Questions
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The...

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:

  1. As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:

Cash $

58,000

Accounts receivable

214,400

Inventory

60,450

Buildings and equipment (net)

368,000

Accounts payable $

90,525

Common stock

500,000

Retained earnings

110,325

$

700,850

$

700,850

  1. Actual sales for December and budgeted sales for the next four months are as follows:

December(actual) $

268,000

January $

403,000

February $

600,000

March $

315,000

April $

211,000

  1. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.

  2. The company’s gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)

  3. Monthly expenses are budgeted as follows: salaries and wages, $33,000 per month: advertising, $63,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $44,980 for the quarter.

  4. Each month’s ending inventory should equal 25% of the following month’s 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 in the following month.

  6. During February, the company will purchase a new copy machine for $2,800 cash. During March, other equipment will be purchased for cash at a cost of $79,000.

  7. During January, the company will declare and pay $45,000 in cash dividends.

  8. Management wants to maintain a minimum cash balance of $30,000. 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. 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 data above, complete the following statements and schedules for the first quarter:

1. Schedule of expected cash collections:

2-a. Merchandise purchases budget:

2-b. Schedule of expected cash disbursements for merchandise purchases:

3. Cash budget:

4. Prepare an absorption costing income statement for the quarter ending March 31.

5. Prepare a balance sheet as of March 31.

mplete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.)

Requirement 3
Hillyard Company
Cash Budget
January February March Quarter
Beginning cash balance $58,000 $30,560 $31,860
Add cash collections 295,000 442,400 543,000 1,280,400
Total cash available 353,000 472,960 574,860 1,280,400
Less cash disbursements:
Inventory purchases 226,200 (294,300) (245,325) (765,825)
Selling and administrative expenses 128,240 (33,000)
Equipment purchases (79,000) (79,000)
Cash dividends 45,000 (9,450)
Total cash disbursements 399,440 (294,300) (366,775) (844,825)
Excess (deficiency) of cash (46,440) 178,660 208,085 435,575
Financing:
Borrowings 77,000 (79,000)
Repayments (31,860)
Interest (79,310)
Total financing 77,000 (158,310) 0
Ending cash balance $30,560 $178,660 $49,775 $435,575

Requirement 4

pare an absorption costing income statement for the quarter ending March 31.

Hillyard Company
Income Statement
For the Quarter Ended March 31
Sales
Cost of goods sold:
Beginning inventory
Purchases
Ending inventory 0
Goods available for sale 0
Gross margin 0
Selling and administrative expenses:
Salaries and wages 33,000
Advertising 63,000
Shipping
Depreciation
Other expenses
96,000
Net operating income (96,000)
Interest expense
Net income $(96,000

Requirement 5:

Prepare a balance sheet as of March 31.

Hillyard Company
Balance Sheet
March 31
Assets
Current assets:
Cash $790,800
Accounts receivable
Inventory
Total current assets 790,800
Buildings and equipment, net
Total assets $790,800
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
Stockholders' equity:
Common stock
Retained earnings
0
Total liabilities and stockholders’ equity $0

NOTE__ some of my numbers already imputted could be wrong.

In: Accounting

How will a hospitality and travel business respond to negative reviews through social media on sites...

How will a hospitality and travel business respond to negative reviews through social media on sites like Yelp! and Trip Advisor? Please choose two negative online reviews of a hospitality or tourism business service that you know well. First, formulate a strategy for responding to a negative review of that business if you believe the comment you have chosen is factually true, but negative. Next, reflect and create a response on a comment if you know the comment is factually incorrect and negative as well. What are the different strategies to responding to comments that are negative about service but in one case you know true and in another false?

