Parliament Company, which expects to start operations on January 1, year 2, will sell digital cameras in shopping malls. Parliament has budgeted sales as indicated in the following table. The company expects a 10 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March.
Required:
Determine the amount of sales revenue Parliament will report on its first quarter pro forma income statement.
Answers
Answer:
Note: The complete question is attached as picture below
We are add the previous month +10% to get that month's amounts
Sales Budget
January February March
Cash sales $50,000 $55,000 $60,500
Credit sales $120,000 $132,000 $145,200
Total sales $170,000 $187,000 $205,700
Workings:
February
Cash sales = 50,000+(50,000*10%) = $55,000
Credit sales= 120,000+(120,000*10%) = $132,000
March
Cash sales = 55,000+(55,000*10%) = $60,500
Credit sales= 132,000+(132,000*10%) = $145,200
Here we have added the previous month +10% to get that month's amounts
So,
Sales Budget
January February March
Cash sales $50,000 $55,000 $60,500
Credit sales $120,000 $132,000 $145,200
Total sales $170,000 $187,000 $205,700
Workings note
For FebruaryCash sales = 50,000 + (50,000 ×10%)
= $55,000
Credit sales= 120,000+(120,000 × 10%)
= $132,000
For March
Cash sales = 55,000+(55,000 × 10%)
= $60,500
Credit sales= 132,000+(132,000 × 10%)
= $145,200
In this way, the amount should be determined.
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Related Questions
4. During a slow business period, an associate sees a new hire having trouble answering a customer's questions. The customer is ready to leave. What should the
associate do?
O A. Step in and say, "Here, let me help," then ring the sale
OB. Approach them and ask, "Can I help answer any questions?
OC. Alert the manager that the new hire needs help
D. Watch without interrupting and advise the new hire after the customer leaves
Answers
In this situation, the most appropriate course of action for the associate would be to choose option B: Approach them and ask, "Can I help answer any questions?"
In this situation, the most appropriate course of action for the associate would be to choose option B: Approach them and ask, "Can I help answer any questions?" By approaching the new hire and offering assistance, the associate demonstrates teamwork and a willingness to support colleagues. This approach allows the new hire to handle the customer interaction directly, gain experience, and build confidence. However, the associate's presence and offer to help signal that they are available to step in if needed. Interrupting the interaction completely, as in option A, may undermine the new hire's ability to learn and handle customer inquiries independently. It is essential to strike a balance between providing support and allowing the new hire to develop their skills. Option C, alerting the manager, should be reserved for situations where the new hire is struggling consistently or if the customer's concerns are not being addressed. It is generally more effective to offer immediate assistance before involving higher-level management. Option D, watching without interrupting and advising the new hire afterward, misses the opportunity to salvage the customer's experience in real-time. Addressing the customer's concerns promptly and preventing them from leaving is crucial for maintaining customer satisfaction and loyalty. In summary, approaching the new hire and offering assistance while the customer is still present (option B) strikes a balance between supporting the new hire and ensuring a positive customer experience.
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A baker recently has come to expect higher prices for bread in the near future. We would expect Group of answer choices the baker to supply more bread now than she was supplying previously. the baker to supply less bread now than she was supplying previously. the demand for bread to fall. no change in the baker's current supply of bread; instead, future supply will be affected.
Answers
Answer: the baker to supply less bread now than she was supplying previously
Explanation: Going by the concept of demand and supply with respect to price of goods and services which is a factor which affects these two economic phenomenon, When there is a perceived or possible rise in the price of goods and services, manufacturers in a bid to maximize profit, tends to hoard the available amount of goods available, by supplying the market below the usual amount. Conversely, when there is a perceived decline in future price, they tend to supply more than usual in other to reduce or minimize loss.
Have you ever had a crafting table on a first date?
Answers
QUESTION 5
Business are usually organized according to which three types?
