Pitkins Company collects 20% of a month's sales in the month of sale, 70% in the month following sale, and 6% in the second month following sale. The remainder is uncollectible. Budgeted sales for the next four months are: Cash collections in April are budgeted to be:


January February March April
$200,000 $300,000 $350,000 $250,000

Required:
What are the budgeted Cash collections for April?

Answers

Answer 1

Answer:

Total sales collection= $313,000

Explanation:

Giving the following information:

Cash collection:

20% of a month's sales in the month of sale

70% in the month following sale

6% in the second month following sale.

January February March April

$200,000 $300,000 $350,000 $250,000

Cash collection April:

Cash from sales in Arpil= (250,000*0.2)= 50,000

Sales on account March= (350,000*0.7)= 245,000

Sales on account February= (300,000*0.06)= 18,000

Total sales collection= $313,000


Related Questions

For an effective frame, the primary business message should be approximately ______ words in length.

Answers

Answer:

10 to 15

Explanation:

Business messaging in accounting can be described as a set of channels that provide means by which the firms/ company and the consumer can have effective communication.

The primary business message is very essential in business, it must reflect clarity as well as simplicity, it enables company to pass their overarching information to the consumer, they are intentional content. In a situation whereby operations in a company needed relocation, primary message is passed. It should be noted that For an effective frame, the primary business message should be approximately 10 to 15 words in length.

Hello!

For an effective frame, the primary business message should be approximately 10 to 15 words in length.

The following assets in Jack’s business were sold in 2020: Asset Holding Period Gain/(Loss) Office equipment 6 years $1,100 Automobile 8 months ($ 800) ABC stock (capital asset) 2 years $1,400 ​ Office equipment, purchased for $8,000, had a zero adjusted basis. The automobile was purchased for $2,000 and sold for $1,200. The ABC stock was purchased for $1,800 and sold for $3,200. In 2020 (the year of sale), Jack should report what amount of net capital gain and net ordinary income?

Answers

Answer:

Net capital gain = $1,400

Net ordinary income = $300

Explanation:

Long term Capital gain = $1,400 from sale of stock since it was hold for 2 years (more than 1 year)

Ordinary gain = $1,100 - $800 = $300 since automobile was 6 months old and equipment had zero basis

a. How much would you pay for a Treasury bill that matures in 182 days and pays $10,000 if you require a 1.8% discount rate?
b. If the Treasury also received $750 million in non-competitive bids, who will receive T-bills, in what quantity, and at what price?

Answers

Answer: $9909

Explanation:

Let the amount that will be paid be represented by y. The question can now be solved as:

(10000 - y)/10000 × 360/182 = 0.018

(10000-y)/10000 = 0.018 × 182/360

(10000 - y)/10000 = 0.0091

10000-y = 0.0091 × 10000

10000 - y = 91

y = 10000 - 91

y = $9909

The following information pertains to Lightning Inc., at the end of December: Credit Sales $ 20,000 Accounts Payable 10,000 Accounts Receivable 12,900 Allowance for Uncollectible Accounts 400 credit Cash Sales 20,000 Lightning uses the aging method and estimates it will not collect 7% of accounts receivable not yet due, 15% of receivables up to 30 days past due, and 48% of receivables greater than 30 days past due. The accounts receivable balance of $12,900 consists of $10,000 not yet due, $1,600 up to 30 days past due, and $1,300 greater than 30 days past due. What is the appropriate amount of Bad Debt Expense

Answers

Answer:

$1,164

Explanation:

Calculation for the appropriate amount of Bad Debt Expense

Bad Debt Expense= (10,000 * 0.07) + (1,600 * 0.15) + (1,300 * 0.48) =

Bad Debt Expense=700+240+624

Bad Debt Expense=1,564 -400

Bad Debt Expense=$1,164

Therefore the appropriate amount of Bad Debt Expense will be $1,164

Your parents will retire in 27 years. They currently have $280,000 saved, and they think they will need $1,900,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.

