Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells toindividuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information isavailable for several months of the current year:Cash ExpensesPaidMonthMayJuneJulyAugustSales$ 91,000123,000137,000Purchases$ 62,00087,000$ 18,00027,500127,00033,25029,400116,00076,000The majority of Martin's sales (60 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 25percent are collected in the month of sale and 75 percent are collected in the following month. All of Martin's purchases are onaccount with 55 percent paid in the month of purchase and 45 percent paid the following month.Required:1. Determine budgeted cash collections for July and August.2. Determine budgeted cash payments for July and August.Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Required 1Required 2Determine budgeted cash payments for July and August.JulyAugustBudgeted Cash Payments$ 132,275$93,200

CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…

Answered: Martin Clothing Company is a retail…

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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The Cheyenne Hotel in Big Sky, Montana, recorded its total electrical costs and number of occupancy-days over the last year. An occupancy-day represents a room rented for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. Month January February March April May June July August September October November December Occupancy- Days 3,250 3,470 3,660 1,760 1,350 4,350 3,280 1,610 700 1,300 1,640 2,220 Electrical Costs $ 9,660 $ 10,185 $ 10,360 $ 6,160 $ 4,725 $ 11,575 $ 9,765 $ 5,635 $ 2,450 $ 4,550 $5,740 $ 7,770 Required: 1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. Note: Do not round your intermediate calculations. Round your Variable cost answer to 2 decimal places and Fixed cost element answer to nearest whole dollar amount. Variable cost of electricity Fixed cost of electricity X Answer is complete but not entirely correct. $ 3.50 x per…
Julianna Abdallah owns and operates FirstCakes, a bakery that creates personalized birthday cakes for a child's first birthday. The cakes, which sell for $40 and feature an edible picture of the child, are shipped throughout the country. A typical month's results are as follows: Sales revenue $840,000 Variable expenses 630,000 Contribution margin 210,000 Fixed expenses 112,000 Operating income $ 98,000 a.What is FirstCakes' contribution margin per unit? b.What is FirstCakes' monthly breakeven point in units? c.What is FirstCakes' contribution margin ratio? d.What is FirstCakes' monthly breakeven point in sales dollars?
Vernon Cabins is a small motel chain located near state and national parks. Each property is made up of separate cabins. The chain has 10 properties with an average of 15 cabins at each property. In year 1, the occupancy rate (the number of rooms filled divided by the number of rooms available) was 80 percent, based on a 180-day season. The properties are closed from late fall until early spring. The average rate was $225 per night per cabin. The basic unit of operation is the “night,” which is one cabin occupied for one night. The operating income for year 1 is as follows. Vernon Cabins Operating Income Year 1 Sales revenue Lodging $ 4,860,000 Incidentals 475,200 Forfeited deposits 129,600 Total revenues $ 5,464,800 Costs Labor $ 1,748,000 Incidentals 451,200 Miscellaneous 86,400 Utilities, etc. 95,000 Depreciation 550,000 Management 120,000 Marketing 230,000 Property taxes 1,640,000 Total costs $ 4,920,600 Operating profit $ 544,200 Other…
Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items. Chipolo began January with an inventory of 200 tags purchased from its supplier in November last year at a cost of $12 per tag, plus 100 tags purchased in December last year at a cost of $15 per tag. Chipolo sells the tags at a price of $30 per tag, on account with terms n/30, FOB destination. Chipolo uses a perpetual inventory system to account for the following transactions. Jan. 8 Chipolo gave 250 tags to a courier company (FedEx) to deliver to customers. Jan. 9 FedEx confirmed that all 250 tags were delivered today to customers. Jan. 11 Chipolo ordered 350 tags from its supplier. The supplier was out of stock but promised to send them to Chipolo as soon as possible. Chipolo agreed to a cost of $21 per tag, n/30. Jan. 17 Chipolo received cash payment from customers for 125 of the tags delivered 8 days earlier. Jan. 21 The 350 tags ordered on January 11…
Cola Food Services Company operates and services soft drinks vending machines located in restaurants, gas stations, factories, etc., in four Southern states. The machines are rented from the manufacturer. In addition Cola must rent space occupied by its machines. The following expense and revenue relationships pertain to a contemplated expansion program of 20 machines. Fixed monthly expenses follow: Machine rental: 20 machines @$43.50 $870 Space rental: 20 locations @$28.80 $576 Part-time wages to service the additional 20 machines $1,454 Other fixed costs $100 Total monthly fixed costs $3000 Other data follow: Per unit per $100 of sales Selling price…
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Leslie Sporting Goods is a locally owned store that specializes in printing team jerseys. The majority of its business comes from orders for various local teams and organizations. While Leslie's prints everything from bowling team jerseys to fraternity/sorority apparel to special event shirts, summer league baseball and softball team jerseys are the company's biggest source of revenue. A portion of Leslie's operating information for the company's last year follows: Number of Operating Month Jerseys Printed Cost $5,735 January February 200 205 5,830 8,690 9,800 March 575 April Мay 680 625 9,275 6,230 June 410 July August September October 390 6,140 5,940 4,810 230 180 305 6,005 5,960 4,955 November 235 December 190 Required: 3. Using the high-low method, calculate the store's total fixed operating costs and variable operating cost per jersey. 4. Using the high-low method results, calculate the store's expected operating cost if it printed 455 jerseys. 5. Perform a least-squares…
The Department of Roads for a large Canadian city has several depots throughout the city where they store rock- salt. The rock-salt is used during the winter. The fiscal year starts on April 1 and ends on the following March 31. At April 1 2021, they had an inventory of 2,000 tons of rock-salt worth $800,000. The following are transactions occurred during the fiscal year:< Summer and Fall 2021: Purchased 68,000 tons at an average price of $300/ton< Months of December 2021 and January 2022: used 62,000 tons February 1 2022: purchased 40,000 tons at $505/ton Month of February 2022: used 20,000 tons March 12 2022: helped a neighbouring city that had run out of salt by giving them 20,000 tons in exchange for equipment worth $12.2 million Required: 1. Calculate the value of the rock salt in the remaining inventory at March 31 2022 based on: FIFO • Weighted average - Periodic 2. Which method of inventory valuation do you recommend they use? Explain your response.<
Please explain why it is the right answer.
Garfield Company manufactures a popular brand of dog repellant known as DogGone It, which it sells in gallon-size bottles with a spray attachment. The majority of Garfield's business comes from orders placed by homeowners who are trying to keep neighborhood dogs out of their yards. Garfield's operating information for the first six months of the year follows: Operating Cost Month January February March April Number of Bottles Sold 1,080 $ 10,570 1,330 15,670 1,850 16,050 2,480 19,680 3,490 27,350 3,610 34,750 May June Required: 3. Using the high-low method, calculate Garfield's total fixed operating costs and variable operating cost per bottle. 4. Perform a least-squares regression analysis on Garfield's data. 5. Determine how well this regression analysis explains the data. 6. Using the regression output, create a linear cost equation (ya+ bx) for estimating Garfield's operating costs. Complete this question by entering your answers in the tabs below. Required 3 Required 4 Required 5…

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