A Mike’s Milk estimates gallon milk sales for the first quarter as 12,000 gallons in January, 15,000 in February and 10,000 in March. Mike sells milk for $3.00 per gallon. Complete the following schedule for the first quarter sales budget.
Forecasted gallons January February March
Price Per gallon
Sales Budget

Answer:

Results are below.

Explanation:

Giving the following information:

A Mike’s Milk estimates gallon milk sales for the first quarter as 12,000 gallons in January, 15,000 in February, and 10,000 in March.

January:

Forecasted gallons= 12,000

Price per gallon= 3

Sales Budget= $36,000

February:

Forecasted gallons= 15,000

Price per gallon= 3

Sales Budget= $45,000

March:

Forecasted gallons= 10,000

Price per gallon= 3

Sales Budget= $30,000

London Company hired some students to help count inventory during their semester break. Unfortunately, the students added incorrectly and the 2019 ending inventory was overstated by $5,000. What would be the effect of this error in ending inventory

In some very small countries, ConveyerPape recognizes that the cost of navigating the legal system and establishing a distribution channel is more than the potential profit. Still, ConveyerPape would like to provide conveyer belts to some established customers operating in the country. ConveyerPape should consider utilizing a:________

Bella, Inc. manufactures two kinds of bagstotes and satchels. The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estimated overhead costs for the year are$25,750. Additional estimated information is given below. Totes Satchels Direct materials cost per unit $33 $44Direct labor cost per unit $52 $60Number of units 520 370Calculate the pre-determined overhead allocation rate.

Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is:________.
a. Accounts Receivable. A-Hopkins 2000
Allowance for Doubtful Accounts 2000
b. Allowance for Doubtful Accounts 2000
Bad debts expense 2000
c. Accounts Receivable A-hopkins 2000
Bad debts expense 2000
d. Accounts Receivable A Hopkins 2000
Allowance for Doubtful Accounts 2000
e. Allowance for Doubtful Accounts 2000
Accounts receivables A-Hopkins 2000

Altuve Co. was incorporated on January 1, 2013, at which time 250,000 shares of $10 par value common stock were authorized, and 110,000 of these shares were issued for $17 per share. Net income for the year ended December 31, 2013, was $1,257,300. Altuve Co.’s board of directors declared dividends of $3 per share of common stock on December 31, 2013, payable on February 7, 2014.Use the horizontal model to show the effects of the following:a. The issuance of common stock on January 1, 2013b. The declaration of dividends on December 31, 2013.c. The payment of dividends on February 7, 2014.

Gray, Stone, and Lawson open an accounting practice on January 1, 2016, in San Diego, California, to be operated as a partnership. Gray and Stone will serve as the senior partners because of their years of experience. To establish the business, Gray, Stone, and Lawson contribute cash and other properties valued at $410,000, $340,000, and $170,000, respectively. An articles of partnership agreement is drawn up. It has the following stipulations:
Personal drawings are allowed annually up to an amount equal to 10 percent of the beginning capital balance for the year.
Profits and losses are allocated according to the following plan:
1. A salary allowance is credited to each partner in an amount equal to $8 per billable hour worked by that individual during the year.
2. Interest is credited to the partners’ capital accounts at the rate of 12 percent of the average monthly balance for the year (computed without regard for current income or drawings).
3. An annual bonus is to be credited to Gray and Stone. Each bonus is to be 10 percent of net income after subtracting the bonus, the salary allowance, and the interest. Also included in the agreement is the provision that there will be no bonus if there is a net loss or if salary and interest result in a negative remainder of net income to be distributed.
4. Any remaining partnership profit or loss is to be divided evenly among all partners.
Because of financial shortfalls encountered in getting the business started, Gray invests an additional $9,200 on May 1, 2016. On January 1, 2017, the partners allow Monet to buy into the partnership. Monet contributes cash directly to the business in an amount equal to a 20 percent interest in the book value of the partnership property subsequent to this contribution. The partnership agreement as to splitting profits and losses is not altered upon Monet’s entrance into the firm; the general provisions continue to be applicable. The billable hours for the partners during the first three years of operation follow:
2016 2017 2018
Gray 2,020 4,200 2,130
Stone 1,680 2,300 1,860
Lawson 3,700 1,620 1,550
Monet 0 1,430 1,820
The partnership reports net income for 2016 through 2018 as follows:
2016 $98,000
2017 (44,400)
2018 236,000
Each partner withdraws the maximum allowable amount each year.
A. Determine the allocation of income for each of these three years.
B. Prepare in appropriate form a statement of partners’ capital for the year ending December 31, 2018.

