Learning Goal 4 ST1-1 Emphasis on Cash Flows Worldwide Rugs is a rug importer located in the United States that resells its import products to local retailers. Last year, Worldwide Rugs imported $2.5 million worth of rugs from around the world, all of which were paid for prior to shipping. On receipt of the rugs, the importer immediately resold them to local retailers for $3 million. To allow its retail clients time to resell the rugs, Worldwide Rugs sells to retailers on credit. Prior to the end of its business year, Worldwide Rugs collected 85% of its outstanding accounts receivable. a. What is the accounting profit that Worldwide Rugs generated for the year? b. Did Worldwide Rugs have a successful year from an accounting perspective? c. What is the financial cash flow that Worldwide Rugs generated for the year? d. Did Worldwide Rugs have a successful year from a financial perspective? e. If the current pattern persists, what is your expectation for the future success of Worldwide Rugs?

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Answer 1

Textbook Question

Chapter 1, Problem 1.1STP

Learning Goal 4

ST1-1 Emphasis on Cash Flows Worldwide Rugs is a rug importer located in the United States that resells its import products to local retailers. Last year, Worldwide Rugs imported $2.5 million worth of rugs from around the world, all of which were paid for prior to shipping. On receipt of the rugs, the importer immediately resold them to local retailers for $3 million. To allow its retail clients time to resell the rugs, Worldwide Rugs sells to retailers on credit. Prior to the end of its business year, Worldwide Rugs collected 85% of its outstanding accounts receivable.

a. What is the accounting profit that Worldwide Rugs generated for the year?
b. Did Worldwide Rugs have a successful year from an accounting perspective?
c. What is the financial cash flow that Worldwide Rugs generated for the year?
d. Did Worldwide Rugs have a successful year from a financial perspective?
e. If the current pattern persists, what is your expectation for the future success of Worldwide Rugs?

a)

Expert Solution

Summary Introduction

To determine: The accounting profit that the WR Company incurred during the year.

Introduction:

Monetary costs that a firm pays out and the revenue a firm generated during the year is termed as accounting profit. This is considered as the bookkeeping profit which is greater than the economic profit.

Answer to Problem 1.1STP

The accounting profit that the WR Company incurred during the year is $500,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

The formula to compute accounting profit is as follows:

Accounting profit=Total monetary revenue−Total costs

Compute accounting profit:

Accounting profit=Total monetary revenue−Total costs=$3,000,0000−$2,500,000=$500,000

Hence, the accounting profit that the WR Company incurred during the year is $500,000.

b)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from an accounting perspective.

Explanation of Solution

The WR Company had a successful year from an accounting viewpoint. It is because the company was profitable and it has generated 20 percent profit ($500,000$2,500,000) on its investment.

c)

Expert Solution

Summary Introduction

To determine: The financial cash flow that the WR Company incurred during the year.

Answer to Problem 1.1STP

The financial cash flow that the WR Company generated during the year is $50,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

Note: Refer Excel to determine the value of cash inflows.

The formula to compute financial cash flow is as follows:

Financial cash flow=Cash inflows−Cash outflows

Compute financial cash flow:

Financial cash flow=Cash inflows−Cash outflows=$2,550,000−$2,500,000=$50,000

Hence, the financial cash flow that the WR Company incurred during the year is $50,000.

d)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from a financial perspective.

Explanation of Solution

The WR Company has generated a positive cash flow. However, the Company has only 2 percent return on investment ($50,000$2,500,000) . This is not sufficient to cover operating costs. Therefore, the WR Company is not a successful year from a financial perspective.

e)

Expert Solution

Summary Introduction

To discuss: The Person X expectation of the WR Company’s future success.

Explanation of Solution

The WR Company has a risk associated with the importing system and ability to collect on its accounts receivables. The Company has only 2 percent return on investment ($50,000$2,500,000) . This seems doubtful that the company can lead a long-term success. It is because the company does not have adequate cash inflows to meet its obligations. As a result, the firm will not survive irrespective of its level of profits.