O As service businesses, manufacturing businesses, or marketing intermediaries
O As profit centers or service centers
As retailers, wholesalers, or distributors
O As industrial, consumer, or governmental entities
Answers
Howarth Manufacturing Company purchased equipment on June 30, 2017, at a cost of $800,000. The residual value of the equipment was estimated to be $50,000 at the end of a five year life. The equipment was sold on March 31, 2021, for $170,000. Howarth uses the straight- line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service
Required:
1. Prepare the journal entry to record the sale.
2. Assuming that Howarth had instead used the double-declining balance method, prepare the journal entry to record the sale.
Answers
The journal entry that can be used to record the sale will be:
March 31, 2021.
Debit Cash $170000
Debit Accumulated Depreciation $562500
Debit Less on sales $67500
Credit Equipment $800000
When Howarth used the double-declining balance method, the journal entry to record the sale will be:
Debit Cash $170000
Debit Accumulated Depreciation $675584
Credit Gain on sales $45584
Credit Equipment $800000
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George believes he could be a savvy investor, he wants to invest in stocks but he is confused on what stocks to choose and which is better. George decided to ask you for your opinion on which is better? Common or preferred stocks. Why?
Answers
An ownership share in a firm is provided to investors by common stock. Many corporations only produce common stock, and common stock trades on stock markets much more frequently than preferred stock. Compared to regular stock, preferred stock frequently functions more like a bond. Dividend yields on preferred stock are frequently substantially greater than dividend yields on ordinary stock and thus are fixed at a specific rate, whereas dividends for common stock are subject to adjustment or even elimination. The price at which a business will finally redeem preferred shares is also fixed.
What are Common stock and Preferred Stock?Common stock is a type of investment that represents ownership in an organization. Common stock owners choose the board members and cast ballots for corporate rules. Common stock is a type of financial instrument that represents ownership in a company.
A type of stock called preferred stock combines the features of bonds and equities. Like bonds, preferred stock pay dividends in cash and frequently offers better yields than bonds while being less risky than common stock.
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Kansas Pizza Pantry opened its first restaurant in Lawrence, Kansas in 1985. Almost immediately after the first location opened, it expanded from Kansas Pizza Pantry to more than 250 locations in more than 30 states and 11 countries. Kansas Pizza Pantry completed an initial public offering in August 2000. Several years ago, Silver Capital completed the acquisition of Kansas Pizza Pantry and, as a result of the acquisition, the company's common stock is no longer publicly traded.
KANSAS PIZZA PANTRY, INC., AND SUBSIDIARIES
Consolidated Statements of Operations
(amounts in thousands, except for per share data)
Year 3 Year 2 Year 1
Revenues:
Restaurant sales $ 633,106 $ 652,685 $ 665,616
Royalties from licensing agreement 6,722 8,239 6,580
Domestic franchise revenues 4,200 2,934 2,757
International franchise revenues 3,153 2,178 2,121
Total revenues 647,181 666,036 677,074
Costs and expenses:
Food, beverage and paper supplies 149,732 155,181 165,526
Labor 237,383 247,850 247,276
Direct operating and occupancy 142,920 142,473 140,367
Cost of sales 530,035 545,504 553,169
General and administrative 50,831 51,041 51,642
Depreciation and amortization 37,156 40,331 40,299
Pre-opening costs 3,369 1,893 4,478
Loss on impairment of property and equipment 18,952 23,441 13,336
Store closure costs 1,758 564 1,033
Litigation, settlement and other costs 8,909 1,659 736
Total costs and expenses 651,010 664,433 664,693
