ch09-Homework(1)

Find the commission # 11 12 13 14 Sales Amount $4,000 $8,000 $18,000 $27,500 5% of first $5,000 8% of next $10,000 10% on sales over $15000 Commission

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4. Size of Accounts Receivable [LO1] Skye Flyer, Inc., has weekly credit sales of $21,900, and the average collection period is 33 days. What is the average accounts receivable figure?

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MN * 00 HI %#3 https://ezto.mheduc Help Save & Exit Saved t-Chapter 11 & 13 Review Jackson Company has developed the following sales projections for the calendar year: 000 000 May June July 156,000 August September 000 000 99 000 October Normal cash collection experience has been that 50% of sales is collected during the month of sale and 45% in the month following the sale. The remaining 5% of sales are never collected. Jackson's budgeted cash collections for the third calendar quarter are: (CMA adapted) Multiple Choice 000'00$ 20 of 20 Next nere to search 4/2 近 +D -3 PrtSc Delete F5 F7 F8 F10 F11 F12 6 & %23 $4 4. 5. 6. P. G B N Alt Ctrl

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Chapter 17 Revenue and expense data for the current calendar year for Smith Electronics Company and for the electronics industry are as follows. The Smith Electronics Company data are expressed in dollars. The electronics Industry averages are expressed in percentages. Smith Electronics Electronics Industry Company Average $3,142,000 103.0% Sales 3.0% 150,000 Sales returns and allowances $2,992,000 100.0% Net sales 60.0% 1,850,000 Cost of goods sold 40.0% $1,142,000 Gross profit $750,000 23.0% Selling expenses 257,000 10.0% Administrative expenses 33.0% $1,007,000 Total operating expenses 7.0% $135,000 Operating income Other income 50,000 1.5% $185,000 8.5% 42,500 1.0% Other expense Income before income tax $142,500 7.5% Income tax expense 5.0% 76,000 $66,500 Net Income 2.5% a. Prepare a common-sized income statement comparing the results of operations for Smith Electronics Company with the industry average Round to one decimal place. b. As far as the data permit, comment on…

Problem 16-09 (Cost of Trade Credit) Question 5 of 7 ▸ Check My Work Cost of Trade Credit Grunewald Industries sells on terms of 3/10, net 40. Gross sales last year were $4,124,500 and accounts receivable averaged $423,750. Half of Grunewald's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Grunewald's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers to two decimal places. Nominal cost of trade credit: % Effective cost of trade credit: %

QUESTION 27 The following information pertains to Hepburn Company: Month Sales Purchases January February March $63,000 $82,000 $102,000 $39,000 $44,000 $57,000 Cash is collected from customers in the following manner: Month of sale 35% 65% Month following the sale 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Labor costs are 30% of sales. Other operating costs are $32,000 per month (including $9000 of depreciation). Both of these are paid in the month incurred. The cash balance on March 1 is $15,800. A minimum cash balance of $3000 is required at the end of the month. Money can be borrowed in multiples of $1,000. What is the ending cash balance for March? $15,800 $2000 $9800 $3000

H#5 My Aunt’s Closet Store collects 60% of its accounts receivable in the month of sale and 35% in the month after the sale. Given the following sales, how much cash will be collected in March? Feb: $20,000 March: $60,000 April: $70,000

Question 14 of 15. Net Sales = $145,347 Employee Meals $1,923 Discounts $221 Coupons/Promotions-$988 What is the Gross Sales? O$138.588 O$140,156 O$145.224 O$148 479 Mark for follow up

Problem 16-5 Calculating Cash Collections [LO 3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Sales Q1 $ 390 Q2 $ 450 Q3 Q4 $ 510 $ 660 a. Accounts receivable at the beginning of the year are $300. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Q2 Q3 Q4 Beginning receivables Sales $ 390 $ 390 450 $ 450 510 $ 510 660 660 Cash collections Ending receivables b. Accounts receivable at the beginning of the year are $300. The company has a 60-day collection period. Calculate cash collections in each of the four quarters by completing the following: Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Q1 Beginning receivables Sales Cash collections Ending receivables 390 Q2 450 Q3 510 Q4 660…

