Asset management ratios are used to measure how effectively a firm manages its assets, by relating the amount a firm has invested in a particular type of asset (or group of assets) to the amount of revenues the asset is generating. Examples of asset management ratios include the average collection period (also called the days sales outstanding ratio), the inventory turnover ratio, the fixed asset turnover ratio, and the total asset turnover ratio. Consider the following case: Graham Pharmaceuticals has a quick ratio of 2.00x, $31, 500 in cash, $17, 500 in accounts receivable, some assets of inventory, total $70,000, and total abilities of $24, 500. The company reported annual sales of $100,000 in the most recent annual report, over the past year, how often did Graham Pharmaceuticals sell and replace its inventory? a. 8.01 x.b. 5.24 x.c. 2.85 x.d. 4.75 x.The inventory turnover ratio across companies in the pharmaceutical industry is 4.05x. Based on this information, which of the following statements is true for Graham Pharmaceuticals? A. Graham Pharmaceuticals is holding less inventory per dollar of sales compared to the industry average. B. Graham Pharmaceuticals is holding more inventory per dollar of sales compared to the industry average. You are analyzing two companies that manufacture electronic toy s-Like Games Inc. and our Play Inc. Like Games was launched eight years ago, whereas Our Play is a relatively new company that has been in operation for only the past two years. However, both companies have an equal market share with sales of $100,000 each. You've collected company data to compare Like Games and our play. Last year the average companies in the coming year. You've collected data from the companies financial statements. This information is listed as follows:Using this information, complete the following statements to include in your analysis. Data collected (in dollars) Like Games Our Play Industary AverageAccounts receivable 2,700 3,900 3,850Net fixed assets 55,000 80,000 216,750Total assets 95,000 125,000 234,6001. A ____ days of sales outstanding represents an efficient credit and collection policy. between the two companies ____ is collecting cash from its customers faster than ____ but both companies are collecting their receivables less quickly than the industry average. 2. Our Play's fixed assets turnover ratio is ___ than that of Like Games. This could be because our play is relatively new company, so the acquisition cost of its fixed assets is ____ than the recorded cost of Like Games's fixed assets. 3. Like Games's total assets turnover ratio is ____ which is ___ than the industry's average total assets turnover ratio. In general, a higher total assets turnover ratio indicates greater efficiency.

Answers

Answer 1

Answer:

Asset Management Ratios

Part A:

1. Inventory turnover:

= d. 4.75 x

2. Based on this information, the true statement for Graham Pharmaceuticals is:

B. Graham Pharmaceuticals is holding more inventory per dollar of sales compared to the industry average.

Part B:

1. A __Average__ days of sales outstanding represents an efficient credit and collection policy.  Between the two companies _Like Games__ is collecting cash from its customers faster than _Our Play_ but both companies are collecting their receivables less quickly than the industry average.

2. Our Play's fixed assets turnover ratio is _lower__ than that of Like Games. This could be because Our Play is relatively new company, so the acquisition cost of its fixed assets is _higher___ than the recorded cost of Like Games's fixed assets.

3. Like Games's total assets turnover ratio is _1.05x_ which is _higher_ than the industry's average total assets turnover ratio. In general, a higher total assets turnover ratio indicates greater efficiency.

Explanation:

a) Data and Calculations:

Graham Pharmaceuticals

Quick ratio = 2.00x

Cash = $31,500

Accounts receivable = $17,500

Inventory = x

Total current assets = $70,000

Total current liabilities = $24,500

Quick assets = $24,500 * 2 = $49,000 ($31,500 + $17,500)

Inventory (x) = $21,000 ($70,000 - $49,000)

Annual sales = $100,000

Inventory Turnover = $100,000/$21,000 = 4.76x

Part B:

                                      Like Games   Our Play    Industry Average

Accounts receivable             2,700         3,900           3,850

Net fixed assets                 55,000       80,000       216,750

Total assets                        95,000     125,000      234,600

Sales revenue                   100,000     100,000     100,000

Days Sales Outstanding      9.9 days   14.2 days      14x

Accounts receivable turnover 37x       25.6x          26x

Average Collection Period    9.9 days   14.3 days    14x

Fixed assets turnover ratio  1.82x        1.25x          0.46x

Total assets turnover ratio   1.05x        0.8x           0.43x

Average days of sales outstanding = Average Accounts Receivable/Sales * 365

Accounts receivable turnover = Net Sales/Average Receivable

Average Collection Period = 365/Accounts receivable turnover

Fixed assets turnover ratio = Net Sales/Net Fixed Assets

Total assets turnover ratio = Net Sales/Total assets


Related Questions

Vaughn Company reports the following operating results for the month of August: sales $315,000 (units 5,000); variable costs $219,000; and fixed costs $71,600. Management is considering the following independent courses of action to increase net income. Compute the net income to be earned under each alternative. 1. Increase selling price by 10% with no change in total variable costs or sales volume.