Answers

Answer:

Annual Rate=7.35%

Explanation:

Calculation for the annual interest rate must they earn to reach their goal

Number of years =27

PV =280,000

FV =1,900,000

Using this formula

Annual Rate=(FV/PV)^(1/n)-1

Let plug in the formula

Annual Rate=(1,900,000/280,000)^(1/27)-1

Annual Rate=6.7857^(1/27)-1

Annual Rate=1.07349-1

Annual Rate=0.0735

Annual Rate=7.35%

Therefore the annual interest rate must they earn to reach their goal will be 7.35%

A customer buys 1 XYZ Dec 30 call at 7 and sells 1 XYZ Dec 40 call at 1. Two months later, if the customer closes the positions when the spread is trading at 9 points, the customer has

Answers

Answer:

Gain of $300

Explanation:

Based on the information given the investor have a debit spread and Since the investor  paid a net premium of the amount of $600 which is calculated as : (7 − 1) in which the spread had widened  to 9  which means the  investor will have a  profit or gain of the amount of  $300 calculated as :(9 − 6) due to the spread .  

Therefore the customer has a gain of the amount of $300 reason been that it is a Debit spreads  and secondly Debit spread are often profitable.

When new facilities are built and operated overseas that require large investment of capital because these new establishments are tailored to the exact needs of the home country firm, it is called a(n) _____.
a. exporting.b. subsidiary.c. strategic alliance.d. multinational enterprise.e. foreign acquisition.

Answers

Answer:

b. subsidiary

Explanation:

Subsidiaries are companies that belong to a larger parent company. They are usually established overseas as an extension of the parent company's operations.

Parent companies of the subsidiaries hold controlling interest in stock, therefore they tailor the subsidiaries to their exact needs.

When there is a 100% ownership by the parent company it is called a wholly owned subsidiary

During 20x1, Orca Corp. decided to change from the FIFO method of inventory valuation to the weighted-average method. Inventory balances under each method were as follows:________.

FIFO Weighted-average

January 1, 20x1 $71,000 $77,000

December 31, 20x1 $79,000 $83,000

Orca's income tax rate is 30%.

In its 2005 financial statements, what amount should Orca report as the cumulative effect of this accounting change?

a) $2,800

b) $4,000

c) $4,200

d) $6,000

Answers

Answer:

Orca Corp.

The cumulative effect of this accounting change in estimate is:

That the cost of goods sold will be reduced by:

b) $4,000

Explanation:

a) Data and Calculations:

                                    FIFO       Weighted-average   Difference

January 1, 20x1         $71,000         $77,000                 $6,000

December 31, 20x1 $79,000        $83,000                 $4,000

Orca's income tax rate is 30%.

Note that the difference in the cost of the beginning inventory does not have any effect in the current period's financials.  It was an estimate that was done previously and Orca does not need to restate its financials for the previous year because of the change.  The accounting change only affects the current period.

Elbert uses FedEx in a scheme to defraud Global Sales Company by obtaining merchandise to which he is not entitled. Found guilty of mail fraud, Elbert can be punished by a. ​imprisonment for up to five years and fines of up to $1,000. b. ​imprisonment for up to fifty years. c. ​none of the choices. d. ​fines up to $5 million.

Answers

Answer: None for the choices

Explanation:

Mail fraud is a crime when an individual has the intention to defraud someone or a firm through mail by sending something that has to do with fraud.

From the question, we are told that Elbert uses FedEx in a scheme to defraud Global Sales Company by obtaining merchandise to which he is not entitled. The punishment for mail fraud in this case will be imprisonment for up to twenty years and/or fines.

None of the options given in the question is the right answer.

Answer:

a. ​imprisonment for up to five years and fines of up to $1,000

Explanation:

Mail fraud occurs when an entity decides to defraud another person by taking wrongful ownership of property that is not theirs. This is done by use of mails, by phone, or online.

For example if a person convinces another under false pretense to transfer funds using a post office, it is categorised as mail fraud. If it occurs accross state lines the Federal Government can take jurisdiction of the case.

