, 25,000 euros on January 1, 2036 and 8,000 euros on January 1, 2037.

Questions:

1.What will be your final savings balance by January 1, 2040?

2.What would be your final savings balance if you decided not to have the three-year fling ( without the 3 years of additional spending to get the autographs etc.) ?

In: Finance

please answer the question : Explain fully, with examples, what dollar cost averaging is. What will...

please answer the question :

Explain fully, with examples, what dollar cost averaging is. What will happen (1) if the price of an investment trends down overtime; (2) trends up; (3) trends down then up; and (4) in real life? Use excel to model and graph the result.

In: Finance

There are some alternative bases for market segmentation (some examples are in our textbook). Look at...

There are some alternative bases for market segmentation (some examples are in our textbook). Look at your case analysis company. Detail how they currently (or should) break down their market segments. (What are the specific variables and how do they break down, specifically?) About 2 paragraphs.

In: Accounting

Write down the truth table fora 4-to-2 priority encoderhaving input W[3:0]and with priority levels in the...

Write down the truth table fora 4-to-2 priority encoderhaving input W[3:0]and with priority levels in the decreasing order (i.e., W[0]-Highest, ....., W[3]-Least). Write down the Verilog code for implementing   the same.

plz asap fast

In: Computer Science

When a light ray travels from water to air, the wave_____________________. A. slows down and bends...

When a light ray travels from water to air, the wave_____________________.

A.

slows down and bends away from the normal

B.

speeds up and bends toward the normal.

C.

speeds up and bends away from the normal

D.

slows down and bends toward the normal

In: Physics

Peru Industries began operations on January 1, 2020.

Problem 8-6A Recording accounts receivable transactions and bad debt adjustments LO1, 2, 3

Peru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows:

2020

  1. Sold merchandise on credit for $2,310,000, terms n/30 (COGS = $1,276,000).

  2. Wrote off uncollectible accounts receivable in the amount of $35,200.

  3. Received cash of $1,378,000 in payment of outstanding accounts receivable.

  4. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible.


2021

  1. Sold merchandise on credit for $3,024,000, terms n/30 (COGS = $1,646,000).

  2. Wrote off uncollectible accounts receivable in the amount of $54,800.

  3. Received cash of $2,282,000 in payment of outstanding accounts receivable.

  4. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible.

Company uses the allowance method to account for uncollectible.


Required:
Prepare journal entries to record Peru’s 2020 and 2021 summarized transactions and the adjusting entries to record bad debt expense at the end of each year. (Round your intermediate calculations and final answers to nearest whole dollar.)

In: Accounting

Myer’s dark day as earnings down, share price slumps MYER has suffered its worst single-day market...

Myer’s dark day as earnings down, share price slumps

MYER has suffered its worst single-day market rout since its inglorious return to the bourse five years ago, after revealing it has suffered yet another slump in earnings.

Shares in the struggling ­department store chain plunged 13 per cent yesterday, wiping $188 million off its market value and undoing two months worth of gains.

It came as chief executive Bernie Brookes declared the group’s net profit had fallen for the third year in succession and was down almost 40 per cent since 2011.

Mr Brookes said the retailer was focused on its own game despite a big shift in the competitive landscape as David Jones’ new owners marked out an aggressive growth plan.

But disappointed investors stampeded the exits nonetheless, delivering Myer its worst single-day market performance since it was floated in November 2009.

Mr Brookes defended Myer’s long-term strategy, saying investment in store refurbishments, its online offer and its private label brands had taken a toll on the bottom line.

“The decision for us to invest back into the business is something some shareholders will see favourably and others will see unfavourably,” he said.

“But we are not here to build a business in a year.”

Myer reported a net profit of $98.5 million for the year to July 26, down from $127.2 million the previous year.

Three years earlier, the group’s net profit stood at $159.7 million.

Total sales for the past year were flat at $3.14 billion. But key like-for-like sales — which strip out the impact of stores that have opened or closed — were up 1.2 per cent.

Mr Brookes said the group was closely watching the activities of Woolworths South Africa, which bought David Jones for $2.2 billion in July.

Woolworths South Africa — not affiliated with its Australian namesake — has flagged plans to boost company-owned brands from the 3.5 per cent of sales to as much as 30 per cent.

Mr Brookes said Myer, which this year generated a record 20.3 per cent of sales from private label brands, had a headstart on its rival.

“Establishing a private label in the fashion business is a very complex and difficult thing to do. It takes a lot of engineering,” he said. “We’re comfortable we’ve got the advantage of time and learnings and loyalty from our customers.”

Mr Brookes said Myer had considered the risk that David Jones’ new owners could trigger a price war as the group sought to lure customers to the revamped business.

“If there is erratic behaviour, then they are another competitor and our job is to make sure the Myer customer is not disadvantaged,” Mr Brookes said.

Q1: Identify five items of information that would be useful in deciding whether to invest in Myer shares

Q2: List each item of information and for each item ; explain whether it creates a positive and negative image for potential investors

In: Accounting

For a recent 2-year period, the balance sheet of Skysong Company showed the following stockholders' equity data at December 31 (in millions).

For a recent 2-year period, the balance sheet of Skysong Company showed the following stockholders' equity data at December 31 (in millions). 


                                           2020  2019

 Additional paid-in capital      $930 $843

 Common stock                    651 642

 Retained earnings                7,210 5,220

 Treasury stock                     1,850 945

 Total stockholders' equity     $6,941 $5,760


 Common stock shares issued  217 214

 

 Common stock shares authorized 500 500

 Treasury stock shares               37 27

 

 (a) Answer the following questions.

 (1) What is the par value of the common stock? (Round par value to 2 decimal places, e.g. $3.15)

 Par value of common stock



(2) What is the cost per share of treasury stock at December 31, 2020, and at December 31, 2019? 

(b) Prepare the stockholders' equity section at December 31, 2020. (Enter account name only and do not provide descriptive information.) 




In: Accounting

Magpie Ltd enters into a non-cancellable two-year lease agreement with Tiger Ltd for an item of...

Magpie Ltd enters into a non-cancellable two-year lease agreement with Tiger Ltd for an item of machinery on 1 January 2020. Magpie Ltd pays $15,000 on signing the agreement with Tiger Ltd on 1 January 2020. There are eight quarter payments of $10,000, the first being made on 31 March 2020. Included within the $10,000 lease payments is an amount of $1,000 representing payment to the lessor for insurance and maintenance of the machinery. The machinery is to be depreciated on a straight-line basis. The machinery is expected to have an economic life of five years, after which time it will have a zero-salvage value. There is a purchase option Magpie Ltd will be able to exercise at the end of the second year for $30,000. If this purchase option is exercised, the machinery will be transferred to Magpie Ltd. The rate of interest implicit in the lease is 12%. Refer to the appendix for the tables of Present Value Factor for a single future amount and Present Value of an ordinary annuity of $1

Calculate the lease liability and lease asset.

In: Finance