Operating (loss)/income (6,279 ) 3,303 12,381
Interest expense, net (26 ) (783) (1,324)
(Loss)/income before income tax (benefit)/provision (6,305 ) 2,520 11,057
Income tax (benefit)/provision (5,239 ) (2,141) 2,395
Net (loss)/income $ (1,066 ) $ 4,661 $ 8,662
Net (loss)/income per common share:
Basic $ (0.07 ) $ 0.19 $ 0.34
Diluted $ (0.07 ) $ 0.19 $ 0.34
Weighted average shares used in calculating net (loss)/income per common share:
Basic 24,738 24,564 25,193
Diluted 24,738 24,393 25,211
KANSAS PIZZA PANTRY, INC., AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except for share data)
Year 3 Year 2
Assets
Current assets:
Cash and cash equivalents $ 14,465 $ 23,724
Other receivables 12,844 13,041
Inventories 6,427 6,557
Current deferred tax asset, net 8,675 7,576
Prepaid rent 306 5,957
Other prepaid expenses 2,818 2,281
Total current assets 45,535 59,136
Property and equipment, net 242,446 256,416
Noncurrent deferred tax asset, net 22,601 25,511
Goodwill 4,722 4,872
Other intangibles, net 5,087 4,964
Other assets 8,813 7,409
Total assets $ 329,204 $ 358,308
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 17,675 $ 11,763
Accrued compensation and benefits 23,923 23,701
Accrued rent 21,174 20,287
Deferred rent credits 4,358 4,245
Other accrued liabilities 14,190 11,915
Gift card liability 14,877 21,140
Store closure reserve 79 351
Total current liabilities 96,276 93,402
Long-term debt --- 22,800
Other liabilities 9,986 8,728
Deferred rent credits, net of current portion 33,677 32,978
Income taxes payable, net of current portion 329 10,125
Commitments and contingencies - -
Stockholders’ equity:
Common stock—$0.01 par value, 80,050,000 shares
authorized, 27,100,000 and 26,700,000 shares issued and outstanding at end of Year 3, and Year 2, respectively 271 267
Additional paid-in capital 174,563 174,500
Retained earnings 14,102 15,508
Total stockholders’ equity 188,936 190,275
Total liabilities and stockholders’ equity $ 329,204 $ 358,308
Required:
Compute the following ratios for Year 3 using information from the company annual report that was issued before Kansas Pizza Pantry was acquired. Assume a market price per share of $1.26.(Round your answers to 2 decimal places. Enter percentage answers rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34). Negative amounts should be indicated by a minus sign.)
Ratios are: Return on equity, Net profit margin, Inventory turnover, Current ratio, Quick Ratio, Debt-to equity ratio, Price/earnings ratio.
Answers
The financial ratios for Kansas Pizza Pantry are computed as follows:
1. Return on Equity = Net loss/Stockholders' Equity x 100
= $(1,066)/$188,936 x 100
= -0.56%
2. Net Profit Margin = Net loss/Total revenue x 100
= $(1,066)/$647,181 x 100
= -0.16%
3. Inventory Turnover = Cost of goods sold/Average Inventory
= $530,035/$6,492
= 81.6 times
4. Current Ratio = Current assets/Current liabilities
= $45,535/$96,276
= 0.47
5. Quick Ratio = Current assets - Inventories/Current liabilities
= $45,535 - $6,427/$96,276
= 0.41
6. Debt-to-Equity Ratio = Total Debts/Total Equity
= $140,268/$188,936
= 74%
7. Price/Earnings Ratio = $1.26/$(0.07)
= -18 times
Data and Calculations:
Total revenues = $647,181
Cost of sales = $530,035
Net (loss)/income = $(1,066)
Basic EPS = $ (0.07)
Total current assets = $45,535
Total current liabilities = $96,276
Total liabilities and stockholders’ equity = $329,204
Total stockholders’ equity = $188,936
Total liabilities = $140,268 ($329,204 - $188,936)
Less current liabilities = $96,276
Long-term liabilities = $43,992 ($140,268 - $96,276)
Average Inventories = $6,492 ($6,427 + $6,557)/2
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2. A sample of 81 observations is taken from a normal population with a standard deviation of
5. The sample mean is 40. Determine the 95% confidence interval for the population mean.
Answers
If a sample of 81 observations are taken from a normal population. The sample mean is 40, and the sample standard deviation is 5. The 95% confidence interval for the population mean is: 38.911, 41.089.
