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Chapter 5 Post-Class Homework
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The manager of Thyme Hotel determined the following costs for 2020.
Room Operating Costs
$2,012,000
Depreciation Expense
$964,000
Property Taxes Expense
$358,000
Management Salaries
$413,000
Other Operating Costs
$2,361,000
Total Operating Costs
$6,108,000
Thyme Hotel has 250 rooms with an average occupancy rate of 85%. It operates 365 days per year.
Do not enter dollar signs or commas in the input boxes.
a) Determine the number of rooms to be sold during the year.
Round your answer to the nearest whole number.
Rooms to be Sold:
b) Based on the above information, what is the breakeven room rate for Thyme Hotel?
Round your answer to 2 decimal places.
Breakeven Room Rate:
c) What is the minimum daily revenue?
Round your answer to 2 decimal places.
Minimum Daily Revenue:
d) If Thyme Hotel has two different sized rooms, 300 square feet and 400 square feet, what would be the minimum rate to
charge for those rooms if there are 110 300-square-foot rooms?
Round square feet to the nearest whole number.
Round room rates to 2 decimal places.
Total Square Feet:
Total Square Feet Sold:
Small Room Rate:
Large Room Rate:
Explanation
a) Rooms to be Sold = Number of Rooms × Occupancy Rate × Days in the Period
Rooms to be Sold: 77,563
b) Breakeven Room Rate = Total Operating Costs ÷ Rooms to be Sold
Breakeven Room Rate: 78.75
c) Minimum Daily Revenue = Breakeven Room Rate × Number of Rooms Rented
Minimum Daily Revenue: 16,734.38
d) Small Room Rate = (Daily Revenue ÷ Total Square Feet Sold) × small room square feet
Larger Room Rate = (Daily Revenue ÷ Total Square Fee Sold) × large room square feet
Total Square Feet: 89,000.00
Total Square Feet Sold: 75,650.00
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Small Room Rate: 66.36
Large Room Rate: 88.48
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Average unit cost $
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The cost of the ending inventory $
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
O $4.70.
$12.82.
O $30.33
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
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$ 13,000
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88,000
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Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
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$115,930
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Supply the missing dollar amounts for each of the following independent cases:
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Beginning
Inventory
Cost of Goods
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Cost of
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Cases
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Ending Inventory
A
S.
1,250
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1,350
860
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were:
O 95220 equivalent units.
O 135300 equivalent units.
O 70200 equivalent units.
O 85200 equivalent units.
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Entries for notes payable
Bennett Enterprises issues a $660,000, 45-day, 9%, note to Spectrum Industries for merchandise inventory.
Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank.
a. Journalize Bennett Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
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2. the receipt of the payment of the note at maturity.
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What is the holding period return for the year on a bond with a par value of $1,000 and a coupon rate of 8.5% if its price at the
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Ziehart Pharmaceuticals reported Net Sales of $180,000 and Cost of Goods Sold of $59,000. Candy Electronics Corp. reported Net
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1. Calculate the gross profit percentage for both companies. (Round your answers to 1 decimal place.)
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For each of the following separate situations, determine how much revenue is recognized in December (using accrual basis
accounting).
a. On December 7, Oklahoma City Thunder sold a $124 ticket to a basketball game to be played in March.
b. Tesla sold and delivered a $92,000 car on December 25. The customer will not pay until February.
c. Deloitte signs a contract on December 1 to provide 40 days of advisory services with receipt of $44,000 due at the end of the
contract. On December 31, 75% of the services have been completed.
Situations
Revenue recognized
a. Sale of a ticket to a basketball game
b. Sale of a car on credit
c. Contract to provide advisory services
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Question 5 of 8
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Type of Asset
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Warehouse
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103,000
All assets are depreciated by the straight-line method. Bramble Corp. uses a calendar year in preparing annual adjusting entries and
financial statements. After discussion, management has agreed to accept Victor's proposed changes. (The "Proposed" useful life is
total life, not remaining life.)
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Jan. 1, 2022
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Kieso, Intermediate Accounting, 16e
INTERMED. ACCOUNTING (ACC 3110
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Exercise 15-9
Your answer is partially correct. Try again.
