Near the end of 2011, the management of Simid Sports Co, a merchandising company, prepared the following estimated balance sheet for December 31, 2011 Simid Sports Company Estimated Balance Sheet December 31,2011 Assets Cash $18,000 Accounts Receivable 262,500 Inventory 75,000 Total Current Assets 355,500 Equipment $270,000 Less accumulted depreciation 33,750 236,250 Total Assets $591,750 Liabilities and Equity Accounts Payable $180,000 Bank loan payable 7,500 Taxes payable (due 3/15/2012) 45,000 Total liabilities $232,500 Common Stock 236,250 Retained Earnings 123,000 Total stockholders equity 359,250 Total liabilities and equity $591,750 To prepare a master budget for January, February and March 2012, management gathers the following information a. Simid Sprts single product is purchased for $30 per unit and resold for $55 per unit. The expected inventory level of 2,500 units on December 1,2011, is more than management’s desired level for 2012, which is 20% of the next months expected sales (in units). Expected sales are: January, 3,500 units, February, 4,500 units, March, 5,000 units, and April, 5,000 units. b. Cash slaes nd credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 60% is collected in the first month after the month of sale and 40% in the second month, after the month of sale. For the December 31, 2011, accounts receivable balance, $62,500 is collected in January and the remaining $200,000 is collected in February. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purhase. For the December 31, 201, accounts payable balance, $40,000 is paid in January and the remaining $140,000 is paid in February. d. Sales commissions equal to 20% of sales ar paid each month. Sales salaries (excluding commissions) are $30,000 per year. e. general and administrative salaries are $72,000 per year. Maintenance expense equals $1,000 per month and is paid in cash. f. Equipment reported in the December 31, 2011, balance sheet was purchased January 2011. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $18,000, February, $48,000, and March, $14,400. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month’s deprecation is taken for the month is which the equipment is purchased. g. The company plans to acquire land at the end of March at a cost of $75,000, which will be paid with cash on the last day of the month. h. Simid Sports has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at the end of each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $12,500 each month. i. The income tax rate for the company is 40%. Income taxes on the first quarter’s income will not be paid until Apri l15. Required. Prepare a master budget for each of the first three months of 2012; include the following component budgets (show supporting calcuations as needed, and round amounts to the nearest dollar). 3. Monthly selling expense budget.
SolutionSales Expense BudgetA Sales ( in Units )B Selling Price ( $ per unit )(C=A*B) Sales ( Total in $ )Sales Variable Expenses(D=C*20%) Sales CommissionSales Fixed ExpensesE Sales…
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Nders Is It A Deterrent Does It Deter Is It To Reform Them Does It Reform Them O
/in Uncategorized /by developer"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"
Nditionsreport C104975 Capstone Webapp C Chegg Study Guided Solut M Webapp Useri
/in Uncategorized /by developercan someone please assist me with filling out these charts or show me how to do it. I need to calculate “your Forecast”
I need to figure out the revision date, age at revision, and r&D cost
nditionsReport_C104975 | Capstone WebAppC Chegg Study | Guided Solutm/WebApp/userinterface/index.cfm?template=R D.cfmCAPSTONECoachFile -Undo -Decisions -ProformasReportsHelpRecalculatecolli Research & DevelopmentSimID: C104975 | Round: 1 | Year: 20RevisionAge atllDraft saved at Jan 21, 2NameDate !RevisionDaze5.517500$0Dell1.017.014000$0DixieB.012.023000$0Dot9.415.525000$0Dune4.011.0190008NA0.00.0NA0.0NA0.00$0Total58 10 12 14 16 18 20PerformanceMaterial CostDazeDellDixi3.6d Age in YDune13 .85$TO$12:5515 5175Material Cost in dollars-Dot DuneNew Material CostOld Material Cost
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Ndtap Mindtap Cengage Learning Homework Help Qamp A Fro R Solutions Q Search
/in Uncategorized /by developer1- Identify buffer solutions from the following list.
Choose all that apply.
0.39 M sodium iodide + 0.25 M sodium bromide
0.14 M sodium hydroxide + 0.22 M sodium bromide
0.24 M hydrobromic acid + 0.21 M potassium bromide
0.17 M hypochlorous acid + 0.16 M potassium hypochlorite
0.29 M ammonia + 0.40 M ammonium bromide
2-
3-
NDTAPMindTap – Cengage LearningHomework Help – Q&A fror SolutionsQ Search this courseBuffer SolutionsSubmit for GradingCurrent score:AutoTutored Practice Problem 17.2.7 COUNTS TOWARDS GRADEPrepare a buffer by acid-base reactions.Close ProblemConsider how to prepare a buffer solution with pH – 7.23 (using one of the weak acid/conjugate base systems shown here) by combining 1.00 L of a0.483-M solution of weak acid with 0.399 M potassium hydroxide.Weak Acid Conjugate BaseKapkaHNO2NO24.5 x 10-43.35HCIOCIO3.5 x 10-87.46HCNCN4.0 x 10-109.40How many L of the potassium hydroxide solution would have to be added to the acid solution of your choice?Check & Submit AnswerShow ApproachAlpha PlotsAs shown in the preceding example problems, the pH of a buffer solution is controlled by the relative amounts of weak acid and conjugate basepresent and by the weak acid pKa . That is, buffer pH is independent of solution volume. If a buffer solution is diluted, the pH does not change.Regardless of the amounts of weak acid and conjugate base that are present in the solution, however, the relative amounts can change if the pH is
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Ne Accounting Question That I Do Not Understand Can Someone Please Answer It For
/in Uncategorized /by developerI have one accounting question that I do not understand, can someone please answer it for me in order for me to understand it and compare it with my solution?
Thanks in advance.
