Meredith Company has budgeted sales for the upcoming months as follows: April $ 458,000 May $ 466,000 June $ 492,000 July $ 523,000 August $ 50,000 September $ .484,000
30% of the sales are credit sales, the remainder are made in cosh Credit sales are collected 45% in the month of sole 40% in the month following the sale, and 5% in the second month following the sale a. Compute Meredith Company's cash receipts for June. (Do not round intermediate calculations.) Cash Receipts b. Compute Meredith Company's cash receipts for July (Do not round intermediate calculations.) Cash Receipts c. Compute Meredith Company's cash receipts for August (Do not round intermediate calculations) Cash Receipts
Answers
a. Meredith Company's cash receipts for June are $ 366,600.
To calculate the cash receipts for June, we need to first determine the credit sales made in April, which is 30% of $458,000 = $137,400. Out of this amount, 45% will be collected in June, which is $61,830. The cash sales made in June will be $492,000 - $137,400 = $354,600. Thus, the total cash receipts for June will be $354,600 + $61,830 = $416,430. However, we need to subtract the credit sales collected in May, which is 40% of $466,000 = $186,400. Therefore, the cash receipts for June will be $416,430 - $186,400 = $366,600.
b. Meredith Company's cash receipts for July are $ 377,050.
To calculate the cash receipts for July, we need to first determine the credit sales made in May, which is 30% of $466,000 = $139,800. Out of this amount, 45% will be collected in July, which is $62,910. The credit sales made in June will be 30% of $492,000 = $147,600. Out of this amount, 40% will be collected in July, which is $59,040. The cash sales made in July will be $523,000 - $139,800 = $383,200. Thus, the total cash receipts for July will be $383,200 + $62,910 + $59,040 = $505,150. However, we need to subtract the credit sales collected in June, which is 5% of $137,400 = $6,870. Therefore, the cash receipts for July will be $505,150 - $6,870 = $498,280.
c. Meredith Company's cash receipts for August are $ 363,800.
To caculate the cash receipts for August, we need to first determine the credit sales made in June, which is 30% of $492,000 = $147,600. Out of this amount, 45% will be collected in August, which is $66,420. The credit sales made in July will be 30% of $523,000 = $156,900. Out of this amount, 40% will be collected in August, which is $62,760. The cash sales made in August will be $500,000. Thus, the total cash receipts for August will be $500,000 + $66,420 + $62,760 = $629,180. However, we need to subtract the credit sales collected in July, which is 5% of $139,800 = $6,990. Therefore, the cash receipts for August will be $629,180 - $6,990 = $622,190.
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Related Questions
what are the three primary ways to manage a product through its life cycle?
Answers
Modifying the market, modifying the product and repositioning the product are the three primary ways to manage a product through its life cycle
A product's life cycle is the span of time between its initial release and eventual discontinuation. The four stages of a product's life cycle are introduction, growth, maturity, and decline. When a product is first introduced to the market, a company often spends more on marketing, but as product usage rises, sales grow. When customer acceptability increases, a product's sales stabilize and peak, but they may subsequently begin to decline due to competition or obsolescence. Making business decisions about everything from pricing and advertising to expansion or cost-cutting may benefit from understanding the product life cycle.
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The following is NOT AS LIKELY to be a key factor in Insurance Risk and Premium Discovery:
a The exporter's credit granting status
b The type of goods being shipped ("standardized" vs "custom")
c The size of the insurer's portfolio of Export Credit Insurance policies
d The Type of Insurance (political, commercial, or both)
e The importer's credit granting status
Answers
The factor that is NOT AS LIKELY to be a key factor in Insurance Risk and Premium Discovery is c) The size of the insurer's portfolio of Export Credit Insurance policies.
Insurance Risk and Premium DiscoveryInsurance Risk and Premium Discovery are some of the essential parts of any insurance policy.
It is the process of analyzing and assessing the risk involved in insuring a particular person or asset and determining the insurance premium that needs to be paid.
The riskier the asset or person, the higher the premium charged.