Rowan Co. purchases 500 common shares (40%) of JBI Corp. as a long-term investment for $630,000 cash on July 1. JBI Corp. paid $14,750 in total cash dividends on November 1 and reported net income of $295,000 for the year. (1) - (3) Prepare Rowan's entries to record the purchase of JBI shares, the receipt of its share of JBI dividends and the December 31 year-end adjustment for its share of JBI net income.

London New York Zurich Hong Kong Bid/Ask Quotes for CHF $0.7464-71 $0.7469-76 $0.7471-74 $0.7460-70 In order to take advantage of locational arbitrage, a currency speculator should buy CHF from the______ dealer and sell CHF to the ______ dealer. Group of answer choices Hong Kong; Zurich London; New York Zurich; Hong Kong New York; Hong Kong

The following information was available for the year ended December 31, 2016

Sales $260,000
Net income 38,340
Average total assets 560,000
Average total stockholders' equity 315,000
Dividends per share 1.23
Earnings per share 3.00
Market price per share at year-end 24.60

Required:
a. Calculate margin, turnover, and ROl for the year ended December 31, 2016.
b. Calculate ROE for the year ended December 31, 2016.

When Penguin Catering Services first opened, the owner decided to target only events at resorts in its geographic region. Penguin Catering was using a(n) __________ targeting strategy.
a. concentrated
b. micromarketing
c. benefit-driven
d. differentiated
e. undifferentiated

On January 1, 2019, Wasson Company purchased a delivery vehicle costing $36,500. The vehicle has an estimated 6-year life and a $3,500 residual value. What is the vehicle's book value as of December 31, 2020, assuming Wasson uses the straight-line depreciation method

The Pizza Company is considering a new three-year expansion project. The key data are shown below:
The company hired a consulting firm to help evaluate the project and paid the consulting fee of $60,000. The company owns the space. If company did not invest in the project, it can receive after-tax rental fee for $300,000 per year for 3 years. However, if the
company invested in the project, it will use the space for the project.
 The fixed cost to produce pizza is required at $150,000 per year.
 It is estimated that 50,000 units will be sold in the first year and that 40,000 units and 30,000 units will be sold in the second and third years respectively.
 Each pizza is expected to sell for $25 and the production cost will be $15 per unit.
 The sales price and variable cost should increase with inflation. Expected inflation rate per year is 5%.
 The project requires an initial investment in working capital of $500,000, which will be required in each year at 10% of revenue in the following year.
 The purchase of the machinery at the start of the project is $1,000,000. The shipping and installation cost are $200,000. The machinery will be depreciated straight-line to zero. It is estimated that the machinery can be sold at the end of the project for $250,000.
 To finance the project, the company would need to take a one-million dollar loan at 8% interest rate p.a. from HSBC over the life of the project. Annual interest expense is $80,000.
 The corporate tax rate is 34%.
 The Pizza Company is evaluating its cost of capital under alternative financing arrangements. In consultation with the consulting firm, the Pizza Company expects to be able to issue new Debt at Par with a coupon rate of 8% (coupons paid annually) and to issue new preferred stock with a $4 per share dividend at $32 a share. The common stock of the Pizza Company is currently selling for $22 a share while its book value is $6. The Pizza Company expects to pay a total
dividend of $525,000 for its 200,000 common shares outstanding next year. Market analysts foresee a growth in dividends of the company at the rate of 4% per year. The Pizza Company raises capital using 30% bond, 20% preferred stock, and 50% common stock
a. What is the cost of capital (WACC) of the Pizza Company?
b. Calculate the NPV of the project using the cost of capital calculated in part (a).
Should the project be accepted?

Prompt
Suppose you have a friend who says she does not need any resources or career experience before selecting a career, be...

For a model economy, the mpc (marginal propensity to consume) is 0.8. Current GDP is $100 million. Potential GDP is $60 million. To reach full employment (reduce inflationary gap), government spending must g

The theory which states that problems arise in corporations because top management no longer is willing to bear the brunt of their decisions unless they own a substantial amount of stock in the corporation is called