This type of fraud attracts ​imprisonment for up to five years and fines of up to $1,000

How do prevention and resistance technologies stop intruders from accessing and reading sensitive information?A) Content filtering,encryption,and firewallsB) Calculating,locking,and firewallsC) Content prohibiting,and cookiesD) None of the above

Answers

Answer: A. Content filtering, encryption and firewalls.

Explanation:

Due to fraud and other security challenges, prevention and resistance technologies are important in order to help computer and internet users to protect their informations.

Ways to achieve this include content filtering, encryption and firewalls. Content filtering is when the access to a particular web content is restricted. Encryption has to do with the translation of data into another form so that it won't be accessible to anyone without the password. Firewall is also done on order to curb unauthorized access.

paid to acquire ​, a weekly advertising paper. At the time of the​ acquisition, ​'s balance sheet reported total assets of and liabilities of . The fair market value of ​'s assets was . The fair market value of ​'s liabilities was . Read the requirementsLOADING.... Requirement 1. How much goodwill did purchase as part of the acquisition of ​? Purchase price to acquire Mesa Herald Market value of Mesa Herald's assets Less: Market value of Mesa Herald's liabilities Less: Market value of Mesa Herald's net assets

Answers

Full question attached

Answer and Explanation:

A. Given that Thrifty Nickels Assets fair value and liabilities are given by $100000 and $70000 respectively(we do not use the book value in calculating goodwill here) and Acquisition value is $230000

Goodwill = purchase price -net assets

Since we know purchase price =$230000

We calculate net assets= total assets -total liabilities

Total assets =$100000

Total liabilities =$70000

Net assets=$100000-$70000=$30000

We substitute in goodwill formula

Goodwill=$230000-$30000=$200000

Therefore goodwill =$200000

B. We journalize entries for the acquisition in Deca's books as follows :

Debit Assets $100000

Debit Goodwill $200000

Credit liabilities $70000

Credit cash $230000

We debit assets since it received and increased by $100000,we debit goodwill since it also received and increased by $200000. We credit liabilities since it also increased by $70000 from the acquisition (liabilities accounts are credited). Cash was spent and therefore is credited since it reduced by $230000

Crador Corp. uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning inventory for January consisted of 1,100 units. 14,000 units were started into the process during January. On January 31, the inventory consisted of 800 units. Equivalent units for conversion costs were 14,800. What percentage complete was the ending inventory with respect to conversion costs on January 31 using the weighted-average method

Answers

Answer: 62.5%

Explanation:

Equivalent units = Units completed and transferred out + percentage completed of ending inventory

14,800 = (1,100 + 14,000 - 800) + Percentage

14,800 = 14,300 + Percentage amount completed

Percentage amount completed = 14,800 - 14,300

Percentage amount completed = 500 units

Percentage = Ending equivalent units / ending inventory

= (500/800) * 100

= 62.5%

A machine with a cost of $150,000 and accumulated depreciation of $95,000 is sold for $70,000 cash. The amount that should be reported in the operating activities section reported under the direct method is:

Answers

Answer:

$0

Explanation:

The operating activities section of the cash flow statement under the direct method records the cash receipts with regard to sale of the products and the cash payments with regard to expenses

Therefore in the given case, it would be $0 as there is no transaction occured that should be reported in the  operating activities section of the cash flow statement

The same is to be considered

A year after buying her car, Anita has been offered a job in Europe. Her car loan is for $27,000 at a 6% nominal interest rate for 48 months. If she can sell the car for $20,000, how much does she get to keep after paying off the loan

Answers

Answer:

Instead of keeping a balance she would rather need to pay the remaining mortgage balance of $843.51

Explanation:

The first task here is to compute the monthly payment of the car loan using the formula below:

PMT=P(r/n)/1-(1+r/n)^(-nt)

P=loan amount= $27,000  

r=interest rate=6 %

n=number of monthly payments in a year=12

t= duration of loan=4 years ( 48/12)

PMT=27000*(6%/12)/(1-(1+6%/12)^(-4*12)

