4. Harley purchased $1,200 of equipment on a note payable. 5. Cash received from haircutting services for the first half of the month was $900. 6.
We will put down $3000 each and the rest will be donations from friends and family. Our fixed assets are for continuing use, which is, office space, airline discounts and other fixed assets like office equipments and accessories and utility bills like electricity. Our variable costs will change because of the different activities of the business dealing with labor and advertising. Below we have our cash flow projection for the next five years. We estimated how many customers we need to breakeven each year.
Part I: Executive Summary Alpine Wear, Inc.’s bank has asked major loan customers for the estimate of their borrowing requirements for the remainder of 2000 and the first half of 2001. Therefore, as an assistant of the company’s treasurer, our task is to prepare a cash budget and estimate the firm’s probable financing requirement before the president has a meeting with the firm’s bankers. After preparing a cash budget for Alpine Wear, Inc., we recommend the firm should keep on track of forecasted level, use the old 25-65-10 pattern, and take a $400,000 line of credit from the firm’s bank. Part II: The Initial Cash Budget Alpine Wear, Inc.'s sales are seasonal, peaking in the months of January through June. Roughly 25 percent of the firm’s customers take the discount, 65 percent pay within thirty days, and 10 percent pay late (about sixty days after the invoice date).
8.7% C. 108.8% D. 8.0% 50. Mountain Corporation produces and sells two products and provided the following operating data for the month. [pic] The break-even point in sales dollars for the entire company is: A. $73,594 B. $75,330 C. $74,306 D. $46,070 P-1: Prepare journal entries in good form in the space provided to record the following transactions for the month of September.
4. One individual orders inventory, while a different individual authorizes payments. 5. Unnumbered sales invoices from credit sales are forwarded to the accounting department every four weeks for recording. Instructions Indicate whether each procedure is an example of good internal control or of weak internal control.
Joe meets with the loan officer at his bank where the process of buying a home is started. The loan officer provides Joe with a great deal of information, leaving him excited and apprehensive at the same time. What you know: The purchase price of the house is $75,000. Joe has $10,000 in savings. Joe makes $15 per hour and works 40 hours per week.
Amy paid the full amount of property tax of $2,500. Calculate both Paul and Amy’s allowable deductions for the property tax. Assume a 365 day year. Paul lived at the property for 90 days from January 1 to April 1, than Amy lived there for 275 days from April 2 to December 31. Paul is eligible for a deduction of $616 of the property tax (2500*365/90) = 616.43.
Golden Buffalo, Inc. Supply Management July 14, 2013 Golden Buffalo, Inc. Study Case Ruben Gomez is a supply manager at Golden Buffalo, Inc. which is a publisher of textbooks. Sales at Golden Buffalo last year were $45 million. Ruben’s department purchases paper, printing equipment, office and printing supplies. The supply management department reports directly to the General Manager, George Zinke who is satisfied with the operating results and information that is reported in the weekly meetings that are held with the manager of marketing, the director of operations, the director of acquisitions, the finance manager, and Ruben Gomez who is the supply manger. The supply department consists of Ruben, three supply managers, an expeditor, and three clerks.
Set out the following balances in a published balance sheet, including all the titles and headings required. The company draws up accounts for the year ended 31 December 2013 Share capital 25,200 Retained profits 25,350 Cash 900 Trade creditors 4,800 Plant, property and equipment cost 128,850 Share premium 18,000 Stock 5,400 Trade debtors 2,400 Accruals for expenses 1,800 Prepayments for expenses 3,900 Bad debt provision 300 Loans over one year 6,000 Plant, property and equipment accumulated depreciation 60,000 QUESTION B1 - Credi Ltd is a company with a financial year-end at 30 September 2014 The company had two identical fixed assets at 30 September 2014. Prior to recording the depreciation charge for the year and the effects of fixed asset disposal, each had a cost of £250,000 and each an accumulated depreciation of £160,000. Each had a residual value of £10,000 and a six year life originally. On 30 September 2014, one of the fixed assets was sold for £75,000 in cash.
$1,574 b. $1,048 c. $4,798 d. Other 5. Janie Morgan needs to accumulate $2,000 in 18 months. If she can earn 6% at the bank, compounded quarterly, how much she deposit today? a.