Answer:
Total Cash Payments are as follows:
For March = $91,834
For April = $119,960
For May = $107,726
Explanation:
Note: See the attached Excel file for the schedule of cash payments
The expenses paid in each month are estimated as follows:
a. March Expenses
Paid in March = (Total projected selling and administrative expenses for March - Depreciation, insurance, and property taxes for March) * Percentage of reminder paid = ($160,800 - $35,000) * 73% = $91,834
Paid in April = (Total projected selling and administrative expenses for March - Depreciation, insurance, and property taxes for March) * Percentage of balance paid = ($160,800 - $35,000) * (100% - 73%) = $33,966
b. April Expenses
Paid in April = (Total projected selling and administrative expenses for April - Depreciation, insurance, and property taxes for April) * Percentage of reminder paid = ($152,800 - $35,000) * 73% = $85,994
Paid in May = (Total projected selling and administrative expenses for April - Depreciation, insurance, and property taxes for April) * Percentage of balance paid = ($152,800 - $35,000) * (100% - 73%) = $31,806
c. May Expenses
Paid in May = (Total projected selling and administrative expenses for May - Depreciation, insurance, and property taxes for May) * Percentage of reminder paid = ($139,000 - $35,000) * 73% = $75,920
Due to the efficiency of its supply chain as a result of technology and resourcefulness, Zara can deliver products to its stores quicker than their competitors with:_______.
A. reverse logistics.
B. less electronic data interchanges.
C. longer lead times.
D. shorter lead times.
E. more stockouts.
Answer:
D. shorter lead times.
Explanation:
Most of Zara's suppliers are actually working near Zara's headquarters in northern Spain. This increases production costs, but also increases supply chain efficiency. Daily sales reports are sent by all the stores around the world and headquarters then replenish the products that are selling in higher volumes. Lead times are extremely short, stockouts are very rare, and inventory levels are extremely low. It is basically a fashion industry version of Toyota's JIT.
Southeastern Bell stocks a certain switch connector at its central warehouse for supplying field service offices. The yearly demand for these connectors is units. Southeastern estimates its annual holding cost for this item to be $ per unit. The cost to place and process an order from the supplier is $. The company operates days per year, and the lead time to receive an order from the supplier is working days. a) What is the economic order quantity? nothing units (round your response to the nearest whole number).
Answer:
A. Economic order quantity= 319
B. Annual holding costs= 3,669
C. Annual ordering costs= 3,669
D. 154
Explanation:
a) Calculation for the economic order quantity
Using this formula
Economic order quantity=√2*Demand*Cost order/Annual holding cost
Let plug in the formula
Economic order quantity=√2*15,400*76/23
Economic order quantity=√2,340,800/23
Economic order quantity=√101,774
Economic order quantity= 319
b) Calculation for annual holding costs
Using this formula
Annual holding costs=Economic order quantity/2*Annual holding cost
Let plug in the formula
Annual holding costs=319/2*23
Annual holding costs= 3,669
c) Calculation for the annual ordering costs
Using this formula
Annual ordering costs=Demand/Economic order quantity*Cost order
Let plug in the formula
Annual ordering costs=15,400/319*76
Annual ordering costs= 3,669
d) Calculation for reorder point
Using this formula
Reorder point=Demand/Numbers of days the company operate per year*Lead time
Let plug in the formula
Reorder point=15,400/300 days per year*3
Reorder point= 154
Preparing an income and expense statement helps in answering the question, "Where does all my money go?" This statement takes __________and ___________subtracts to determine an individual's or a family's cash surplus or deficit situation.
Correct question read;
"This statement takes __________and subtracts_________ to determine an individual's or a family's cash surplus or deficit situation.
Answer:
note of income; the expenses
Explanation:
Remember, the income and expense statement as the name implies is a financial statement that takes note of all incomes into a financial account and then subtracting identified expenses from the income to determine if there was a loss or profit.
By following this method, one ultimately would be able to answer the question, "Where does all my money go?".
The following transactions were completed by the company. The company completed consulting work for a client and immediately collected $7,000 cash earned. The company completed commission work for a client and sent a bill for $5,500 to be received within 30 days. The company paid an assistant $2,150 cash as wages for the period. The company collected $2,750 cash as a partial payment for the amount owed by the client in transaction b. The company paid $1,000 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
Answer:
The Company
The Impact of Each Transaction on the Accounting Equation:
1. Assets (Cash + $7,000) = Liabilities + Equity (Retained Earnings + $7,000)
2. Assets (Accounts Receivable + $5,500) = Liabilities + Equity (Retained Earnings + $5,500)
3. Assets (Cash -$2,150) = Liabilities + Equity (Retained Earnings -$2,150)
4. Assets (Cash +$2,750 Accounts Receivable -$2,750) = Liabilities + Equity
5. Assets (Cash -$1,000) = Liabilities + Equity (Retained Earnings -$1,000)
Explanation:
The Company applies the accounting equation, which states that Assets = Liabilities + Equity. With each transaction, the accounting equation is demonstrated as shown above. This means that each transaction that is properly recorded affects the accounting equation in two ways. Note that the accounting equation is the basis for the double-entry system of financial accounting.
Geralds manufacturing firm sold goods worth $6000 to some customers on credit in the month of January. His customers plan to pay him the entire amount at once in March. Gerald plans to record and recognize this income in the business’s accounts in March. Which accounting method does Geralds business follow?
His business follows the (________) method of accounting.
Answer:
Cash accounting method
Explanation:
The cash accounting method records receipts and expenses during the period in which cash changes hands. In this method, revenue will be recorded when payment from a customer is received. Expenses are not recorded unless money is paid out. In short, revenues and expenses are recognized and recorded only when cash is received or paid.
Cash accounting contrasts with the accrual accounting system, which recognizes revenues and expenses when their respective events occur.
Which of the following are frequently mentioned goals of the Federal Reserve? Check all that apply.
Answer:
Stability in the financial system
– Price stability—fighting inflation
– Full employment
– Economic growth
– Interest rate stability
– Currency stability
Even as it begins to produce the Mirai for the U.S. market, Toyota continues to manufacture its traditionally fueled cars, trucks, and SUVs. Doing this helps Toyota manage the ______ of industrial demand.
a. volatility
b. division
c. durability
d. development
Answer:
a. volatility
Explanation:
From the question, we are informed that "Even as it begins to produce the Mirai for the U.S. market, Toyota continues to manufacture its traditionally fueled cars, trucks, and SUVs. In case of Doing this it helps Toyota manage the volatility of industrial demand.
volatility of industrial demand do occur where there is uncertainty as far as demand is concerned in the consumer products , as a result of this most firms to catch up with compitition, growing their sales an lot more , so in this case Toyota still continues to manufacture its traditionally fueled cars, trucks, and SUVs even though there is Mirai for the U.S. market.
In 2010, real GDP was $13.2 trillion and nominal GDP was $14.6 trillion. What was the GDP deflator for that year?a. 9.6% lower b. 9.6% higher c. 10.6% lower . d. 10.6% higher
Answer:
d. 10.6% higher
Explanation:
Given that;
Real GDP = $13.2 trillion
Nominal GDP = $14.6 trillion
GDP deflator = (Nominal GDP/Real GDP)× 100)
Hence,
GDP deflator = (14.6 / 13.2 ) × 100
GDP deflator = 110.6%
Thus,
= 110.6 - 100
= 10.6% higher