Answers

Answer: $55,900

Explanation:

Based on the information given in the question, the following can be derived:

Units = 5000

Sales = $315000

Variable costs = $219,000

Fixed costs = $71,600

Selling price per unit

= 315,000/5000.

= 63

Variable expense per unit

= 219,000/5,000

= 43.8

Contribution margin per unit

= 63 - 43.8

= 19.2

We then calculate the 10% increase in selling price. This will be:

= $63 × (100% + 10%)

= $63 × 110%

= $63 × 1.10

= $69.3

Sales = 5000 × 69.3 = 346500

Less: Variable expense = 5000 × 43.80 = 219000

Contribution margin = 127500

Less: Fixed expense = 71,600

Net operating income = 55,900

Paul Company had 100,000 shares of common stock outstanding on January 1, 2021. On September 30, 2021, Paul sold 41,000 shares of common stock for cash. Paul also had 6,500 shares of convertible preferred stock outstanding throughout 2021. The preferred stock is $100 par, 5%, and is convertible into 3 shares of common for each share of preferred. Paul also had 430, 7%, convertible bonds outstanding throughout 2021. Each $1,000 bond is convertible into 30 shares of common stock. The bonds sold originally at face value. Reported net income for 2021 was $280,000 with a 40% tax rate. Common shareholders received $1.30 per share dividends after preferred dividends were paid in 2021. Required: Compute basic and diluted earnings per share for 2021.

Answers

Answer:

A. Basic earning per share 2.24 per share

B. Diluted earning per share 2.07 per share

Explanation:

Computation for the basic and diluted earnings per share for 2021.

First step is to calculate the Weighted common share

Weighted common share = 100,000+(41,000*3/12)

Weighted common share=100,000+10,250

Weighted common share= 110,250 Shares

a) Calculation for Basic earning per share using this formula

Basic earning per share = (Net income-Preferred dividend) / Share outstanding

Let plug in the formula

Basic earning per share = [$280,000-(5%*100*6,500)/110,250

Basic earning per share=[$280,000-$32,500)/110,250

Basic earning per share=$247,500/110,250

Basic earning per share =2.24 per share

Therefore Basic earning per share for 2021 will be 2.24 per share

b) Computation for the diluted earnings per share for 2021.

Using this formula

Diluted earning per share = Adjusted net income/Adjusted diluted share

First step is to calculate the Adjusted net income

Adjusted net income = $280,000+(430*1000*7%*60%)

(100%-40%=60%)

Adjusted net income = $280,000+$18,060

Adjusted net income =$298,060

Second step is to calculate the Adjusted diluted shares

Adjusted diluted shares = 110,250 +(6,500*3)+(430,000/30)

(430*1,000=430,000)

Adjusted diluted shares = 110,250+19,500+14,333

Adjusted diluted shares = 144,083

Now let calculate Diluted earning per share by plugging in the formula

Diluted earning per share = 298,060/ 144,083

Diluted earning per share= 2.068 per share

Diluted earning per share=2.07 per share (Approximately)

Therefore The Diluted earning per share for 2021 will be 2.07 per share

what is the relative worth of goods

Answers

Relative Value in Consumption is measured as the relative cost of the amount of goods and services such as food, shelter, clothing, etc., that an average household would buy. Historically this bundle has become larger as households have bought more over time.

You are running a hypothetical e-business in this course. Suppose your company only have one employee and three customers who do not access your website frequently. Your company also does not need to process a lot of information; in this case, to save your money, which types of computers does your company need to fulfill such a computing need?

Answers

Answer:

do the challnge in brainly it gives u points !!!!

Explanation:

According to the given hypothetical e-business situation, simple personal computers can be used to fulfill the required computing needs.

What is e-business?

"E-business is an electronic business or transaction in which user shares the information online. In this, information, products, and services can be shared between business, groups, and individuals and considered as an essential activities."

What is personal computer?

"Personal computer is a computer which is a multi-purpose system and its size, capabilities and prize makes it feasible for individual use."

