Caba Corporation’s sales budget for the first half of the year is as follows: Budgeted Sales January $ 115,000 February $ 198,000 March $ 220,000 April $ 250,000 May $ 210,000 June $ 290,000 Total: $ 1,283,000 Sales are 30% cash and 70% on account. Sales on account are to be collected over a three-month period, with 20% collected in the month of the sale, 65% collected in the first month following the sale, and 15% collected in the second month following the sale. What is the budgeted balance in the Accounts Receivable account as of June 30?
Answers
Answer:
$210,550
Explanation:
The accounts receivable represents the amount yet uncollected from sales made on credit.
Given that sales on account/credit are to be collected in the format; 20% collected in the month of the sale, 65% collected in the first month following the sale, and 15% collected in the second month following the sale and 70% of sales are on account, the budgeted balance in the Accounts Receivable account as of June 30 will be made of;
80% * 70% of sales in June15% * 70% of sales in MayThis is equivalent to
80% * 70% * $290,000 + 15% * 70% * $210,000
= $210,550
Related Questions
Calculations of cost and benefit are always which of the following?
OA. Resourceful
OB. Minimum
OC. Rational
OD. Subjective
Answers
Answer:
D.
Explanation:
It’s subjective.
I think it’s subjective because it’s about the benefit of the calculations of a cost.
what is the responsibilities of supervisor to his superior?
Answers
Answer:
Managing workflow
One of a supervisor's most important responsibilities is managing a team. Often, supervisors create and oversee their team's workflow, or the tasks required to complete a job. Supervisors must define goals, communicate objectives and monitor team performance
Answer:
The five roles of a supervisor is Educator , Sponsor, Coach, Counsellor and Director
45) Tomas goes to work, gets his job done, and then goes home. This is an example of which type of membership?
A) in-group
B) out-group
C) task
D) supportive
Which is correct?
Answers
Tomas goes to work, gets his job done, and then goes home. This is an example of which type of membership is A) in-group.
Membership packages are a means of incentivizing giving and involvement within nonprofit groups and institutions. The agency extends additional engagement opportunities to individuals in trade for donations in the form of membership prices.
A club card is a physical or digital card that proves a member's club is together with your organization. It is able to be used when admitting individuals into occasions and to provide them access to different member blessings.
Membership status means the designation of a member as either full Member, Alert Member, or Probationary Member.
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Various financial data for SunPath Manufacturing for 2019 and 2020 follow. 2019 2020 Output: Sales $ 300,000 $ 330,000 Inputs: Labor 40,000 43,000 Raw Materials 45,000 51,000 Energy 10,000 9,000 Capital Employed 250,000 262,000 Other 2,000 6,000 What is the percentage change in the energy partial productivity measure for SunPath between 2019 and 2020
Answers
Answer:
22.20%
Explanation:
Energy Productivity Ratio 2019 = 300,000 / 10,000 = 30
Energy Productivity Ratio 2020 = 330,000 / 9,000 = 36.66
The percentage change = (36.66-30)/30 * 100
The percentage change = 0.222 * 100
The percentage change = 22.20%
So, the percentage change in the energy partial productivity measure for SunPath between 2019 and 2020 is 22.20%
Focused reports help managers ____________ the challenge before recommending solutions. Reports that present data without conducting analysis arei ______________.
Like other business messages, reports can range from informal to formal depending on their purpose, audience, and setting. Which of the following contributes to an informal writing style?
a. Absence of humor
b. Passive voice verbs
c. Familiar words
d. Use of contractions
Answers
Answer: analyze, informational reports;
the use of contractions
Explanation:
Focused reports help managers (analyze) the challenge before recommending solutions. Reports that present data without conducting analysis are (informational reports)
b. The option that contributes to an informal writing style is ( the use of contractions). Other informal writing styles are:
• First-person pronouns
• Active-voice verbs
• Conversational language
The South African government decides to increase taxes to reduce the Budget deficit. Assume that:
• Investment is fairly responsive to changes in interest rates.