Confidence intervalUsing this formula
Confidence interval=Sample means± (z-score× Standard deviation/√Sample size)
Let plug in the formula
The corresponding z-scores for 95% confidence interval is ± 1.96
Hence:
Confidence interval=40± (1,96×5÷√81)
Confidence interval=40± (1.96×5÷9)
Confidence interval=40± (1.96×0.5555)
Confidence interval=40± 1.089
Confidence interval=(40-1.089); (40+ 1.089)
Confidence interval=38.911, 41.089
Therefore If a sample of 81 observations are taken from a normal population. The sample mean is 40, and the sample standard deviation is 5. The 95% confidence interval for the population mean is: 38.911, 41.089.
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Define the term "compilation engagements" and distinguish between reasonable assurance
engagements and limited assurance engagements.
(8 marks)
Answers
Answer: See explanation
Explanation:
A compilation engagement refers to a form of engagement whereby there's an engagement of an outside accountant by a company for the preparation and the presentation of its financial statements.
In a reasonable assurance engagement, the level of assurance is high. Here, there is the likelihood that the prevention or detection of the material misstatements will not be timely.
The limited assurance engagement refers to the assurance engagement risk being reduced to an acceptable level, but where the risk is still more than the reasonable assurance engagement. Here, less evidence is being collected unlike the reasonable assurance engagement.
.
The owner of the station would like to develop better ties to customers who buy premium gas. If the owner wants to meet more of these customers, when should the owner be around the station: on weekdays or weekends? Assume that the owner will approach a fixed number of customers at random.
Answers
Answer:
If the owner of the station wants to meet more customers who buy premium gas, he should be around the station:
on weekends.
Explanation:
Most luxury cars are driven on weekends than on weekdays. Another reason supporting weekends is that luxury cars require premium gas to function at higher fuel efficiency, to maximize their speed and performance, and to avoid their engines knocking. Finally, most luxury cars are driven by chauffeurs than the owners on weekdays. Chauffeurs are not the real customers because most of them buy gas on charges to their companies' accounts.
Marcie goes to the salon and has a pedicure and a manicure. What has Marcie purchased from the salon?
A.) A good
B.) A good and a service
C.) Neither
D.) A service
Answers
D.) A service
With regard to the composition of corporate boards in the United States,
corporate boards average approximately 12 members.
O about half of the directors are "outside" directors.
O five percent have at least one woman on the board.
twenty-five percent of all companies have at least one minority board member.
Answers
With regard to the composition of corporate boards in the United States, option B. About half of the directors are "outside" directors.
Corporate boards in the United States typically consist of a group of individuals responsible for overseeing the management and decision-making of a company. The composition of these boards can vary, but there are some common trends and practices.
Option A states that corporate boards average approximately 12 members. While this may be true for some companies, board sizes can vary significantly depending on the size and nature of the organization. Smaller companies may have fewer board members, while larger corporations may have larger boards to accommodate the complexities of their operations.
Option C suggests that five percent of corporate boards have at least one woman on the board. However, the representation of women on corporate boards has been a topic of discussion and a focus of efforts to improve diversity. Recent studies and reports indicate that progress has been made, and the percentage of women on boards has been increasing over time. However, the exact percentage varies among companies and industries.
Option D states that twenty-five percent of all companies have at least one minority board member. Like gender diversity, the representation of minorities on corporate boards has been a topic of concern and initiatives promoting inclusion. The percentage of companies with minority board members may vary, and efforts are being made to improve diversity in this regard as well.
Overall, it is important to recognize that the composition of corporate boards in the United States is evolving, and there is increasing recognition of the importance of diversity, including gender and minority representation. While specific percentages may vary, there is a growing emphasis on promoting diversity and inclusion in corporate governance practices. Therefore, the correct option is B.
The question was incomplete, Find the full content below:
With regard to the composition of corporate boards in the United States,
A. corporate boards average approximately 12 members.
B. about half of the directors are "outside" directors.
C. five percent have at least one woman on the board.
D. twenty-five percent of all companies have at least one minority board member.
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If a firm has a cost of equity of 15 percent, and the firm is 100 percent equity financed. The firm is contemplating a $150 million expansion of its existing operations, funded by selling new stock. Flotation costs will run 10 percent of the amount issued. When flotation costs are considered, what is the cost of expansion?
a. $135 million
b. $150 million
c. $166.67 million
d. $175 million
e. $185.67 million
Answers
Answer:
c. $166.67 million
Explanation:
cost of expansion = new equity issued / (1 - flotation costs)
cost of expansion = $150 million / (1 - 10%) = $150 million / 90% = $166.67 million
Flotation costs increase the cost of equity, since they are an expense that decreases the net amount of money received by a corporation when it issued new stocks or new bonds.