Doug Datner had an eclectic background. He completed his law degree from the University of Virginia, then went to work for a technology start-up in Dubai. After the start-up was purchased by a larger corporation, affording Doug a hefty sum of money, Doug and his spouse returned to the United States. While working with an architect and a designer to build their dream home, they realized that there was not a provider of high-quality custom-made door and window hardware at a reasonable price point in the United States. Even though Doug had no experience in the field, he decided to start a business manufacturing high-quality custom-made door and window hardware. He named the company Hardware House Doug and his wife cleared space in their newly constructed garage, designed several basic prototypes, and hired a metalwork expert to replicate their prototypes. They decided to have a few designs in catalog as one component of their business, but have the capability to alter those designs to provide designers with custom hardware. The first few years were tough. Business was steady enough to hire a second metalwork expert, but cash flow challenges often made Doug worry whether he would be able to pay his metalwork experts on time. Still, the Hardware House had gained a number of consistent clients, and was able to move into an old warehouse space and expand operations. Ten years later, Hardware House has nearly 100 employees. While the majority of the employees work in manufacturing, there are also employees in marketing, design, accounting, and human resources. Doug structured the business to limit his liability in case of lawsuit, but still managed to maintain the business without sharing ownership.
Which of the following is an advantage Doug should expect by sharing ownership with others?
a. Gaining access to all of the distribution of profits.
b. Access to additional knowledge and expertise.
c. Additional freedom from government regulation.
d. Enhanced control to make decisions immediately
e. Greater degree of secrecy

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The Federal Open Market Committee decides that it must increase the money supply by $50. Committee members tell you the reserve ratio is 0.2. They ask you what directive they should give to the open market desk. You tell them, being as specific as possible, using the money multiplier.

The Fed should _____________$ worth of government bonds.

Gravity, Inc., needs to raise $53 million to fund its expansion plans. The company will sell shares at a price of $29.00 in a general cash offer and the company's underwriters will charge a spread of 7.5 percent. How many shares need to be sold?a- 1,975,769b- 1,827,586c- 1,457,212d- 2,195,299e- 1,700,080

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Suppose a commercial banking system has $40,000 of outstanding checkable deposits and actual reserves of $4,500. If the reserve ratio is 10 percent, the banking system can expand the supply of money by the maximum amount of

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Brinkley Corporation needs to estimate the profit for a new product. Profit is selling price minus cost. The selling price for the product will be $45/unit. The cost of the new product will comprise procurement, labor, and transportation costs. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows:

Procurement Cost ($) Probability Labor Cost ($) Probability Transportation Cost ($) Probability
10 0.25 20 0.10 3 0.75
11 0.45 22 0.25 5 0.25
12 0.30 24 0.35
25 0.30

Required:
Compute profit per unit for the worst case.

Leona, whose marginal tax rate on ordinary income is 37 percent, owns 100 percent of the stock of Henley Corporation. This year, Henley generates $1 million of taxable income.
If Henley wants to pay all of its after-tax earnings to Leona as a dividend, calculate the amount of the dividend payment.
Calculate Leona’s tax due on the dividend computed in part a, and her after-tax cash flow from the dividend receipt.
Compute the combined corporate and individual tax burden on Henley’s $1 million of current year income, and the effective combined tax rate on this income.

Maxwell Washington's weekly gross earnings for the week ending March 9 were $2,620, and her federal income tax withholding was $550.20. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Washington's net pay?

Minor Electric has received a special one-time order for 1,500 light fixtures (units) at $5 per unit. Minor currently produces and sells 7,500 units at $6.00 each. This level represents 75% of its capacity. Production costs for these units are $4.50 per unit, which includes $3.00 variable cost and $1.50 fixed cost. To produce the special order, a new machine needs to be purchased at a cost of $1,000 with a zero salvage value. Management expects no other changes in costs as a result of the additional production. Should the company accept the special order?
A. No, because additional production would exceed capacity.
B. No, because incremental costs exceed incremental revenue.
C. No because incrementa conse o Yes, because incremental revenue exceeds incremental costs.
D. Yes, because incremental costs exceed incremental revenues.
E. No, because the incremental revenue is too low.

trên cơ sở lý thuyết nhóm hãy chọn một công ty hiện kinh doanh tại thị trường việt nam, dòng sản phẩm tiêu dùng, phân tích thực trạng:
- chiến lược điều chỉnh giá của công ty
- chiên lược chủ động thay đổi giá

On a recent shopping trip to a Target store, Kim went from aisle to aisle selecting the products he needed. Interestingly, the only person Kim encountered in the store was the employee at the checkout counter. The employee is an example of a(n):______.
a. Inside salesperson
b. Sales support staff
c. Order getter
d. Key account manager
e. Missionary salesperson

1. Jupiter Explorers has $9,800 in sales. The profit margin is 5%. There are 4,500 shares of stock outstanding. The market price per share is $1.90.
What is the price-earnings ratio?
2. A firm has a return on equity of 18%. The total asset turnover is 1.7 and the profit margin is 6%. The total equity is $7,200.
What is the amount of the net income?