• The Taylor rule curve is positively sloped.
• The economy starts in a position of IS-TR-IFM equilibrium.
Structure your answer in the following way, at each stage making sure you explain how the relevant assumptions affect your answer.
a. Start by using an IS-TR diagram with no foreign sector and explain how the increase in taxes impacts upon income and interest rates. (5 marks)
b. Now include the foreign sector in the same diagram as for question 1(a) and explain the impact of the increase in taxes on all of the components of the balance of payments before any exchange rate adjustment. (5 marks)
c. Now, still using the same diagram as for questions 1(a) and 1(b), illustrate and explain the adjustment to final IS-TR-IFM equilibrium as a result of the increase in taxes if South Africa has a flexible exchange rate and capital is perfectly mobile internationally. (5 marks)
d. Illustrate and explain how your answer to question 1(c) will differ if South Africa instead has a fixed exchange rate? (5 marks)
e. How would your answer to question 1(c) differ when the exchange rate is flexible but capital mobility is imperfect? Illustrate this on a new diagram and explain your answer.
Answers
An increase in taxes in South Africa affects income, interest rates, trade surplus, and capital flow, with varying effects depending on exchange rate and capital mobility.
What is capital flow ?
Capital flow refers to the movement of money or capital into or out of a country for the purpose of investment or trade.
a. An increase in taxes will shift the TR curve upward, decreasing the disposable income and consumption spending of households. This leads to a decrease in the IS curve, causing a fall in output (income) and a fall in interest rates. Since investment is responsive to changes in interest rates, a fall in interest rates will increase investment, partially offsetting the negative impact of the tax increase on output.
b. With the inclusion of the foreign sector, an increase in taxes will reduce income and, therefore, imports. However, exports will remain unaffected, leading to an increase in the trade surplus (exports minus imports). The increase in taxes will also lead to a decrease in the capital account balance, as higher taxes reduce after-tax profits and discourage foreign investment. The overall impact on the current account and the balance of payments will depend on the size of the trade and capital account balances.
c. Assuming a flexible exchange rate and perfectly mobile capital, the decrease in output and the increase in the trade surplus will cause a decrease in the demand for money, leading to a fall in interest rates. This will stimulate investment and consumption, partially offsetting the negative effects of the tax increase on output. The economy will eventually reach a new equilibrium at a lower level of output, a lower interest rate, and a higher trade surplus than before the tax increase.
d. If South Africa has a fixed exchange rate, the increase in the trade surplus will lead to an increase in the demand for the domestic currency, causing it to appreciate. To maintain the fixed exchange rate, the central bank will have to intervene in the foreign exchange market by buying foreign currency, increasing the money supply, and causing inflationary pressures. The increase in the trade surplus will still lead to a lower output level, but the interest rate may not necessarily decrease.
e. With imperfect capital mobility, the exchange rate can still adjust, but it will do so more slowly and with less magnitude than in the case of perfect capital mobility. In this case, the adjustment to the tax increase will be similar to that in 1(c), but the new equilibrium will have a smaller increase in the trade surplus and a smaller decrease in output. The adjustment will be slower and smoother, and the impact on interest rates may be less pronounced.
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please help accounting 1 ASAP!
Answers
Please do provide more information, like account names, debits and credits. I don't see the full picture here.
During the year, Morgan makes the following donations to his church: cash of $5,500 and stock worth $50,000. Morgan had purchased the stock six years ago for $38,000 and held it as an investment. Morgan's AGI for the year is $80,000.
Answers
Based on his transactions during the year, Morgan's potential deduction is $55,500.
The question asks about the potential deductions if percentage limitations are ignored.
If percentage limitations were not applied, Morgan would be able to deduct all the donations to his church as the church is a not for profit organization.
The potential deduction is therefore:
= 5,500 + 50,000
= $55,500
In conclusion, the potential deduction is $55,000.
