Vivian Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory. April May June Required purchases (on account) $ 106,000 $ 126,000 $ 138,000 Vivian Books’s accountant prepared the following schedule of cash payments for inventory purchases. Vivian Books’s suppliers require that 90 percent of purchases on account be paid in the month of purchase; the remaining 10 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.

Answer:

A.

April $102,400

May $124,000

June $136,800

B. $13,800

Explanation:

a. Calculation to Complete the schedule of cash payments for inventory purchases

April May June

Payment for current accounts payable

$95,400 $113,400 $124,200

Payment for previous accounts payable

$7,000 $10,600 $12,600

Total Budgeted payments for inventory

$102,400 $124,000 $136,800

Workings:

Payment for current accounts payable

April 95,400

May 126,000*90% =113,400

June 138,000*90=124,200

Payment for previous accounts payable

April 7,000

May 106,000*10%=10,600

June 126,000*10%=12,600

b. Calculation to Determine the amount of accounts payable that the company will report on its pro forma balance sheet

Accounts payable amount=$ 138,000 June purchase amount x 10% to be paid in July

Account payable amount=$13,800

Therefore the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter will be $13,800

A manufacturing plant produces and markets two product lines: surfboard equipment and sailboard equipment. An example of indirect cost for the surfboard equipment line is the ________. Group of answer choices beverages provided daily in the plant break room for the entire staff research and development cost for the surfboard equipment material used to make the surfboard salaries of the clerical staff that work in the company administrative offices sales and marketing expenses incurred for both products

You are planning to save for retirement over the next 25 years. To do this, you will invest $730 per month in a stock account and $330 per month in a bond account. The return of the stock account is expected to be 9.3 percent, and the bond account will pay 5.3 percent. When you retire, you will combine your money into an account with a return of 6.3 percent. How much can you withdraw each month from your account assuming a 20-year withdrawal period? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

TeleGlobal is an American firm producing TV sets. TeleGlobal imports TV set components from Taiwan and assemb them domestically. Suppose that in the United States, a TV set sells for $500 and that 80% of the TV set's value comes from the value of the imported components. The United States imposes a 30% tariff on TV sets and a 10% tariff on the TV set's components. Assume that costs of producing components are the same in the United States a Taiwan. Based on the information provided, the effective rate of protection that TeleGlobal receives from the tariff is:__________.
a. -17.5%
b. 70.0%
c. 110.0%
d. 24.4%
e. 47.5%

Serge stayed at a bed and breakfast in a mountain town. The bed and breakfast provides food and a comfortable
room for Serge each night after he skis and hikes in the mountains. What term best describes the role of the bed
and breakfast
hospitality
tourism
O sightseeing
recreation

Andreas Broszio​ (Geneva). Andreas Broszio just started as an analyst for Credit Suisse in​ Geneva, Switzerland. He receives the following quotes for Swiss francs against the dollar for​ spot, 1 month​ forward, 3 months​ forward, and 6 months forward. Spot exchange​ rate: Bid rate SF1.2573​/$ Ask rate SF1.2599​/$ ​1-month forward 10 to 15 ​3-months forward 14 to 22 ​6-months forward 20 to 30 The current​ one-year U.S.​ T-Bill rate is 4.1%. a. Calculate outright quotes for bid and ask and the number of points spread between each. b. What do you notice about the spread as quotes evolve from spot toward 6​ months?

Bruce Church, Inc. is a company engaged in extensive commercial farming in Arizona and California. A provision of the Arizona Fruit and Vegetable Standardization Act requires that all cantaloupes grown in Arizona "be packed in regular compact arrangement in closed standard containers approved by the supervisor." Arizona, through its agent Pike, issued an order prohibiting Bruce Church from transporting uncrated cantaloupes from its range in Parker, Arizona, to nearby Blythe, California, for packing and processing. It would take many months and $200,000 for Bruce Church to construct a processing plan int Parker. Further, Bruce Church had $700,000 worth of cantaloupes ready for transportation. Bruce Church filed suit in federal district court challenging the constitutionality of the Arizona statutory provision on shipping cantaloupes. The court issued an injunction (essentially saying the statute was not constitutional) against the enforcement of the act on the grounds that it was an undue hardship on interstate commerce. Answer the following questions: 1. What is the Commerce Clause? 2. Will the Arizona regulation withstand Commerce Clause scrutiny? Why or why not?