In the given situation, the analyses of data is less which can be fulfilled by the personal computers only and there is no need to purchase systems with special features. The employee can fulfill the requirements of current e-business with the help of any personal computer like desktop, laptop, etc.

To learn more about e-business and personal computer here

https://brainly.com/question/13165862

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Atul purchased goods costing Rs 50000 at an invoice price,which is 50% above cost.. on invoice price je enjoyed 15% trade discount and Rs 3750 cash discount on cash payment of goods in lump sum at the time of purchase ...the purchase price to be recorded in the books will be​

Answers

Answer: Rs 63750

Explanation:

Since Atul purchased goods costing Rs 50000 at an invoice price,which is 50% above cost. Then the purchase of the goods cost:

= 50000 × (100% + 25%)

= 50000 × 125%

= 50000 × 1.25

= Rs 75000

We then deduct the trade discount of 15% to get the purchase price to be recorded in the book. This will be:

= 75000 × (100% - 15%)

= 75000 × 85%

= 75000 × 0.85

= 63750

Therefore, the answer is Rs63750

Cale Company buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of hospitals. Cale sets its prices for all hospitals by marking up its cost of goods sold to those hospitals by 7%. For example, if a hospital buys supplies from Cale that cost Cale $100 to buy from manufacturers, Cale would charge the hospital $107 to purchase these supplies.For years, Cale believed that the 7% markup covered its selling and administrative expenses and provided a reasonable profit. However, in the face of declining profits, Cale decided to implement an activity-based costing system to help improve its understanding of customer profitability. The company broke its selling and administrative expenses into five activities as shown:Activity Cost Pool (Activity Measure) Total Cost Total ActivityCustomer deliveries (Number of deliveries) $420,000 5,000 deliveriesManual order processing (Number of manual orders) 624,000 8,000 ordersElectronic order processing (Number of electronic orders)170,000 10,000 ordersLine item picking (Number of line items picked) 675,000 450,000 line itemsOther organization-sustaining costs (None) 650,000 Total selling and administrative expenses $2,539,000 Cale gathered the data below for two of the many hospitals that it serves—Georgetown and Providence (each hospital purchased medical supplies that had cost Cale $38,000 to buy from manufacturers): ActivityActivity Measure University Memorial Number of deliveries 16 28Number of manual orders 0 49Number of electronic orders 18 0Number of line items picked 190 210Required:1. Compute the total revenue that Cale would receive from Georgetown and Providence.2. Compute the activity rate for each activity cost pool.3. Compute the total activity costs that would be assigned to Georgetown and Providence.4. Compute Cale's customer margin for Georgetown and Providence.

Answers

Solution :

1.                                Calculation of total revenue

Total revenue = cost of goods sold + Markup 7% = Revenue

University       = 38000 + 2660 = 40660

Memorial        = 38000 + 2660 = 40660

Therefore, markup = cost of goods sold x market up

                              = 38000 x 7%

                              = 2660

2.                                Calculations of Activity rates

Activity rate     = activity cost pool / total activity = activity rate

Customer deliveries  = 420000 / 5000 = 84

Manual order processing = 624000 / 8000 = 78

Ele order processing = 170000 / 10000 = 17

Line time picking = 675000 / 450000 = 1.5

3.                               Calculations of Activity costs

Activity cost for University

Activity cost pool =  Activity  x  Activity rate

Customer deliveries  = 16 x 84 = 1344

Manual order processing = 0 x 78 = 0

Ele order processing = 18 x 17 = 306

Line time picking = 190 x 1.5 = 285

Total activity cost = 1935

Activity cost for Memorial

Activity cost pool =  Activity  x  Activity rate

Customer deliveries  = 28 x 84 = 2352

Manual order processing = 49 x 78 = 3822

Ele order processing = 0 x 17 = 0

Line time picking = 210 x 1.5 = 315

Total activity cost = 6489

4.      Calculation of Customer margin

                                                 University        Memorial

Sales revenue                           40660              40660

Less : Cost of goods sold        38000               38000

Gross Margin                            2660                   2660

Less : Activity cost                    1935                    6489

Customer Margin                      725                    -3829

The following production data were taken from the records of the Finishing Department for June:

Inventory in process, June 1, 30% completed 4,000 units
Completed units during June 65,000 units
Ending inventory, 60% completed 65,000 units

The number of materials equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process, is:______

Answers

Answer:

the equivalent units of production related to the material is 126,000 units

Explanation:

The computation of the equivalent units of production related to the material is shown below:

= Completed units + Ending inventory units - Beginning inventory units.