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Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) 2022 2021 Current assets $ 871,500 $972,000 Total assets 1,908,500 1,786,000 Current liabilities 415,000 360,000 Total liabilities 564,916 528,656 Net income 197,760 410,590 Net cash provided by operating activities 322,000 498,600 Capital expenditures 289,000 290,200 Dividends paid on common stock 82,000 126,700 Weighted-average common shares outstanding 206,000 216,100 (a) Calculate the current ratio for each year. (Round answers to 2 decimal places, e.g. 15.25.) 2022 2021 Current ratio enter current ratio rounded to 2 decimal places : 1 enter current ratio rounded to 2 decimal places : 1 (b) Calculate earnings per share for each year. (Round answers to 2 decimal places, e.g. 15.25.) 2022 2021 Earnings per share $ enter a dollar amount rounded to 2 decimal places $ enter a dollar amount rounded to 2 decimal places (c) Calculate the debt to assets ratio for each year. (Round answers to 1 decimal place, e.g. 29.5%.) 2022 2021 Debt to assets ratio enter percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place % (d) Calculate the free cash flow for each year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2022 2021 Free cash flow $enter a dollar amount $enter a dollar amount
Answers
Answer:
Kindly check explanation
Explanation:
Given the following :
__________________2022______2021
Current asset______871,500___972,000
Total assets______1,908,500__ 1,786,000
Current liabilities___415,000____ 360,000
Total liabilities_____ 564,916____ 528,656
Net income________197,760____ 410,590
Net cash (from OP)__322,000____ 498,600
Capital expenditures_289,000___ 290,200
Dividends paid(CS)___82,000____ 126,700
Weighted-average common shares outstanding 206,000 216,100
*(OP) = Operating activities
*(CS) = common stock
Current ratio for each year:
2022:
Current asset / current liability
$871,500 / $415,000 = 2.1 : 1
2021:
$972,000 / $360,00 = 2.7 : 1
EARNING PER SHARE :
Net income / weighted average shares outstanding
2022:
$197,760 / 206,000 = $0.96
2021:
$410,590 / 216,100 = $1.90
DEBT TO ASSET RATIO:
Total liabilities / Total asset
2022:
$564,916 / $1,908,500 = 0.296
2021:
$528,656 / 1,786,000 = 0.296
FREE CASH FLOW :
Net cash (from OP) - Capital expenditure - Dividend paid on common stock
2022:
$322,000 - $289,000 - $82,000 = - $49,000
2021:
$498,600 - $290,200 - $126,700 = $81,700
Enteries 2022 2021
Current asset 871,500 972,000Total assets 1,908,500 1,786,000Current liabilities 415,000 360,000Total liabilities 564,916 528,656Net income 197,760 410,590Net cash (from OP 322,000 498,600Capital expenditures 289,000 290,200Dividends paid(CS) 82,000 126,700Part A) :
The current ratio for each year :
2022:Current Ratio = Current asset / current liability
Current Ratio = $871,500 / $415,000
Current Ratio = 2.1 : 1
2021:Current Ratio = Current asset / current liability
Current Ratio = $972,000 / $360,00
Current Ratio = = 2.7 : 1
Part B :
The Earning per share for each year :
2022:Earning per share= Net income / weighted average shares outstanding
Earning per share= $197,760 / 206,000
Earning per share== $0.96
2021:Earning per share= Net income / weighted average shares outstanding
Earning per share=$410,590 / 216,100
Earning per share= $1.90
Part C:
Debt to asset ratio for each year :
2022:Debt to asset ratio=Total liabilities / Total asset
Debt to asset ratio=$564,916 / $1,908,500
Debt to asset ratio = 0.296
2021:Debt to asset ratio=Total liabilities / Total asset
Debt to asset ratio=$528,656 / 1,786,000
Debt to asset ratio= 0.296
Part D:
Free Cash flow for each year :
2022:Free Cash flow=Net cash (from OP) - Capital expenditure - Dividend paid on common stock
Free Cash flow=$322,000 - $289,000 - $82,000
Free Cash flow = - $49,000
2021:Free Cash flow=Net cash (from OP) - Capital expenditure - Dividend paid on common stock
Free Cash flow$498,600 - $290,200 - $126,700
Free Cash flow= $81,700
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onsumer Economics: Tutorial
Part E
At what wage rate will there be excess labor supplied in the market?
