Homework Answers
Please post each questions as separate post .As HOMEWORKLIB RULES
guidelines I will solve Q1. I am really sorry for the
inconvenience.
| 1) Easy Clean operates a chain of dry cleaners. It is experimenting with the use of a continuous-improvement (i.e., kaizen) budget for operating expenses. Currently, a typical location has operating expenses of $22,000 per month. Plans are in place to achieve labor and utility savings. The associated operational changes are estimated to reduce monthly operating expenses by a factor of 0.99 beginning in January.What is the estimated operating expenses for January? For June? For December | ||||
| Operating Expenses (A) | Factor (B) | Estimated operating costs A x B | ||
| January | $22,000 | .99^1 | 0.99000 | $21,780.00 |
| June | $22,000 | .99^6 | 0.94148 | $20,712.56 |
| December | $22,000 | .99^12 | 0.88638 | $19,500.47 |
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Easy Clean operates a chain of dry cleaners. It is experimenting with the use of a...
The George Company has a policy of maintaining an end-of-month cash balance of at least $33,000....
The George Company has a policy of maintaining an end-of-month cash balance of at least $33,000. In months where a shortfall is expected, the company can draw in $1,000 Increments on a line of credit it has with a local bank, at an Interest rate of 12% per annum. All borrowings are assumed for budgeting purposes to occur at the beginning of the month, while all loan repayments (In $1,000 Increments of principal) are assumed to occur at the end...
Brief Exercise 10-18 (LO 10-6, 10-7) Easy Clean operates a chain of dry cleaners. It is experimenting with the use...
Brief Exercise 10-18 (LO 10-6, 10-7) Easy Clean operates a chain of dry cleaners. It is experimenting with the use of a continuous improvement (ie., kaizen) budget for operating expenses. Currently, a typical location has operating expenses of $15,000 per month. Plans are in place to achieve labor and utility savings. The associated operational changes are estimated to reduce monthly operating expenses by a factor of 0.99 beginning in January 11.11 points (3 02:42 What is the estimated operating expenses...
The George Company has a policy of maintaining an end-of-month cash balance of at least $33,000....
The George Company has a policy of maintaining an end-of-month cash balance of at least $33,000. In months where a shortfall is expected, the company can draw In $1,000 Increments on a line of credit it has with a local bank, at an Interest rate of 12% per annum. All borrowings are assumed for budgeting purposes to occur at the beginning of the month, while all loan repayments (in $1,000 Increments of principal) are assumed to occur at the end...
The George Company has a policy of maintaining an end-of-month cash balance of at least $34,000. In months where a short...
The George Company has a policy of maintaining an end-of-month cash balance of at least $34,000. In months where a shortfall is expected, the company can draw in $1,000 increments on a line of credit it has with a local bank, at an interest rate of 12% per annum. All borrowings are assumed for budgeting purposes to occur at the beginning of the month, while all loan repayments (in $1,000 increments of principal) are assumed to occur at the end...
The president of Univax, Inc., has just approached the company's bank seeking short-term financing for the coming year, Year 2. Univax is a distributor of commercial vacuum cleaners. The b...
The president of Univax, Inc., has just approached the company's bank seeking short-term financing for the coming year, Year 2. Univax is a distributor of commercial vacuum cleaners. The bank has stated that the loan request must be accompanied by a detailed cash budget that shows the quarters in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be made To provide this information for the bank, the...
The president of Univax, Inc., has just approached the company's bank seeking short-term financing for the coming year, Year 2. Univax is a distributor of commercial vacuum cleaners. The ban...
The president of Univax, Inc., has just approached the company's bank seeking short-term financing for the coming year, Year 2. Univax is a distributor of commercial vacuum cleaners. The bank has stated that the loan request must be accompanied by a detailed cash budget that shows the quarters in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be made. To provide this information for the bank, the...
1. The president of Univax, Inc, has just approached the company's bank seeking short-term financ...
1. The president of Univax, Inc, has just approached the company's bank seeking short-term financing for the coming year, loan request must be accompanied by a detailed cash budget that shows the quarters in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be made. Year 2. Univax is a distributor of commercial vacuum cleaners. The bank has stated that the To provide this information for the bank,...
Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April...
Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April May June Sales $ 210,000 $ 255,000 $ 285,000 Cost of goods sold* 144,000 171,000 189,000 Gross profit $ 66,000 $ 84,000 $ 96,000 Operating expenses† 33,000 37,500 40,500 Operating income $ 33,000 $ 46,500 $ 55,500 * Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead). † Includes all period costs (i.e., selling, general, and administrative expenses). The company expects...
The rest of the details: Gadgets, Inc. is incorporated and will begin operations on January 1, 2019. Its primary...
The rest of the details:
Gadgets, Inc. is incorporated and will begin operations on January
1, 2019. Its primary business is the manufacture and sale of
gadgets. Because cash resources are limited, the company
anticipates the need to have access to capital during the first
year of operations and seeks to establish a line of credit with a
local bank. The bank requires a complete operating and cash budget
and pro-forma financial statements for 2019 as part of the loan...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
135,000
Total current assets
$
691,000
Equipment
600,000
Less: Accumulated depreciation
75,000
Equipment, net
525,000
Total assets
$
1,216,000
Liabilities and Equity
Accounts payable
$
340,000
Bank loan payable
12,000
Taxes payable (due 3/15/2020)
88,000
Total liabilities
$
440,000...
The George Company has a policy of maintaining an end-of-month cash balance of at least $33,000. In months where a shortfall is expected, the company can draw in $1,000 Increments on a line of credit it has with a local bank, at an Interest rate of 12% per annum. All borrowings are assumed for budgeting purposes to occur at the beginning of the month, while all loan repayments (In $1,000 Increments of principal) are assumed to occur at the end...
Brief Exercise 10-18 (LO 10-6, 10-7) Easy Clean operates a chain of dry cleaners. It is experimenting with the use of a continuous improvement (ie., kaizen) budget for operating expenses. Currently, a typical location has operating expenses of $15,000 per month. Plans are in place to achieve labor and utility savings. The associated operational changes are estimated to reduce monthly operating expenses by a factor of 0.99 beginning in January 11.11 points (3 02:42 What is the estimated operating expenses...
The George Company has a policy of maintaining an end-of-month cash balance of at least $33,000. In months where a shortfall is expected, the company can draw In $1,000 Increments on a line of credit it has with a local bank, at an Interest rate of 12% per annum. All borrowings are assumed for budgeting purposes to occur at the beginning of the month, while all loan repayments (in $1,000 Increments of principal) are assumed to occur at the end...
The president of Univax, Inc., has just approached the company's bank seeking short-term financing for the coming year, Year 2. Univax is a distributor of commercial vacuum cleaners. The bank has stated that the loan request must be accompanied by a detailed cash budget that shows the quarters in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be made To provide this information for the bank, the...
The president of Univax, Inc., has just approached the company's bank seeking short-term financing for the coming year, Year 2. Univax is a distributor of commercial vacuum cleaners. The bank has stated that the loan request must be accompanied by a detailed cash budget that shows the quarters in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be made. To provide this information for the bank, the...
1. The president of Univax, Inc, has just approached the company's bank seeking short-term financing for the coming year, loan request must be accompanied by a detailed cash budget that shows the quarters in which financing will be needed, as well as the amounts that will be needed and the quarters in which repayments can be made. Year 2. Univax is a distributor of commercial vacuum cleaners. The bank has stated that the To provide this information for the bank,...
The rest of the details:
Gadgets, Inc. is incorporated and will begin operations on January
1, 2019. Its primary business is the manufacture and sale of
gadgets. Because cash resources are limited, the company
anticipates the need to have access to capital during the first
year of operations and seeks to establish a line of credit with a
local bank. The bank requires a complete operating and cash budget
and pro-forma financial statements for 2019 as part of the loan...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
135,000
Total current assets
$
691,000
Equipment
600,000
Less: Accumulated depreciation
75,000
Equipment, net
525,000
Total assets
$
1,216,000
Liabilities and Equity
Accounts payable
$
340,000
Bank loan payable
12,000
Taxes payable (due 3/15/2020)
88,000
Total liabilities
$
440,000...
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