When planning for inventory , a company's goal is to have
Answers
Answer:
When planning for inventory, a company's goal is to maintain an optimal balance between the amount of product it can store and the amount of product it can sell. This balance ensures that the company maintains a healthy supply of goods while avoiding overstocking or understocking. The goal is to ensure that the company can meet customer demands while avoiding inventory control costs, such as storage costs and the cost of lost sales due to out-of-stock situations. Additionally, inventory planning can help to ensure the company's products are fresh and within their sell-by dates, as well as helping to anticipate customer demand and plan accordingly
Explanation:
Explain why e-Business scenarios are generally more complex than traditional business scenarios. Discuss the interrelationships of the relevant elements, such as business goals, organization of business, and use of information technology.
Answers
Answer:
The answer is because of the nature of each business and that is explained below.
Explanation:
On the one hand, when it comes to e-business scenarios the people who work in those places know that it is much more complex due to the fact that the managers are dealing with information that is wide range in terms of searching engine, clicks on the website, marketing approaches and more. The owners of this type of business must know how to work with all type of tools that could help the business grow and all that information can be difficult to read and to use sometimes due to the big changes that happen in the internet and in the general public movements every day that will affect your clientele.
On the other hand, the traditional business scenarios may be a little bit less complex due to the fact that they are workind with information that comes straight ahead from the sources, like sales and marketing campaign impacts and more. Therefore that this type of business use all the information that is has to keep the goals of the company at sight thanks to the organization that the managers have.
Finally, it is quite understood that the information technology will always be more difficult to manage in e-business becuase of all the variables and factors that influece the information and the decision making process of the company.
Visit any nearby business of your locality and collect the information to prepare a project work report by taking the following information. 1)name and address of the firm. 2)find out whether the journal is maintained or not. 3) following the values of debit and credit. 4)the recording of business transactions in the journal
Answers
It is impossible to visit any nearby business of your locality and collect the information to prepare a project work report based on the factors given
What is a firmA common term for a company or business organization is "firm". A business is an organization involved in diverse economic endeavors, ranging from the production of goods, provision of services to trading of products.
A company usually has defined legal framework, ownership, and administration, with the main aim of earning profits or attaining specific goals. Companies can vary in their scale, spanning from petite regional enterprises to enormous global conglomerates.
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The market basket used to calculate the CPI is revised monthly to more accurately depict consumers' choices. The price data for the CPI are collected every month." Are the previous sentences true or false?
Answers
Answer:
False
Explanation:
approximately every ten years
CPI revises the quantities of items consumed in its basket of goods and services approximately every ten years
blsgov
Brief Exercise 259 Mintz Company issued $400,000, 10%, 10-year bonds on January 1, 2017, at 105. Interest is paid annually on December 31. Mintz uses the straight-line method of amortization and has a calendar year end. Prepare all journal entries made in 2017 related to the bond issue.
Answers
Answer:
Dr cash $420,000
Cr bonds payable $400,000
Cr premium on bonds payable $20,000
Dr interest expense($40000-$2,000) $38,000
Dr premium on bonds payable $2,000
Cr cash $40,000
Explanation:
The bond price is the pv of all cash inflows promised by the bond which includes annual coupon and repayment of face value at redemption:
bond price=face value *105%
bond price=$400,000*105%=$420000
The cash proceeds from the issue would be debited to cash while bonds payable is credited with $400,000 and premium on bonds payable is credited with $20,000.