Answers
Excess labor supply in the market occurs when the wage rate is above the equilibrium level.
Consumer economics refers to the study of how individuals and households make decisions about what they consume, how they save and invest, and how they allocate their resources.The wage rate at which there will be an excess supply of labor in the market is known as the equilibrium wage rate. This means that the quantity of labor demanded equals the quantity of labor supplied.
At a wage rate above the equilibrium level, there is a surplus of labor available as the quantity supplied of labor is greater than the quantity demanded for labor. On the other hand, at a wage rate below the equilibrium level, there is a shortage of labor as the quantity demanded of labor is greater than the quantity supplied for labor. Thus, the equilibrium wage rate is essential to maintain stability in the labor market.The equilibrium wage rate is determined by the forces of demand and supply.
The demand for labor arises from the demand for goods and services that labor produces. The supply of labor arises from the willingness of people to work at a particular wage rate. The equilibrium wage rate is the wage rate where the quantity of labor demanded is equal to the quantity of labor supplied in the market.Therefore, excess labor supply in the market occurs when the wage rate is above the equilibrium level.
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pls help me
include the following:
The name of the career
Some information you learned from your own research
Education a person needs to get this type of job
Skills a person needs to get this type of job
How people in this job use technology
The URL (web address) of the US Bureau of Labor Statistics website where readers can find more information
Answers
The name of the career - Computer engineering
The information I have learned on Computer engineering is that it is all about research, as well as design, making, and testing ofcomputer systems as well as its components.
The Education a person needs to get this type of job is: Bachelor's Degree
The Skills a person needs to get this type of job are:
Know a lot about programming languages, Know about secure coding.Know about software and hardware tech.CreativityInnovationThe people in this job use a lot of technology as they are actively involve in its production.
The URL (web address) of the US Bureau of Labor Statistics website where readers can find more information is: https://www.bls.gov/ooh/architecture-and-engineering/computer-hardware-engineers.htm
What should an IT engineer possess?A bachelor's degree in the subject is required to work as a computer engineer. Math, physics, and computer science are the most common subjects that students study.
To create solutions for various issues, these professionals require critical thinking abilities. To function effectively in a team, they also need strong communication skills.
Therefore, Being an information technology engineer requires you to be able to recognize complex issues and find the appropriate solutions. You need the capacity for critical thought, option analysis, and perfect solution generation to be able to solve problems.
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11. Explain how numbers are sorted in consecutive numbering, terminal-digit numbering, and middle-digit numbering. (Obj. 5)
Answers
Consecutive numbering is used to organize the numbers from lowest to highest without interruption. The last few digits of a sequence are used in terminal-digit numbering to define the main key for sorting.
What is consecutive numbering?Generally, The term "consecutive numbers" refers to a series of numerical values that proceed one after the other without interruption in the ascending order of size. Examples of consecutive numbers include the following: 1, 2, 3, 4, 5, 6, and so on.
The use of consecutive numbering ensures that the numbers are presented in ascending order, starting with the lowest and working their way up to the highest.
In conclusion, When terminal-digit numbering is used, the primary key for sorting is determined by using the most recent few digits of a sequence.
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Which of the following is the most essential requirement for developing the best strategies for a social media marketing campaign?
Answers
A thorough understanding of the target audience.
What is target audience?
Your target audience is the particular demographic of customers most likely to be interested in your product or service and, as a result, the group who should see your advertising campaigns. The target audience may be determined by a variety of factors, including age, gender, income, location, and interests.
The term "target audience" refers to a group of consumers with particular characteristics, such as behaviour and age range, for example, female extreme athletes. The majority of businesses base their marketing strategy decisions on target audiences.