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Answer 2

Textbook Question

Chapter 1, Problem 1.1STP

Learning Goal 4

ST1-1 Emphasis on Cash Flows Worldwide Rugs is a rug importer located in the United States that resells its import products to local retailers. Last year, Worldwide Rugs imported $2.5 million worth of rugs from around the world, all of which were paid for prior to shipping. On receipt of the rugs, the importer immediately resold them to local retailers for $3 million. To allow its retail clients time to resell the rugs, Worldwide Rugs sells to retailers on credit. Prior to the end of its business year, Worldwide Rugs collected 85% of its outstanding accounts receivable.

a. What is the accounting profit that Worldwide Rugs generated for the year?
b. Did Worldwide Rugs have a successful year from an accounting perspective?
c. What is the financial cash flow that Worldwide Rugs generated for the year?
d. Did Worldwide Rugs have a successful year from a financial perspective?
e. If the current pattern persists, what is your expectation for the future success of Worldwide Rugs?

a)

Expert Solution

Summary Introduction

To determine: The accounting profit that the WR Company incurred during the year.

Introduction:

Monetary costs that a firm pays out and the revenue a firm generated during the year is termed as accounting profit. This is considered as the bookkeeping profit which is greater than the economic profit.

Answer to Problem 1.1STP

The accounting profit that the WR Company incurred during the year is $500,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

The formula to compute accounting profit is as follows:

Accounting profit=Total monetary revenue−Total costs

Compute accounting profit:

Accounting profit=Total monetary revenue−Total costs=$3,000,0000−$2,500,000=$500,000

Hence, the accounting profit that the WR Company incurred during the year is $500,000.

b)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from an accounting perspective.

Explanation of Solution

The WR Company had a successful year from an accounting viewpoint. It is because the company was profitable and it has generated 20 percent profit ($500,000$2,500,000) on its investment.

c)

Expert Solution

Summary Introduction

To determine: The financial cash flow that the WR Company incurred during the year.

Answer to Problem 1.1STP

The financial cash flow that the WR Company generated during the year is $50,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

Note: Refer Excel to determine the value of cash inflows.

The formula to compute financial cash flow is as follows:

Financial cash flow=Cash inflows−Cash outflows

Compute financial cash flow:

Financial cash flow=Cash inflows−Cash outflows=$2,550,000−$2,500,000=$50,000

Hence, the financial cash flow that the WR Company incurred during the year is $50,000.

d)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from a financial perspective.

Explanation of Solution

The WR Company has generated a positive cash flow. However, the Company has only 2 percent return on investment ($50,000$2,500,000) . This is not sufficient to cover operating costs. Therefore, the WR Company is not a successful year from a financial perspective.

e)

Expert Solution

Summary Introduction

To discuss: The Person X expectation of the WR Company’s future success.

Explanation of Solution

The WR Company has a risk associated with the importing system and ability to collect on its accounts receivables. The Company has only 2 percent return on investment ($50,000$2,500,000) . This seems doubtful that the company can lead a long-term success. It is because the company does not have adequate cash inflows to meet its obligations. As a result, the firm will not survive irrespective of its level of profits.

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Answer 3

Textbook Question

Chapter 1, Problem 1.1STP

Learning Goal 4

ST1-1 Emphasis on Cash Flows Worldwide Rugs is a rug importer located in the United States that resells its import products to local retailers. Last year, Worldwide Rugs imported $2.5 million worth of rugs from around the world, all of which were paid for prior to shipping. On receipt of the rugs, the importer immediately resold them to local retailers for $3 million. To allow its retail clients time to resell the rugs, Worldwide Rugs sells to retailers on credit. Prior to the end of its business year, Worldwide Rugs collected 85% of its outstanding accounts receivable.

a. What is the accounting profit that Worldwide Rugs generated for the year?
b. Did Worldwide Rugs have a successful year from an accounting perspective?
c. What is the financial cash flow that Worldwide Rugs generated for the year?
d. Did Worldwide Rugs have a successful year from a financial perspective?
e. If the current pattern persists, what is your expectation for the future success of Worldwide Rugs?

a)

Expert Solution

Summary Introduction

To determine: The accounting profit that the WR Company incurred during the year.

Introduction:

Monetary costs that a firm pays out and the revenue a firm generated during the year is termed as accounting profit. This is considered as the bookkeeping profit which is greater than the economic profit.

