Homework Answers
- Requirement
|
Sales |
Net Income |
Cash Flows |
|
|
April |
[no sale is made] |
[no sale – no expense = $ 0] |
($100,000) |
|
May |
$150,000 |
$50,000 [$ 150000 sale - $ 100000 cost of goods sold] |
$0 [o cash received for sale] |
|
June |
$0 |
$0 |
$150,000 [Cash received for sale] |
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Candy Canes Inc. spends $100,000 to buy sugar and peppermint in April. It produces its candy...
A firm's income statement included the following data. The firm's average tax rate was 20% $...
A firm's income statement included the following data. The firm's average tax rate was 20% $ 9,400 Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation 3,400 4,400 2,400 2,400 a. What was the firm's net income? Net income $D b. What must have been the firm's revenues? Revenues $C c. What was EBIT? EBIT $N Candy Canes, Inc., spends $262,000 to buy sugar and peppermint in April. It produces its candy and sells it to distributors...
Vaughn Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the...
Vaughn Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $908,300 $1,005,800 $908,300 $1,153,500 $1,252,100 $1,409,900 Month July August September October November December Sales $1,504,200 $1,504,200 $1,606,500 $1,606,500 $1,504,200 $1,707,200 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the...
Crane Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the...
Crane Products, a rapidly
growing distributor of home gardening equipment, is formulating its
plans for the coming year. Carol Jones, the firm’s marketing
director, has completed the following sales forecast.
Crane Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed following sales forecast. Month January February March April May June Sales $903,800 $1,001,200 $903,800 $1,150,300 $1,252,100 $1,407,500 Month July August September October November December...
Preparation of a Cash Budget) Lewis Printing has projected its sales for the first 8 $200,000 January $100,000 april 300,000 july 180,000 February120,000 May 275,000 August June 200,000 March 1...
Preparation of a Cash Budget) Lewis Printing has projected its sales for the first 8 $200,000 January $100,000 april 300,000 july 180,000 February120,000 May 275,000 August June 200,000 March 150,000 Lewis collects 20 percent of its sales in the month of the sale, 50 percent in the month following the sale, and the remaining 30 percent 2 months following the sale. Durin November and $175,0 mber of 2017, Lewis's sales were $220,000 and ive res raw materials 2 months in...
solve question 1&2&3 please. as it is able, repay the loan plus accumulated interest at the...
solve question 1&2&3 please.
as it is able, repay the loan plus accumulated interest at the end of the quarter. 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. (Leave no cells blank-be certain to enter "0" wherever required. Do not round intermediate calculations. Omit the "S" sign in your response.) Schedule of Expected Cash Collections Cash sales Sales on account: May June July August Total cash collections 2. Prepare...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter....
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May June July $ 720,000 $ 890,000 $ 600,000 $500,000 504,000 623,000 420,000 350,000 216,000...
Problem 5-35 Marigold Products, a rapidly growing distributor of home gardening equipment, is formulating its plans...
Problem 5-35 Marigold Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April Sales $907,500 $1,004,000 $907,500 $1,158,500 $1,251,000 $1,400,500 Month July August September October Sales $1,507,500 $1,507,500 $1,609,100 $1,609,100 $1,507,500 $1,703,300 May June December Phillip Smith, an accountant in the planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered...
Cordell Inc. experienced the following events in Year 1, its first year of operation: Received $49,000...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
Rainey Enterprises loaned $50,000 to Small Co. on June 1, Year 1, for one year at...
Rainey Enterprises loaned $50,000 to Small Co. on June 1, Year
1, for one year at 5 percent interest.
Required
Show the effects of the following transactions in a horizontal
statements. In the Statement of Cash Flows column, indicate whether
the item is an operating activity (OA), an investing activity (IA),
or a financing activity (FA). (Do not round intermediate
calculations. Enter any decreases to account balances and cash
outflows with a minus sign. Not all cells in the "Statement...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the...
A firm's income statement included the following data. The firm's average tax rate was 20% $ 9,400 Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation 3,400 4,400 2,400 2,400 a. What was the firm's net income? Net income $D b. What must have been the firm's revenues? Revenues $C c. What was EBIT? EBIT $N Candy Canes, Inc., spends $262,000 to buy sugar and peppermint in April. It produces its candy and sells it to distributors...
Vaughn Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $908,300 $1,005,800 $908,300 $1,153,500 $1,252,100 $1,409,900 Month July August September October November December Sales $1,504,200 $1,504,200 $1,606,500 $1,606,500 $1,504,200 $1,707,200 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the...
Crane Products, a rapidly
growing distributor of home gardening equipment, is formulating its
plans for the coming year. Carol Jones, the firm’s marketing
director, has completed the following sales forecast.
Crane Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed following sales forecast. Month January February March April May June Sales $903,800 $1,001,200 $903,800 $1,150,300 $1,252,100 $1,407,500 Month July August September October November December...
Preparation of a Cash Budget) Lewis Printing has projected its sales for the first 8 $200,000 January $100,000 april 300,000 july 180,000 February120,000 May 275,000 August June 200,000 March 150,000 Lewis collects 20 percent of its sales in the month of the sale, 50 percent in the month following the sale, and the remaining 30 percent 2 months following the sale. Durin November and $175,0 mber of 2017, Lewis's sales were $220,000 and ive res raw materials 2 months in...
solve question 1&2&3 please.
as it is able, repay the loan plus accumulated interest at the end of the quarter. 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. (Leave no cells blank-be certain to enter "0" wherever required. Do not round intermediate calculations. Omit the "S" sign in your response.) Schedule of Expected Cash Collections Cash sales Sales on account: May June July August Total cash collections 2. Prepare...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: April May June July $ 720,000 $ 890,000 $ 600,000 $500,000 504,000 623,000 420,000 350,000 216,000...
Problem 5-35 Marigold Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April Sales $907,500 $1,004,000 $907,500 $1,158,500 $1,251,000 $1,400,500 Month July August September October Sales $1,507,500 $1,507,500 $1,609,100 $1,609,100 $1,507,500 $1,703,300 May June December Phillip Smith, an accountant in the planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered...
Cordell Inc. experienced the following events in Year 1, its
first year of operation:
Received $49,000 cash from the issue of common stock.
Performed services on account for $77,000.
Paid a $4,900 cash dividend to the stockholders.
Collected $55,000 of the accounts receivable.
Paid $49,000 cash for other operating expenses.
Performed services for $15,500 cash.
Recognized $1,900 of accrued utilities expense at the end of
the year.
Required
a. & c. Identify the events that result in
revenue or expense...
Rainey Enterprises loaned $50,000 to Small Co. on June 1, Year
1, for one year at 5 percent interest.
Required
Show the effects of the following transactions in a horizontal
statements. In the Statement of Cash Flows column, indicate whether
the item is an operating activity (OA), an investing activity (IA),
or a financing activity (FA). (Do not round intermediate
calculations. Enter any decreases to account balances and cash
outflows with a minus sign. Not all cells in the "Statement...
Cordell Inc. experienced the following events in Year 1, its first year of operation: 1. Received $56,000 cash from the issue of common stock. 2. Performed services on account for $78,000. 3. Paid a $5,600 cash dividend to the stockholders. 4. Collected $62,000 of the accounts receivable. 5. Paid $56,000 cash for other operating expenses. 6. Performed services for $18,500 cash. 7. Recognized $2,600 of accrued utilities expense at the end of the year. Required a. & c. Identify the...
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