Louise’s gross income monthly is $2,000. Louise’s net monthly take home pay is $1,360. Louise pays $370/month on her credit card bills. The $370 spent on credit card payments every month out of the monthly total take home pay of $1,360 is 27.2%. The recommended debt to income ratio is 20% so YES Louise is living above her means.
Construct a single month's cash budget with the information given. What is the average cash gain or (loss) during a typical month for the Chadmark Corporation? Current month sales collected: 3000 x 40% x (100%-2%) = $1176 ADD: Prior month sales collected: 3000 x 60% = $1800 LESS: purchases $1500 LESS: other expenses $700 = $776 average cash gain during a typical month. 5. (TCO G) Clayton Industries is planning its operations for next year, and Ronnie Clayton, the CEO, wants you to forecast the
Assignment No. 5 - Milwaukee Surgical Supplies, Inc. Marinella M. Ojeda Dr. Michelle Rose Healthcare Finance December 11, 2011 Milwaukee Surgical Supplies, Inc., sells on terms of 3/10, net 30. Gross sales for the year are $1,200.000 and the collections department estimates that 30% of the customers pay on the tenth day and take discounts, 40% pay on the thirtieth day, and remaining 30% pay, on average, 40 days after the purchase. (Assume 360 days/year). 1.
Part (b) Calculate the seasonal forecast of sales for February of Year 3. Part (c) Which forecast do you think is most accurate and why? 11. Question : (TCO 6) Davis Company is considering two capital investment proposals. Estimates regarding each project are provided below: Project A Project B Initial Investment $800,000 $650,000 Annual Net Income $50,000 45,000 Annual Cash Inflow $220,000 $200,000 Salvage Value $0 $0 Estimated Useful Life 5 years 4 years The company requires a 10% rate of return on all new investments.
On January 1, 2010, Roberto Company adopts a compensatory stock option plan and grants 40 executives 1,000 shares each at $30 a share. The fair value per option is $7 on the grant date. The company estimates that its annual employee turnover rate during the service period of three years will be 4%. However, at the end of 2011, the company estimates that the employee turnover will be 5% a year for the entire service period. The compensation expense for 2011 will be (Round off turnover calculations to three decimal places and answer to the nearest dollar.)
True False The job cost sheet is used in both job-order and process costing. True False Byklea Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 200 units. The costs and percentage completion of these units in beginning inventory were: A total of 7,000 units were started and 6,700 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: The ending inventory was 90% complete with respect to materials and 45% complete with respect to conversion costs.
| | 17 | Recorded cash received for services rendered during the week, $5,000. | | 20 | Paid for the remainder of the equipment purchased on May 6. | | 21 | Received $240 in advance of cleaning and boxing a wedding gown. | | 23 | Performed $390 of dry cleaning services for Tuxedos Unlimited. It will remit payment in three days.
Required deductions that are payable by the employee are Social Security tax or FICA at 6.2%, Medicare at 1.45%, and Federal at 8%. Each percentage needs to be multiplied by the employee’s gross pay. Healthcare deductions will be $100 a month for HMO plans and $300 a month for PPO plans. After all the calculations are made they are deducted from the employee’s gross pay leaving the employee’s net pay. I will be paying my employees every two weeks, one the first and fifteenth of each month.