On January 1, 2021, Kat Corp. granted an employee an option to purchase 60,000 shares of Kat's $5 par common stock at $20 per share. The options became exercisable on December 31, 2022, after the employee completed two years of service. The option was exercised on January 10, 2023. The market prices of Kat's stock were as follows: January 1, 2021, $30; December 31, 2022, $50; and January 10, 2023, $45. An option pricing model estimated the value of the options at $8 each on the grant date. For 2021, Kat should recognize compensation expense of: a. $ 0. b. $ 240,000. c. $ 300,000. d. $ 600,000

your able to save $100 from your paycheck . how could you distribute the money between your 3saving goals above ?

Which best describes the Hospitality and Tourism career cluster?
O A group of careers that focus on going from one place to another for business, pleasure, or other reasons.
O A group of careers that focus on the act of traveling, sightseeing, and enjoying activities that are specific to a
location
O A group of careers that focus on being welcoming to guests, such as guests who stay for a meal or who stay
overnight
O A group of careers that focus on providing people with food, a place to stay assistance to travelers, and fun
activities

If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Multiple Choice Debit Cash and credit Legal Fees Earned. Debit Cash and credit Unearned Legal Fees. Debit Unearned Legal Fees and credit Legal Fees Earned. Debit Legal Fees Earned and credit Unearned Legal Fees. Debit Unearned Legal Fees and credit Accounts Receivable.

3.Griffin Corporation has decided to alter their dividend policy starting next year. They just paid out $1.75 per share in dividends and are planning a major expansion over the next 4 years. They have announced that they will not pay any dividends during this expansion period. Starting in year 5, they will resume their historical dividend payout of $1.75 a share. They plan on increasing this dividend by 3% each year, thereafter. If shareholders require a 12% return on this stock, what should the stock be selling for in the market

Asset management ratios are important - firms need to manage assets efficiently because capital obtained to acquire those assets is expensive. These ratios include the: (1) Inventory turnover ratio, (2) Days sales outstanding, (3) Fixed assets turnover, and (4) Total assets turnover. The inventory turnover ratio indicates how many times during the year inventory is -Select- and restocked. Its equation is: Excess inventory is unproductive and represents an investment with a -Select- rate of return. An alternative definition of the inventory turnover ratio replaces sales in the numerator with -Select- . The rationale for this measurement is that inventory is carried at cost, so sales in the numerator overstates the true inventory turnover ratio. The days sales outstanding (DSO) ratio is also called the average collection period (ACP). Its equation is:

Possible causes for price and efficiency variances. You have been invited to interview for an internship with an international food manufacturing company. When you arrive for the interview, you are given the following information related to a fictitious Belgian chocolatier for the month of June. The choco-latier manufactures truffles in 12-piece boxes. The production is labor intensive, and the delicate nature of the chocolate requires a high degree of skill.ActualBoxes produced 10,000Direct materials used in production 2,150,000 gActual direct material cost 60,200 euroActual direct manufacturing labor-hours 1,100Actual direct manufacturing labor cost 12,650 euroStandardsPurchase price of direct materials 0.03 euro/gMaterials per box 200 gWage rate 12 euro/hourBoxes per hour 10Please respond to the following questions as if you were in an interview situation:1. Calculate the materials efficiency and price variance and the wage and labor efficiency variances for the month of June.2. Discuss some possible causes of the variances you have calculated. Can you make any possible connection between the material and labor variances

Depreciation Expense on the Heating and Air Conditioning Equipment for the factory of $50,000 is allocated to five departments. The cost-allocation base for this expense is the number of cubic feet, which equals 100,000 cubic feet. Information for five departments is below: Department Square Feet Cubic Feet Department A 15,000 15,000 Department B 5,000 5,000 Department C 30,000 20,000 Department D 20,000 35,000 Department E 10,000 25,000 How much Depreciation Expense is allocated to Department A

Susan’s high school offers classes in which she can take a test and gain college credit.

