Garfield Corp. expects to sell 1040 units of its pet beds in March and 1960 units percent of the following month's sales. Garfield pays its supplier $22 per unit. JAIL
Q: five year promissory note with a face value of $5000, bearing interest at 6% compounded…
A: To calculate amount to be paid for promissory note first of all we will calculate future price after…
Q: retirement benefit cost taken to profit or loss and to other comprehensive income, respectively?
A: The employee benefits expenses computed on the amount spend on by the entity in accordance with…
Q: Concord Engines Ltd., a private business following ASPE, operates small engine repair outlets and is…
A: Deferred tax asset (DTA) refers to the increase in assets those arise from the overpayment and…
Q: Classify each of the preceding costs as output unit-level, batch-level, product-sustaining, or…
A: Cost Classification :— Cost Classification means Involves the seperation of a group expenses into…
Q: What is zero base budgeting? Discuss its merits and limitations
A: Zero-based budgeting (ZBB) is a budgeting process that provides funding based on the program…
Q: What do you understand by Goodwill?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Test Company uses a normal, process costing system to determine product cost. The company uses the…
A: Under Process costing, prior department's costs are considered to be similar to Direct materials…
Q: Ace Hardware is adding a new product line that will require an investment of $1,454,000. Managers…
A: Calculation of Accounting rate of return(ARR):- Accounting rate of return(ARR) = 13.15%…
Q: If Kevin works off the clock, then he will sacrifice family time and responsibilities. This is an…
A: Answer:- Ethical reasoning meaning:- Ethical reasoning is a sort of critical thinking that involves…
Q: What is causing the volatility for this company? Is anything in this statement unusual or concerning…
A: when analysing the company financials it is important to consider the every variables as it affect…
Q: som Company issues $390,000, 20-year, 8% bonds at 101. Prepare the journal entry to record the sale…
A: Bonds are debt instruments that carry the payment for interest annually and payment of face value on…
Q: Required information Comprehensive Problem 15-81 (LO 15-1, LO 15-2, LO 15-3, LO 15-4, LO 15-5, LO…
A: Beginning tax basis of Lance: 12300 Beginning tax basis of Francesca: 4700 Partnership…
Q: Integrity Company leased equipment to a lessee on July 1, 2021. The lease is for 8 years. The first…
A: After accounting for the amount due and the rate in effect, the interest revenue is recognized on a…
Q: Question 4 Use the information provided below to prepare the following for January and February…
A: Debtors Collection Scheduled :— It is a scheduled that provides net Cash collection from the…
Q: Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price…
A: Depreciation is the reduction in the value of asset due to its use, wear and tear. There are…
Q: What are the fundamental rights of a common stockholder?
A: Introduction: A stockholder is also referred to as a shareholder or an individual who owns at least…
Q: What are the factors that determine whether the company should use cash acquisition or stock…
A: Cash Acquisition refers to the acquisition or proposal by one company to another company to buy…
Q: P11-1A Gão Limited was organized on January 1, 2017. It is authorized to issue 10.000 8%, HK$1,000…
A: Shares- The company's financial assets are its shares. The value of the shares varies according to…
Q: The X-cell Inc. company has the following purchases and sales during the year ended December 31,…
A: Given that, Beginning inventory = 400 units at $60/unit Selling price per unit = $95 Total units…
Q: auditors’ judgement that the loan receivable is impaired and should be written down. Management of…
A: Subsequent events are those significant events which occurs after the reporting period and requires…
Q: Required information [The following information applies to the questions displayed below.] Astro…
A: Introduction: A contribution margin income statement subtracts all variable expenses from sales to…
Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the…
A: Depreciation expense = Cost - Salvage valueEstimated useful life
Q: The concept of “eating time” has an impact on the development of future engagement time budgets.…
A: The fairness was obviously harmed by mealtime. As an employee, you will put in more time to complete…
Q: Witham tendered successfully for the supply of coal to the Great Northern over a period on one year.…
A: Witham liability will cease on 28th June i.e. 2 weeks from the date of receipt of the letter to…
Q: K Luigi's Restaurant offers a "buy one dinner get the other dinner for half price sale. The "half…
A: Markdown is the amount of discount is given from original price. Mark down ℅ is (Original selling…
Q: n 1 July 2021 Michael Ltd. issues $1 million in five – year debentures that pay interest each six…
A: Lets understand the basics. When debenture is issued at less than the face value of bond then bond…
Q: The accounts below appear in the December 31, 2018 trial balance of Utah Jazz Corporation:…
A: Shareholder's equity can be calculated by using the following formula: SE = Share capital + Retained…
Q: On January 1, Moran Inc. entered into a noncancelable 10 -year lease for computer equipment with a…
A: Answer : Value of computer equipment = $120 million Rate = 6%
Q: Major medical complexes and their service providers continue to move toward advanced health…
A: Depreciation refers to the reduction in the hysterical amount of tangible assets due to the usage of…
Q: Complete the table. IRA Fair Market Value $260,000 $546,000 $186,400 $418,680 $328,840 $284,348…
A: Early withdrawal from an Individual Retirement Account (IRA) prior to age 59½ is subject to being…