= 65,000 units + 65,000 units -  4,000 units

= 126,000 units

hence, the equivalent units of production related to the material is 126,000 units

2- A local car dealer is advertising two leasing options for its new XT 3000 series sports car. Option A: is a standard 24-month lease of $1150 per month. In addition, this option requires a down payment of $4500, plus a $1000 refundable initial deposit. In option A, the lease payments are due at the beginning of every month. For example, the first lease payment (equal to $1150) is due at the beginning of month 1. Option B: In this option, the company offers a 24-month lease plan that has only a single up-front payment of $31000 (which is paid at the beginning of month one) Note: The initial deposit in option A will be refunded to the customer at the end of month 24. Assume an interest rate of 6% compounded monthly. Which option is better for the customer

Answers

Answer:

A. Interest rates wouldn't be so high. Customer would be able to afford this lease better.

Synder Company uses a standard cost system for its production process and applies overhead based on direct labor hours. The following information is available for May when Synder produced 4,500 units: Standard: DLH per unit 2.50 Variable overhead per DLH $1.75 Fixed overhead per DLH $3.10 Budgeted variable overhead $21,875 Budgeted fixed overhead $38,750 Actual: Direct labor hours 10,000 Variable overhead $26,250 Fixed overhead $38,000 Refer to Synder Company. Using the two-variance approach, what is the noncontrollable variance

Answers

Answer:

Fixed overhead volume variance =$3,875 adverse

Explanation:

The non-controllable variance is the fixed overhead volume variance. It is the sum of the fixed overhead efficiency variance and the fixed overhead capacity variance

The efficiency variance is the difference between the standard hours of actual production and the actual hours multiplied by the fixed overhead absorption rate

Capacity variance is the difference budgeted hours and actual hours multiplied by the  Fixed overhead absorption rate

Efficiency variance                                                        $

4500 units should have taken (4500×2.50)            11,250

but did take                                                                 10,000

variance in hours                                                        1250

Standard Fixed overhead absorption rate×             $3.10      

Efficiency variance                                                       3,875 favorable  

capacity variance                                                         $

Budgeted hours   (38750/3.10)                          12,500                              

Actual hours                                                        10,000

Variance                                                             2,500 adverse

Standard rate                                                    ×  $3.10

Capacity variance                                              7,750 adverse

Volume variance = 7750 adverse +  3,875 favorable =$3875 adverse

Fixed overhead volume variance =$3,875 adverse

           

                                                                                           

Delisa Corporation has two divisions: Division L and Division Q. Data from the most recent month appear below:Total Company Division L Division QSales $ 541,000 $ 173,000 $ 368,000Variable expenses 323,720 117,640 206,080Contribution margin 217,280 55,360 161,920Traceable fixed expenses 111,910 38,710 73,200Segment margin 105,370 $ 16,650 $ 88,720Common fixed expenses 64,160Net operating income $ 41,210The break-even in sales dollars for Division Q is closest to:

Answers

Answer:

$173,000

Explanation:

The point at which a neither a profit or loss is made by a company is known as Break even point.

Break even (Sales dollars)

= Fixed cost / Contribution margin

Given that;

Fixed cost = $38,710

Contribution margin

= $55,360 / $173,000

= 0.32

Therefore,

Break even (Sales dollars)

= $55,360 / 0.32

= $173,000

The break even in sales dollars for Division Q is closest to $173,000

explain the rational accounting system in a business organization​

Answers

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Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 800,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 185,000 units that are 50% complete with respect to conversion. Beginning work in process inventory had $384,150 of direct materials and $133,875 of conversion cost. The direct material cost added in November is $2,570,850, and the conversion cost added is $2,543,625. Beginning work in process consisted of 67,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 67,000 were from beginning work in process and 733,000 units were started and completed during the period. Required: For the first process: 1. Determine the equivalent units of production with respect to direct materials and conversion.

Answers

Answer:

Victory Company

                                    Materials       Conversion

Equivalent units           985,000          892,500

Explanation:

a) Data and Calculations:

                                     Materials       Conversion

Units transferred out   800,000          800,000

Ending WIP                    185,000            92,500 (185,000 * 50%)

Equivalent units           985,000          892,500

Costs of production:

                                     Materials       Conversion

Beginning WIP             $384,150          $133,875

Added in November  2,570,850       2,543,625

Total costs               $2,955,000     $2,677,500

Cost per equivalent units:

Total costs               $2,955,000     $2,677,500

Equivalent units           985,000          892,500

Cost per equivalent unit $3.00             $3.00

Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator.