amortization of premium=$20,000/10=$2,000
interest payment=10%*$400,000=$40,000
International Gems sells fine jewelry and has implemented activity-based costing. Costs in the shipping department have been divided into three cost pools. The first cost pool contains costs that are related to packaging and shipping. International has determined that the number of boxes shipped is an appropriate cost driver for these costs. The second cost pool is made up of costs related to the final inspection of each item before it is shipped and the cost driver for this pool is the number of individual items that are inspected. The final cost pool is used for general operations of the department and the cost driver is the number of orders. Information about the activities is summarized below:
Cost Pool Estimated Total Costs Cost Driver Estimated Annual Activity
Packaging and shipping 67,200 Number of boxes shipped 16,000 boxes
Final inspection 200,000 Number of individual items inspected 100,000 items
General operations 85,000 Number of orders 10,000 orders
During the period, the Southern sales office generated 240 orders for a total of 3,560 items, which were shipped in 1,200 boxes. What amount of shipping department costs should be allocated to these sales?
Answers
Answer:67,200
Explanation:
The shipping department cost will be $14200.
What is the cost?The term cost can be termed as the price of buying something or the amount that a company spends on making a product. It is the amount that is charged on something for the product. The incurred cost can have many variables and non-variable costs like purchasing cost, labor, wages, rent, maintenance, raw material, processing cost, packaging, and transportation.
In this Question, the International gems sell their product slots. The shipping department has been divided into three cost pools. The total shipping charges will be the addition of packaging and shipping, Final Inspection, and General operations.
So, the total shipping cost =5040 + 7120 + 2040 = 14200
Thus, the costs that should be allocated to the sales with respect to the shipping charges will be $14,200.
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Consider the following alternatives: i. $ 140 received in one year ii. $ 240 received in five years iii. $ 350 received in 10 years a. Rank the alternatives from most valuable to least valuable if the interest rate is 11 % per year. b. What is your ranking if the interest rate is 1 % per year? c. What is your ranking if the interest rate is 20 % per year?
Answers
Answer and Explanation:
The computation is shown below:
The formula is
= Amount ÷ (1 + interest rate)^number of years
a) Rate = 11%
Value of $140 in 1 year = $140 ÷ (1 + 11%) = $126.13
Value of $240 in 5 years = $240 ÷ (1 + 11%)^5 = $142.43
Value of $350 in 10 years = $350 ÷ (1 + 11%)^10 = $123.26
Now Ranking
Opotion 2 > Option 3 > Option 1
b) Rate = 1%
Value of $140 in 1 year = $140 ÷ (1 + 1%) = $138.61
Value of $240 in 5 years = $240 ÷ (1 + 1%)^5 = $228.35
Value of $350 in 10 years = $350 ÷ (1 + 1%)^10 = $316.85
Now Ranking
Option 3 > Option 2 > Option 1
c) Rate = 20%
Value of $140 in 1 year = $140 ÷ (1 + 20%) = $116.67
Value of $240 in 5 years = $240 ÷ (1 + 20%)^5 = $96.45
Value of $350 in 10 years = $350 ÷ (1 + 20%)^10 = $56.53
Now Ranking
Option 1 > Option 2 > Option 3
Answer these questions picture above.
Answers
1 increasing audience
2 payment methods and or growing page
3 yes help others and myself
4 insta due to its growing capacity
This incentive contract is based on a target price of $260,000 withexpected costs of $240,000 and target incentive of $5,000.Thecontract specifies a share ratio of 80/20. If the actual cost is $249,000, what is the seller's final fee?A.$5,000,B.$13,800,C.$11,000,D.$7,200
Answers
The seller's final fee is $7,200. which is option D. based on the incentive contract.
The seller's final fee can be calculated by subtracting the target cost from the actual cost and multiplying it by the share ratio.
First, let's calculate the difference between the actual cost and the target cost:
Actual cost - Target cost = $249,000 - $240,000 = $9,000
Next, we multiply the difference by the share ratio:
$9,000 * (80/100) = $7,200
Therefore, the seller's final fee is $7,200.
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How does a low credit score affect a person who applies for a loan?
A. It makes banks more likely to give the person a large, long-term
loan.
B. It causes banks to charge the person higher interest rates on the
loan.