Utilising the idea of ‘regulatory capture’, investigate and comment on the current membership of i) the UK’s FRC ‘Corporate Reporting Council and ii) the IASB. How ‘balanced’ do you find the backgrounds of the members of these boards? In the case of each board, explain whether or not you think that the standard setting process has been ‘captured’ and, if so, by which group. Earn brownie points for finding out anything particularly interesting about any of the members of either board.
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Ne Of The Problems In A Job Costing System Is Determining Actual Cost In A Timel
/in Uncategorized /by developerne of the problems in a job costing system is determining actual cost in a timely manner. So how does job order costing handle that problem when a job order cost sheet looks at Direct Materials, Direct Labor and Manufacturing Overhead?
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Ne Survey Of 880 Drivers Asked Recalling The Last Ten Traffic Lights You Drove T
/in Uncategorized /by developerA random digit dialing telephone survey of 880 drivers asked, “Recalling the last ten traffic-lights you drove through, how many of them were red when you entered the intersection?” Of the 880 respondents, 171 admitted that at least one light had been red. Follow the four-step process to construct a 95% confidence interval. State, Plan, Do, Conclude.
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Neal Corp Entered Into A 9 Year Capital Lease On A Warehouse On December 31 Year
/in Uncategorized /by developerNeal Corp. entered into a 9-year capital lease on a warehouse on December 31, Year 4. The land and building are capitalized as a single unit. Lease payments of $52,000, which include real estate taxes of $2,000, are due annually, beginning on December 31, Year 5, and every December 31 thereafter. Neal does not know the interest rate implicit in the lease; Neal’s incremental borrowing rate is 9%. The rounded present value of an ordinary annuity for 9 years at 9% is 5.6. What amount should Neal Report as capitalized lease liability at December 31, Year 4?
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Neal Enterprises Has No Debt Its Current Total Value Is 45 Million Ignoring Taxe
/in Uncategorized /by developerNeal Enterprises has no debt. Its current total value is $45 million. Ignoring taxes, what will the company’s value be if it sells $16 million in debt? Suppose now that the company’s tax rate is 40 percent. What will its overall value be if it sells $16 million in debt? Assume debt proceeds are used to repurchase equity.
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Neanderthal Burials From Shanidar Cave Iraq Associated With Pollen Indicate A Th
/in Uncategorized /by developerhumans are the only way that flowers could enter a cave.
b. That burial rituals began with the Neanderthals.c. That archaeologists need to take formation processes into account when interpreting the meaning of data from ecofacts.d. That the pollen in the cave was the result of normal background pollen “rain”.
2 points
QUESTION 6
QUESTION 8
1 points
QUESTION 9
1 points
QUESTION 10
1 points
QUESTION 11
2 points
QUESTION 12
2 points
QUESTION 13
2 points
QUESTION 14
1 points
QUESTION 15
1 points
QUESTION 16ArchaeologyNameInstitution Question 5Neanderthal burials from Shanidar Cave, Iraq, associated with pollen indicate:b. That burial rituals began with the Neanderthals. QUESTION 6Which of the…
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Near The End Of 2011 The Management Of Simid Sports Co A Merchandising Company P
/in Uncategorized /by developerNear the end of 2011, the management of Simid Sports Co, a merchandising company, prepared the following estimated balance sheet for December 31, 2011 Simid Sports Company Estimated Balance Sheet December 31,2011 Assets Cash $18,000 Accounts Receivable 262,500 Inventory 75,000 Total Current Assets 355,500 Equipment $270,000 Less accumulted depreciation 33,750 236,250 Total Assets $591,750 Liabilities and Equity Accounts Payable $180,000 Bank loan payable 7,500 Taxes payable (due 3/15/2012) 45,000 Total liabilities $232,500 Common Stock 236,250 Retained Earnings 123,000 Total stockholders equity 359,250 Total liabilities and equity $591,750 To prepare a master budget for January, February and March 2012, management gathers the following information a. Simid Sprts single product is purchased for $30 per unit and resold for $55 per unit. The expected inventory level of 2,500 units on December 1,2011, is more than management’s desired level for 2012, which is 20% of the next months expected sales (in units). Expected sales are: January, 3,500 units, February, 4,500 units, March, 5,000 units, and April, 5,000 units. b. Cash slaes nd credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales, 60% is collected in the first month after the month of sale and 40% in the second month, after the month of sale. For the December 31, 2011, accounts receivable balance, $62,500 is collected in January and the remaining $200,000 is collected in February. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purhase. For the December 31, 201, accounts payable balance, $40,000 is paid in January and the remaining $140,000 is paid in February. d. Sales commissions equal to 20% of sales ar paid each month. Sales salaries (excluding commissions) are $30,000 per year. e. general and administrative salaries are $72,000 per year. Maintenance expense equals $1,000 per month and is paid in cash. f. Equipment reported in the December 31, 2011, balance sheet was purchased January 2011. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $18,000, February, $48,000, and March, $14,400. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month’s deprecation is taken for the month is which the equipment is purchased. g. The company plans to acquire land at the end of March at a cost of $75,000, which will be paid with cash on the last day of the month. h. Simid Sports has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at the end of each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $12,500 each month. i. The income tax rate for the company is 40%. Income taxes on the first quarter’s income will not be paid until Apri l15. Required. Prepare a master budget for each of the first three months of 2012; include the following component budgets (show supporting calcuations as needed, and round amounts to the nearest dollar). 3. Monthly selling expense budget.
SolutionSales Expense BudgetA Sales ( in Units )B Selling Price ( $ per unit )(C=A*B) Sales ( Total in $ )Sales Variable Expenses(D=C*20%) Sales CommissionSales Fixed ExpensesE Sales…
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