The GDP price index for this year is calculated by dividing the ______________using___________ by the ________ using _____________and multiplying by 100.

Answers

Answer:

a (B) Value of all goods and services produced in the economy this year

this year's prices

Value of all goods and services produced in the economy in the base year

by the base year's prices

Explanation:

Here is the complete question

The GDP price index for this year is calculated by dividing the (A) Value of all goods and services produced in the economy in the base year (B) Value of all goods and services produced in the economy this year (C) cost of a given market basket of goods and services using 2) ______ (A) the base year's prices (B) this year's prices by the 3) ________ A) Value of all goods and services produced in the economy in the base year (B) Value of all goods and services produced in the economy this year (C) cost of a given market basket of goods and services using 4) ______ (A) the base year's prices (B) this year's prices

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP price index = (nominal GDP / Real GDP ) X 100

Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

For example, country A produces 10 kg of rice at $10 per kg in 2019 and 50kg of beans at $30 per kg in 2018. In 2019, it produces 10 kg of rice at $20 per kg in 2019 and 50kg of beans at $40 per kg in 2019. 2018 is the base year.

Nominal GDP in 2018 = (10 x $10) + (50 x $30) = $1600

Nominal GDP in 2019 = (10 x $20) + (50 x $40) = $2200

Real GDP in 2018 = (10 x $10) + (50 x $30) = $1600

Real GDP in 2019 = (10 x $10) + (50 x $30) = $1600

GDP price index in 2019 =  nominal gdp in 2019 / real gdp in 2019 ) x 100

(2200 / 1600 ) x 100 = 137.5

Ajax is reviewing its previous 100% acquisition of Baxter to determine if there is goodwill impairment. At December 31, 2020 Ajax has recorded Goodwill of $330,000 on its books relating to this acquisition. At December 31, 2020, Baxter had a book value of net assets of $400,000 (excluding goodwill) and an estimated fair value for the company of $600,000. What is the amount (if any) of the goodwill write-off required to be booked by Ajax at December 31, 2020 under the FASB rules effective in 2020.

Answers

Answer:

Baxter

The amount of the Goodwill write-off required to be booked by Ajax at December 31, 2020 under the FASB rules effective in 2020 is:

= $130,000.

Explanation:

a) Data and Calculations:

Recorded Goodwill = $330,000

Book value of net assets = $400,000

Book value of all assets = $730,000 ($400,000 + $330,000)

Estimated fair value of company = $600,000

Goodwill impairment = $130,000 ($730,000 - $600,000)

b) The Goodwill impairment of $130,000 arose when the book value or the carrying amount exceeded the estimated fair value.

Explain what boundaries are and why they are important in decision-making.

Answers

Answer:

boundaries are that invisible line in social structure that people try not to cross lest by accident.

Explanation:

When you are making decisions you always have to think of the outcome or else you could end up doing something bad or wrong. Boundaries in decisions making are so you don't just go and do whatever without thinking. we as humans subconsciously try not to cross other people's boundaries for mainly two reasons. The first is it makes people feel uncomfortable. The second is that it brings out our inner guilt. if you cross someone's boundaries you will most likely realize it imededietly and to to back off instinctively.

I hope this helps!

On March 9, Phillips gave Jackson Company a 60-day, 12% promissory note for $5,200. Phillips dishonors the note on May 8. Record the entry that Jackson would make when the note is dishonored, assuming that no interest has been accrued. Assume Jackson expects collection will occur. (Use 360 days for calculation. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 1,525.)

Answers

Answer:

Jackson Company

Journal Entries:

Debit Accounts Receivable (Phillips) $6,0687

Credit Notes Receivable $5,200

Credit Interest on Notes Receivable $867

To record the reversal of the dishonored promissory note and the accruing interest for 60 days.

Explanation:

a) Data and Calculations:

March 9, 12% Promissory Note Receivable = $5,200

May 8, Note dishonored

Interest on note = 12% of $5,200 * 60/360 = $867

b) The above entries are made with the hope that collection will be made from Phillips eventually.