Sheridan Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client’s consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year. Estimated overhead $1,040,000 Actual overhead $1,039,800 Estimated decorator hours 40,000 Actual decorator hours 39,500 The company uses the account Operating Overhead in place of Manufacturing Overhead and the account Service Contracts in Process in place of Work in Process. Compute the predetermined overhead rate. Predetermined overhead rate

An apartment building in your neighborhood is for sale for $140,000. The building has four units, which are rented at $500 per month per unit. The tenants have long-term leases that expire in 5 years. Maintenance and other expenses for upkeep are $8000 annually. A new university is being built in the vicinity and it is expected that the building could be sold for $160,000 after 5 years. Part 1: What is the IRR for this investment? Part 2: Should the investment be accepted if you have a MARR of 12%?

Assume the November transactions for Camindo Co. are as follows:
Received cash of $60,000 from investors in exchange for capital stock.
Provided services of $16,300 on account.
Purchased supplies on account $750.
Received cash of $11,800 from clients for services previously billed.
Received $6,250 for services provided from clients who paid cash.
Paid $600 on account for supplies that had been purchased.
Paid $3,380 for a one-year insurance policy.
Paid the following expenses: wages, $7,800; utilities, $1,000; rent, $3,750.
Paid dividends of $2,300 to stockholders.
Record the transactions, using the integrated financial statement framework that follows:

Assets = Liabilities + Stockholders' Equity
Cash Accounts Receivable Supplies Prepaid Insurance Accounts Payable Capital Stock Retained Earnings
a. $ $
b. $ $
c. $ $
d. $ $
e. $ $
f. $ $
g. $ $
h. $ $
i. $ $
Bal $ $ $ $ $ $ $
Calculate the November 30 cash balance and the amount of net income for November for Hoover Co.
Ending cash balance $
Net income
$
Prepare a multiple-step income statement for Surry Co. from the following data for the year ended December 31, 2016.
Sales $915,000
cost of merchandise sold $670,000
administrative expenses $30,000
interest expense $12,000
rent revenue $19,000
sales returns and allowances $55,000
selling expenses $120,000
Hide
Multiple-step income statement
Surry Co.
Income Statement
For the Year Ended December 31, 2016
Revenue from sales:
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Sales
Selling expenses
Correct 5
$
Correct 6
Gross profit
Income from operations
Interest expense
Less: Sales returns and allowances
Rent revenue
Selling expenses
Correct 7
Correct 8
Net sales
$
Correct 10
Administrative expenses
Cost of merchandise sold
Income from operations
Interest expense
Less: Sales returns and allowances
Rent revenue
Correct 11
Correct 12
Administrative expenses
Gross profit
Income from operations
Rent revenue
Sales
Selling expenses
Correct 13
$
Correct 14
Operating expenses:
Cost of merchandise sold
Gross profit
Less: Sales returns and allowances
Rent revenue
Sales
Selling expenses
Correct 16
$
Correct 17
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Rent revenue
Sales
Correct 18
Correct 19
Total operating expenses
Correct 21
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Interest expense
Rent revenue
Correct 22
$
Correct 23
Other income:
Administrative expenses
Cost of merchandise sold
Gross profit
Rent revenue
Sales
Selling expenses
Correct 25
$
Correct 26
Other expense:
Administrative expenses
Interest expense
Less: Sales returns and allowances
Rent revenue
Sales
Selling expenses
Correct 28
Correct 29
Correct 30
Net income
$
Given the following list of accounts, calculate Total Assets:
Accounts Receivable $ 10,000
Capital Stock 20,000
Cash 25,300
Equipment 16,800
Fees Earned 44,400
Miscellaneous Expense 17,800
Rent Expense 3,250
Retained Earnings 7,850
Salaries Expense 15,400
Wages Expense 15,000
a. $54,600
b. $40,050
c. $52,100
d. $55,300
Use the following information to determine Total Stockholders' Equity:
Total Assets $ 45,000
Total Liabilities 18,000
Total Stockholders' Equity x
Total Retained Earnings 5,000
a. $27,000
b. $58,000
c. $40,000
d. $32,000
summary of the cash receipts and cash payments for a specific period of time is a(n):
a. income statement.
b. balance sheet.
c. statement of cash flows.
d. retained earnings statement.
During 2015, Trinder Corporation had an increase in total assets of $80,000 and an increase in total liabilities of $60,000. Assuming that capital stock increased by $8,000 and no dividends were paid, calculate Trinder's net income or net loss for 2015.
a. Net income of $72,000
b. Net income of $12,000
c. Net loss of $20,000
d. Net income of $28,000
Which of the following is true about the cost principle?
a. It reports the revenues earned by a company for a period with the expenses incurred in generating the revenues.
b. It assumes that a company will continue in business indefinitely.
c. It initially records assets in the accounting records at their purchase price.
d. It limits the economic data recorded in an accounting system to data related to the activities of that company.
The payment of $20,000 for expenses was incorrectly recorded by Elite Co. as an increase in cash of $20,000 and a decrease in retained earnings of $20,000. What is the effect of this error on the accounting equation?
a. Total assets will exceed total liabilities and stockholders' equity by $40,000. {C}
b. Total assets will exceed total liabilities and stockholders' equity by $20,000.
c. The error will not affect the accounting equation.
d. Total assets will be less than total liabilities and stockholders' equity by $40,000.

