Dorothy's budgeted production figures (in units) for burlap sweatshirts for next quarter are shown below:
July August September
Expected Production 3,600 4,100 5,000
Dorothy uses 1.2 yards of burlap per sweatshirt and pays $0.75 per yard of burlap. Dorothy likes to have half of the next month's burlap needs in ending inventory. What is the expected cost of burlap to be purchased for sweatshirts in August?
A. $5,460
B. $4,550 D. $3,285
C. $4,095 E. none of the above
In: Accounting
Refer to Revenue Data Excel File. The 4 QTR Centered Moving Average for the 2nd quarter of 2017 is: Select one: a. 222.125 b. 333.875 c. 269.250 d. 243.625
| Year | QTR | Revenue (in $1000) |
| 2015 | 1 | 205 |
| 2 | 400 | |
| 3 | 200 | |
| 4 | 229 | |
| 2016 | 1 | 236 |
| 2 | 219 | |
| 3 | 211 | |
| 4 | 200 | |
| 2017 | 1 | 280 |
| 2 | 275 | |
| 3 | 261 | |
| 4 | 322 | |
| 2018 | 1 | 500 |
| 2 | 230 | |
| 3 | 310 | |
| 4 | 400 | |
| 2019 | 1 | 325 |
| 2 | 241 | |
| 3 | 379 | |
| 4 | 316 |
In: Statistics and Probability
Using the financial statements for HealthSouth Corp for the quarter ending 6/30/2002, or use the current financial statements for either Microsoft or Facebook. Choose your primary ratio and post your analysis.
2 Calculate several ratios—I would suggest at least one from each of the categories (profitability, liquidity, solvency, and activity/efficiency) from chapter 4 (chapter 11 in Marshall) in the text plus at least one ratio that you have found somewhere else or even made up. You should examine these ratios over a 4 year period (No need to look at every quarter). For example you might look at quarter 2 every year for 4 years—including the quarter that I have chosen. Once you are used to looking up financial statements--if you do this strategically you should be able to examine 4 years of data by looking at only two separate years of financial statements. Please do not discuss all of these ratios. Your goal in calculating a number of ratios is to increase your chances of finding a ratio that is interesting and important.
|
INCOME STATEMENTS - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
| Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
| Revenue | ||||
| Product | $ 17,926 | $ 18,273 | $ 32,224 | $ 33,241 |
| Service and other | 10,992 | 7,553 | 21,232 | 14,513 |
| Total revenue | 28,918 | 25,826 | 53,456 | 47,754 |
| Cost of revenue | ||||
| Product | 5,498 | 5,378 | 8,478 | 8,959 |
| Service and other | 5,566 | 4,523 | 10,864 | 8,786 |
| Total cost of revenue | 11,064 | 9,901 | 19,342 | 17,745 |
| Gross margin | 17,854 | 15,925 | 34,114 | 30,009 |
| Research and development | 3,504 | 3,062 | 7,078 | 6,168 |
| Sales and marketing | 4,562 | 4,079 | 8,374 | 7,297 |
| General and administrative | 1,109 | 879 | 2,275 | 1,924 |
| Operating income | 8,679 | 7,905 | 16,387 | 14,620 |
| Other income, net | 490 | 117 | 766 | 229 |
| Income before income taxes | 9,169 | 8,022 | 17,153 | 14,849 |
| Provision for income taxes | 15,471 | 1,755 | 16,879 | 2,915 |
| Net income (loss) | $ (6,302) | $ 6,267 | $ 274 | $ 11,934 |
| Earnings (loss) per share: | ||||
| Basic | $ (0.82) | $ 0.81 | $ 0.04 | $ 1.54 |
| Diluted | $ (0.82) | $ 0.80 | $ 0.04 | $ 1.52 |
| Weighted average shares outstanding: | ||||
| Basic | 7,710 | 7,755 | 7,709 | 7,772 |
| Diluted | 7,710 | 7,830 | 7,799 | 7,853 |
| Cash dividends declared per common share | $ 0.42 | $ 0.39 | $ 0.84 | $ 0.78 |
|
BALANCE SHEETS - USD ($) |
Dec. 31, 2017 | Jun. 30, 2017 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 12,859 | $ 7,663 |
| Short-term investments (including securities loaned of $4,247 and $3,694) | 129,921 | 125,318 |
| Total cash, cash equivalents, and short-term investments | 142,780 | 132,981 |
| Accounts receivable, net of allowance for doubtful accounts of $337 and $345 | 18,428 | 22,431 |
| Inventories | 2,003 | 2,181 |
| Other | 4,422 | 5,103 |
| Total current assets | 167,633 | 162,696 |
| Property and equipment, net of accumulated depreciation of $26,849 and $24,179 | 26,304 | 23,734 |
| Operating lease right-of-use assets | 6,749 | 6,555 |
| Equity and other investments | 3,961 | 6,023 |
| Goodwill | 35,355 | 35,122 |
| Intangible assets, net | 9,034 | 10,106 |
| Other long-term assets | 6,967 | 6,076 |
| Total assets | 256,003 | 250,312 |
| Current liabilities: | ||
| Accounts payable | 7,850 | 7,390 |
