Weyman Z. Wannamaker is the chief financial officer of Cogburn Company. He prides himself on being able to manage the company’s cash resources to minimize interest expense. Consequently, on the second business day of each month, Weyman pays down or draws cash on Cogburn’s revolving line of credit at First National Bank in accordance with his cash requirements forecast. You are the auditor. You find the information on this line of credit in the following table.
Does Joe have enough in savings to pay for the down payment and all of the closing costs? Solution Plan: Complete the following questions based upon the information in the video and other information provided in the worksheet. 1. Joe figures that with overtime he will average 40 hours a week for 52 weeks a year. If his current wage is $15.00 per hour, how much will he make per year?15*40*52= $31,200.00 annually 2.
2a. What is the shortest loan (36 months, 48 months, 60 months or 72 months) that has a monthly payment within your $500 budget that will allow you to buy the $30,000 car? Answer: Through Bank of America, I found a rate of 2.99% for the 36, 48 and 60 month loans. We are able to put down 20% and will need to finance $24,000. The shortest loan period for the $30,000 car that would be under our $500 limit is the 60 month loan at a rate of $431.13 per month.
3.1.10 Cash Budget The cash budget is “an estimation of the cash inflows and outflows for a business for a specific period of time. Cash budget are used to assess whether the entity has sufficient cash to fulfil regular operations and whether too much cash is being left in unproductive capacities”. (Reference 2) The cash budget is prepared in advance for the first 6 months, and a cash deficit of £20,364 and £2,228 were incurred in January and February. A second-hand bottling plant was purchased in January which cost £420,000. The business required £30,000 cash for working capital.
He will be allowed to take a deduction on his 2011 tax return for the $2,500 repaid the customer. ________________________________________ 10. Chong recently received repayment on a loan that he had deducted as a bad debt two years earlier. Chong must include the loan repayment in this year's gross income. Your Answer:
Acct Unit 1 Homework Assignment 06/12/15 Question 1: Brady Brothers, a partnership, has total assets of $350,000 and $100,000 of owners’ equity. What are the partnership’s total liabilities? $350,000 – Liabilities = $100,000 $350,000 - $100,000 = $100,000 - $100,000 Answer: $250,000 = Liabilities Question 2: During the first month of operation, Brady Brothers made sales to customers totaling $12,000 but received only $6,000 from customers in cash. Brady Brothers incurred $8,000 for operating expense but only paid $5,000 in cash for those expenses. What was Brady Brothers cash basis income?
Prentice Hall Algebra 1 • Teaching Resources Copyright © by Pearson Education, Inc., or its affiliates. All Rights Reserved. 35 Name Class Date 8-4 14. 522 Practice (continued) Multiplying Special Cases Form K Mental Math Simplify each product. 15.
These funds were to pay off $114,000 of the $170,000 loan from Lester to this estate, which were then distributed to Lisa and your two nephews. The balance of $56,000 which was to he paid to you was never distributed to you. Those funds and the additional $100,000 that you personally borrowed were used to pay down the accounts payable balance. The individual that looked you the $100,000 per their note requires you to pay down the loan by $20,000 every six months starting 7/1/10. When we prepared your personal financial statements for the bank we discussed that your loans against your home are too high and that you should start reducing these down as
• begins when the firm uses its cash to purchase raw materials and ends when the firm collects cash payments on its credit sales. • shows how long the firm keeps its inventory before selling it. Click here to download STR 581 Week 4 Capstone 2 19. Ajax Corp. is expecting the following cash flows - $79,000, $112,000, $164,000, $84,000, and $242,000 – over the next five years. If the company’s opportunity cost is 15 percent, what is the present value of these cash flows?
Bohan, AMSCO. There are 5 complete model Exams, Review exercises and chapter assessments, use of graphing calculators and complete answer key with solutions. * AP Central web site to find past free-response exams and AP Exam information: www. apcentral.collegeboard.com. Teacher Resources * Anton, Howard, Ira Bivens, and Stephen Davis, Calculus: Early Transcendentals, 8th edition, Hoboken, NJ: John Wiley & Sons, Inc., 2005 * Finney, Ross, Franklin D. Demana, Bert Waites, and Daniel Kennedy, Calculus: Graphical,Numerical, Algebraic, 3rd edition, Boston: Pearson: Prentice Halll, 2007 * Forrester, Paul, Calculus: Concepts and Applications, 2nd ed., Emeryville, CA, Key Curriculum Press, 2005 * Hallett, Deborah, Andrew Gleason, and William McCallum, Calculus: Single Variable, 4th edition, Hoboken, NJ: John Wiley & Sons, Inc., 2005 * Larson, Ron Robert, P. Hostetler, and Bruce H. Edwards, Calculus with Analytic Geometry, 8th edition.