JOURNAL ENTRIES FOR FRESH MARKET, INC.
The following transactions occurred for Fresh Market, Inc. for the quarter ended March 31, 2010:
· Total sales were $ 484,500 - 20% were on account.
· Of those sales on account, 95% were collected by the end of the quarter.
· $ 258,000 was spent buying produce to stock the store.
· By the end of the quarter, all but $ 6,060 of the produce has been sold.
· Payments were made for the following:
1. Salaries and Wages $ 130,000
2. Utilities $ 8,835
3. Rent $ 13,950
4. Supplies $ 17,000
5. Equipment Repairs $ 4,410
6. Loan Payments - $ 4,500 on principal and $ 3,150 for interest
· Depreciation on Store Fixtures and Equipment was $ 7,230.
· An estimated income tax payment for $ 19,130 was made.
· $ 1,940 in Supplies were unused at the end of the quarter.
· Employees earned $ 2,100 in wages that won't be paid until the third day of the next quarter.
Please assist with the following:
1. Prepare the journal entries to reflect the above transactions.
3. Did the Cash account increase or decrease during the quarter? By how much?
4. Prepare an Income Statement for the Quarter ended March 31, 2009.© BrainMass Inc. brainmass.com October 25, 2018, 10:13 am ad1c9bdddf
The attached, formatted Microsoft Excel spreadsheet contains detailed illustrations and instructions for completion of the journal entry assignment for the Fresh Market, Inc. exercise, including preparation of journal entries, balance sheet accounts, cash increases/decreases, and a company income statement.
I am assigned a company that I need a marketing plan for as follows;
Page # 1:Executive Overview
Page # 2: Company Overview, Objectives and Goals
Page # 3:Situation Analysis
Pages # 4-5:Segmentation, Targeting and Positioning Analysis
Pages # 6-7:Market / Product / Customer Analysis
Page # 8: Marketing Strategy
Page # 9:Financial Projections
Page # 10:Implementation Plan
Page # 11:Evaluation and Control Metrics
Page # 12 + Appendix (References, other information that might be of benefit)
EXECUTIVE SUMMARY FOR HYGIENE INC.
There is a wide variety of giveaway items that can be used for promotional purposes by companies. We have all received promotional pens, notebooks, mouse pads, or coffee cups at times, but many of us either stuffed them in a drawer, or they ended up in a trash can. I am going to introduce a product that is very popular and convenient for people to use on regular basis.
A wet wipe, also known as wet towel, is a product that is moistened with antibacterial sanitizer and custom fragrances. Wet wipes are made out of either cotton or paper. This disposable product is folded and individually wrapped for convenience. Wet wipes are used for cleaning purposes such as personal hygiene or household cleaning. They are soft and excellent absorbents. Wet wipes are very sanitary and convenient products.
Our goal is to achieve 100% customer satisfaction. Hygiene Inc. will focus on restaurants to promote this item initially. I and two other co-managers will target all the franchise restaurants that are in 50 miles radius and visit their locations to build business relationship with branch managers to introduce our product. We will have a catalog ready and a few samples of different sizes and sample fragrances.
Hygiene Inc. plans to produce wet wipes as a promotional giveaway item. Wet wipes will be individually wrapped and size can be customized. Most favorite size selection is 6x8. The packaging can carry company logo, contact information, or even a discount coupon for returning customers. Advantages of this promotion is that people are constantly reminded of the company keeping it in their purse
Our pricing range is $0.028-$0.056 each which includes 2 colors printing for sizes 2x3-6x8. In addition to these prices, there is an additional charge of $15 for each additional color, $25 for picture printing. For logo prints, there is a one-time engraving fee of $25 for each color in the logo. We require minimum 10000 pieces. For 6x8, 3 colors individually wrapped wet wipes with customer preferred fragrance, it would cost approximately $575 plus shipping for 10000 wipes including $345 in expenses $230(40%) mark-up.
The capital that is required for the project is $75000 that covers all initial development expenses. Ongoing expenses will be covered by sales. Our expected market share will grow rapidly in the first two years than stabilize thereafter. The loan will be paid off within 18 months. We are not expecting any competitors for the first year except some online companies and our prices are 30% to 50% lower than those online companies.