(Gross Profit Method) Tim Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $38,000. Purchases since January 1 were $72,000; freight-in, $3,400; purchase returns and allowances, $2,400. Sales are made at 331/3% above cost and totaled $100,000 to March 9. Goods costing $10,900 were left undamaged by the fire; remaining goods were destroyed.
Instructions
(a) Compute the cost of goods destroyed.
(b) Compute the cost of goods destroyed, assuming that the gross profit is 331/3% of sales.

Answers

Answer:

a. $25,100

b. $33,433

Explanation:

Part a

Sales                                                                             $100,000

Less Cost of Sales :

Opening Merchandise                           $38,000

Add Purchases                                       $72,000

Add Freight In                                           $3,400

Less Purchase Return and Allowance   ($2,400)

Total                                                          111,000

Less Undamaged Inventory                 ($10,900)          

Total                                                       $100,100

Less goods destroyed                          ($25,100)        ($75,000)

Gross Profit                                                                     $25,000

Part b

Sales                                                                             $100,000

Less Cost of Sales :

Opening Merchandise                           $38,000

Add Purchases                                       $72,000

Add Freight In                                           $3,400

Less Purchase Return and Allowance   ($2,400)

Total                                                          111,000

Less Undamaged Inventory                 ($10,900)          

Total                                                       $100,100

Less goods destroyed                          ($33,433)        ($66,667)

Gross Profit                                                                     $33,333

Joint products Alpha and Beta emerge from common processing that costs $200,000 and yields 9,000 units of Product Alpha and 5,600 units of Product Beta. Product Alpha can be sold for $150 per unit. Product Beta can be sold for $90 per unit. What amount of the joint costs will be assigned to Product Beta if joint costs are allocated on the basis of number of units produced

Answers

Answer:

the amount of the joint cost allocated is $76,712.32

Explanation:

The computation of the amount of the joint cost allocated is shown below"

= Processing cost × beta units ÷ (alpha units + beta units)

= $200,000 × 5,600 units ÷ (9,000 units + 5,600 units)

= $76,712.32

Hence, the amount of the joint cost allocated is $76,712.32

At the beginning of the current season on April 1, the ledger of Sandhill Pro Shop showed Cash $2,950; Inventory $3,500; and Common Stock $3,450. The following transactions were completed during April 2022.
Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $2,500, terms 2/10, n/60.
7 Paid freight on Arnie purchase $80.
9 Received credit from Arnie Co. for merchandise returned $700.
10 Sold merchandise on account to members $1,340, terms n/30. The
merchandise sold had a cost of $920.
12 Purchased golf shoes, sweaters, and other accessories on account from
Woods Sportswear $1,050, terms 2/10, n/30. 14 Paid Arnie Co. in full.
17 Received credit from Woods Sportswear for merchandise returned $50.
20 Made sales on account to members $910, terms n/30. The cost of the
merchandise sold was $550.
21 Paid Woods Sportswear in full.
27 Granted an allowance to members for clothing that did not fit properly $70.
30 Received payments on account from members $1,400.
Journalize the April transactions using a perpetual inventory system.

Answers

Answer:

Sandhill Pro Shop

Journal Entries:

Apr. 5: Debit Inventory $2,500

Credit Accounts Payable (Arnie Co.) $2,500

To record the purchase of goods on account, terms 2/10, n/60.

Apr. 7: Debit Freight-in $80

Credit Cash $80

To record the payment for freight on goods.

Apr. 9: Debit Accounts Payable (Arnie Co.) $700

Credit Inventory $700

To record the return of goods on account.

Apr. 10: Debit Accounts Receivable $1,340

Credit Sales Revenue $1,340

To record the sale of goods on account, terms n/30.

Debit Cost of goods sold $920

Credit Inventory $920

To record the cost of goods sold.

Apr. 12: Debit Inventory $1,050

Credit Accounts Payable (Woods Sportswear) $1,050

To record the purchase of goods on account, terms 2/10, n/30.

Apr. 14: Debit Accounts Payable (Arnie Co.) $1,800

Credit Cash $1,764

Credit Cash Discounts $36

To record the full settlement on account.

Apr. 17: Debit Accounts Payable (Woods Sportswear) $50

Credit Inventory $50

To record the return of goods on account.

Apr. 20: Debit Accounts Receivable (Members) $910

Credit Sales Revenue $910, terms n/30.

To record the sale of goods to members.

Debit Cost of goods sold $550

Credit Inventory $550

To record the cost of goods sold.

Apr. 21: Debit Accounts Payable (Woods Sportswear) $1,000

Credit Cash $980

Credit Cash Discounts $20

To record full settlement on account.