Answer to Problem 1.1STP

The accounting profit that the WR Company incurred during the year is $500,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

The formula to compute accounting profit is as follows:

Accounting profit=Total monetary revenue−Total costs

Compute accounting profit:

Accounting profit=Total monetary revenue−Total costs=$3,000,0000−$2,500,000=$500,000

Hence, the accounting profit that the WR Company incurred during the year is $500,000.

b)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from an accounting perspective.

Explanation of Solution

The WR Company had a successful year from an accounting viewpoint. It is because the company was profitable and it has generated 20 percent profit ($500,000$2,500,000) on its investment.

c)

Expert Solution

Summary Introduction

To determine: The financial cash flow that the WR Company incurred during the year.

Answer to Problem 1.1STP

The financial cash flow that the WR Company generated during the year is $50,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

Note: Refer Excel to determine the value of cash inflows.

The formula to compute financial cash flow is as follows:

Financial cash flow=Cash inflows−Cash outflows

Compute financial cash flow:

Financial cash flow=Cash inflows−Cash outflows=$2,550,000−$2,500,000=$50,000

Hence, the financial cash flow that the WR Company incurred during the year is $50,000.

d)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from a financial perspective.

Explanation of Solution

The WR Company has generated a positive cash flow. However, the Company has only 2 percent return on investment ($50,000$2,500,000) . This is not sufficient to cover operating costs. Therefore, the WR Company is not a successful year from a financial perspective.

e)

Expert Solution

Summary Introduction

To discuss: The Person X expectation of the WR Company’s future success.

Explanation of Solution

The WR Company has a risk associated with the importing system and ability to collect on its accounts receivables. The Company has only 2 percent return on investment ($50,000$2,500,000) . This seems doubtful that the company can lead a long-term success. It is because the company does not have adequate cash inflows to meet its obligations. As a result, the firm will not survive irrespective of its level of profits.

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Answer 4

Textbook Question

Chapter 1, Problem 1.1STP

Learning Goal 4

ST1-1 Emphasis on Cash Flows Worldwide Rugs is a rug importer located in the United States that resells its import products to local retailers. Last year, Worldwide Rugs imported $2.5 million worth of rugs from around the world, all of which were paid for prior to shipping. On receipt of the rugs, the importer immediately resold them to local retailers for $3 million. To allow its retail clients time to resell the rugs, Worldwide Rugs sells to retailers on credit. Prior to the end of its business year, Worldwide Rugs collected 85% of its outstanding accounts receivable.

a. What is the accounting profit that Worldwide Rugs generated for the year?
b. Did Worldwide Rugs have a successful year from an accounting perspective?
c. What is the financial cash flow that Worldwide Rugs generated for the year?
d. Did Worldwide Rugs have a successful year from a financial perspective?
e. If the current pattern persists, what is your expectation for the future success of Worldwide Rugs?

a)

Expert Solution

Summary Introduction

To determine: The accounting profit that the WR Company incurred during the year.

Introduction:

Monetary costs that a firm pays out and the revenue a firm generated during the year is termed as accounting profit. This is considered as the bookkeeping profit which is greater than the economic profit.

Answer to Problem 1.1STP

The accounting profit that the WR Company incurred during the year is $500,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

The formula to compute accounting profit is as follows:

Accounting profit=Total monetary revenue−Total costs

Compute accounting profit:

Accounting profit=Total monetary revenue−Total costs=$3,000,0000−$2,500,000=$500,000

Hence, the accounting profit that the WR Company incurred during the year is $500,000.

b)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from an accounting perspective.

Explanation of Solution

The WR Company had a successful year from an accounting viewpoint. It is because the company was profitable and it has generated 20 percent profit ($500,000$2,500,000) on its investment.

c)

Expert Solution

Summary Introduction

To determine: The financial cash flow that the WR Company incurred during the year.

Answer to Problem 1.1STP

The financial cash flow that the WR Company generated during the year is $50,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

Note: Refer Excel to determine the value of cash inflows.

The formula to compute financial cash flow is as follows:

Financial cash flow=Cash inflows−Cash outflows

Compute financial cash flow:

Financial cash flow=Cash inflows−Cash outflows=$2,550,000−$2,500,000=$50,000

Hence, the financial cash flow that the WR Company incurred during the year is $50,000.

d)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from a financial perspective.