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1.Why is knowledge of consumer behavior important to the marketer?
Answers
The knowledge of consumer behavior is extremely important to the marketer in order to provide the customers with best possible products and earning profit for himself sideways.
CONSUMER BEHAVIOR is the study of consumers and the processes they use to select the product. It particularly deals with the psychological of the customer i.e., What the think? What they want? What are the trends they are interested in? At what price do they feel comfortable? And so on.
When the marketer understands the mental state of the consumer then he/she becomes fit to earn and compete with his fellow marketers. This enables him to provide the customers with the products of their choice at reasonable prices. This is how he sustains in market and earns profit.
Example: a marketer understands that customers are attracted by discounts. So he would increase the actual cost of product and increase the discount price. The selling price is not changed but since the customer thinks he is getting more discount, he is attracted.
Consumer Behavior is of great significance to marketers because it helps them to survive in the industry. It helps them to analyze business trends and helps to keep up with their competitors. It also helps to retain their customers.
Consumer buying behavior refers to the analysis of consumers' actions when selecting whether to get a good that meets their needs. it's an investigation into how customers behave and what motivates them to purchase and use particular goods.
The study of consumer purchasing behavior is crucial for marketers because it helps them comprehend what customers anticipate from them. Understanding what prompts a consumer to get a product is useful.
The importance of consumer behavior to marketers is discussed below:
Consumer diversification: It's a technique used in marketing to set one consumer apart from a group of related consumers. This aids in creating a target market of consumers who exhibit the same or comparable behavior.Customer Retention: Consumer behavior is incredibly crucial for both attracting new consumers and keeping hold of current ones. A satisfied customer is more likely to form the same purchase in the future. Therefore, it's important to sell the product in a way that encourages repeat purchases from customers.Forecasting Demand Patterns: By doing a consumer behavior analysis, a business can avoid spending plenty of money and energy on creating a product that won't be popular with customers.Competitiveness: Understanding and handling the competition are made easier by studying consumer behavior. Your brand may have a competitive edge supported consumer expectations.Develop Unique New Technologies: Businesses continually exerting to increase the likelihood that their novel ideas or new products will succeed. Amongst the foremost crucial methods is to carry out a thorough and careful study of consumer behavior.Learn more about consumer behavior : https://brainly.com/question/9566137
Vince plans to open a self-serve grooming center in a storefront. The grooming equipment will cost $365,000, to be paid immediately. Vince expects aftertax cash inflows of $79,000 annually for 7 years, after which he plans to scrap the equipment and retire to the beaches of Nevis. The first cash inflow occurs at the end of the first year. Assume the required return is 13 percent. What is the project's Pl?
Answers
The answer is "PI is less than 1" so, the project should not be accepted.
The computation of the Pi is shown below:
As we know that,
Profitability index = Present value of cash inflows ÷ Initial investment
The Present value of cash inflows:
PVA = Periodic amount × (1 - (1 + interest rate) - time period ÷ interest rate)
= $67,000 × (1 - (1 + 13%) - 7 ÷ 13%)
= $67,000 × (1 - ( 1+ 0.13) - 7 ÷ 0.13)
= $67,000 × (1 - ( 1.13) -7 ÷ 0.13)
= $67,000 × (1 - 0.42506064374) ÷ 0.13)
= $67,000 × (0.57493935626 ÷ 0.13)
= $67000 × 4.422610432
= $296,314.90
Now the Profitability index is
= $296,314.90 ÷ $325,000
= 0.9117
As, the PI < 1 so the project should not be accepted.
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how is the aggregate supply curve for the economy related to the supply curves of individual producers?
Answers
Answer:
The aggregate supply curve depicts the quantity of real GDP that is supplied by the economy at different price levels. Increases in the price level will increase the price that producers can get for their products and thus induce more output. ...
