Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: • Sales are budgeted at $304,000 for November, $324,000 for December, and $224,000 for January. • Collections are expected to be 60% in the month of sale and 40% in the month following the sale. • The cost of goods sold is 75% of sales. • The company desires to have an ending merchandise inventory at the end of each month equal to 90% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,500. Monthly depreciation is $2,000. • Ignore taxes. Assets Cash Accounts receivable Merchandise Inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Balance Sheet October 31 Retained earnings at the end of December would be: $ 33,500 84,000 205,200 919,000 $1,241,700 $ 253,000 754,000 234,700 $1,241,700

Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: • Sales are budgeted at $304,000 for November, $324,000 for December, and $224,000 for January. • Collections are expected to be 60% in the month of sale and 40% in the month following the sale. • The cost of goods sold is 75% of sales. • The company desires to have an ending merchandise inventory at the end of each month equal to 90% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,500. Monthly depreciation is $2,000. • Ignore taxes. Assets Cash Accounts receivable Merchandise Inventory Property, plant and equipment, net of $624,000 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity Balance Sheet October 31 Retained earnings at the end of December would be: $ 33,500 84,000 205,200 919,000 $1,241,700 $ 253,000 754,000 234,700 $1,241,700

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Information for Hobson Corporation for the current year ($ in millions): Income from continuing operations before tax Loss on discontinued operation (pretax) Temporary differences (all related to operating income): Accrued warranty expense in excess of expense included in operating income Depreciation deducted on tax return in excess of depreciation expense Permanent differences (all related to operating income): Nondeductible portion of entertainment expense The applicable enacted tax rate for all periods is 25%. What should Hobson report as income from continuing operations? $ 230 10 85 175 20
! Required information PayNet Inc. (PayNet) and Shale Ltd. (Shale) had the following balance sheets on July 31, 2022: Cash Accounts receivable Inventory Plant and equipment (net) Goodwill Trademark Total assets Current liabilities Bonds payable Common shares Retained earnings Total liabilities and equity PayNet Inc (carrying value) $280.000 100,000 60,000 200,000 $640,000 $120,000 330,000 90,000 100,000 $640,000 Shale Ltd. (carrying value) $36.000 Shale Ltd. (fair value) $36,000 45,000 20,000 75,000 40,000 24,000 80,000 8,000 12,000 24,000 $200,000 $50,000 20,000 80,000 50,000 $200,000 50,000 30,000 Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what is the amount of goodwill on PayNet's consolidated balance sheet at the date of acquisition if the fair value enterprise (FVE) method was used?
Cubie Corporation has provided the following data concerning its only product: Selling price $ 93 per unit 10,700 units 8,346 units Current sales Break-even sales What is the margin of safety in dollars? Multiple Choice O $776,178 $218,922 $605,419
devrat
Multiple Choice $308,000 $384,000 sa $460,000 $522,000
Subject: accounting
Consider the following table: Vehicle #1 $24,350 W X What is the value of y? 2.24 1.03 1.45 1.72 000. Vehicle #2 $34,890 1 Z Vehicle #3 $59,980 y 100
What would be the formulas for these?
The adjusted trial balance for the year ended December 31 for Lily Company is presented below: Cash LILY COMPANY Adjusted Trial Balance December 31 Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation-equipment Accounts payable Notes payable Interest payable Salaries payable Unearned revenue D. Lily, capital D. Lily, drawings Service revenue Salaries expense Utilities expense Rent expense Supplies expense Depreciation expense Interest expense Debit $6900 7650 3060 1160 54100 6560 4640 4160 2830 1220 1370 400 Credit $5410 6340 28100 400 840 8500 25660 18800 $94050 $94050
S RelyaTech Corporation has a time constraint on one of its special machines. The company makes three products that use this machine. Data concerning those products appear below: Selling price per unit Variable cost per unit Minutes on the constraint (ID#53930) Assume that sufficient time is available on the constrained machine to satisfy demand for all but the least prontable produt Q) Up to how much should RelyaTech be willing to pay to acquire more of the constrained resource? (Round your intermediate calculations to 2 decime places.) Multiple Choice $7.08 per minute MagnificoBellissimo Lovelyssimo $335.19 $ 228.47 $199.22 $259.24 $ 173.06 $159.59 7.60 4.40 5.60 $12.59 per unit
Not handwritten....
-50 -100 100 Chart Title 50 50 0 25 50 100 125 150 175 ⚫Own Assest Own Put Protective Put