OC. It makes it easier for the person to get a loan with a poor debt-to-
income ratio.
D. It allows banks to give the person a loan without checking his or
her tax records,
Answers
A person who requests for a loan and has a low credit score will be subjected to higher interest rates from banks. As a result, choice (B) is accurate.
Between 300 and 550 is regarded as a low credit score. You must make significant efforts to raise your credit score if it is in this area. You will not be qualified to apply for a loan or a credit card if you have a low credit score.
Whether it's a car loan, mortgage, or credit card account, borrowing can be more difficult if you have a poor score interest rates. And even if you are approved, your high risk of default means that you will probably have to pay higher interest rates.
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Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses FORTEN COMPANY Comparative Balance Sheets December 31 Current Year Prior Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets 66,400 82,380 292,156 1,320 442,256 146,500 $84,500 61,625 262,800 2,115 411,040 119,000 42,125) 51,500) $546, 631 $478,540 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term notes payable Total liabilities Equity Common stock, $5 par value Paid-in capital in excess of par, common stock Retained earnings $131,175 64,141 13,300 77,441 139,375 59, 750 199,125 136,94.1 161,250 179,250 54,000 176,440 118,165 FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses $637,500 296,000 341,500 Depreciation expense 31,750 143,400 175,150 Other expenses Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income 16,125) 150,225 39,650 $110,575 Additional Information on Current Year Transactions a. The loss on the cash sale of equipment was $16,125 (details in b) b. Sold equipment costing $79,875, with accumulated depreciation of $41,125, for $22,625 cash c. Purchased equipment costing $107,375 by paying $52,000 cash and signing a long term note payable for the balance d. Borrowed $5,100 cash by signing a short-term note payable e. Paid $55,625 cash to reduce the long-term notes payable f. Issued 3,600 shares of common stock for $20 cash per share g. Declared and paid cash dividends of $52,300 Required: 1. Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.) FORTEN COMPANY Statement of Cash Flows For Current Year Ended December 31 Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operations: Cash flows from investing activities 0 Cash flows from financing activities: 0 0 Net increase (decrease) in cash Cash balance at December 31, prior year Cash balance at December 31, current year 0
Answers
Cash at the end of year $66,400
What is Forten Company's current year income statement?Cash flow from all activities -$18,100
Cash at the starting of the year $84,500
Cash at the end of year $66,400
The indirect way of creating a comprehensive statement of cash flows using a spreadsheet.
FORTEN COMPANY
Statement of Cash Flows
For the Year ended December 31
Cash Flow from Operating Activities:
Net Income $110,575
Translation of net income to working capital from operating activities adjustments:
Depreciation $31,750
Loss on sale of Equipment $16,125
Increase in Accounts Receivables -$20,755
($61625 - $82380)
Increase in Inventory -$29,356
($262800-292156)
Decrease in Prepaid Expenses $795
($2115-1320)
Decrease In Accounts Payable -$67,034
($64141 - $131175)
Increase in Short term note payable $5,100
($13300-8200)
Total Adjustments -$63,375
From Operating Activities Net Cash Flow (A) $47,200
Cash Flow from Investing Activities:
Cash Received from sale of Equipment $22,625
Purchase of Equipment (In cash) -$52,000
Inflow of Net Cash Into Investing Activities (B) -$29,375
($22,625-$52,000)
Cash Flow from Financing Activities:
Repayment of Long Term Note Payable -$55,625
monetary gain from the sale of common stock $72,000 (3600*$20)
Dividend paid -$52,300
From Financing Activities Net Cash Flow (C) -$35,925
Total Cash flow from all activities
(A+B+C) -$18,100
($47,200+-$29,375+-$35,925)
Cash at the starting of the year $84,500
Cash at the end of year $66,400
($84,500-$18,100)
As a result, the full statement of cash flows produced by the indirect technique using a spreadsheet will be:
Cash flow from all activities -$18,100
Cash at the starting of the year $84,500
Cash at the end of year $66,400
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Which of the following BEST describes a conflict of interest? O A. Two companies competing for the business of the same customer B. Parties engaging in an activity that does not equally benefit all parties C. An employee engaging in an activity that may benefit that individual to the detrimen O D. People on different sides of an issue agreeing to disagree O E. A company engaging in practices that conflict with government regulations Click to select your answer.