PMT=27000*(6%/12)/(1-(1+6%/12)^(-48)

PMT=27000*(6%/12)/(1-(1.005)^-48

PMT=135  /(1-0.787098411  )

PMT=634.10  

The balance of the loan after one year is the present value of the remaining 36 monthly payments as computed thus:

PV=monthly payment*(1-(1+r)^-n/r

monthly payment=634.10  

r=monthly interest rate=6%/12=0.5%

n=number of monthly payments left=36

PV=634.10*(1-(1+0.5%)^-36/0.5%

PV=634.10*(1-0.835644919 )/0.5%

pv=$20,843.51  

balance left after paying the loan=$20,000-$20,843.51  =-$843.51

"Sippy was thinking of buying Christich’s house. Henoticed watermarks on the ceiling, but the agentshowing the house stated that the roof had beenrepaired and was in good condition. Sippy was nottold that the roof still leaked and that the repairs hadnot been able to stop the leaking. Sippy bought thehouse. Some time later, heavy rains caused water toleak into the house, and Sippy claimed that Christichwas liable for damages. What theory would he relyon? Decide. [Sippy v. Christich, 609 P.2d 204(Kan. App.)"

Answers

Answer: theory of active concealment

Explanation:

Active concealment is when an information that's meant to be shared to an individual is been hidden from such individual by the other party.

In this scenario, the agent intentionally refused giving Sippy the necessary information regarding the house as some facts were hidden.

Therefore, Sippy will rely on active concealment theory.

On January 1, 2016, Brian's stock portfolio is worth $100,000. On September 30, 2016, $5,000 is withdrawn from the portfolio, and immediately after this withdrawal the portfolio has a value of $105,000. Twelve months later, the value of the portfolio is $108,000, and Brian adds $3,000 worth of stock to his portfolio. On December 31, 2017, the portfolio is worth $100,000. What is the time-weighted rate of return for Brian's stock portfolio over the two year period

Answers

Answer:

1.93%

Explanation:

The time weighted rate of return will be computed by combining the return at every time period demarcated by a withdrawal/addition.

Time 1: Jan 1, 2016 to Sep 30, 2016

start value = 100,000; end value = (105,000+5,000) = 110,000

Return = [tex]\frac{110,000}{100,000}=1.1[/tex]

Time 2: Sep 30, 2016 to Sep 30, 2017

start value = 105,000; end value = 108,000

Return = [tex]\frac{108,000}{105,000}=1.028571[/tex]

Time 3: Sep 30, 2017 to Dec 31, 2017

start value = (108,000 + 3,000) = 111,000; end value = 100,000

Return = [tex]\frac{100,000}{111,000}=0.900901[/tex].

Therefore, time weighted return

= (1.1 * 1.028571 * 0.900901) - 1

= 0.019305

= 1.93%.

Jefferson Corp. decided to change its inventory valuation method from first in, first out (FIFO) to last in, first out (LIFO) in a period of rising prices. What was the result of the change for the ending inventory and net income?

a. Increases
b. Decreases

Answers

Answer:

decreases

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

FIFO means first in, first out. It means that it is the first purchased inventory that is the first to be sold

In a period of rising prices, changing from FIFO to LIFO means that the latest purchased goods would be of higher prices than the older goods. This would increase cost of goods sold and reduce net income.

Also, ending inventory would consist of older goods purchased at lower prices

Both net income and ending inventory would decrease

During 2018, Sandeep had the following transactions:Salary$ 80,000Interest income on City of Baltimore bonds1,000Damages for personal injury (car accident)100,000Punitive damages (same car accident)200,000Cash dividends from Chevron Corporation stock7,000Sandeep's AGI is:

Answers

Answer: $287,000

Explanation:

Based on the information, Sandeep adjusted gross income will be:

Salary $80,000

Add: Punitive damages: $200,000

Add: Cash dividends: $7000

AGI = $80,000 + $200,000 + $7000

AGI = $287,000

Note that the interest income on City of Baltimore bonds and the damages for personal injury are both non taxable exclusion and therefore aren't added.