In: Operations Management

craft breweries that make beer in small batches are experiencing a spectacular growth in bars and...

craft breweries that make beer in small batches are experiencing a spectacular growth in bars and liquor stores across the nation. The craft beer industry now boasts of 4269 breweries, representing a 12% market share of the total beer market in the united states (Fortune, March 22, 2016). It has been estimated that 2 craft breweries open every day. Assume this number represents an average that remains the constant over time. a) What is the probability that exactly 4 craft breweries open in a day? b) What is the probability that there are at least 5 craft breweries open in a day? c) What is the probability that exactly 10 breweries open every week? d) What is the probability that at least 20 craft breweries open every week?

In: Math

You are considering a 15-year, $1,000 par value bond. Its coupon rate is 8%, and interest...

You are considering a 15-year, $1,000 par value bond. Its coupon rate is 8%, and interest is paid semiannually. If you require an "effective" annual interest rate (not a nominal rate) of 7.6420%, how much should you be willing to pay for the bond? Do not round intermediate calculations. Round your answer to the nearest cent.

$________

In: Finance

Determine the rate law and the value of k for the following reaction using the data...



Determine the rate law and the value of k for the following reaction using the data provided.

2 NO(g) + O2(g) ? 2 NO2(g)

[NO]i (M) [O2]i (M) Initial Rate (M-1s-1)
0.030 0.0055 8.55 x 10-3
0.030 0.0110 1.71 x 10-2
0.060 0.0055 3.42 x 10-2
Rate = 57 M-1s-1[NO][O2]
Rate = 3.1

In: Chemistry

The equilibrium constant, K, for the reaction below is 57.0 at 700K Hydrogen gas plus iodine...

The equilibrium constant, K, for the reaction below is 57.0 at 700K

Hydrogen gas plus iodine gas yields hydrogen iodide gas.

Write the balanced equation for the reaction. If 1.00 mol of hydrogen gas is allowed to react with 1.00 moles of iodine gas in a 10.0 Liter container, what are the concentrations of each gas at equilibrium?

In: Chemistry

Give an equation or series of equations that can be used to determine the buried nonpolar...

Give an equation or series of equations that can be used to determine the buried nonpolar surface area resulting from the formation of a macromolecular complex.

Your equation(s) should heat capacity change due to the hydrophobic effect.

In: Chemistry

Write a java program to read a string from the keyboard, and count number of digits,...

Write a java program to read a string from the keyboard, and count number of digits, letters, and whitespaces on the entered string. You should name this project as Lab5B.

  • This program asks user to enter string which contains following characters: letters or digits, or whitespaces. The length of the string should be more than 8. You should use nextLine() method to read string from keyboard.

  • You need to extract each character, and check whether the character is a letter or digit or whitespace.

  • You can access character at a specific index using charAt() method. Once you have extracted the character, you can test the extracted character using character test methods.

  • You can look at google/web search to check the methods (isDigit, isLetter, and isSpaceChar) available to test a character. Use the syntax properly in your code.

  • Once you found a match, simply increase the value of the counter by 1. You need 3

    separate counters to count letters, digits, and spaces.

  • In this program, you do not need to worry about uppercase or lowercase letter.

       Sample Output 1
    
       Enter the string: EEEEEEE RRR LLLLLL UUUUUUUUUU
       Number of spaces: 3
       Number of letters: 26
       Number of digits: 0
    

In: Computer Science

Low concentrations of methylmercury near the detection limit gave the dimensionless instrument readings: 208.1 , 176.5...

Low concentrations of methylmercury near the detection limit gave the dimensionless instrument readings: 208.1 , 176.5 , 165.1 , 177.1 , 222.1 , 162.9 , 225.9 , 204.5 , 137.5 , and 208.3 . Ten blanks had a mean reading of 41.9 . The slope of the calibration curve is 1.45 × 10 9 M − 1 . Estimate the signal and concentration detection limits and the lower limit of quantitation for methylmercury.

