Two Brothers Moving prepared the following sales budget: Month Cash Sales Credit Sales March $18000 April May June Credit collections are % in the month of sale, % in the month following the sale, and % two months following the sale. The remaining % is expected to be uncollectible. What are the total cash collections in June at Two Brothers Moving?
Answers
Answer: $104,360
Explanation:
The cash collections for June will be;
= June Cash sales + (50 % *June credit sales ) + (43% * May credit sales) + ( 5% of April credit sales)
= 58,000 + (0.5 * 55,000) + (0.43 * 42,000) + ( 0.05 * 16,000)
= 58,000 + 27,500 + 18,060 + 800
= $104,360
Related Questions
Suppose that Xtel currently is selling at $50 per share. You buy 500 shares using $17,500 of your own money, borrowing the remainder of the purchase price from your broker. The rate on the margin loan is 8%. a. What is the percentage increase in the net worth of your brokerage account if the price of Xtel immediately changes to (i) $56; (ii) $50; (iii) $44? b. If the maintenance margin is 30%, how low can Xtel's price fall before you get a margin call? c. How would your answer to (b) would change if you had financed the initial purchase with only $12,500 of your own money? d. What is the rate of return on your margined position (assuming again that you invest $17,500 of your own money) if Xtel is selling after one year at (i) $56; (ii) $50; (iii) $44? e. Continue to assume that a year has passed. How low can Xtel's price fall before you get a margin call?
Which of the following is not an important question to ask when developing a data collection plan?a. Who will be responsible for collecting the data?b. What is the source of the data?c. What is the reason for collecting the data?d. Is it possible to make decisions without collecting data?
Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1. Salaries expense $122,000 Beginning retained earnings $61,100 Common stock 110,000 Warranties payable (short term) 6,500 Notes receivable (short term) 32,500 Gain on sale of equipment 19,000 Allowance for doubtful accounts 19,000 Operating expenses 65,000 Accumulated depreciation 66,000 Cash flow from investing activities 116,000 Notes payable (long term) 160,000 Prepaid rent 38,000 Salvage value of building 21,000 Land 95,000 Interest payable (short term) 6,000 Cash 41,000 Uncollectible accounts expense 45,000 Inventory 101,000 Supplies 6,500 Accounts payable 55,000 Equipment 243,000 Interest expense 36,000 Interest revenue 6,200 Salaries payable 68,000 Sales revenue 940,000 Unearned revenue 47,000 Dividends 20,000 Cost of goods sold 595,000 Warranty expense 9,200 Accounts receivable 108,000 Interest receivable (short term) 3,600 Depreciation expense 3,000
When small describes how his customers choose to purchase his clothes (by evaluating that his brand is environmentally conscientious, whereas most other brands are not), which condition of exchange is being met?
Answers
Answer:
4
Explanation:
The calculation of the process capability index is given below
Data provided in the question according to the question is as follows
USL = 27
LSL = 21
Now we take the average
X = (21 +27) ÷ 2
= 24
The standard deviation is 0.25
= min(USL - mean ÷ 3 × standard deviation , mean - LSL ÷ 3 × standard deviation)
After solving this the process capability index is 4
Answers
Answer: decrease in expected income
Explanation:
The Great Depression began due to the crash of the stock market in 1929 which caused fear and millions of investors lost their businesses.
This led to the reduction in consumer spending. Also, there was a reduction in investment which caused industrial output decline and decrease in employment opportunities.
Answers
Answer:
yes it is
Explanation:
there´s always the premise, that you have to separate your personal of your work life, so is totally reasonable that you have always to show respect to your coworkers because it helps to get better synergies between each other
Answers
Answer:
Break-even point (units)= 475,000/ (131 - 93)= 12,500 units
AA= 12,500*0.6= 7,500
BB= 12,500*0.4= 5,000
Explanation:
Giving the following information:
Wide Open Industries Inc. has fixed costs of $475,000.
AA
Selling Price= $145
Variable Cost= $105
Contribution Margin per Unit= $40
BB
Selling Price= 110
Variable Cost= 75
Contribution Margin per Unit= 35
The sales mix for products AA and BB is 60% and 40%, respectively.
Break-even point (units)= Total fixed costs / (weighted average selling price - weighted average variable expense)
weighted average selling price= 145*0.6 + 110*0.4= 131
weighted average variable expense= 105*0.6 + 75*0.4= 93
Break-even point (units)= 475,000/ (131 - 93)= 12,500 units
AA= 12,500*0.6= 7,500
BB= 12,500*0.4= 5,000
Inflation premium 5
Risk premium 4
Total return 13 %
Assume that five years later the inflation premium is only 3 percent and is appropriately reflected in the required return (or yield to maturity) of the bonds. The bonds have 15 years remaining until maturity. Use Appendix B and Appendix D.
Answers
Answer:
"1143.817" is the appropriate answer.
Explanation:
According to the question:
Risk premium is:
=
=
K = N
⇒ Bond Price =
K = 15
On putting the values, we get
⇒ Bond Price =
=
Answers
Answer:
Following are the solution to the given points:
Explanation:
In point a, As it would be impossible that although the failure of the lawsuit is remote, the same cannot be recorded as well as avoided.
In point b, Its prosecutor thinks Gallardo's failure of the case (which would be likely to occur) is therefore likely to be reported throughout the books, that legal expenses must be paid and the civil responsibility measured at $10,00000 credited.
In point c, In the case is fairly probable, this can occur only if it is reported throughout the corresponding Balance Sheet accounts.
Final answer:
Gallardo Co.'s response to the lawsuit depends on their attorneys' opinions. If it's remotely believed that the company will lose, no need to recognize the liability or disclose it in financial statements. If the loss is estimated as probable, recognize the $1,000,000 liability and expense; if reasonably possible, no liability needs to be recognized, but disclosure in the financial statement notes is needed.
Explanation:
By the Generally Accepted Accounting Principles (GAAP), Gallardo Co. should account for the lawsuit differently based on the attorneys' estimation of loss.
(a) If the attorney's opinion is that it's remote that Gallardo will lose the suit, the company doesn't have to make a provision or disclose it in its financial statements. Since they believe the likelihood of loss is minimal, no liability needs to be recognized.
(b) If the attorney believes it's probable that Gallardo will lose, then according to GAAP, the company will have to recognize a liability of $1,000,000 and record a lawsuit expense in the income statement.
(c) If it's reasonably possible that Gallardo could lose, the company doesn't have to recognize a liability, but it should disclose the lawsuit and the potential financial impact in the notes to its financial statements.
Learn more about Accounting for Legal Liability here:
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