Key Factors in Insurance Risk and Premium Discovery
Some of the key factors that are taken into account during the process of Insurance Risk and Premium Discovery are:
a) The exporter's credit granting status
b) The type of goods being shipped ("standardized" vs "custom")
c) The size of the insurer's portfolio of Export Credit Insurance policies
d) The Type of Insurance (political, commercial, or both)
e) The importer's credit granting status
Therefore, the size of the insurer's portfolio of Export Credit Insurance policies is NOT AS LIKELY to be a key factor in Insurance Risk and Premium Discovery.
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Which of the following is NOT a best practice of designing your PowerPoint presentation? Review Later Use a visual representation of data to illustrate the information Use arrows, squares, circles or other cues to highlight important information Use different fonts and colors throughout the presentation Make sure the items on the slides are in perfect alignment and symmetry
Answers
The option that is NOT a best practice of designing your PowerPoint presentation is: "Use different fonts and colors throughout the presentation."
Using different fonts and colors throughout a presentation can create visual inconsistencies and make the slides appear cluttered and unprofessional. It is generally recommended to maintain a consistent font and color scheme throughout the presentation to ensure visual harmony and readability. Consistency in design elements helps the audience focus on the content rather than being distracted by inconsistent formatting.
Remember, while PowerPoint presentations offer various design options, it is important to strike a balance between visual appeal and clarity to effectively communicate your message to the audience.
Therefore the correct option is Use different fonts and colors throughout the presentation
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Is cereal soup or no?
Answers
Answer:
no its a candy acid
Explanation:
What should you do before giving contact information for your references to a potential employer? A. Notify references and get their permission. B. Write a follow-up letter. C. Research the company on its website. D. Introduce your references to each other. picor provided
Answers
Explanation
If you notify and get permission from your reference, they will be prepared with a great response when they get a call from your potential employer.
After completion of Form W-4, an employer must copy the employee's social security card and place it in the employee's employment file.
a. True
b. False
Answers
b. False
An employer is not required to copy an employee's social security card and place it in the employee's employment file after completion of Form W-4.
The purpose of Form W-4 is to provide the employer with information regarding the employee's federal income tax withholding. It includes details such as the employee's filing status, number of allowances, and any additional withholding amounts.
While employers are required to verify an employee's identity and eligibility to work in the United States, they typically do this by completing and retaining a Form I-9, not by copying the social security card.
The Form I-9 verifies the employee's identity and work authorization using acceptable documents, which may include a social security card but also other forms of identification.
It's important for employers to follow the specific guidelines outlined by the U.S. Citizenship and Immigration Services (USCIS) and the Internal Revenue Service (IRS) when it comes to employment documentation and record-keeping practices.
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An interesting video showed a man trying to deposit a banana into his bank account. The teller politely told him that only items that last for long periods of time are money. Therefore, she could not accept the banana as a deposit. What function of money did the banana lack? It cannot be counterfeited It is not a measure of worth It is not a store of value It is not a medium of exchange Question 59 1 pts Modern US currency is light and easy to carry. Therefore, it is ... stable divisible durable portable How do banks create money? The mint new coins They charges fees for services They take in deposits and make loans They print new currency Question 61 1 pts During the great recession of 2007 to 2009 , the U.S. economy experienced the greatest economic downturn since the Great Depression of the 1930s. Unemployment spiked at 25 percent and GDP declined 10 percent. Which action could the Federal Reserve Bank to end the recession? Raise the discount rate Increase the reserve requirements Print more money Buy government securities
Answers
The man who tried to deposit a banana in his bank account lacked the function of money, which is "store of value."
Money has several functions, including a medium of exchange, unit of account, store of value, and standard of deferred payment. It is accepted as a means of payment in exchange for goods or services in the first function. In the second function, the prices of products and services are expressed.
In the third function, it can be kept for future transactions as an item of value, and in the fourth function, it is utilized to repay obligations, such as loans, over an extended period of time.Banks generate money by taking in deposits and issuing loans. Deposits are kept by banks, and the money is utilized to give loans.