Find an example of a large project that took more than a year to complete, preferably one near where you live. Describe some of the planning work completed for the project as part of project time and cost management. Summarize your findings
Answers
People have been undertaking projects since the earliest days of organized human activity. The hunting parties of our prehistoric ancestors were projects, for example; they were temporary undertakings directed at the goal of obtaining meat for the community. Large complex projects have also been with us for a long time. The pyramids and the Great Wall of China were in their day of roughly the same dimensions as the Apollo project to send men to the moon. We use the term “project” frequently in our daily conversations. A husband, for example may tell his wife, “My main project for this weekend is to straighten out the garage.” Going hunting, building pyramids, and fixing faucets all share certain features that make them projects. So the correct answer is: please help :)
What cost of living?
Need help please
Answers
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
Answers
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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What are 3 benefits of the ProAdvisor Discount Program?
Answers
Training, Customer Care, and Stragetic Marketing Tools.
The correct answer is With the ProAdvisor discount, you pay for your client's subscription and can offer ongoing discounts off the current list price with the option to cancel at any time. Each month, you're billed monthly for clients' subscriptions and you get an itemized view of all of your firm-billed subscriptions for easy tracking.
How do you earn points in a ProAdvisor program?A ProAdvisor gets 50 points per client QuickBooks subscription and payroll subscription. To become a ProAdvisor, you must get certified and then right away you get 100 points. Additionally, becoming an advanced ProAdivisor awards you another 200 points.
What is the ProAdvisor discount program?With the ProAdvisor discount, you pay directly for the subscription and enjoy an ongoing discount. With the Direct discount, your client pays for the subscription and receives the discount for 12 months. At the end of the 12 months, the client is charged the then-current monthly list price.
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Companies should try to focus on their areas of expertise. Should they always outsource other business functions to become a more modular organization?
Must be 3-4 sentences pls
Answers
Answer:
Yes. companies should try to focus on their core competencies so that they can have more time and resources to focus on delivering on their primary assignment.
Explanation:
An ICT company with a high volume of customer care related activities should consider outsourcing that service.
If their core offering is to deliver on mobile applications, it will prove counterproductive in the nearest future if they spend most of their time trying to solve problems that arise from servicing existing customers.
Outsourcing must be carefully implemented so that it does not backfire. It is critical to ensure that the total direct and indirect cost to the company far outweigh the benefits of retaining such a service internally.
Cheers
The government is supposed to look out for the consumer when a new product or service is introduced to the market. This role of government is that of _____.
one that reallocates income
a source of public good
a supervisory body
an entrepreneurship
Answers
Answer:
the correct answer is "a supervisor body" have a great day. also can I get brainliest?
The government is supposed to look out for the consumer when a new product or service is introduced to the market. This role of government is that of a supervisory body. Option (c) is correct.
What is a supervisory body?Supervisory body a designated or authorized group charged with administering the organization's regular business operations, special projects, or other duties.
Government oversight, or control, takes the form of decisions made by the administration, the legislative, and even the court. Government oversight has an impact on a company through its facilities and oversight of an organization's management, accounting, and entrepreneurial operations.
The four roles of management, development, mediation, and support are all included in supervision.
Therefore, Option (c) is correct.
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Which set of documents do you need to correct a mistake on a filed tax return
Answers
Answer:
Form 1040x
Explanation:
The following balances were extracted from the books of VE Enterprise on 31 December 2021.
Particular RM RM
Capital 50,000
Motor vehicles 90,000
Fixtures & fittings 48,500
Inventory as at 1 January 2021 32,200
Allowance for doubtful debts 500
Accumulated depreciations as at 1 January 2021:
Motor vehicles 16,000
Fixtures & fittings 10,400
3% fixed deposit 30,000
4% bank loan 50,000
Sales 199,070
Purchases 73,500
Sales returns 2,050
Purchases returns 2,120
Discount allowed 2,550
Discount received 2,830
Account receivables 37,700
Account payables 48,650
Carriage inwards 3,570
Interest received 450
Commission received 2,600
Salaries 16,100
Electricity bills 5,400
Custom duty on purchases 3,000
Insurances 450
Maintenance expenses 3,300
Drawing 2,300
Cash in hand 6,800
Cash at bank 25,200
Additional information:
1. Inventory as at 31 December 2021 18,180
2. Depreciation for the year ended 31 December 2021 has yet to be provided as follows:
a. Fixtures & fittings: 10% using straight line method
b. Motor vehicles:15% using reducing balance method.
