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:

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.)

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.

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? ​

​

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

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:

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 !

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.

Pavone Corp. has prepared a preliminary cash budget for the third quarter as shown​ below:

​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 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?

3. At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported.

In the fourth quarter, the following entries related to its equity are recorded:

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.

The following transactions and events affected its equity during year 2017.

Problem 13-4A Part 1

Required:
1. How many common shares are outstanding on each cash dividend date?

The news reports the profits or losses of major businesses each quarter. What do you think when you hear that a corporation like Microsoft or BP has made billions of dollars in the last year? Does Adam Smith's Invisible Hand theory really help our economy and our society? Major corporations aside, what about the thousands of small businesses across the U.S. Are their profits justified, and do their profits help society through their taxes and corporate social responsibility? Last thought--if our country were to move to Socialism and our taxes increase, what effect will that have on our country's businesses?

The last quarter of the 19th century saw a shift within the art world from male-dominated history and genre scenes to female-dominated interiors and landscapes, along with a shift in artistic discourse from the theories of John Ruskin to those of James Abbott McNeill Whistler. Describe the theories of each of these figures and why this shift occurred. Then discuss the differences between the two types of art associated with these theories, using specific examples.

5. Eastview’s police department hires a new class of 50 trainees every quarter to begin the 3-month police academy program. Four nearby communities have struggled in running their own police academies, partly due to their own city funding but also because their class size is much smaller (ranging from 5 to 15 trainees in each city). Eastview’s newspaper recently ran a story about the city’s intent to build a new training facility for the police academy. The four communities want to partner with Eastview to have Eastview provide their academy program rather than hosting it themselves. Using the information in Worksheet 8.3, analyze how the cost would vary from the lowest enrollment to the highest enrollment if Eastview and the four surrounding communities cooperated on a joint academy. The academy provides room and board to all trainees for a period of 11 weeks.