Which investment has the least liquidity?
property
stocks
a savings account
a 401k

2.
Is marketing always appropriate for political candidates? Why or why not?
​

Which of the following statements are true? Explain.a. A lower allocation to the risky portfolio reduces the Sharpe (reward-to-volatility) ratio.b. The higher the borrowing rate, the lower the Sharpe ratios of levered portfolios.c. With a fixed risk-free rate, doubling the expected return and standard deviation of the risky portfolio will double the Sharpe ratio.d. Holding constant the risk premium of the risky portfolio, a higher risk-free rate will increase the Sharpe ratio of investments with a positive allocation to the risky asset.

John discovered his company's accountant was "skimming" money from the business. The accountant agreed to pay John a one-time payment of $25,000 not to report the skimming to company officials. The accountant promised she would pay the money back when she could. John accepted the money and never reported what he knew. A year later the accountant was fired when the accountant’s actions were discovered, she was also prosecuted for theft. The payment to John was never discovered. Which statement is correct?

2. The buyer's prepaid expense is the seller's
revenue
​

Fluffy Pet Groomingdeposits all cash receipts on the day when they are received and all cash payments are made by check. At the close of business on June 30, its Cash account shows a $14,811 debit balance. Fluffy Pet Grooming's June 30 bank statement shows $14,472 on deposit in the bank. Prepare a bank reconciliation for Fluffy Pet Grooming using the following information: a. Outstanding checks as of June 30 total $2,261. b. The June 30 bank statement included a $75 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $789 in payment of a utility bill on June 15. Fluffy Pet Grooming mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $798. d. The June 30 cash receipts of $2,534 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. What is the adjusted bank balance

The following production and average cost data for two levels of monthly production volume have been supplied by a company that produces a single product: Production Volume Component 950 units 750 units Direct materials $17.00 per unit $17.00 per unit Direct labor $39.61 per unit $50.17 per unit Manufacturing overhead $18.08 per unit $20.10 per unit Round your answers to the nearest dollar. Fill in the blank without $ sign or comma or period, e.g., 12345 The approximate total cost to manufacture 850 units is:

Your annual sales are $217,000. The sales are spread evenly over four quarters except that sales in the first quarter are double any other quarter. What are your sales in the first quarter of the year?

Candlewood LLC started business on September 1, and it adopted a calendar tax year. During the year, Candlewood incurred $6,500 in legal fees for drafting the LLC's operating agreement and $3,000 in accounting fees for tax advice of an organizational nature, for a total of $9,500 of organizational costs. Candlewood also incurred $30,000 of preopening advertising expenses and $24,500 of salaries and training costs for new employees before opening for business, for a total of $54,500 of startup costs. The LLC wants to take the largest deduction available for these costs. If required, round any division to six decimal places and use in subsequent computations. Round your final answers to the nearest dollar. How much can Candlewood deduct as organizational expenses

which adjective best describes you at work? a.unique b.orderly

Blossom Corporation had income from continuing operations of $10,895,300 in 2020. During 2020, it disposed of its restaurant division at an after-tax loss of $194,400. Prior to disposal, the division operated at a loss of $321,800 (net of tax) in 2020 (assume that the disposal of the restaurant division meets the criteria for recognition as a discontinued operation). Blossom had 10,000,000 shares of common stock outstanding during 2020. Prepare a partial income statement for Blossom beginning with income from continuing operations. (Round earnings per share to 2 decimal places, eg. 1.48.)
BLOSSOM CORPORATION
Income Statement (Partial) $

Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.