3. Electricity bills was paid in advanced by RM500. Meanwhile RM400 commission are not
received yet.
4. One of the customers Amri Sport Enterprise was declare bankrupt and unable to pay the
debt amount RM700
5. The provision for doubtful debts is to be adjusted to 5% based on remaining account
receivables
6. Salaries are accrued by RM140.
3
7. ‘Purchases’ include goods valued at RM1,040 that were withdrawn by Azwin for her own
personal use.
Required:
a) Prepare Income Statement for the year ended 31 December 2021
(15 marks)
b) Prepare Statement of Financial Position as at 31 December 2021
Answers
a. The Income Statement for the year ended 31 December 2021 is RM80,360.
b. The Statement of Financial Position as at 31 December 2021 is RM206,645.
a) Income Statement for the year ended 31 December 2021:
Sales: RM199,070
Less: Sales returns: RM2,050
Net Sales: RM197,020
Cost of Goods Sold:
Opening Inventory: RM32,200
Purchases: RM73,500
Less: Purchases returns: RM2,120
Add: Carriage inwards: RM3,570
Goods Available for Sale: RM107,150
Less: Closing Inventory: RM18,180
Cost of Goods Sold: RM88,970
Gross Profit: RM197,020 - RM88,970 = RM108,050
Operating Expenses:
Discount allowed: RM2,550
Salaries: RM16,100 + RM140 = RM16,240
Electricity bills: RM5,400 - RM500 = RM4,900
Custom duty on purchases: RM3,000
Insurances: RM450
Maintenance expenses: RM3,300
Total Operating Expenses: RM30,340
Net Profit before Non-operating Items:
Gross Profit - Operating Expenses: RM108,050 - RM30,340 = RM77,710
Non-operating Items:
Interest received: RM450
Commission received: RM2,600 - RM400 = RM2,200
Total Non-operating Items: RM2,650
Net Profit before Tax:
Net Profit before Non-operating Items + Total Non-operating Items: RM77,710 + RM2,650 = RM80,360
b) Statement of Financial Position as at 31 December 2021:
Assets:
Non-current Assets:
Motor vehicles: RM90,000 - (RM90,000 * 15%) = RM76,500
Fixtures & fittings: RM48,500 - (RM48,500 * 10%) = RM43,650
Total Non-current Assets: RM120,150
Current Assets:
Inventory: RM18,180
Account receivables: RM37,700 - (RM37,700 * 5%) - RM700 = RM35,815
Prepaid electricity bills: RM500
Cash in hand: RM6,800
Cash at bank: RM25,200
Total Current Assets: RM86,495
Total Assets: RM206,645
Liabilities and Equity:
Equity:
Capital: RM50,000
Retained Earnings: RM80,360
Total Equity: RM130,360
Current Liabilities:
Account payables: RM48,650
Bank loan: RM50,000
Total Current Liabilities: RM98,650
Total Liabilities and Equity: RM206,645
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When someone buys a fourth television for his or her house, what is the result? O A. The production of televisions becomes more efficient. B. The increase in demand brings leads to higher prices for televisions! O C. There's a rise in the opportunity cost of buying other goods. O D. There's a decrease in the marginal utility of the television.
Answers
Answer:
I would say it is B because if there getting 4 telivisions for themselves and othe 0eople are buying telivisions then the supply will becone lower and the prices will become. higher because they know or people are going to buy it .
Answer:
I would pick B
Explanation:
BECAUSE IF PEOPLE BUY SO MUCH TELEVISION THEY WOULD HAVE TO RISE THE PRICE OF I BECAUSE THEY KNOW THAT OTHER PEOPLE WILL COME BUYING MORE TVS
Use the above Cash account to determine (a) cash flows used by investing activities and (b) cash flows provided by financing activities.