Apr. 27: Debit Sales Allowances $70

Credit Accounts Receivable (Members) $70

To record the sales allowances granted members for improperly fit clothing.

Apr. 30: Debit Cash $1,400

Credit Accounts Receivable (Members) $1,400

To record the receipt of cash from members on account.

Explanation:

a) Data and Analysis:

Apr. 5: Inventory $2,500 Accounts Payable (Arnie Co.) $2,500, terms 2/10, n/60.

Apr. 7: Freight-in $80 Cash $80

Apr. 9: Accounts Payable (Arnie Co.) $700 Inventory $700

Apr. 10: Accounts Receivable $1,340 Sales Revenue $1,340, terms n/30.

Cost of goods sold $920 Inventory $920

Apr. 12: Inventory $1,050 Accounts Payable (Woods Sportswear) $1,050, terms 2/10, n/30.

Apr. 14: Accounts Payable (Arnie Co.) $1,800 Cash $1,764  Cash Discounts $36

Apr. 17: Accounts Payable (Woods Sportswear) $50 Inventory $50

Apr. 20: Accounts Receivable $910 Sales Revenue $910, terms n/30.

Cost of goods sold $550 Inventory $550

Apr. 21: Accounts Payable (Woods Sportswear) $1,000 Cash $980 Cash Discounts $20

Apr. 27: Sales Allowances $70 Accounts Receivable $70

Apr. 30: Cash $1,400 Accounts Receivable (Members) $1,400

Management of Wee Ones (WO), an operator of day-care facilities, wants the company's profit to be subdivided by center. The firm's accountant has provided the following data: Center Budgeted Revenue Actual Revenue Budgeted Direct Costs Actual Direct Costs Downtown $ 320,000 $ 340,200 $ 300,000 $ 300,000 Irvine 560,000 534,600 510,000 440,000 H. Beach 720,000 745,200 690,000 740,000 Totals $ 1,600,000 $ 1,620,000 $ 1,500,000 $ 1,480,000 WO's advertising, which is handled by the home office, is not reflected in the preceding figures and amounted to $60,000. Assume that management used the allocation base that is most influenced by advertising effort and consistent with sound managerial accounting practices. How much advertising would be allocated to the Irvine center

Answers

Answer: $19,800

Explanation:

Actual Revenue would be the most appropriate base to use because it is the most influenced by advertising effort and sound managerial practices.

Total actual revenue from all centers is $1,620,000.

Actual revenue for Irvine center is $534,600.

Advertising expenses to Irvine would be:

= Advertising cost * Actual revenue for Irvine / Total actual revenue for all centers

= 60,000 * 534,600 / 1,620,000

= $19,800

At which stage should Joan discuss the look and feel of her website with her website designer?
At the _____?______ stage, Joan should discuss the look and feel of her website with her website designer.

Answers

Answer:

Joan and Website Design

At the ____Visual ____Elements_____ stage, Joan should discuss the look and feel of her website with her website designer.

Explanation:

The visual elements stage details the visual style together with the visual brand that Joan has specified for her desired website.  At this stage, the site architecture with some content is already in place.  The website designer must have utilized such tools like style tiles, mood boards, and element collages to create the visual appeal that resonates with Joan's specifications and requirements.

Ely Company has two support departments, Maintenance Department and Personnel Department, and two producing departments, X and Y. The Maintenance Department costs of $60,000 are allocated on the basis of standard service hours used. The Personnel Department costs of $9,000 are allocated on the basis of number of employees. The direct costs of Departments X and Y are $18,000 and $30,000, respectively. Data on standard service hours and number of employees are as follows:

Data on standard service hours and number of employees are as follows:
Maint. Person. Dept. Dept.
Dept. Dept. X Y
Standard service hours used 100 50 300 150
Number of employees 5 10 45 45
Direct labor hours 50 50 250 250

Predetermined overhead rates for Departments X and Y, respectively, are based on direct labor hours.

