Describe how a state government handles revenue/funding shortfalls after the annual budget is set, after the fiscal year begins.
What types of industries have unearned revenue? Why is unearned revenue considered a liability? (300 + words)
ProductX ProductY Selling price per unit $25 $35 Variable costs $15 $20 Expected sales for product X are 8,000 units, and expected sales for product Y are 6,000. Which product should be sold and why?
I need help figuring out this problem. ER Medical Supplies had sales of 2,000 units at $160 per unit last year. The marketing manager projects a 25 percent increase in unit volume this year with a 10 percent price increase. Returned merchandise will represent 5 percent of total sales. What is your net dollar sales projection
Mansfield Corporation had 2007 sales of $100 million. The balance sheet items that vary directly with sales and the profit margin are as follows: Cash 5% Accounts Receivable 15% Inventory 20% Net Fixed Assets 40% Accounts payable 15% Accruals 10% Profit Margin after taxes 10% The dividend payout rate is 50 pe
Question: Essential Supplies had sales of 3,000 units at $180 per unit last year. Its marketing manager projects a 25 percent increase in unit volume this year with an 8 percent price increase. Returned merchandise will represent 4 percent of total sales. What is the net dollar sales projection for Essential for this year?
How do sequentially numbered sales invoices and shipping documents act as a control?
Fastron, Inc. expects sales of silicon chips to be $60 million this year. Because this is a very capital-intensive business, fixed operating costs are $20 million. The variable cost ratio is 40 percent. The firm's debt obligations consist of a $4 million, 10 percent bank loan and a $20 million bond issue with an 11 percent coupo
A firm has sales of $10 million, variable cost of $5 million, EBIT of $2 million, and a degree of combined leverage of 3.0. a. If the firm has no preferred stock, what are its annual interest charges? b. If the firm wishes to lower its degree of combined leverage to 2.5 by reducing interest charges, what will be the new le
Low Carb Diet Supplement, Inc., has two divisions. Based on the profit margins (returns on sales), which division is superior?
Low Carb Diet Supplement, Inc., has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
Cyber Security Systems had sales of 3,000 units at $50 per unit last year. The marketing manager projects a 20 percent increase in unit volume sales this year with a 10 percent price increase. Returned merchandise will represent 6 percent of total sales. What is your net dollar sales projection for this year?
Assume that your stock of sales merchandise is maintained based on the forecast demand. If the distributor's sales personnel call on the 1st day of each month, compute your forecast sales by each of the 3 methods requested below. ACTUAL June 140 July 180 August 170 a. Using a simple
Would each of the following increase, decrease, or have an indeterminant effect on a firm's breakeven point (unit sales)? a. An increase in the sales price with no change in unit costs. b. An increase in fixed costs accompanied by a decrease in variable costs. c. A new firm decides to use MACRS depreciation for both book and
Feasibility - A proposed food service facility in Countryville will have 100 seats and be open for breakfast, lunch and dinner, Monday through Saturday. 1. Calculate the estimated food service sales for the year.
A proposed food service facility in Countryville will have 100 seats and be open for breakfast, lunch and dinner, Monday through Saturday. The owner believes its seat turnover(ST) by meal period and average food service check(AFC) will be s follows: Breakfast Lunch dinner Day ST AFC ST AFC ST AFC Monday 1.5 $3.20 1.7 $6.
Receipts for sales occur in the same pattern as the first three months of the year. For example, February's $150,000 in sales are collected in February and March. Payments for purchases also follow the same lagging relationships as earlier in the year. On April 1 the staff receive a 10% pay increase (no change in employees or ho
Please see the attached file. 2003 2004 2005 2006 2007 2008 Sales $7,500,000 Cost of Sales $5,025,000 Gross Margin $2,475,000 SG&A Expense $394,737 Depreciation $375,000 Interest Expense $25,000 Taxable Income $1,680,263 Taxes $571,289
On June 24, 2006, Doxey Company sold merchandise to Nathan Ray for $40,000 with terms 2/10, n/30. On June 30, Ray paid $19,600 on his account and was allowed a discount for the timely payment. On July 20, Ray paid $12,000 on his account and returned $8,000 of merchandise, claiming that it did not meet contract terms. Record t
I have decided to invest in a piece of real estate. Management has estimated that the real estate can be sold in 5 years for the following possible prices: Price Probability $20,000 0.20 $25,000 0.25 $30,000 0.30 $35,000 0.25 What is the expected sales price for the real estate?
Harvard Business Case: 9-196-091 June 4, 2002 V.G. Narayanan The Intel Pentium Chip Controversy (A) I have to make an accounting decision - how to recognize revenue of recalled product.
1. Suzette Renolidi has complained that expense accounts are not handled in a fair and equitable basis. You are the Sales Executive and are reviewing the data. Are you concerned? Why or why not? 2. Are you concerned about the performance evaluations that have not been completed? Are there any patterns of discrimination agains
Assume that you are the training supervisor of a large, local retail company. The company has seven department stores in your city. One of your biggest problems is adequately training new salesclerks. Because salesclerks represent your company to the public, the manner in which they conduct themselves is highly important. Esp
On May 1, 2007, TV Inc. consigned 80 TVs to Al's TV. The TVs cost $270. Freight on the shipment paid by Al's TV was $600. On July 10, TV Inc. received an account sales and $12,900 from Al's TV. Thirty TVs had been sold and the following expenses were deducted: Freight $600 Commission (20% of sales price) ? Advertising 390 De
Kennett Corporation purchased 25,000 shares of common stock of the Swenson Corporation for $40 per share on January 2, 2008. Swenson Corporation had 100,000 shares of common stock outstanding during 2008, paid cash dividends of $60,000 during 2008, and reported net income of $200,000 for 2008. Kennett Corporation should report
Pierce Furnishings generated $2.0 million in sales during 2005, and its year-end total assets were $1.5 million. Also at year-end 2005 current liabilities were $500,000, consisting of $200,000 of notes payable $200,000 of accounts payable and $100,000 of accruals. Looking ahead to 2006, the company estimates that its assets mus
Problem 2: Trapp Co. was organized on August 1 of the current year. Projected sales for the next three months are as follows. August $100,000 September 185,000 October 225,000 The company expects to sell 40% of its merchandise for cash. Of the sales on account, one third are expected to be collected in the month of t
Please help me answer the following question in IRAC form... On April 1st, Bob the owner of a chain of retail stores, entered negotiations with Amy, an architect, to draft up plans for a new shoe store that Bob was constructing on land which he owned in Suffolk County. Bob clearly stated at the time of negotiations that th
The FASB concluded that if a company sells its product but gives the buyer the right to return the product, revenue from the sales transaction shall be recognized at the time of sale only if all of six conditions have been met. Which of the following is NOT one of these six conditions? A) The amount of future returns can be
Stone Co. owns 4,000 of the 10,000 outstanding shares of Maye Corp. common stock. During 2007, Maye earns $120,000 and pays cash dividends of $40,000. Stone should report investment revenue for 2007 of how much?
You are observing a meeting between Milhouse (one of your co-workers) and a salesman who is trying to sell an additional part to a machine that your company recently purchased. The salesman is well into his routine, and has already gotten your co-worker to admit that a quality product is of utmost importance to the future of the
Dover Rubber Company had been offered a contract to supply 500,000 premium automobile tires to a large automobile manufacturer at a price of $41.65 per tire. Dover's full cost of producing the tire is $51.80. The normal sales price for the tire is $73.50 to both distributors and some selected retailers. Variable costs per tire