Answers
Add your dividends paid to the repurchase of debt and equity to determine your cash flow from financing activities. Next, deduct the sum from cash inflows from issuing equity or debt to arrive at your cash flow from financing activities. Likewise, a cash flow statement contains these.
How do you calculate cash provided by investing activities?The cash flow statement of a business shows the cash flow from investments. Any inflows or outflows of money from long-term investments made by a company are included in cash flow from investing activities. The amount of cash and cash equivalents entering and leaving a company is shown on the cash flow statement.
A company's cash flow statement includes a section called cash flow from financing activities (CFF), which details the net cash flows used to finance the business. Transactions involving equity, debt, and dividends are all examples of financing activities.
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Which type of loan is similar to a credit card, where the lender sets the
maximum amount that you can borrow based on your equity in the home?
A. An amortization
O B. A second mortgage
O C. Equity
D. An equity line of credit
Answers
Answer:
second morgage
Explanation:
A second mortgage is a lien taken out against a property that already has a loan on it. A lien is a right to possess and seize property under specific circumstances.
Answer: D. An equity line of credit
Explanation: Took the quiz and got it right.
The gap between the actual quantity produced by a monopolistically competitive firm and the optimal quantity in a competitive market is known as
Answers
Answer:
The correct answer is Excess Capacity.
Explanation:
A monopolistically competitive firm is one that produces and or offers products or services in a market with similar, but not exact or perfect substitutes. A real-world example of a monopolistic competitive firm is Burger King. It competes with McDonald. Both companies sell burger and other types of fast food. However, are not perfect substitutes as there are slight differences, especially in shape and in taste, in the foods they offer.
When there is a gap between the quantity produced and the scale of output that a business or firm has been designed for, Excess Capacity is said to exist. In other words, the actual quantity produced is below what is optimal for the economy.
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Grand Travel just paid an annual dividend of $2.3 a share and is expected to increase that amount by 5 percent per year. If you are planning to buy 1,000 shares of this stock next year, how much should you expect to pay per share if the market rate of return for this type of security is 10 percent at the time of your purchase?
Answers
The price I would expect to purchase 1000 shares next year will be $48,300.
What price will I be willing to pay for the shares?The price of the share can be determined using the Gordon constant growth dividend model. According to this model, the price of a share is a function of the dividend, growth rate and the discount rate.
Price of the share = [dividend just paid x (1 + growth rate] / (discount rate - growth rate)[2.3 x (1 + 0.05)] / (0.1 - 0.05) 2.415 / 0.05 = $48.30 Price of 1000 shares = $48,30 x 1000 = $48,300
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Question 3 of 20
Which person did not use a cost-saving strategy when deciding how to spend
their money?
O A. Caleb bought a computer he could upgrade as newer video cards
became available instead of the computer that could not be
upgraded.
B. Lin had decided to buy the cheapest of three fitness cameras, but
she changed her mind when she read the return policy.
C. Abram used comparison shopping to decide which pair of new
jeans would be the best value.
D. Juanita had planned to save for her new video game, but instead
she used a credit card because her friends wanted her to play with
them.
Answers
By analyzing current expenses and identifying opportunities to reduce internal costs, cost-saving measures can help firms save money.
Businesses can obtain a competitive advantage and improve their bottom line by integrating cost-cutting measures into their organizational plans. Reduce employee expenses. Employee costs are prioritized in cost reduction plans via wise decision-making.
Cut back on material costs. Any business owner is aware that materials take up a significant portion of the budget.
Reduce overhead costs.
Buy to Save.
Operations Based on Robots.
The advantage gained from taking steps to lower an organization's overall expenditure on assets, which has a direct influence on its bottom line, is known as cost savings. Cost-saving measures can include increasing productivity and obtaining reduced supply purchasing costs.
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