What is the overhead rate for Department Y assuming the direct method is used?

a. $120.00
b. $218.00
c. $109.00
d. $250.00

Answers

Answer:

b. $218.00

Explanation:

Calculation to determine the overhead rate for Department Y assuming the direct method is used

First step

Department Y$30,000

Maintenance Department $20,000

($60,000 × 150/450)

Personnel Department $4,500

($9,000 × 45/90)

Total $54,500

Now let calculate the overhead rate for Department Y

Department Y Overhead rate=$54,500/250

Department Y Overhead rate = $218

Therefore the overhead rate for Department Y assuming the direct method is used will be $218

Auditory Company, which applies overhead to production on the basis of machine hours, reported the following data for the period just ended: Actual units produced: 13,000 Actual fixed overhead incurred: $742,000 Standard fixed overhead rate: $15 per hour Budgeted fixed overhead: $720,000 Planned level of machine-hour activity: 48,000 If Auditory estimates four hours to manufacture a completed unit, the company's fixed-overhead budget variance would be:

Answers

Answer:

$22,000 unfavorable

Explanation:

Calculation to determine the company's fixed-overhead budget variance would be:

Using this formula

Fixed-overhead budget variance=Actual fixed overhead incurred-Budgeted fixed overhead

Let plug in the formula

Fixed-overhead budget variance=$742,000 – 720,000

Fixed-overhead budget variance = $22,000 unfavorable

Therefore the company's fixed-overhead budget variance would be:$22,000 unfavorable

Why do you think women occupy so few seats on boards of directors

Answers

Answer:

Women has always been discriminated against forever because of our sex. Men feel they should always be in charge so they should make more money

On January 1, 2018, Advanced Airline purchased a used airplane at a cost of $60,500,000. Advanced Airline expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual value of $5,500,000. Advanced Airline expects the plane to be flown 1,100,000 miles the first year and 1,200,000 miles the second year.

Requirements
1.​Compute first-year (2019) depreciation expense on the plane using the following methods:
a.​Straight-line
b.​Units-of-production
2.​Show the airplane’s book value at the end of the first year for the two methods.

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the annual depreciation using the straight-line method:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (60,500,000 - 5,500,000) / 8

Annual depreciation= $6,875,000

Now, using the units of production method:

Annual depreciation= [(original cost - salvage value)/useful life of production in miles]*miles operated

Annual depreciation= [(55,000,000 / 5,000,000)]*1,100,000

Annual depreciation= $12,100,000

Finally, the book value:

Book value= purchase price - accumulated depreciation

Straight-line:

Book value= 60,500,000 - 6,875,000= $53,625,000

Units-of-production:

Book value= 60,500,000 - 12,100,000=  $48,400,000

What do you need to file your taxes?

Answers

Answer:

w-2, Form 1040, and possibly Schedule (1... etc. )

Explanation:

Mark took a loan out for $25,690 to purchase a truck. At an interest rate of 5.2% compounded
monthly, how much total will he have paid after 5 years?

Answers

Answer: He would have to pay 33,299.42$

Explanation:

Jordan paid $30,000 for equipment two years ago and has claimed total depreciation deductions of $15,600 for the two years. The cost of repairs during the same time period was $2,000 while a major overhaul which extended the life of the equipment cost $7,000. What is Jordan's adjusted basis in the equipment at the end of the two-year period

Answers

Answer: $21400

Explanation:

Cost of equipment = $30,000

Depreciation = $15600

Cost of repairs = $2000

Overhaul = $7000

Jordan's adjusted basis in the equipment at the end of the two-year period will be:

= Equipment cost - Depreciation + Overhaul

= $30000 - $15600 + $7000

= $21,400

A company purchased equipment valued at $190,000. It traded in old equipment for a $108,000 trade-in allowance and the company paid $82,000 cash with the trade-in. The old equipment cost $170,000 and had accumulated depreciation of $68,000. This transaction has commercial substance. What is the recorded value of the new equipment

Answers

Answer: $190,000

Explanation:

The recorded value of the new equipment will be the summation of the trade in allowance and the cash that was paid. This will be:

= $108,000 + $82,000

= $190,000

During the next year, sales of Fluoro2211 are expected to be 10,000 units. All costs will remain the same except for fixed manufacturing overhead, which will increase by 20%, and material, which will increase by 10%. The selling price per unit for next year will be $160. Based on these data, Razor Inc.'s total contribution margin for next year will be:

Answers

Answer:

$1,080,000

Explanation:

Calculation to determine what Razor Inc.'s total contribution margin for next year will be:

First step is to calculate the Total cost

Selling price per unit for next year $160

Less Direct Materials ($22)

(110%*20)

Less Direct Labor ($15)

Less Variable Manufacturing Overhead ($12)

Less Variable Selling ($3)

Total $108

Now let calculate the Next year contribution margin

Next year contribution margin=$108*10,000 units

Next year contribution margin= $1,080,000

Therefore Razor Inc.'s total contribution margin for next year will be:$1,080,000

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