Explanation of Solution

The WR Company has generated a positive cash flow. However, the Company has only 2 percent return on investment ($50,000$2,500,000) . This is not sufficient to cover operating costs. Therefore, the WR Company is not a successful year from a financial perspective.

e)

Expert Solution

Summary Introduction

To discuss: The Person X expectation of the WR Company’s future success.

Explanation of Solution

The WR Company has a risk associated with the importing system and ability to collect on its accounts receivables. The Company has only 2 percent return on investment ($50,000$2,500,000) . This seems doubtful that the company can lead a long-term success. It is because the company does not have adequate cash inflows to meet its obligations. As a result, the firm will not survive irrespective of its level of profits.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

a)

Expert Solution

Summary Introduction

To determine: The accounting profit that the WR Company incurred during the year.

Introduction:

Monetary costs that a firm pays out and the revenue a firm generated during the year is termed as accounting profit. This is considered as the bookkeeping profit which is greater than the economic profit.

Answer to Problem 1.1STP

The accounting profit that the WR Company incurred during the year is $500,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

The formula to compute accounting profit is as follows:

Accounting profit=Total monetary revenue−Total costs

Compute accounting profit:

Accounting profit=Total monetary revenue−Total costs=$3,000,0000−$2,500,000=$500,000

Hence, the accounting profit that the WR Company incurred during the year is $500,000.

b)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from an accounting perspective.

Explanation of Solution

The WR Company had a successful year from an accounting viewpoint. It is because the company was profitable and it has generated 20 percent profit ($500,000$2,500,000) on its investment.

c)

Expert Solution

Summary Introduction

To determine: The financial cash flow that the WR Company incurred during the year.

Answer to Problem 1.1STP

The financial cash flow that the WR Company generated during the year is $50,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

Note: Refer Excel to determine the value of cash inflows.

The formula to compute financial cash flow is as follows:

Financial cash flow=Cash inflows−Cash outflows

Compute financial cash flow:

Financial cash flow=Cash inflows−Cash outflows=$2,550,000−$2,500,000=$50,000

Hence, the financial cash flow that the WR Company incurred during the year is $50,000.

d)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from a financial perspective.

Explanation of Solution

The WR Company has generated a positive cash flow. However, the Company has only 2 percent return on investment ($50,000$2,500,000) . This is not sufficient to cover operating costs. Therefore, the WR Company is not a successful year from a financial perspective.

e)

Expert Solution

Summary Introduction

To discuss: The Person X expectation of the WR Company’s future success.

Explanation of Solution

The WR Company has a risk associated with the importing system and ability to collect on its accounts receivables. The Company has only 2 percent return on investment ($50,000$2,500,000) . This seems doubtful that the company can lead a long-term success. It is because the company does not have adequate cash inflows to meet its obligations. As a result, the firm will not survive irrespective of its level of profits.

Answer 8

a)

Expert Solution

Summary Introduction

To determine: The accounting profit that the WR Company incurred during the year.

Introduction:

Monetary costs that a firm pays out and the revenue a firm generated during the year is termed as accounting profit. This is considered as the bookkeeping profit which is greater than the economic profit.

Answer to Problem 1.1STP

The accounting profit that the WR Company incurred during the year is $500,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

The formula to compute accounting profit is as follows:

Accounting profit=Total monetary revenue−Total costs

Compute accounting profit:

Accounting profit=Total monetary revenue−Total costs=$3,000,0000−$2,500,000=$500,000

Hence, the accounting profit that the WR Company incurred during the year is $500,000.

Answer 9

a)

Expert Solution

Answer 10

a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Summary Introduction

To determine: The accounting profit that the WR Company incurred during the year.

Introduction:

Monetary costs that a firm pays out and the revenue a firm generated during the year is termed as accounting profit. This is considered as the bookkeeping profit which is greater than the economic profit.

Answer 13

Answer to Problem 1.1STP

The accounting profit that the WR Company incurred during the year is $500,000.

Answer 14

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

The formula to compute accounting profit is as follows:

Accounting profit=Total monetary revenue−Total costs

Compute accounting profit:

Accounting profit=Total monetary revenue−Total costs=$3,000,0000−$2,500,000=$500,000

Hence, the accounting profit that the WR Company incurred during the year is $500,000.

Answer 15

b)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from an accounting perspective.

Explanation of Solution

The WR Company had a successful year from an accounting viewpoint. It is because the company was profitable and it has generated 20 percent profit ($500,000$2,500,000) on its investment.

