Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies:

• Ending finished goods inventory should be 40 percent of next month’s sales.
• Ending direct materials inventory should be 30 percent of next month’s production.

Expected unit sales (frames) for the upcoming months follow:

Variable manufacturing overhead is incurred at a rate of $0.20 per unit produced. Annual fixed manufacturing overhead is estimated to be $8,400 ($700 per month) for expected production of 6,000 units for the year. Selling and administrative expenses are estimated at $750 per month plus $0.50 per unit sold.

Iguana, Inc., had $14,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale.

Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $4,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $280 in depreciation. During April, Iguana plans to pay $4,300 for a piece of equipment.

Required:
Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.)

• Budgeted Contribution Margin
• Budgeted Cost of Goods Sold
• Budgeted Interest Expense
• Budgeted Sales Returns and Allowances
• Budgeted Sales Revenue
• Budgeted Selling and Administrative Expenses
• 
  
• 
  
• 
  

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:

1. The gross margin is 25% of sales.

2. Actual and budgeted sales data:

3. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales.

4. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold.

5. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory.

6. Monthly expenses are as follows: commissions, 12% of sales; rent, $2,100 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $936 per month (includes depreciation on new assets).

7. Equipment costing $1,300 will be purchased for cash in April.

8. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Required:

Using the preceding data:

1. Complete the schedule of expected cash collections.

2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases.

3. Complete the cash budget.

Visit the Bureau of Economic Analysis Web site at www.bea.gov In “U.S. Economic Accounts” under “National” click on “Gross Domestic Product (GDP)”, then “Interactive Tables”: “GDP” and the” National Income and Product Account (NIPA)” Historical Tables, click “Begin using the data”, and use Section 1 - Tables 1.1.5 (Gross domestic product (nominal)) and 1.1.6 (Real Gross Domestic Product). 1. a) Create the table that contains the following information for the last quarter.You need this information from both Omit the intermediate lines found in Tables 1.1.5 and 1.1.6 on the web site. Gross domestic product Personal consumption expenditures Gross private domestic investment Net exports of goods and services Government consumption expenditures and gross investment 1. b) Calculate the percentage of each category in nominal and real GDP. Present the information that you received in 1 (a) and 1 (b) as a table(s) in your project. 2. Write a report (2 pages double - spaced), which contains an analysis of the results you received. In this report consider, but do not be limited to the following: 1. Why was the nominal GDP greater than the real GDP? By how much? 2. GDP is composed of a number of categories. What category makes up the largest portion of GDP? What category makes up the smallest portion of GDP? 3. What is “Gross private domestic investment”? What does gross private domestic investment measure? 4. What is “Net exports of goods and services”? Why it is negative? 5. In the table 1.1.5 find the category “National defense”. How much was the National defense for the last quarter? Calculate percentage of National defense out of “Government consumption expenditures and gross investment”. Calculate percentage of National defense out of GDP. 6. Please analyze and discuss the significance of the data that you received for this Data exercise. Reflect on what you have learned from this exercise.

Iguana, Inc., manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bamboo, which costs $1.50 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies:

• Ending finished goods inventory should be 40 percent of next month’s sales.
• Ending direct materials inventory should be 30 percent of next month’s production.

Expected unit sales (frames) for the upcoming months follow:

Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $7,200 ($600 per month) for expected production of 6,000 units for the year. Selling and administrative expenses are estimated at $650 per month plus $0.50 per unit sold.

Iguana, Inc., had $15,800 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale.

Of direct materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Direct materials purchases for March 1 totaled $3,000. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $290 in depreciation. During April, Iguana plans to pay $3,000 for a piece of equipment.

question: Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.)

Need:

April May June Total

Budgeted sales revenue

Budgeted cost of goods sold

Budgeted gross margin

Budgeted selling and administrative expenses

Budgeted net operating income

Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available

Budgeting Assumptions:

60% of sales are cash sales and 40% of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80% are collected in the month subsequent to the sale.

Budgeted sales for July are $218,000.

10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase.

Each month’s ending merchandise inventory should equal $10,000 plus 50% of the next month’s cost of goods sold.

Depreciation expense is $1,800 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred.

Required:

1. Calculate the expected cash collections for April, May, and June.

April = $163,040 May = $184,800 June = $201,600 Quarter $549,440

2. Calculate the budgeted merchandise purchases for April, May, and June.

3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June.

4. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30th balance sheet.)

