BUSINESS COLLEGE

Tall Guys Clothing has a 45-day collection period. Sales for the next calendar year are estimated at $2,100, $1,600, $2,500 and $2,300, respectively, by quarter, starting with the first quarter of the year. Given this information, which one of the following statements is correct? Assume a year has 360 days.(A)The firm will collect a total of $800 in Quarter 2.
(B) The accounts receivable balance at the beginning of Quarter 4 will be $1,150.
(C) The firm will collect a total of $2,000 in Quarter 3.
(D) The firm will have an accounts receivable balance of $2,300 at the end of the year.
(E) The firm will collect a total of $2,400 in Quarter 4.

Answers

Answer 1
Answer:

Answer:

(E) The firm will collect a total of $2,400 in Quarter 4.

Explanation:

We will calcualte under two assumptions:

  1. the sales are done uniformly over the quarter
  2. and the collection period is the same over the entire year

With this we conclude the following:

each quarter has 90 days

the sales from day 1 to 45 will be collected within the quearter while the sales from 46 to 90 will be collected on the next quarter.

so half the sales will be collected during the quarter as sales are done uniformly.

Collection on Q1

2,100 / 2 = 1,050

collection on Q2

1,050 + 1,600/2 = 1,850

collection on Q3

800 + 2,500/2 =2,050

collection on Q4

1,250 + 2,300/2 = 2,400

Related Questions

You are reviewing your client's Multicurrency company Balance Sheet, and the balance as of the previous fiscal year-end for their Canadian bank account, which they closed last year, is a $10 debit balance in US dollars (the home currency). However, the Canadian dollar balance correctly indicates the account has been closed. Why would this be the case? 1. You have to create a journal entry debiting foreign exchange gain or loss $10 and crediting the Canadian bank account $10. 2. The Canadian bank account has not been reconciled as of the last fiscal year. 3. The Balance Sheet shows the cumulative balance of the account in the home currency based on the home currency value of each of the transactions using the exchange rate that appears on each screen. 4. You have to perform a home currency adjustment for the Canadian bank account as of the current date 5. You have to perform a home currency adjustment for the Canadian bank account as of the last fiscal year.
One year ago, you purchased 350 shares of Titan Wood Products for $63.17 per share. The stock has paid dividends of $.71 per share over the past year and is currently priced at $68.22. What is your total dollar return on your investment?a. $2016.00b. $1891.75c. $1767.50d. $2083.20e. $1008.00
The sales of Carephase Company for the year are as given below: Quarter 1 $400,000 Quarter 2 $360,000 Quarter 3 $620,000 Quarter 4 $580,000 Fifty percent of the sales of the company are paid in cash. Of the sales on account, 60 percent are collected in the quarter of sale, the remaining 40 percent are collected in the quarter following the sale. Calculate the cash receipts for Quarter 4.
During March, the production department of a process operations system completed and transferred to finished goods 17,000 units that were in process at the beginning of March and 150,000 units that were started and completed in March. March's beginning inventory units were 100% complete with respect to materials and 59% complete with respect to conversion. At the end of March, 34,000 additional units were in process in the production department and were 100% complete with respect to materials and 24% complete with respect to conversion. Compute the number of equivalent units with respect to both materials and conversion respectively for March using the weighted-average method.
Peregrine Company acquires all of the voting stock of Falcon Corporation for $65,000, in a merger. Falcon’s balance sheet reports the following asset and liability balances:Current assets$15,000,000Plant & equipment60,000,000Current liabilities10,000,000Long-term debt40,000,000Assume the book values of Falcon’s assets and liabilities equal their fair values. How much goodwill does Peregrine report at the date of acquisition?$35,000,000$40,000.000$30,000$0

A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects _____________ the value of the goods and the buyer had a legitimate reason for the initial acceptance.

Answers

Answer:

A buyer who has accepted goods may later revoke the acceptance if the buyer can show that the defects substantially impair the value of the goods and the buyer had a legitimate reason for the initial acceptance.

Explanation:

This statement is defined in § 2-608. Revocation of Acceptance in Whole or in Part. of Article 2 - Sales of the Uniform Commercial Code (UCC).

The buyer may revoke his acceptance of a lot or commercial unit whose non-conformity substantially impairs its value to him if he has accepted it

(a) on the reasonable assumption that its non-conformity would be cured and it has not been seasonably cured; or

(b) without discovery of such non-conformity if his acceptance was reasonably induced either by the difficulty of discovery before acceptance or by the seller's assurances.

(2) Revocation of acceptance must occur within a reasonable time after the buyer discovers or should have discovered the ground for it and before any substantial change in condition of the goods which is not caused by their own defects. It is not effective until the buyer notifies the sellerof it.

(3) A buyer who so revokes has the same rights and duties with regard to the goodsinvolved as if he had rejected them.

A company performs $10,000 of services and issues an invoice to the customer using the accrual method what’s the correct entry to record the transaction?

Answers

Based on the accrual method, the correct entry for $10,000 worth of services would be a debit to accounts receivable for $10,000 and a credit to Sales revenue for $10,000.

Why is this the correct entry?

The company has performed a certain service for a customer and hasn't been paid for it. The customer therefore owes the company which makes them an account receivable.

The $10,000 will be considered revenue by the company so they will credit the revenue account. Accounts Receivables are assets so this account will be debited.

Find out more on accounts receivables at brainly.com/question/24871345.

