Do not use Ai 2.Late in December, the next generation of multiuse (MU II) watches is released.In addition to all of the features of the MU watch, the MU II watches areequipped with a global positioning system (GPS) and have the ability todownload and play songs and videos off the internet. The demand for theoriginal MU watches is greatly reduced. As of December 31, the estimatedmarket value of MU watches is only $98 per watch.a.Record any necessary adjustment on December 31, 2016, related to thisinformation. (If no entry is required for a transaction/event, select "No journalentry required" in the first account field.)b. At what amount would MU inventory be reported in the December 31, 2016, balancesheet?C.Prepare an updated gross profit section of a partial income statementaccounting for this additional information.

Answer information:Step 1:a. Record any necessary adjustment on December 31, 2022, related to this…

Answered: 2. Late in December, the next…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In the coming year, Urayse, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $11.25 to retailers throughout the country. All sales will be made on account. An expected 65% of sales will be collected within the quarter of the sale, and another 30 % in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows Budgeted sales units 1st Quarter: 25,000 2nd Quarter: 40,000 Prepare Urayse, Inc.'s, cash receipts budget for the coming year. 3rd Quarter:50,000 4th Quarter: 80,000
In the coming year, Concord, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive- motion injuries. The brace will be sold for $13.00 to retailers throughout the country. All sales will be made on account. An expected 65% of sales will be collected within the quarter of the sale, and another 30% in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales units 29,000 41,000 57,000 77,000 Prepare Concord, Inc's cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, eg. 52.75 and all other answers to 0 decimal places, e.g. 5,275.)
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In the coming year, Marigold, Inc. will be introducing its first product, a wrist brace that protects serious video gamers from repetitive-motion injuries. The brace will be sold for $ 17.00 to retailers throughout the country. All sales will be made on account. An expected 65% of sales will be collected within the quarter of the sale, and another 30% in the quarter following the sale. The remaining 5% of credit sales are expected to be uncollectible. The sales budget for the coming year is as follows: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted sales units 20,000 41,000 59,000 82,000 Prepare Marigold, Inc.'s cash receipts budget for the coming year. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0. Round "Budgeted sale price" and "Cash Receipts Budgets" answers to 2 decimal places, e.g. 52.75 and all other answers to 0 decimal places, e.g. 5,275.) Sales Budget 1st Quarter 2nd Quarter…
Crane Electronics Inc. produces and sells two models of calculators, XQ-103 and XQ-104. The calculators sell for $15 and $25, respectively. Because of the intense competition Edington faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2022 are as follows. Unit Sales Product Quarter 1 XQ-103 XQ-104 21,200 12,720 Quarter 2 23,320 15,900 No changes in selling prices are anticipated. Prepare a sales budget for the 2 quarters ending June 30, 2022. List the products and show for each quarter and for the 6 months, units, selling price, and total sales by product and in total.
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RU Listening manufactures cell phones and is developing a new model with a feature (targeted at parents of teens) that prevents the phone from dialing an owner-defined list of phone numbers between the hours of midnight and 6:00 a.m. The new phone model has a target price of $360. Management requires a 10% profit on new product revenues. Required: If required, round to the nearest dollar. 1. Calculate the amount of desired profit. 24 2. Calculate the target cost.
Samsung Co. forecasts that the customer demand next year is 37,230 TVs.Samsung orders Smart Chip from a supplier to hold stock. The assembly of a TVneeds 3 chips. The cost for each order is $50. The unit price of Smart chip is$100. The annual holding cost is 20% unit price of Chip. The maximum capacity ofproducing is 100 TVs/day. The working day is 365 days/year. The contemporaryinventory policy of Samsung is Ordering these Chip every 3 months.a. Calculate recent total ordering cost and total holding cost of Samsung?b. When EOQ model applied, what is the economic order quantity? What is averageinventory?c. If the company follows EOQ, how much can the company save?d. Determine ROP if leadtime is 2 days
tch Pad Zynex Co manufactures a range of electronic devices, which it sells to online stores and retail outlets. It has a risk-seeking attitude and its objective is to maximise profit. Six months ago it released a new version of its smartphone, the ZV. Zynex Co's main smartphone competitor has announced that it will launch a new version of its smartphone in one month's time and Zynex Co is concerned about the effect of the launch of this rival product on future demand for the ZV. For each of the previous ten smartphones launched by its competitors, Zynex Co's marketing team has analysed the impact on Zynex Co's sales performance. This data was retained specifically for the purpose of forecasting future demand of Zynex Co's smartphones and is stored in the company's financial database. Based on this analysis, the marketing team has identified three possible outcomes for the impact on the demand of the ZV: a small decrease, a medium decrease and a large decrease. Production volumes for…
The New York Times sells a weekly magazine which advertises local second-hand goods. The owner can buy the magazine for 15 cents each and sell them at the retail price of 25 cents. At the end of each week unsold magazines are obsolete and have no value.The owner estimates a probability distribution for weekly demand which looks like this:Weekly demand in units Probability10 0.2015 0.5520 0.25 1.00(i) What is the EV of demand? (ii) If the owner is to order a fixed quantity of magazines per week how many should that be? Assume no seasonal variations in demand.
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