As a result, new money is created as banks take in deposits and create loans. Money in an economy is critical for its operation. It enables people to purchase goods and services while also allowing companies to grow. Money has various functions, including serving as a medium of exchange, a unit of account, a store of value, and a standard of deferred payment.The Federal Reserve Bank, which is the central bank of the United States, is responsible for overseeing the economy's monetary policy.
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A deposit of 10,000 offering a 6%annual rate would pay how much interest over a six month period?
Answers
PLS HELP ME :(
What causes the national debt to increase?
A. The federal government borrowing money from other countries
B. The value of goods imported into the country greatly increasing
C. The Federal Reserve setting a higher discount rate for banks
D. The national unemployment rate rising for consecutive quarters
Answers
Answer:
im pretty sure it would be A
Explanation:
hope that helps
Carrie is creating a personal balance sheet. The heading includes the period of time that the balance sheet represents. Which could be the header of Carrie's balance sheet?
Answers
Answer:
The answer is Carrie's Balance Sheet (January 2013)
Explanation:
It is titled Carrie's Balance sheet and it shows the date in the title, it is the only one with a specific month compared to a longer period of time.
Answer:Carrie’s Balance Sheet (January 1, 2021)
Explanation: Got it correct on edge.
Discuss the role of the father in attachment theory
Answers
Explanation:
Both parents are considered attachment figures in attachment theory, and the child-father attachment is autonomous from the child-mother attachment. Whereas mothers are commonly involved in caregiving and providing emotional refuge, fathers are particularly involved in play and exploratory undertakings.
Which of the following are clichés?
Answers
Answer:
2nd scentence
Explanation:
Quick as a flash
Easier said than done
First and foremost
who benefits form medicare taxes?
Answers
Answer: The Medicare tax rate is 1.45% of an employee's gross income. The Medicare tax, which is a charge on both employers and employees, is paid by both.
one company is facing several decisions regarding investing and financing activities. address each decision independently. on june 30, 2024, the stone company purchased equipment from paper corporation. stone agreed to pay $15,000 on the purchase date and the balance in six annual installments of $7,000 on each june 30 beginning june 30, 2025. assuming that an interest rate of 12% properly reflects the time value of money in this situation, at what amount should stone value the equipment? stone needs to accumulate sufficient funds to pay a $450,000 debt that comes due on december 31, 2029. the company will accumulate the funds by making five equal annual deposits to an account paying 5% interest compounded annually. determine the required annual deposit if the first deposit is made on december 31, 2024. on january 1, 2024, stone leased an office building. terms of the lease require stone to make 20 annual lease payments of $125,000 beginning on january 1, 2024. a 12% interest rate is implicit in the lease agreement. at what amount should stone record the lease liability on january 1, 2024, before any lease payments are made?
Answers
$1,109,479.93 amount should stone record the lease liability on january 1, 2024, before any lease payments are made which means Present Value of Lease Liability is $1,109,479.93
Requirement 1
Equipment should be recorded at its Cash Price Equivalent. But in the absence of such, it is recorded at the present value of payments or fair value at the time of acquisition, whichever is lower.
Since Cash Price Equivalent and fair value is not available, we will use the discounted value of payments.
Annual Payments = $6,000
PV of 11% ordinary annuity for 6 periods = 4.23054
Present Value of Annual Payments = $6,000 x 4.23054 = $25,383.24
Add: Down Payment - $29,000
Present Value of Equipment = $54,383.24
Requirement 2
Future Value of Debt = $590,000
Future Value factor of 6% for 5 periods = 5.63709
Required Annual Deposits = $590,000 / 5.63709 = $104,663.93
To raise a total of $590,000, Johnstone should invest $104,663.93 annually to pay off its debt due in December 31, 2021.
Requirement 3
Lease liability are recorded at the present value of the total minimum lease payments.
Annual Payment = $139,000
Present Value factor of 11% annuity due for 15 periods = 7.98187
We use annuity due because the payments are made in advance.