Iguana, Inc., manufactures bamboo picture frames that sell for $20 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $13 per hour. Iguana has the following inventory policies: Ending finished goods inventory should be 40 percent of next month’s sales. Ending raw materials inventory should be 30 percent of next month’s production. Expected unit sales (frames) for the upcoming months follow: March 365 April 430 May 480 June 580 July 555 August 605 Variable manufacturing overhead is incurred at a rate of $0.30 per unit produced. Annual fixed manufacturing overhead is estimated to be $4,800 ($400 per month) for expected production of 4,000 units for the year. Selling and administrative expenses are estimated at $450 per month plus $0.50 per unit sold. Iguana, Inc., had $11,000 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale. Of raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $3,400. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $330 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment. 1. Compute the following for Iguana, Inc., for the second quarter (April, May, and June). Budgeted Sales Revenue- Budgeted Production in Units-Budgeted Cost of Raw Materials-Budgeted direct Labor cost- budgeted manufactued overhead- budgeted cost of goods sold And budgeted selling and admin expenses

Montana State Savings Bank is currently scheduling $10 million in deposits. First trust deeds yield 9%, second trust deeds 10.5%, automobile loans 12.25%, and business loans 11.75%. In addition, Montana State Savings Bank can invest in risk free securities yielding 6.75%. Regulatory commissions of the state and federal governments require the following: • At most one-third of deposits must be in risk-free securities. • Home loans (first and second trust deed) cannot exceed the amount in risk-free securities. • Business loans may not account for more than 49% of the total loans and trust deed investments (deeds and loans, but not securities). • Automobile loans may not exceed 50% of the home loans (first and second trust deeds). a) Formulate the mathematical linear programming model for this problem. Solve the problem. b) What is the total profit? c) Which one is the biggest investment? What is the value? d) Does the bank deposit in all of these possible investments? e) The Bank deposits a significant amount in the Risk Free Securities although its yield is the lowest. Explain why.

There are five primary causes of hypoxaemia (low blood oxygen content):

1. Diffusion limitation which limits the transfer of oxygen between the alveoli and blood (such as pulmonary oedema).
2. Hypoventilation
3. Reduced atmospheric oxygen (such as high altitude)
4. Ventilation/perfusion (VQ) mismatch (for some reason poorly ventilated alveoli are still receiving blood flow)
5. Shunt- some alveoli are completely blocked either by obstruction or are completely filled with fluid such as in pneumonia, but still receive blood flow.

The first four of these can be helped by giving the patient oxygen which in turn increases their arterial PO₂. However, giving oxygen has little impact on a patient with a pulmonary shunt.

For each of the above causes, briefly (1-2 sentences) describe how it would lead to low arterial PO₂. Then describe why giving a patient 100% oxygen would increase their arterial PO₂ (for the first four), and why it would not significantly improve in a patient with a pulmonary shunt. Explain your reasoning. 4 and 5 are the most challenging and will require more description than the first 3. (2-6 total sentences each)

Diffusion Limitation :

Hypoventilation :

Reduced atmospheric oxygen :

V/Q Mismatch:

Shunt

Use the following information regarding ABC Co. in 2020 (assume this is the first year of operations for ABC Co., and assume ABC pays cash unless noted otherwise). Assume ABC uses FIFO perpetual for inventory, straight-line depreciation, and estimates it will not collect 4% of accounts receivable.

1/1 Issues 10,000 shares of common stock for $5 each.
2/15 Purchase 2,000 units of inventory at $4/unit.
3/1 Sells 500 units of inventory for $16/unit, customer pays on account.
4/1 Signs a 2-year lease for its manufacturing facility, paying the first years’ rent of $3,600 upfront.
6/1 Purchases equipment for $60,000 on account, 6 year useful life, $7,000 salvage value. It cost ABC $10,000 to have the equipment installed, also paid on account.
7/1 Sells 100 units of inventory for $20 per unit, customer pays on account.
9/1 The customer from the 3/1 sale of inventory paid back 70% of their balance.  
10/15 Declared and paid $3,000 of dividends.
12/1 Purchase $1,200 worth of supplies. By 12/31, 20% have been used.

What is ABC’s bad debt expense for 2020?

Group of answer choices

$176

$4,000

$400

$320

None of the above.

What is cost of goods sold for 2020?

Group of answer choices

$8,000

None of the above.

$2,400

$5,600

$2,000

What amount is reported on ABC’s 2020 Balance Sheet related to Property, Plant, & Equipment, assuming ABC depreciates beginning with the month of acquisition?

Group of answer choices

$63,875

$59,500

$51,167

None of the above.

$58,847

What is the journal entry related to the 3/1 sale of inventory?

Group of answer choices

Accounts Receivable 8,000

Sales   8,000

Cash   8,000

     Sales   8,000

Accounts Receivable 8,000

Inventory 8,000

Cost of Goods Sold 2,000

Sales   2,000

No entry required

Accounts Receivable 8,000

Sales   8,000

Cost of Goods Sold 2,000

Inventory   2,000