| Short-term debt | 12,466 | 9,072 |
| Current portion of long-term debt | 3,446 | 1,049 |
| Accrued compensation | 4,427 | 5,819 |
| Short-term income taxes | 788 | 718 |
| Short-term unearned revenue | 21,309 | 24,013 |
| Securities lending payable | 26 | 97 |
| Other | 7,787 | 7,587 |
| Total current liabilities | 58,099 | 55,745 |
| Long-term debt | 73,348 | 76,073 |
| Long-term income taxes | 30,050 | 13,485 |
| Long-term unearned revenue | 2,500 | 2,643 |
| Deferred income taxes | 3,186 | 5,734 |
| Operating lease liabilities | 5,640 | 5,372 |
| Other long-term liabilities | 4,820 | 3,549 |
| Total liabilities | 177,643 | 162,601 |
| Commitments and contingencies | ||
| Stockholders’ equity: | ||
| Common stock and paid-in capital – shares authorized 24,000; outstanding 7,705 and 7,708 | 70,192 | 69,315 |
| Retained earnings | 8,567 | 17,769 |
| Accumulated other comprehensive income (loss) | (399) | 627 |
| Total stockholders’ equity | 78,360 | 87,711 |
| Total liabilities and stockholders' equity | $ 256,003 | $ 250,312 |
In: Accounting
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
| Budgeted | April | May | June | ||||||
| Sales | $ | 31,000 | $ | 41,000 | $ | 25,000 | |||
| Cash payments for merchandise | 22,200 | 15,800 | 16,200 | ||||||
Sales are 70% cash and 30% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $13,000 in cash, $13,000 in accounts
receivable, $11,000 in accounts payable, and a $3,000 balance in
loans payable. A minimum cash balance of $13,000 is required. Loans
are obtained at the end of any month when a cash shortage occurs.
Interest is 1% per month based on the beginning of the month loan
balance and is paid at each month-end. If an excess balance of cash
exists, loans are repaid at the end of the month. Operating
expenses are paid in the month incurred and include sales
commissions (10% of sales), shipping (2% of sales), office salaries
($4,000 per month), and rent ($6,000 per month).
Prepare a cash budget for each of the months of April, May, and
June. (Negative balances and Loan repayment amounts (if
any) should be indicated with minus sign. Round your final answers
to the nearest whole dollar.)
In: Accounting
13) Bill takes 8 credits in the quarter system. He is 25 years old and lives with his mother. He made $3,900 from a Hearthstone video game tournament. Yes, he is that good.
|
I. Bill’s mother can claim him as a dependent as a qualifying child. II. Bill’s mother can claim him as a dependent as a qualifying relative. |
A) Only I is correct B) Only II is correct C) Both are correct D) Neither is correct |
14) Gwen and Blake haven’t sold records in two years. As a result, they got real jobs, got married, and had one child. Their child is two years old and goes to daycare while they work. Their qualified child care expenses for the year total $4,000 and their AGI is $35,000. What is the amount of the tax credit for dependent care they will take?
|
A) |
$0 |
|
|
B) |
$600 |
|
|
C) |
$750 |
|
|
D) |
$800 |
|
|
E) |
$1,000 |
|
|
F) |
$1,050 |
|
|
G) |
$1,400 |
|
|
H) |
$3,000 |
15) Donald Trump has an AGI of $40,000. He made a donation to a charity for $20,000 worth of securities that he purchased for $10,000 2 years ago. How much can he deduct in the current year and carry forward?
A) Current = 20,000, Carryforward = 0
B) Current = 8,000, Carryforward = 12,000
C) Current = 10,000, Carryforward = 10,000
D) Current = 12,000, Carryforward = 8,000
E) Current = 12,000, Carryforward = 0
16) Doug has the following interest expenses:
1) Interest on mortgage of business building.
2) Interest on personal credit cards.
3) Student loan interest.
Q17 ; Which interest expense(s) is/are considered deductible?
A) Statements I and III
B) Statements I and II
C) All Statements
D) None of the statements
In: Accounting
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
| Budgeted | April | May | June | ||||||
| Sales | $ | 30,000 | $ | 42,000 | $ | 26,000 | |||
| Cash payments for merchandise | 24,200 | 14,800 | 13,500 | ||||||
Sales are 80% cash and 20% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $14,000 in cash, $14,000 in accounts
receivable, $11,000 in accounts payable, and a $4,000 balance in
loans payable. A minimum cash balance of $14,000 is required. Loans
are obtained at the end of any month when a cash shortage occurs.