Lambda Computer Products competed for and won a contract to produce two prototype units of a new type of computer that is based on laser optics rather than on electronic binary bits. The first unit produced by Lambda took 5,000 hours to produce and required $250,000 worth of material, equipment usage, and supplies. The second unit took 4,250 hours and used $237,500 worth of materials, equipment usage, and supplies. Labor is $20 per hour. Use Exhibit 6.5. a. Lambda was asked to present a bid for 10 additional units as soon as the second unit was completed. Production would start immediately. What would this bid be

Answers

Answer:

$2,731,672.50

Explanation:

first unit produced by lambda took 5,000 hours to produce and required $250,000 worth of material, equipment usage, and supplies

the second unit took 4,250 hours and used $238,500 worth of materials, equipment usage, and supplies

learning rate = time needed to produce second unit / time needed to produce first unit = 4,250 hours / 5,000 hours = 85%

materials and equipment usage rate = $237,500 / $250,000 = 95%

using the attached table of cumulative values, we can determine the cumulative improvement factors needed to solve this question:

Lambda's accumulated cost for producing 10 more computers

work hours = 4,250 x 7.116 (85% and 10 units) x $20 per hour = $604,860materials and equipment = $238,500 x 8.955 (95% and 10 units) = $2,126,812.50total = $604,860 + $2,126,812.50 = $2,731,672.50

Pauley Company needs to determine a markup for a new product. Pauley expects to sell 22,000 units and wants a target profit of $16 per unit. Additional information is as follows: Variable product cost per unit $ 18 Variable administrative cost per unit 13 Total fixed overhead 20,500 Total fixed administrative 36,700 Using the variable cost method, what markup percentage to variable cost should be used

Answers

Answer:

variable markup % = 60%

Explanation:

total units sold 22,000

total costs associated with selling the 22,000 units:

variable production costs $18 x 22,000 = $396,000

variable S&A costs $13 x 22,000 = $286,000

fixed overhead = $20,500

fixed S&A = $36,700

total costs = $739,200

total cost per unit = $33.60

selling price = $33.60 + $16 = $49.60

markup percentage = [(sales price - unit cost) / unit cost] x 100

the total markup % = [49.60 - 33.60) / 33.60] x 100 = 47.62%

but since we are going to calculate the markup percentage solely based on variable costs, then:

variable cost per unit = $31

selling price = $49.60

the variable markup % = [49.60 - 31) / 31] x 100 = 60%

A company has a pension liability of $460,000,000 that it must pay in 29 in years. If it can earn an annual interest rate of 4.2 percent, how much must it deposit today to fund this liability?

a. $133,883,255.09
b. $139,506.351.81
c. 44,08571.14
d. $11755.30770
e. $121423,867.90

Answers

Answer:

PV= $139,506,351.8

Explanation:

Giving the following information:

Future Value= $460,000,0000

Number of periods= 29 years

Interest rate= 4.2%

To calculate the initial investment, we need to use the following formula:

PV= FV / (1+i)^n

PV= 460,000,000 / (1.042^29)

PV= $139,506,351.8

CDB stock is currently priced at $85. The company will pay a dividend of $5.69 next year and investors require a return of 11.6 percent on similar stocks. What is the dividend growth rate on this stock?

Answers

Answer:

4.91%

Explanation:

CDB stock is currently priced at $85

The company will pay a dividend of $5.69

The required return is 11.6%

There for the dividend growth rate on this stock can be calculated as follows

11.6/100= (5.69/85) + growth rate

0.116= 0.0669 + growth rate

0.116 - 0.0669 = growth rate

0.0491 × 100 = growth rate

Growth rate = 4.91%

Jessica and Robert have two young children. They have $7,000 of qualified child care expenses and an AGI of $22,000 in 2019. What is their allowable child and dependent care credit considering their pre-credit tax liability

Answers

Answer:

$0

Explanation:

The computation of the their allowable child and dependent care credit is shown below:

In the case when the income is below $35,000 than full 35% would be allowed

But the qualified child expense would be limited to $6,000

So, here the amount would be

= $6,000 × 35%

= $1,860

Already there is a pre credit tax liability so $0 should be considered as it would not received any credit

Given the following data: Selling price per unit $ 2.00 Variable production cost per unit $ 0.30 Fixed production cost $ 3,000 Sales commission per unit $ 0.20 Fixed selling expenses $ 1,500 The break-even point in dollars is:

Answers

Answer:

Break-even point (dollars)= $6,000

Explanation:

Giving the following information:

Selling price per unit $ 2.00

Variable production cost per unit $ 0.30

Fixed production cost $ 3,000

Sales commission per unit $ 0.20

Fixed selling expenses $ 1,500

To calculate the break-even point in dollars, we need to use the following formula:

Break-even point (dollars)= fixed costs/ contribution margin ratio

Fixed costs= 3,000 + 1,500= 4,500

Unitary variable cost= 0.3 + 0.2= $0.5

Break-even point (dollars)= 4,500 / [(2 - 0.5) / 2]

Break-even point (dollars)= $6,000

Ford Motor Company has issued 8% convertible debentures, convertible at a 25:1 ratio. Currently the debenture is trading at 110. The stock is trading at 38. What is the conversion price of the stock

Answers

Answer:

40

Explanation:

Calculation for the conversion price

Based on the information given we were told that the company's convertible ratio is 25:1 which simply means that 1,000 par will be divided by the covertible ratio .

Hence,

Conversion price of the stock = 1,000/25

Conversion price of the stock = 40

Therefore the Conversion price of the stock will be 40

The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm. Purchased $19,500 of materials on account. Issued $1,150 of supplies from the materials inventory. Purchased $11,900 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $14,300 in direct materials to the production department. Incurred direct labor costs of $23,500, which were credited to Wages Payable. Paid $21,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. Applied overhead on the basis of 130 percent of $23,500 direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $10,700. The following balances appeared in the accounts of Steve’s Cabinets for April. Beginning Ending Materials Inventory $ 30,690 ? Work-in-Process Inventory 7,300 ? Finished Goods Inventory 33,900 $ 28,990 Cost of Goods Sold 53,730 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

Answers

Answer:

Steve's Cabinets

a. Journal Entries:

Debit Raw materials $19,500

Credit Accounts Payable $19,500

To record the purchase of raw materials on account.

Debit Manufacturing Overhead $1,150

Credit Raw materials $1,150

To record the issue of supplies from inventory.

Debit Raw materials $11,900

Credit Accounts Payable $11,900

To record the purchase of raw materials on account.

Debit Accounts Payable $19,500

Credit Cash Account $19,500

To record payment for raw materials on account.

Debit Work in Process $14,300

Credit Raw materials $14,300

To record the issue of raw materials to production.

Debit Work in Process $23,500

Credit Wages Expense $23,500

To record the transfer of factory wages to production.

Debit Utilities, etc expense $21,900

Credit Cash Account $21,900

Debit Manufacturing overhead $21,900

Credit Utilities, etc expenses $21,900

To record miscellaneous plant expenses.

Debit Work in Process $30,550

Credit Manufacturing overhead $30,550

To apply 130% of direct labor cost of #23,500 to production.

Debit Manufacturing Overhead $10,700

Credit Depreciation Expense $10,700

To recognize depreciation expense.

b. T-accounts

Raw Materials

Account Titles               Debit        Credit

Beginning balance   $ 30,690

Accounts Payable        19,500

Manufacturing overhead               $1,150

Accounts Payable        11,900

Work in Process                            14,300

Ending balance                         $ 46,640

                                $62,090    $62,090

Accounts Payable

Account Titles               Debit        Credit

Raw materials                              $19,500

Raw materials                                 11,900

Cash Account              $19,500

Ending balance               11,900

Manufacturing Overhead

Account Titles               Debit        Credit

Raw materials            $1,150

Expenses                  21,900

Depreciation             10,700

Work in Process                          $30,550

Underapplied: Cost of goods sold 3,200

Work in Process

Account Titles               Debit        Credit

Beginning balance    $ 7,300

Raw materials           $14,300

Direct labor                23,500

Manuf. Overhead      30,550

Finished Goods                         $48,820

Ending balance                         $26,830

Finished Goods Inventory

Account Titles               Debit        Credit

Beginning balance $ 33,900

Work in Process        48,820

Cost of goods sold                      $53,730

Ending balance                           $ 28,990

Cost of goods sold

Account Titles               Debit        Credit

Finished goods           $53,730

Manufacturing overhead:

