O $12,615 $24,000 None of the choices are correct.
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- Erie Company reports the following comparative balance sheets and income statement information for the current year. All revenues are from credit sales. Comparative Balance Sheets Assets Cash Accounts receivable Prepaid insurance Inventory Property, plant & equipment Total Assets Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-term notes payable Common stock Retained earnings Total Liabilities and Stockholders' Equity Income Statement Revenue Cost of goods sold Gross margin Operating expenses Net income $ What was the cash received from customers during the year? $ 290,000 (162,000) 128,000 (82,000) 46,000 Beginning of Year $ 90,000 34,000 34,000 10,000 42,000 $ 210,000 $ 50,000 18,000 26,000 22,000 94,000 $ 210,000 End of Year $ 50,000 18,000 42,000 26,000 50,000 $ 186,000 $ 34,000 42,000 34,000 22,000 54,000 $ 186,000Please don't provide answer in image format thank you.Chapter 6 i Saved Help Save & Exit Subm Rothbart Manufacturing agrees to manufacture bumper cars for 12 Banners Amusement Parks. Under the terms of the contract, 12 Banners will pay Rothbart a total of $66,000, and 12 Banners can cancel the contract if it so chooses but must pay Rothbart for work completed. Rothbart believes that, if 12 Banners cancelled the contract, Rothbart could sell the bumper cars to another amusement park and still make a profit. The manufacturing contract is expected to last six months, and as of December 31, 2021, the job is 80% complete. How much revenue should Rothbart recognize in 2021 for this contract? Multiple Choice $13.200 $66.000 553.300 Prev 1 of 15 Next >
- Your company has a project available with the following cash flows: Year 0 1 2345 Cash Flow -$80,900 21,600 25,200 31,000 26,100 20,000 If the required return is 15 percent, should the project be accepted based on the IRR?Glew Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Cost per Unit $ 6.00 $ 3.35 $ 1.75 $ 1.00 $ 0.40 Cost per Period $ 8,800 Variable administrative expense Fixed selling and administrative expense $ 4,000 If 3,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:Vol 0.00 LTE2 KB/s 3G 4G ll 23:35 G O 24 Problem 2: Honey Company has a herd of 10 2-year old animals on January 1, 2019. One animal aged 2.5 years was purchased on July 1, 2019 for P108, and one animal was born on July 1, 2019. No animals were sold or disposed during the year. The active market provided the following fair value less cost to sell: 2 - year old animal on January 1 2.5 – year old animal on July 1 New born animal on July 1 2 - year old animal on December 31 2.5 - vear old animal on December 31 100 108 70 105 11 New born animal on December I on 72 3 - year old animal on December 31 0.5 – year old animal on December 31 120 80 Required: 1. Prepare all indicated entries for the current year to recognize the transactions relating to the biological asset. 2. Indicate the financial statement presentation of the accounts related to the biological assets. 52 3. Determine the price change and physical change in fair value.
- Rice Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for October. Variable Revenue Emp. salaries & wages Travel expenses Other expenses Fixed Element per Month $42,300 $31,500 Element per Customer Serviced $4,100 $1,300 $700 Actual Total for October $182,900 $98,800 $30,500 $31,900 When the company prepared its planning budget at the beginning of October, it assumed that 39 customers would have been served. However, 44 customers were actually served during October. The revenue variance for October would have been closest to:Assume a merchandising company provides the following information from its master budget for the month of May: Sales $ 121,000 $ 97,000 Cost of goods sold Selling and administrative expenses $ 31,000 Accounts receivable, May 1st $ 17,000 Accounts receivable, May 31st $ 24,500 If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May?2 204.3847 ebook P Hard Hat Company is in the process of purchasing several large pieces of equipment from Machine Corporation. Several financing alternatives have been offered by Machine: 1. Pay $1160,000 in cash immediately. 2. Pay $461,000 immediately and the remainder in 10 annual installments of $94,000, with the first installment due in one year. 3. Make 10 annual installments of $156,000 with the first payment due immediately 4. Make one lump-sum payment of $1,730,000 five years from date of purchase. Required: Determine the best alternative for Hard Hat, assuming that Hard Hat can borrow funds at a(n) 8% interest rate. Note: Round your final answers to nearest whole dollar amount. Use tables, Excel, or a financial calculator. (EV of S1 PV of $1. EVA of51. PVA of$1. EVAD of $1 and PVAD of $3 Option 1 Option 2 Option 3 Option 4 The best alternative for Hard Hat PV Check