Answers
The statement that best describes conflict of interest is - An employee engaging in an activity that may benefit that individual to the detriment of his employer or clients of the firm
Conflict of interest arises when the interest of an employee is not aligned with the interest of his/her employer or clients.
For example, an employer might decide to take a project even though it is not profitable because if the project is undertaken it would increase the prestige of the employee. This project would be benefit the employee but not the employer.
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Combining Supply and Demand
Scenario: The following shows a demand and supply schedule listing CDs demanded and supplied in the
millions) per week at each price. Graph each the following demand/supply schedules on one demand graph
and then answer the questions below:.
$6
Shortage/
Surplus
(Qs - Qd)
$5
$4
Price Per Quantity Quantity
Compact Demanded Supplied
Disc (Qd) (Qs)
$6
o
9
$5
2
6
$4
3
5
$3
4
4
$2
6
3
$1
9
0
$3
$2
$1
1
2 3 4 5 6 7 8
9 10 11 12 13 14
Answers
Answer:
the answer is $3
Explanation:
Julius builds dining chairs that he sells for $200 a chair. His fixed costs are $1,000 (for workshop equipment). Each chair costs him $50 in materials to produce plus an extra $25 for each previous chair made that day, which reflects Julius's increasing exhaustion. (Thus, the first chair cost $50, the second costs $75, the third cost $100, etc.) Assume time requirements in producing a chair are not a factor. How many chairs should Julius produce each day?
Answers
Answer:
7 chairs
Explanation:
The computation of the no of chairs that produced each day is shown below:
We know that
The optimum production is Marginal revenue = Marginal Cost
the Marginal cost is increasing with output and Marginal revenue remains constant at $200
So,
Quantity MC
1 50
2 75
3 100
4 125
5 150
6 175
7 200
Therefore Julius produce 7 chairs
Tilted Arcis big and rusty.
multiple choice - Helpful in focusing perception to elicit a favorable response
- Helpful in focusing perception to elicit an unfavorable response
- Too vague to focus perception
- False or implausible and therefore unable to focus perception
- Irrelevant to focusing perception
Answers
Tilted Arcis big and rusty is irrelevant to focusing perception.
What is perception?To represent and grasp the information or environment that is being provided, sensory data must be recognized, organized, and interpreted. Neuronal system impulses that are generated by chemical or physical stimulation of the sensory system pass through all perceptions and are responsible for their existence. Perception is the active interpretation of these signals, in addition to the recipient's learning, memory, expectation, and attention. Sensory input is the process of converting low-level information into higher-level information. Despite being dependent on complex brain system activity, perception appears to be essentially effortless since this processing happens outside of conscious awareness. Since the advent of experimental psychology in the 19th century, psychology's understanding of perception has improved through the synthesis of several approaches.
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IN YOUR OWN WORDS PLEASE!!!!!!!!!!!!!!!!!!! WILL MARK YOU BRAINLIEST
What is the Federal Reserve System?
I need 4-5 sentences
Answers
Automobile manufacturers have enormous cash reserves. In the middle of 2015, Ford Motor Co. had about $31.9 billion in cash, General Motors had about $25 billion, and Toyota had about $43 billion. Why would firms such as these hold such large quantities of cash?
Answers
Answer:
Firms like automobile manufacturers hold large quantities of cash for the following reasons:
a. Speculative and Precautionary motives:
Firm hold large cash in order to take advantage of any sudden investment opportunities. These opportunities are like bargain purchase opportunitie, favorable interest rate etc. They also hold cash to take a precaution as a safety net, in case some urgent cash needs arise in terms of sudden expenses.
b. Transaction motives:
Firm hold large cash in order to pay their day-day bills. There is always a delay in cash in cash receivables and payable. It is possible that there is need to pay the suppliers, pay wages and salaries etc earlier than the cash is received from sales.