Bramble Corporation has 10,800 shares of $100 par value, 7 %, preferred stock and 46,500 shares of $10 par value
common stock outstanding at December 31, 2017.
Answer the questions in each of the following independent situations.
(a) If the preferred stock is cumulative and dividends were last paid on the preferred stock on December 31, 2014, what
are the dividends in arrears at December 31, 2017?
Amount of dividends in arrears
226,800
How should these dividends be reported?
not reported
The cumulative dividend is
as a liability.
(b)If the preferred stock is convertible into 7 shares of $10 nar value common stock…
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Proceeds from Notes Payable
On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
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The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash on
merchandise.
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Chapter: Recording Business TraNSACTIONS
Sep. 1
hed:course:7710589/products/79c3fa4c-a84f-42ba-b87a-e36a400bca00/pages/urn:pe
6
7
Proble X
P-F:2-30A. Journalizing transactions, posting journal entries to T-
accounts, and preparing a trial balance (Learning Objectives 3, 4)
15
G
New
Ann Simpson started her practice as a design consultant on September 1,
2024. During the first month of operations, the business completed the
following transactions:
3. Prepare the trial balance of Vince York, M.D., as of July 31, 2024.
30
Received $48,000 cash and issued common stock to Simpson.
Purchased office supplies, $1,200, and furniture, $1,300, on account.
Performed services for a law firm and received $1,900 cash.
X
Paid $18,000 cash to acquire land to be used in operations.
Performed services for a hotel and received its promise to pay the $1,200
within one week.
Paid for the furniture purchased on September 4 on account.
Paid assistant's semimonthly salary, $1,500.
Received cash on…
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apter 20 Homework i
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Exercise 20-2 (Algo) Change in principle; change in inventory methods [LO20-2]
2.
Aquatic Equipment Corporation decided to switch from the LIFO method of costing inventories to the FIF0 method at the beginning of
2021. The inventory as reported at the end of 2020 using LIFO would have been $55,000 higher using FIFO. Retained earnings at the
end of 2020 was reported as $730,000 (reflecting the LIFO method). The tax rate is 40%.
Ints
Skipped
Required:
1. Calculate the balance in retained earnings at the time of the change (beginning of 2021) as it would have been reported if FIFO had
been used in prior years.
2. Prepare the journal entry at the beginning of 2021 to record the change in accounting principle.
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Question 3 of 5
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Current Attempt in Progress
Blossom Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022.
1.
Purchased a 1-year insurance policy on June 1 for $ 2,196 cash.
2.
Paid $7,930 on August 31 for 5 months' rent in advance.
On September 4, received $ 4,392 cash in advance froma corporation to sponsor a game each month for a total of 9 months
3.
for the most improved students at a local school.
Signed a contract for cleaning services starting December 1 for $ 1,220 per month. Paid for the first 2 months on November
4.
30. (Hint: Use the account Prepaid Cleaning to record prepayments.)
On December 5, received $ 1,830 in advance from a gaming club. Determined that on December 31,$ 590 of these…
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Qsnhu login - Search Do Homework-3-1 M X X Home X TeMyLab Finance Pearso X P Introduction: The Time X S C A G Sign in https://mylab.pearson.com/Student/PlayerHomework.aspx?homeworkld=623722542&questionid=1&flushe... Shonda Curry 05/23/22 9:51 PM FIN-320-X5089 Principles of Finance 22EW5 = Homework: 3-1 MyFinanceLab Assignment Question 9, P5-18 (similar to) Save HW Score: 42%, 21 of 50 points O Points: 0 of 4 > (Related to Checkpoint 5.5) (Solving for n) Jack asked Jill to marry him, and she has accepted under one condition: Jack must buy her a new $320,000 Rolls-Royce Phantom. Jack currently has $37490 that he may invest. He has found a mutual fund with an expected annual return of 6 percent in which he will place the money. How long will it take Jack to win Jill's hand in marriage? Ignore taxes and inflation. The number of years it will take for Jack to win Jill's hand in marriage is years. (Round to one decimal place.)
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