 Underapplied               3,200

Income Statement                      $56,930

Explanation:

a) Data and Calculations:

Account Balances of Steve’s Cabinets for April.

                                              Beginning    Ending

Materials Inventory                 $ 30,690       ?

Work-in-Process Inventory           7,300       ?

Finished Goods Inventory         33,900  $ 28,990

Cost of Goods Sold                            53,730

Lake Sales had $2,200,000 in sales last month. The contribution margin ratio was 30% and operating profits were $180,000. What is Lake's break-even sales volume

Answers

Answer:

$1,600,000

Explanation:

Sales

$2,200,000

Contribution margin ratio

30%

$660,000

Sales $2,200,000

Contribution margin $660,000

Operating profit $180,000

Fixed cost = Contribution margin - Operating profit

= $660,000 - $180,000

= $480,000

Break even sales = Fixed cost / Contribution margin ratio

= $480,000 / 30%

= $1,600,000

Therefore, Lake's break even sales volume is $1,600,000

Make way for India - the next China China grows at around 9 percent a year, but its one-child policy will start to reduce the size of China's working-age population within the next 10 years. India, by contrast, will have an increasing working-age population for another generation at least. Then answer the following questions: According to classical growth theory, restricting China's population ______ economic growth. According to new growth theory, restricting China's population growth ______ economic growth.

Answers

Answer:

The answer is "India and increases".

Explanation:

Since its working-age population is rising, India will have a higher economic growth rate, and according to traditional thinking, restricting China's people would boost economic growth.

The modernization theory includes reducing population growth in China would reduce economic growth. In India, real GDP per person has a growth of 8-1.6 = 6.4% as well as that of China is 9-0.6 = 8.4% in 2005. In India, the doubling time is 70/6.4% = 11 years or 2016 and in China, 8.33 or 2014.

The firm has just declared a dividend of $1.09 per share for the current fiscal year. The firm has earnings per share of $2.11, and 225,000 shares outstanding with a market price of $31.17 per share prior to the ex-dividend day. Ignore taxes. As a result of this dividend, the: A) the current dividend yield is 51.66% B) retained earnings will increase by $245,250. C) the current dividend payout ratio is 3.497% D) earnings per share will increase to $3.20. E) price-earnings ratio will be 14.26 ex-dividend.

Answers

Answer: E) price-earnings ratio will be 14.26 ex-dividend.

Explanation:

Stock prices generally decrease in price by the price of the dividend on ex-dividend date.

This means that this stock will reduce to:

= 31.17 - 1.09

= $30.08

Price to Earnings ratio = Stock price/ Earnings per share

= 30.08/2.11

= $14.26

Option E is correct.

Clark Company estimated the net realizable value of its accounts receivable as of December 31, 2019, to be $167,000, based on an aging schedule of accounts receivable. Clark has also provided the following information: The accounts receivable balance on December 31, 2019 was $177,400. Uncollectible accounts receivable written off during 2019 totaled $12,200. The allowance for doubtful accounts balance on January 1, 2019 was $15,400. How much is Clark's 2019 bad debt expense

Answers

Answer: $7200

Explanation:

Clark's 2019 bad debt expense will be calculated thus:

Balance for allowance for doubtful accounts will be:

= $177400 - $167000

= $10400

The Uncollectible accounts written off will be:

= $15400 - $12200

= $3200

Clark's 2019 bad debt expense:

= $10400 - $3200

= $7200

Answer:

sry need to answer (points) :(

Explanation:

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