In: Chemistry

# Finds and returns only the even elements in the list u. # find_evens([1, 2, 3,...

# Finds and returns only the even elements in the list u.
# find_evens([1, 2, 3, 4] returns [2, 4]
# find_evens([1, 2, 3, 4, 5, 6, 7, 8, 9, 10] returns [2, 4, 6, 8, 10]
#
u = [1, 2, 3, 4] 
v = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]

def find_evens(u):
    return None  # Replace this with your implementation
 
print('Testing find_evens')
print(' find_evens(u): ' + str(find_evens(u)))
print(' find_evens(v): ' + str(find_evens(v)))
print()

Making code using recursion function

In Python

In: Computer Science

explain industrial wastewater treatment,strength reduction,suggested treatment methods and with diagram.(50marks) Need own answer and no internet...

explain industrial wastewater treatment,strength reduction,suggested treatment methods and with diagram.(50marks)

Need own answer and no internet answers r else i il downvote nd report to chegg.Even a single is wrong i il downvote.its 50marks question so no short answer minimum 10page answer required and own answer r else i il downvote.

Note:Minimum 10page answer and no plagarism r else i il downvote and report to chegg.Minimum 10 to 15page answer required r else dnt attempt.strictly no internet answer n no plagarism.

its 50marks question so i il stricly review nd report

In: Computer Science

You are hired as a junior manager at a state-owned institution at the beginning of 2021...

You are hired as a junior manager at a state-owned institution at the beginning of 2021 with a salary of $100,000. You must choose between two retirement plans in the first week of your employment. This choice cannot be reversed. The two alternatives are:

• the state’s defined benefit plan (DBP): under which you will receive annual retirement benefits determined by the following formula: 1.5% * years of service * salary at retirement.

• a defined contribution plan (DCP): under which the institution will contribute each year an amount equal to 8% of your salary to your retirement fund.

You assume that salaries will rise by 3% a year, the interest rate and return of retirement assets will roughly match the market index return of 8%, you will retire after 35 years (end of 2055), and receive retirement payment for the subsequent 25 years (between the end of 2055 and the end of 2080).

What is the amount of PBO under the DBP for your employer at the end of 2021? Hint: present value at the end of 2021

In: Accounting

Lourdes Corporation's 12% coupon rate, semiannual payment, $1,000 par value bonds, which mature in 30 years,...

Lourdes Corporation's 12% coupon rate, semiannual payment, $1,000 par value bonds, which mature in 30 years, are callable 4 years from today at $1,075. They sell at a price of $1,252.76, and the yield curve is flat. Assume that interest rates are expected to remain at their current level.

What is the best estimate of these bonds' remaining life? Round your answer to the nearest whole number._____years

If Lourdes plans to raise additional capital and wants to use debt financing, what coupon rate would it have to set in order to issue new bonds at par?

  1. Since Lourdes wishes to issue new bonds at par value, the coupon rate set should be the same as that on the existing bonds.
  2. Since Lourdes wishes to issue new bonds at par value, the coupon rate set should be the same as the current yield on the existing bonds.
  3. Since interest rates have risen since the bond was first issued, the coupon rate should be set at a rate above the current coupon rate.
  4. Since the bonds are selling at a premium, the coupon rate should be set at the going rate, which is the YTC.
  5. Since the bonds are selling at a premium, the coupon rate should be set at the going rate, which is the YTM.

In: Finance

With the theory of consumer behavior, graphically illustrate and carefully explain why a cash gift generally...

With the theory of consumer behavior, graphically illustrate and carefully explain why a cash gift generally is preferred to an in-kind gift of equal value. Can an in-kind gift be as good as a cash gift of equal value? Explain and graphically illustrate.

In: Economics

Paula and Danny want to plant evergreen trees along the back side of their yard. They...

Paula and Danny want to plant evergreen trees along the back side of their yard. They do not want to have an excessive number of trees. Write a program that prompts the user to input the following:

The length of the yard.

The radius of a fully grown tree.

The required space between fully grown trees.

The program outputs the number of trees that can be planted in the yard and the total space that will be occupied by the fully grown trees.

In: Computer Science