Present Value of Lease Liability = $139,000 x 7.98187 = $1,109,479.93
Lease liability is recorded at its present value. An interest expense is also recognized annually for the whole life of lease.
Investments are monetary resources purchased in order to earn returns in the future or to be sold in the future for profit. The higher the investment, the higher the return is. But it also means higher risk.
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Imagine you are the dining room manager of a restaurant. You are responsible for
creating a set of sanitation rules to be followed by the staff.
The sanitation rules should cover the following aspects:
Service sanitation rules
Personal hygiene and attire rules
Side work rules
Answers
In HVAC systems, sensors are one of the most important components. i. What is the main function of the sensors? ii. Based on different HVAC variables, what kind of sensors are normally used in the intelligent buildings? iii. Explain the different sensors with their advantages and disadvantages Resistance temperature devices ► Thermistors Thermocouples (14 marks)
Answers
In HVAC systems, sensors play a crucial role in regulating indoor climate control. They measure various environmental parameters and send signals to the system for effective control. Different types of sensors are used in intelligent buildings based on HVAC variables. These sensors include temperature sensors, occupancy sensors, humidity sensors, carbon monoxide sensors, light level sensors, and pressure sensors. Each sensor serves a specific function and contributes to optimizing HVAC performance.
1. Temperature Sensors:
Temperature sensors, such as Resistance Temperature Devices (RTDs), thermistors, and thermocouples, measure ambient temperature. RTDs offer high accuracy and repeatability, while thermistors are highly sensitive and cost-effective. Thermocouples have a wide temperature range but lower accuracy compared to RTDs and thermistors.
2. Occupancy Sensors:
Occupancy sensors detect the presence of occupants in a space and help control HVAC systems based on occupancy. They contribute to energy efficiency by optimizing HVAC usage.
3. Humidity Sensors:
Humidity sensors measure moisture content in the air. They assist in maintaining appropriate humidity levels for occupant comfort and preventing moisture-related issues.
4. Carbon Monoxide Sensors:
Carbon monoxide sensors detect harmful gas presence, ensuring indoor air quality and safety.
5. Light Level Sensors:
Light level sensors monitor light intensity in a space, enabling daylight harvesting and controlling artificial lighting systems to conserve energy.
6. Pressure Sensors:
Pressure sensors measure air pressure within the HVAC system. They help monitor and regulate airflow, ensuring proper ventilation and system performance.
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Frederick works in a local government for a certain city. One his primary responsibilities is to check whether the city’s contracts, bids, and tax reports meet certain specific guidelines. Which government career role does Frederick perform.
Answers
Answer: B - City administrator
Explanation: took the plato test
Is progressive tax a indirect tax?
Answers
Progressive tax a indirect tax. Based on the idea of ability to pay, a progressive tax takes a greater percentage of income from high-income groups than from low-income groups.
Define the term progressive tax?A progressive tax is one that levies a higher percentage of income from high-than-low income groups.
A tax that applies the same percentage of income to all income groups is known as a proportional tax. Regressive taxes are those that take a greater percentage of income from low-income groups than from high-income groups.In a progressive tax, which is based on the idea of ability to pay, a higher percentage of income is taken from high-income groups than from low-income groups.An income-related average tax burden is referred to as a progressive tax. Low- and middle-income taxpayers bear a disproportionately small share of the tax burden, compared to high-income families.Thus, as regressiveness is typically associated with indirect taxes. Since the indirect tax rate is constant regardless of income, it is progressive in nature.
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discuss whether or not an increase in income tax will improve economic performance
Answers
Lower tax rates boost the after-tax advantage of working, saving, and investing, which increases the size of the economy.
Tax cuts have a beneficial influence on the size of the economy because they increase the after-tax benefit for working, saving, and investing.
By substitution effects, these larger after-tax rewards inspire additional work effort, saving, and investment.
Impact of Taxes on Resource Allocation: Taxation can influence the volume or quantity of production as well as the structure of production in the economy by diverting resources in the desired directions.
In the end, it may have some positive benefits on productivity.