Q: The following transactions pertains to Bahrain Company for 2021: a) Materials purchased on account,…
A: The direct costs incurred are debited to work in process account. The indirect costs are debited to…
Q: On January 1, 2020 Rosen Company purchased 35,000 which is 15% of the total common stock owned by…
A: Answer:- Common stock meaning:- A common stock is a form of stock generally issued to the majority…
Q: P 8th attempt Feedback If you have a taxable income of $258,170.00, what is your top marginal tax…
A: Working:
Q: Gurriel Corporation manufactures and sells laptop computers and uses standard costing. For the month…
A: Net income is the amount of income earned by an entity after deducting the expense from the revenue.…
Q: Type A: First cost P250,000 Annual operating cost $65,000 Insurance and property taxes = 4% Payroll…
A:
Q: On January 1, 2021, Thomson Inc. had the following account balances in its shareholders' equity…
A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…
Q: Brindle Arts uses Variable Costing for internal purposes, but uses Absorption Costing for their…
A: Variable Costing and Absorption Costing The main difference between the variable costing techniques…
Q: Handy Home sells windows (80% of sales) and doors (20% of sales). The selling price of each window…
A: Lets understand the basics. Contribution margin is a margin generated by the business from the…
Q: On October 1, 2022, the Intra Main Office established a sales agency in Cebu. -The main office sent…
A: Here discuss about the details of the calculation of the net income of the agency which are incurred…
Q: From these data calculate: a. Calculate the deplating in each year! b. Calculate the average…
A: Working :— 1) Deflated revenue :— = (Revenue During the year ÷ CPI During the year) * 100 2)…
Q: ndicate all statements that are correct. Select one or more: a. Net Income is higher at first…
A: The lease system is type of arrangement in which right to use of the assets is given by payment of…
Q: A potential investment has a cost of $542,500 and a useful life of 7 years. Annual cash sales from…
A: 1) Calculation of NPV (in case of investment before tax): Year 1 2 3 4 5 6 7 Sales 219202…
Q: 10. A furniture company has provided the following data for the year 2010 and 2011
A: Cost Accounting - A perpetual inventory accounting system, the cost accounting system is…
Q: ou have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: Cost Formula Actual Cost in March Utilities $16,800 + $0.16 per machine-hour $ 21,800…
Q: se the following information for the Exercises 12-13 below. (Algo) Skip to question [The…
A: Bank reconciliation is a process of matching the bank passbook balance with the cash book maintained…
Q: Cullumber Company acquired 28% of the outstanding common stock of Grinwold Inc. on January 1, 2020,…
A: The cost method adjust the investment on the basis of fair value of investment. The equity method…
Q: Kate's Kale Chips produces a healthy snack made primarily of kale. Each bag of the product sells for…
A: Product cost is the cost which is incurred on the manufacture of the goods. It includes the cost of…
Q: 1 Washington Inc. just paid a dividend of $2.15 per share on its stock. The dividends are expected…
A: Current Share Price: The price at which a share of stock or any other asset was last traded is…
Q: KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the…
A: Introduction: A general journal is the first place where information is collected, with dividing…
Q: Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land…
A: Introduction:- The following basic information as follows under:- Land is appraised at $192,000;…
Step by step
Solved in 2 steps
- Pasadena Candle Inc. projected sales of 800,000 candles for January. The estimated January 1 inventory is 35,000 units, and the desired January 31 inventory is 20,000 units. What is the budgeted production (in units) for January?Trumbull Co. plans to produce 100,000 toy cars during September. Planned production for October is 125,000 cars. Sales are forecasted at 90,000 toy cars for September and 120,000 toy cars for October. Each toy car requires four wheels. Trumbulls policy is to maintain 10 percent of the next months production in inventory at the end of a month. How many wheels should Tram bull purchase during September? a. 195,000 b. 112,500 c. 102,500 d. 410,000Refer to Cornerstone Exercise 8.1, through Requirement 1. FlashKick requires ending inventory of product to equal 20 percent of the next months unit sales. Beginning inventory in January was 3,100 practice soccer balls and 400 match soccer balls. Required: 1. Construct a production budget for each of the two product lines for FlashKick Company for the first three months of the coming year. 2. What if FlashKick wanted a production budget for the two product lines for the month of April? What additional information would you need to prepare this budget? FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high school. FlashKicks best-selling lines are the practice ball line (durable soccer balls for training and practice) and the match ball line (high-performance soccer balls used in games). In the first four months of next year, FlashKick expects to sell the following: Required: 1. Construct a sales budget for FlashKick for the first three months of the coming year. Show total sales for each product line by month and in total for the first quarter. 2. What if FlashKick added a third linetournament quality soccer balls that were expected to take 40 percent of the units sold of the match balls and would have a selling price of 45 each in January and February, and 48 each in March? Prepare a sales budget for Flash- Kick for the first three months of the coming year. Show total sales for each product line by month and in total for the first quarter.