Interest is 1% per month based on the beginning of the month loan
balance and is paid at each month-end. If an excess balance of cash
exists, loans are repaid at the end of the month. Operating
expenses are paid in the month incurred and include sales
commissions (10% of sales), shipping (4% of sales), office salaries
($5,000 per month), and rent ($7,000 per month).
Prepare a cash budget for each of the months of April, May, and
June. (Negative balances and Loan repayment amounts (if
any) should be indicated with minus sign. Round your final answers
to the nearest whole dollar.)
I would like to see the details please !
In: Accounting
Your audit team is reviewing the second quarter financial statements of Sparks, Inc., a publicly traded company. The audit senior, Will, thinks the client may have omitted an important item and has asked you to research whether interim financial statements are required to include earnings per share amounts. Prepare an email responding to Will’s question. Comment on any other potential ramifications of Sparks, Inc.’s omission that come to mind, which you can offer to research.
In: Accounting
Pavone Corp. has prepared a preliminary cash budget for the third quarter as shown below:
|
Cash Budget |
Jul |
Aug |
Sep |
|
Beginning cash balance |
$34,000 |
$15,000 |
$18,500 |
|
Plus: Cash collections |
$56,000 |
$52,000 |
47,000 |
|
Cash available |
90,000 |
$67,000 |
$65,500 |
|
Less: Cash payments: |
|||
|
Purchases of direct materials |
35,000 |
9,000 |
11,000 |
|
Operating expenses |
40,000 |
30,500 |
30,800 |
|
Capital expenditures |
0 |
9,000 |
7,400 |
|
Ending cash balance |
$15,000 |
$18,500 |
$16,300 |
Subsequently, the marketing department revised its figures for cash collections. New data are as follows: $53,000 in July, $56,000 in August, and $43,000 in September. Based on the new data, calculate the new projected cash balance at the end of September.
A.
$16,300
B.
$19,500
C.
$13,300
D.
$12,000
In: Accounting
In a quarter-mile drag race, two cars start simultaneously from rest, and each accelerates at a constant rate until it either reaches its maximum speed or crosses the finish line. Car A has an acceleration of 10.9 m/s2 and a maximum speed of 109 m/s. Car B has an acceleration of 11.8 m/s2 and a maximum speed of 93.7 m/s. (a) Which car wins the race? (b) By how many seconds does this car win the race?
In: Physics
3. At September 30, the end of Beijing Company’s third quarter,
the following stockholders’ equity accounts are reported.
| Common stock, $10 par value | $ | 360,000 |
| Paid-in capital in excess of par value, common stock | 90,000 | |
| Retained earnings | 320,000 | |
In the fourth quarter, the following entries related to its equity
are recorded:
| Date | General Journal | Debit | Credit |
| Oct. 2 | Retained Earnings | 50,000 | |
| Common Dividend Payable | 50,000 | ||
| Oct. 25 | Common Dividend Payable | 50,000 | |
| Cash | 50,000 | ||
| Oct. 31 | Retained Earnings | 67,000 | |
| Common Stock Dividend Distributable | 32,000 | ||
| Paid-In Capital in Excess of Par Value, Common Stock | 35,000 | ||
| Nov. 5 | Common Stock Dividend Distributable | 32,000 | |
| Common Stock, $10 Par Value | 32,000 | ||
| Dec. 1 | Memo—Change the title of the common stock | ||
| account to reflect the new par value of $4. | |||
| Dec. 31 | Income Summary | 250,000 | |
| Retained Earnings | 250,000 | ||
Required:
Complete the following table showing the equity account balances at
each indicated date.
4. The equity sections from Atticus Group’s 2016 and 2017
year-end balance sheets follow.
| Common stock—$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding |
$175,000 |
| Paid-in capital in excess of par value, common stock | 135,000 |
| Retained earnings | 340,000 |
| Total stockholders’ equity | $650,000 |
| Common stock—$5 par value, 100,000 shares authorized, 41,200 shares issued, 4,000 shares in treasury |
$206,000 |
| Paid-in capital in excess of par value, common stock | 178,400 |
| Retained earnings ($50,000 restricted by treasury stock) | 420,000 |
| 804,400 | |
| Less cost of treasury stock | (50,000) |
| Total stockholders’ equity | $754,400 |
The following transactions and events affected its equity during
year 2017.
| Jan. | 5 | Declared a $0.50 per share cash dividend, date of record January 10. |
| Mar. | 20 | Purchased treasury stock for cash. |
| Apr. | 5 | Declared a $0.50 per share cash dividend, date of record April 10. |
| July | 5 | Declared a $0.50 per share cash dividend, date of record July 10. |
| July | 31 | Declared a 20% stock dividend when the stock’s market value was $12 per share. |
| Aug. | 14 | Issued the stock dividend that was declared on July 31. |
| Oct. | 5 | Declared a $0.50 per share cash dividend, date of record October 10. |
Problem 13-4A Part 1
Required:
1. How many common shares are outstanding on each
cash dividend date?
In: Accounting