Year 1     Year 2     Year 3     Year 4       $  %  $  %  $  %  $  % Net Sales  $               500,000.00 100.00%  $       540,000.00 100.00%  $  577,800.00 100.00%  $  612,468.00 100.00% Cost of goods 265,000.00 53.00%  $       283,500.00 52.50%  $  300,456.00 52.00%  $  321,545.70 52.50% Gross Margin 235,000.00 47.00%  $       256,500.00 47.50%  $  277,344.00 48.00%  $  290,922.30 47.50% Operating expenses 210,000.00 42.00%  $       226,800.00 42.00%  $  245,565.00 42.50%  $  257,236.56 42.00% Operating proft 25,000.00 5.00%  $         29,700.00 5.50%  $    31,779.00 5.50%  $    33,685.74 5.50% Supposing that Mr. Ptolemy achieved his Year 3 and Year 4 performance goals as planned, compare the Year 1 through Year 4 yearly results. Hint: Calculate ‘ trends’ from Year 1 to Year 2, from Year 2 to Year 3, and from Year 3 to Year 4 in terms of NS, COGS, GM,OE and profit.  Show your calculations and interpret the meaning of the obtained trend figures.     Year 1-2…

Online Sales 162,500 150,000 137,500 125,000 112,500 100,000 87,500 75,000 62,500 50,000 37,500 25,000 12,500 0 105,042 Company 1 125,000 67,250 55,578 11 Company 2 Last Year Target for this Year 162,500 137,712 11 Company 3

Problem 5-33A (Algo) Effect of FIFO Versus LIFO on income tax expense LO 5-6 The Brick Company had cash sales of $222,900 for Year 1, its first year of operation. On April 2, the company purchased 201 units of inventory at $210 per unit. On September 1, an additional 151 units were purchased for $231 per unit. The company had 45 units on hand at the end of the year. The company's income tax rate is 40 percent. All transactions are cash transactions. Required a. The preceding paragraph describes five accounting events: (1) a sales transaction, (2) the first purchase of inventory, (3) a second purchase of inventory, (4) the recognition of cost of goods sold expense, and (5) the payment of income tax expense. Record the amounts of each event in horizontal statements models like the following ones, assuming first a FIFO and then a LIFO cost flow. b. Compute net income using FIFO. c. Compute net income using LIFO. Complete this question by entering your answers in the tabs below. Required A…

Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts $ March 49,600 $ 8,928 April 60,300 $ 10,854 $ $ CA 69 $ GA May 69,900

wo years. EXERCISE 15-2 Financial Ratios for Assessing Liquidity LO15-2 ending December 31 appear below. The company did not issue any new common stock during the payable was 12%, the income tax rate was 40%, and the dividend per share of common stock was this year was $18. All of the company’s sales are on account. year Deceof 800,000 shares of common stock were outstanding, The interest rate on the bond year. $0.75 last year and $0.40 this year. The market value of the company's common stock at the end of Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash .... $ 1,280 $ 1,560 Accounts receivable, net 12,300 9,100 Inventory .... 9,700 8,200 Prepaid expenses 1,800 2,100 Total current assets 25,080 20,960 Property and equipment: Land ..... 6,000 6,000 Buildings and equipment, net .. 19,200 19,000 epeA Total property and equipment ... 25,200 25,000 Total assets $50,280 $45,960 Liabilities and Stockholders' Equity Current…

50​% in the month of the sale   40​% in the month after the sale   8​% two months after the sale   2​% never collected Yandell expects total sales of $365,000 in January and $412,000 in February. Assume that Yandell​'s sales are collected as​ follows: LOADING... ​(Click the icon to view the​ collections.)   November sales totaled $270,000​, and December sales were $310,000. Prepare a schedule of cash receipts from customers for January and February. Round answers to the nearest dollar.​ (If a box is not used in the table leave the box​ empty; do not enter a​ zero.)   Cash Receipts from Customers       January February Total sales         January February Cash Receipts from Customers:     Nov.—Credit sales, collection of Nov. sales in Jan.     Dec.—Credit sales, collection of Dec. sales in Jan.     Dec.—Credit sales, collection of Dec. sales in Feb.     Jan.—Credit…