Answer 16

b)

Expert Solution

Answer 17

b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Summary Introduction

To discuss: Whether the WR Company had a successful year from an accounting perspective.

Answer 20

Explanation of Solution

The WR Company had a successful year from an accounting viewpoint. It is because the company was profitable and it has generated 20 percent profit ($500,000$2,500,000) on its investment.

Answer 21

c)

Expert Solution

Summary Introduction

To determine: The financial cash flow that the WR Company incurred during the year.

Answer to Problem 1.1STP

The financial cash flow that the WR Company generated during the year is $50,000.

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

Note: Refer Excel to determine the value of cash inflows.

The formula to compute financial cash flow is as follows:

Financial cash flow=Cash inflows−Cash outflows

Compute financial cash flow:

Financial cash flow=Cash inflows−Cash outflows=$2,550,000−$2,500,000=$50,000

Hence, the financial cash flow that the WR Company incurred during the year is $50,000.

Answer 22

c)

Expert Solution

Answer 23

c)

Expert Solution

Answer 24

Expert Solution

Answer 25

Summary Introduction

To determine: The financial cash flow that the WR Company incurred during the year.

Answer 26

Answer to Problem 1.1STP

The financial cash flow that the WR Company generated during the year is $50,000.

Answer 27

Explanation of Solution

Given information:

The WR Company has imported $2,500,000 of rugs and sales revenue of rugs is $3,000,000.

Note: Refer Excel to determine the value of cash inflows.

The formula to compute financial cash flow is as follows:

Financial cash flow=Cash inflows−Cash outflows

Compute financial cash flow:

Financial cash flow=Cash inflows−Cash outflows=$2,550,000−$2,500,000=$50,000

Hence, the financial cash flow that the WR Company incurred during the year is $50,000.

Answer 28

d)

Expert Solution

Summary Introduction

To discuss: Whether the WR Company had a successful year from a financial perspective.

Explanation of Solution

The WR Company has generated a positive cash flow. However, the Company has only 2 percent return on investment ($50,000$2,500,000) . This is not sufficient to cover operating costs. Therefore, the WR Company is not a successful year from a financial perspective.

Answer 29

d)

Expert Solution

Answer 30

d)

Expert Solution

Answer 31

Expert Solution

Answer 32

Summary Introduction

To discuss: Whether the WR Company had a successful year from a financial perspective.

Answer 33

Explanation of Solution

The WR Company has generated a positive cash flow. However, the Company has only 2 percent return on investment ($50,000$2,500,000) . This is not sufficient to cover operating costs. Therefore, the WR Company is not a successful year from a financial perspective.

Answer 34

e)

Expert Solution

Summary Introduction

To discuss: The Person X expectation of the WR Company’s future success.

Explanation of Solution

The WR Company has a risk associated with the importing system and ability to collect on its accounts receivables. The Company has only 2 percent return on investment ($50,000$2,500,000) . This seems doubtful that the company can lead a long-term success. It is because the company does not have adequate cash inflows to meet its obligations. As a result, the firm will not survive irrespective of its level of profits.

Answer 35

e)

Expert Solution

Answer 36

e)

Expert Solution

Answer 37

Expert Solution

Answer 38

Summary Introduction

To discuss: The Person X expectation of the WR Company’s future success.

Answer 39

Explanation of Solution

The WR Company has a risk associated with the importing system and ability to collect on its accounts receivables. The Company has only 2 percent return on investment ($50,000$2,500,000) . This seems doubtful that the company can lead a long-term success. It is because the company does not have adequate cash inflows to meet its obligations. As a result, the firm will not survive irrespective of its level of profits.

Answer 40

Ch. 1.1 - What is the goal of the firm and, therefore, of...Ch. 1.1 - For what three main reasons is profit maximization...Ch. 1.1 - What is risk? Why must financial managers consider...Ch. 1.1 - Is maximizing shareholder wealth inconsistent with...Ch. 1.2 - What are the main types of decisions that...Ch. 1.2 - Prob. 1.6RQ Ch. 1.2 - Prob. 1.7RQ Ch. 1.2 - What are the major differences between accounting...Ch. 1.2 - Prob. 1.9RQ Ch. 1.3 - Prob. 1.10RQ

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