- Question 7 Landon Inc. projected sales of 31,000 personal journals for 20Y6. The estimated January 1, 20Y6, inventory is 2,200 units, and the desired December 31, 20Y6, inventory is 3,000 units. What is the budgeted production (in units) for 20Y6?fill in the blank 1 unitsQUESTION 7 BMW Limited manufactures a single product, Tune. The finance director prepares monthly budgets. The following budgeted information is available for the first three months of 2021. (i.) The selling price will be fixed at $60 per unit. In January 2021 sales are expected to be 24 000 units. It is anticipated that there will be a 5% increase in sales volume in every subsequent month up to April 2021. (ii.) The finished goods inventory level at the end of each month will be maintained at one-third of the expected sales volume in the following month. The inventory of finished goods at 31 December 2020 is expected to be 7500 units with a value of $242000. The finished goods inventory value at 31 March 2021 is expected to be $298000. (iii) Each unit of Tune requires 10 kilos of raw material. The closing inventory of raw materials each month is expected to meet 20% of the production requirement of the following month. The inventory of raw materials at 31 December 2020 is expected to…QUESTION 3 Parker Corp., which operates on a calendar year, expects to sell 5140 units in January and expects sales to increase 190 units each month thereafter. Sales price is expected to stay constant at $9 per unit. What are budgeted revenues for February?
- Deacon Inc. produces leather shoes. The production budget for the next four months is: July 5350 units, August 6780, September 7360, October 8180. Each shoe requires 0.8 square meters of leather. Deacon Inc.'s leather inventory policy is 34% of next month's production needs. If the leather policy is met, what will the October inventory be? vi Question 2 of 5D Question 5 Witherspoon Inc. has compiled the following data in order to put together their first quarter operating budget for 20XX Sales (units) January 55,200 February 48,000 March 41,000 Apri 37,000 Additional information: Witherspoon sells each unit for $95. Company policy is to have 30% of next month's sales (in units) in ending finished goods inventory. This policy was met in December. Required: 1. What are the total dollar sales for the quarter? Hint: writo out I sales budget but you do not need to show in your answer. 2. (a) What is the desired ending Inventory for February? (b) What are the Total Units to be Produced for the Quarter? Hint: write out a production budget but you do not need to show in your answer.Concord Company estimates that 2022 sales will be $34,400 in quarter 1, $41,280 in quarter 2, and $49,880 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending merchandise inventory equal to 10% of the next quarter's expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2022. v: v ✓ CONCORD COMPANY Merchandise Purchases Budget $ $ 1 Quarter $ $ 2 $ Six Months
- Problem 1. JENNYCIS Corporation sells birdhouses. The company has prepared the following forecast for the third quarter of 2010: July 5 000 August 6 o00 September 10 000 Inventory of finished goods in June 30, 201o is budgeted at 1000 units. Management would like the desired quantity of finished goods inventory at the end of each month to equal 20% of next month's budgeted sales. October's projected sales are 12 000 units. Each completed unit of finished product requires 3 square feet of raw materials at a cost of P15 per square foot. The company has determined that it needs 10% of next month's raw material needs on hand at the end of each month. The cost of direct material that should be purchased in August is?16.66points eBook Item 1 Electro Company manufactures transmissions for electric cars. Management reports ending finished goods inventory for the first quarter at 139,200 units. The following unit sales are budgeted during the rest of the year: second quarter, 232,000 units; third quarter, 391,000 units; and fourth quarter, 376,500 units. Company policy calls for the ending finished goods inventory of a quarter to equal 60% of the next quarter's budgeted unit sales. Prepare a production budget for both the second and third quarters that shows the number of transmissions to manufacture.Prepare a sales budget for 2 quarters Exercise 1 Trusler Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104. The sell for calculators $14.00 and $26.00 Trespectively. Because of the intense competition Trusler faces, management budgets sales semiannually. Its projections for the first 2 quarters of 2022 are as follows. Unit Sales Quarter 2 26,000 Product Quarter 1 ХО-103 21,000 ХО-104 13,000 16,000 No changes in selling prices are anticipated. Instructions: Prepare a sales budget for the 2 quarters ending June 30, 2022 using the below budget table. List the products and show for each quarter and for the 6 months, units, selling price, and total sales by product and in total. TRUSLER ELECTRONICS INC. Sales Budget For the Six Months Ending June 30, 2020 Quarter 1 Quarter 2 Six Months Product Selling Units Selling Price Total Sales Units Selling Price Total Sales Units Total Sales Price ХО-103 ХО-104 Totals