Question 20.5

Problem 17-3A Analysis of working capital LO4 Hallfax Fisheries Inc. began the month of March with $769,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 11 to 1 During the month, It completed the following transactions: Mar. 6 Bought $86,900 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost 71,800 for $122,500. 15 Collected a 30,900 account receivable. 17 Paid a $32,900 account payable. 19 Hrote off $14,900 bad debt against Allowance for Doubtful Accounts. 24 Declared a $2.20 per share cash dividend on the 41,900 outstanding common shares. 28 Paid the dividend declared on March 24. 29 Borrowed $94,500 by giving the bank a 30-day, 18% note. 30 Borrowed $119,000 by signing a long-term secured note. 31 Used the $213,500 proceeds of the notes to buy additional machinery. Required: Prepare a schedule showing Halifax Fisheries Inc.'s current ratio, quick ratio, and working capital after each of the transactions.…

$ millions Net sales Cost of sales Apple Current Year $ 265,595 $ 163,756 ($ millions) Net sales Cost of sales Gross margin Gross margin ratio Prior Year $ 229,234 $ 141,048 Required 1 Required 2 Required 3 Required 4 Required 1. Compute the amount of gross margin and the gross margin ratio for the two years shown for each of these companies. 2. Which company earns more in gross margin for each dollar of net sales for the current year? 3-a. Does the company's current-year gross margin underperform or outperform the 35% industry average in the case of Apple? 3-b. Does the company's current-year gross margin underperform or outperform the 35% industry average in the case of Google? 4-a. Is the change in the company's current-year gross margin favorable or unfavorable for Apple? 4-b. Is the change in the company's current-year gross margin favorable or unfavorable for Google? Current Year 265,595 163,756 Complete this question by entering your answers in the tabs below. % Compute the…

Problem 22-4A Departmental contribution to income LO P3 Vortex Company operates a retail store with two departments. Information about those departments follows.    Department A Department B Sales $ 800,000   $ 450,000   Cost of goods sold   497,000     291,000   Direct expenses:             Salaries   125,000     88,000   Insurance   20,000     10,000   Utilities   24,000     14,000   Depreciation   21,000     12,000   Maintenance   7,000     5,000      The company also incurred the following indirect costs.      Salaries $36,000 Insurance 6,000 Depreciation 15,000 Office expenses 50,000    Indirect costs are allocated as follows: salaries on the basis of sales; insurance and depreciation on the basis of square footage; and office expenses on the basis of number of employees. Additional information about the departments follows.  Department Square footage Number of employees A   28,000     75   B   12,000     50      Required:1.…

ABC 20.3 A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of 40%. All his sales are for cash. He suspects that one of his sales assistants is stealing cash from sales revenue. His trading account for the month of June 20X3 is as follows: 181,600 114,000 67,600 Recorded sales revenue Cost of sales Gross profit Assuming that the cost of sales figure is correct, how much cash could the sales assistant have taken? $5,040 B $8,400 $22,000

3/1/21, 9:32 PM LIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 72 $ 300 $ 21,600 8 Purchase 144 360 51,840 11 Sale 96 1,000 96,000 30 Sale 60 1,000 60,000 May 8 Purchase 120 400 48,000 10 Sale 72 1,000 72,000 19 Sale 36 1,000 36,000 28 Purchase 120 440 52,800 June 5 Sale 72 1,050 75,600 16 Sale 96 1,050 100,800 21 Purchase 216 480 103,680 28 Sale 108 1,050 113,400 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4 , using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months…

%24 Flint, Inc. provided the following information: July August Projected sales $236,000 $250,000 Projected merchandise purchases $144,000 $176,000 Flint estimates that it will collect 40% of its sales in the month of sale, 35% in the month after the sale, and 22% in the second month following the sale. Three percent of all sales are estimated to be bad debts. Flint pays for 30% of merchandise purchases in the month purchased and 70% in the following month. General operating expenses are budgeted to be $20,500 per month, including depreciation of $1,900. Flint pays operating expenses in the month incurred. Flint makes loan payments of $3,500 per month of which $600 is interest and the remainder is principal. Calculate Flint's budgeted cash disbursements for August. Budgeted Cash Disbursements $. eTextbook and Media Save for Later Attempts: 0 of 3 used Submitswer f4 f5 f12 64 prt s 91 23. %3D 5. 8.