If the assessed attempts tax evasion, the losses cannot be carried forward. If you fail to file your income tax return on time, you will be fined Rs 5000.
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10)
How might a mission statement help Donna with her new
business?
Answers
A mission statement can help Donna with her new business by providing clarity and direction for her venture. It serves as a guiding statement that outlines the purpose, values, and goals of the business.
It helps Donna align her decisions, actions, and strategies with the overall mission, facilitating focus and consistency in her business operations. A mission statement is a concise statement that articulates the purpose and core values of a business. It outlines what the business aims to achieve and how it intends to operate. For Donna, having a mission statement for her new business can provide several benefits.
Firstly, it helps Donna define the purpose and direction of her business. It clarifies the reason for starting the business and what it aims to accomplish, providing a sense of focus and clarity.
Secondly, a mission statement helps Donna communicate her business's values and principles to stakeholders, including employees, customers, and investors. It sets the foundation for building a strong company culture and aligning everyone's efforts toward a common goal.
Lastly, a mission statement can serve as a guide for decision-making and strategy development. When faced with choices or challenges, Donna can refer to her mission statement to ensure that her actions align with the overall purpose and values of her business.
A mission statement plays a crucial role in helping Donna with her new business by providing clarity, guiding decision-making, and aligning stakeholders toward a common vision.
In conclusion, a mission statement can significantly benefit Donna in her new business. It provides clarity and direction, communicates values to stakeholders, and guides decision-making and strategy development. By establishing a mission statement, Donna can effectively define her business's purpose and goals, foster a strong company culture, and make informed decisions that align with her business's overall mission. This helps create a solid foundation for success and growth in her new venture.
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in association with labor and capital, mill had contrasting views of?
Answers
Mill held opposing viewpoints regarding profit sharing in conjunction with capital and labor.
What Is a Plan for Sharing Profits?A retirement plan known as a profit-sharing plan gives employees a stake in the company's profits. An employee receives a percentage of a company's profits based on its quarterly or annual earnings under this type of plan, which is also referred to as a deferred profit-sharing plan (DPSP). A profit-sharing plan is a great way for a company to give its employees a sense of ownership in the business. However, there are usually restrictions on when and how employees can withdraw funds without being penalized. Businesses decide how much to give to each employee because they set up profit-sharing plans. A business that offers a profit-sharing plan changes it as needed, sometimes making no contributions at all for a few years. However, in the years in which it contributes, the business is required to devise a predetermined method for allocating profits.
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1.XYZ company had a total profit of $500,000. XYZ's expenses were $200,000. What is the net profit for XYZ company?
Answers
Answer:
$300,000
Explanation:
Which of the following choices is not a step that can reduce your spending?
a.
eating at home, rather than dining out
b. using budgeted cash only
c. forgoing premium cable TV channels
d. purchasing reduced fat lattes during the week
Answers
Out of the given options, you won't reduce your spending by d. purchasing reduced fat lattes during the week.
How can we reduce spending?The best way to reduce spending is by spending less on things that we don't need or that we can do without.
In this case, spending on fat lattes won't be a way to reduce spending because they aren't very significant.
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When British regulators were forced to suspend the license of a flu vaccine plant in Liverpool operated by the Chiron Corporation due to concerns over bacterial contamination. As a result, the number of flu vaccines available in the United States market decreased by 48 million doses. This was nearly half of the total supply of vaccines in the market. A. Shift the appropriate curve or curves to show this dramatic change in the market for flu vaccines. Market for flu vaccines S D b. As a result of the decline in available flu vaccines, the equilibrium price should , and the equilibrium quantity should
Answers
(a) As a result of suspending license of vaccine plant, the supply of flu vaccines will decrease. Thus, the supply curve will shift to the left (shift the blue curve to the left)
What are the equilibrium quantity and price?The price at which consumer and producer plans coincide, i.e., when quantity sought by consumers equals quantity provided by producers, is known as equilibrium pricing. Any market's equilibrium price is the one at which supply and demand are equal. When a product is in equilibrium amount, there is neither a shortage nor an overabundance of it on the market. When supply and demand are in balance, the quantity of a good that consumers want to purchase is equal to the quantity that its suppliers are supplying.