Final answer:

The company should debit (increase) the Accounts Receivable account by $10,000 and credit (increase) the Service Revenue account by $10,000. This follows the accrual method of accounting, in which revenues and expenses are recorded when they are earned and incurred, respectively.

Explanation:

The correct entry to record this transaction, using the accrual method, involves two accounts: Accounts Receivable and Service Revenue. Here is the step-by-step process of recording this transaction.

  1. Debit (increase) the Accounts Receivable account by $10,000. This step is done because the company has provided a service and is now entitled to receive money (accounts receivable) from the customer.
  2. Credit (increase) the Service Revenue account by $10,000. The company has earned revenue due to the service that they performed. Revenue increases by credits in the accounting equation.

Learn more about Accrual Method here:

brainly.com/question/34187091

#SPJ6

Which part or phrase in the passage describes a method of primary market research that Jeremy might choose?Jeremy works as a researcher for his employer. He will be conducting market research because his company plans to launch a new
product in the market. Jeremy hasn't decided on the type of research method that will help him accomplish the research task. He has
considered searching for available information in trade journals and newsletters. He also thinks that he could collect a group of
consumers and interview them personally to understand their opinions. He could also look for relevant data on business-related
websites. He has also considered referring to census reports and other publications that might help him with the research.

Answers

He also thinks that he could collect a group of consumers and interview them personally to understand their opinions.

This is the answer because in the primary market research you find people to do it for you and getting a group involves other people.

Answer:

The answer is B. I think.

Explanation:

Terrence needs to deliver negative feedback to an employee, Chad, using his company's appraisal software. Before delivering the feedback, he should first Multiple Choice meet with Chad in person and establish goals for improvement. discuss Chad's poor performance with other managers in the company. send a company-wide email reiterating key performance objectives. rank the performance of each employee on a scale of one to ten. privately warn Chad's coworkers that they may face increased scrutiny due to Chad's ongoing poor performance.

Answers

meet with Chad in person and establish goals for improvement.

Explanation:

  • Whenever an employee shows negativity either to his co-employee or to sub-ordinates, it is better to call in person and meet.
  • We can get the pointers which is making that particular employee to behave in such a manner or we can otherwise guide that employee in the right direction so that the organizational goals are met.

Following things will not work:

  • Discussing about the poor performance of Chad's with other managers
  • Sending an e-mail stating the poor performance of Chad's to all the employees.
  • Warning Chad's coworker is not a good solution, because here Chad's behavior towards co-workers are wrong and not vice versa.

. A rise in the price of corn will cause a (Click to select) in the Supply Curve for corn. b. A decrease in the price of seed (an input to corn) will cause a (Click to select) in the Supply Curve for corn. c. A decrease in the local number of grocery stores will cause a (Click to select) in the Supply Curve for corn.

Answers

Answer:

move along upwards

shift out

shift in

Explanation:

A change in price of a good leads to a movement along the supply curve and not a shift of the supply curve.

Other factors other than a change in the price of the good would lead to a shift of the supply curve. Such factors include :

  1. A change in the price of input
  2. A change in the number of suppliers
  3. Government regulations

When the price of corn increases, the quantity supplied of corn increases. this is in line with the law of supply.

according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

This would lead to a movement up along the supply curve

If the price of seed which is an input to corn decreases, it becomes cheaper to produce corn. As a result, the supply of corn would increase. this would lead to an outward shift of the supply curve.

If the number of grocery stores decreases, there would be a reduction in supply. As a result, the supply curve would shift inwards

According to the quantity equation, the price level would change less than proportionately with a rise in the money supply if there were also

Answers

Answer:

the correct answer is either a rise in output or a fall in velocity.

good luck
Other Questions
Look carefully at the following list. a. The coins in your pocket. b. The funds in your checking account. c. The funds in your savings account. d. The​ traveler's check that you have left over from a trip. e. Your Citibank Platinum MasterCard. Which of the things above are NOT included in the M1LOADING... definition of the money​ supply?
On December 31, 2021, Interlink Communications issued 5% stated rate bonds with a face amount of $113 million. The bonds mature on December 31, 2051. Interest is payable annually on each December 31, beginning in 2022. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $). Determine the price of the bonds on December 31, 2021, assuming that the market rate of interest for similar bonds was 6%.Table values are based on:n = 30i = 6%Cash Flow Amount Present ValueInterest $111,300,000 $74,454,240Principal $100,000,000 $13,137,000Price of bonds $87,591,240
Variance Analysis Question The Glass Vessel Company has established the following budget for producing one of its handblown vases: Materials (silica) 2 pounds @ 1.25 per pound Labor 1.5 hours @ $15.00 per hour In March of the most recent year, Glass Vessel produced 300 vases using 650 pounds of materials. Glass Vessel purchased the 650 pounds of materials for $845. Actual total labor costs for March were $7,200, which entailed 480 hours of labor. Please answer both of the following questions:Materials (silica) 2 pounds @ 1.25 per poundLabor 1.5 hours @ $15.00 per hour1. What was Glass Vessel’s flexible budget variance for materials in March? (As part of your answer, please indicate whether this variance was favorable or unfavorable.)2. What was Glass Vessel’s labor efficiency/usage variance for March? (As part of your answer, indicate whether this variance was favorable or unfavorable.)Must show work
Potential effects of departmental performance reports on employee behavior include all of the following except: Including indirect expenses can lead to a manager being more careful in using service department's costs. Using budgeted service department costs insures that operating departments are not held responsible for excessive service department costs. Including uncontrollable costs can serve to improve a manager's morale.