(b) Thus, the equilibrium price should increase and the equilibrium quantity should decrease.
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The complete question is attached below:
In most industries, getting into which kind of role usually requires experience? A. Entry-level B. Intership C. Managerial
Answers
Answer:
ifj
Explanation:
gjhguvcygvgvyvvvvbjfhjfg vy9bi givgu vu
Briefly explain two ethical values that are necessary for all accountants.
Answers
Objectivity and independence are important ethical values in the accounting profession. ... Accounting services include general accounting, auditing, tax and management advisory services. Accountants who perform more than one of these services for a client may compromise their objectivity and independence.
Question 5 of 10 The tax rate. percentage paid on income taxes is called the marginal O A fixed O B. incremental O C. total O D. average SUBMIT
Answers
Answer:
Its not D
Explanation:
I got it wrong :((
Q1.
Your company invested $500,000 five years ago that is now worth $1476732.
What is the annual interest rate that the company earned on compound interest basis.
Note: Provide your answer rounded to one decimal place WITHOUT the $ sign (ex: 23,4).
Q2.
How long does it to take double an investment if the investment pays only simple interest at the rate of 14 % per year?
Answers
: The annual interest rate that the company earned on the compound interest basis is 10.2%.Explanation:Given thatThe present value of the investment (PV) = $500,000The future value of the investment (FV) = $1,476,732n = 5 yearsRate of interest (r) = ?We need to find the annual rate of interest earned by the company on the compound interest basis.
So we use the formula for compound interest and solve for the rate of interest.r = [(FV / PV)^(1/n) - 1] * 100Putting the values in the formula, we get,r = [(1,476,732 / 500,000)^(1/5) - 1] * 100r = 10.2%Therefore, the annual interest rate that the company earned on the compound interest basis is 10.2%Q2.Main Answer: It will take 5 years to double an investment if the investment pays only simple interest at the rate of 14% per year.
Explanation:We know that the formula to calculate the amount of simple interest is given by:I = (P * r * t) / 100WhereI = Simple InterestP = PrincipalR = Rate of interestT = TimeThe amount A = P + IFor doubling the investment, the amount will be twice the principal.So, A = 2PA = P + (P * r * t) / 100Putting the values in the formula, we get,2P = P + (P * 14 * t) / 1002P - P = (P * 14 * t) / 100P = (P * 14 * t) / 100t = 100 / 14t = 7.14 yearsTherefore, it will take 7.14 years to double the investment if the investment pays only simple interest at the rate of 14% per year.Rounding off to 1 decimal place, we get,t = 7.1 years (approx)
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Write a promotion policy below - include personal qualities and behaviors the company rewards and how they are rewarded, such as raise or promotion.
Answers
Answer:
When a company tells its employees that there’s no dress code and that it’s a casual work environment, that’s a trick. Don’t be fooled – there’s no such thing as a casual work environment when it comes to how you look. Fair or not, how you dress is super important.
Explanation:
T/F the nurse is providing discharge teaching with a client about pacemaker surveillance. which client statement indicates a need for further teaching?
Answers
Correct response:"I will report if I feel lightheaded and dizzy at my subsequent doctor's appointment.”
When educating a patient with a newly inserted pacemaker you should?Monitor website online for bleeding and contamination for the first week. Bruising may additionally be present. Avoid immersing the web site in water for three days. Minimize arm and shoulder recreation of affected arm and wear unfastened overlaying over incision for 1-2 weeks, to prevent dislodgement of new leads.
Which endeavor would the nurse instruct customers to keep away from after having implantation of everlasting cardiac pacemaker?Limit any strenuous activities for six weeks. During this time, it is vital for patients with pacemakers implanted in the chest to avoid lifting the elbow above the shoulder on the aspect of the pacemaker. Before leaving the hospital, discuss pastime hints and restrictions with the doctor or nurse
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