What is one course of action available in every decision making process?a. Respond in a way which will have only positive consequences
b. Respond in a way which will have no negative consequences
Choose to do nothing about the issue
d. None of the above
Please select the best answer from the choices provided
А

Answers

Answer 1
Answer:

Answer:

Answer C

Explanation:


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Use the following information to determine the ending cash balance to be reported on the month ended June 30 cash budget. a. Beginning cash balance on June 1, $26,000.
b. Cash receipts from sales, $264,000.
c. Budgeted cash disbursements for purchases, $138,000.
d. Budgeted cash disbursements for salaries, $80,000.
e. Other budgeted expenses, $15,000.
f. Cash repayment of bank loan, $10,000.
g. Budgeted depreciation expense, $25,000.

Answers

Answer:

$47,000

Explanation:

The cash budget is a forecast of the company's expected movement in cash considering the expected outflows and inflows. This movements result in a change between the opening and ending cash balance. This may be expressed mathematically as

Opening balance + Cash receipts - Cash disbursed = ending balance

Cash receipts for the period

= $264,000

Cash disbursed

= $138,000 + $80,000 + $10,000 + $15,000

= $243,000

ending balance  = $26,000 + $264,000 - $243,000

= $47,000

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017.Raw Materials Inventory 7/1/16 $51,100Factory Insurance $4,700Raw Materials Inventory 6/30/17 46,000Factory Machinery Depreciation 19,000Finished Goods Inventory 7/1/16 98,200Factory Utilities 29,100Finished Goods Inventory 6/30/17 26,100Office Utilities Expense 9,350Work in Process Inventory 7/1/16 26,800Sales Revenue 564,000Work in Process Inventory 6/30/17 22,300Sales Discounts 4,700Direct Labor 147,750Plant Manager’s Salary 65,600Indirect Labor 26,560Factory Property Taxes 9,810Accounts Receivable 27,100Factory Repairs 1,600Raw Materials Purchases 97,500Cash 35,600A) Prepare a cost of goods manufactured schedule (Assume all raw materials used were direct materials).B) Prepare an income statement through gross profitC) Prepare the current assets section of the balance sheet at June 30,2017

Answers

Answer:

A) cost of goods manufactured schedule

Factory Insurance                                                  4,700

Factory Utilities                                                    29,100

Factory Machinery Depreciation                        19,000

Direct Labor                                                        147,750

Plant Manager`s Salary                                       65,600

Indirect Labor                                                      26,560

Factory Property Taxes                                         9,810

Factory Repairs                                                      1,600

Add Beginning Work in Process Inventory       26,800

Less Closing Work in Process Inventory          (22,300)

Cost of Goods Manufactured                         $308,620

B) income statement through gross profit

Sales Revenue                                                                   564,000

Less Sales Discounts                                                            (4,700)

Net Sales                                                                            559,300

Less Cost of Goods Sold :

Finished Goods Inventory                                98,200

Add Cost of Goods Manufactured                 308,620

Less Closing Finished Goods Inventory         (26,100)   (380,720)

Gross Profit                                                                         178,580

C) current assets section of the balance sheet at June 30,2017

Current Assets

Raw Materials Inventory      46,000

Work in Process Inventory   22,300

Finished Goods Inventory    26,100

Accounts Receivable            27,100

Cash                                      35,600

Total Current Assets           157,100

Explanation:

Raw Materials Consumed in Production Calculation

Open a Raw Materials T - Account as follows :

Debit :

Opening Balance                                                      $51,100

Purchases                                                                $97,500

Totals                                                                      $148,600

Credit :

Closing  Balance                                                      $46,000

Requisitioned for Production  (Balancing figure) $102,600

Totals                                                                      $148,600

With current technology, suppose a firm is producing 800 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 6 units of labor, 5 units of land, 4 units of capital, and 2 units of entrepreneurial ability, selling at prices of $40, $60, $60, and $20, respectively. Required:
1. Assume the firm can sell these 800 loaves at $1 per unit, will it continue to produce banana bread?2. What is the firm's total revenue?3. What is the firm's total cost?4. What is the firm's profit or loss?

Answers

Answer:

1. No

2. $800

3. 820

4. Loss = $-20

Explanation:

Total revenue = price x quantity = 800 x $1 = $800

Total cost = ( 6 x $40) + (5 × $60) + (4 × $60) + (2 × $20) = $820

Profit / loss = Total revenue - Total cost

$800 - $820 = $-20

Because the firm is earning a loss, the firm would not continue to produce.

I hope my answer helps you.

California Surf Clothing Company issues 1,000 shares of $1 par value common stock at $32 per share. Later in the year, the company decides to repurchase 100 shares at a cost of $35 per share. Record the transaction if California Surf reissues the 100 shares of treasury stock at $37 per share. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers

Answer:

Explanation:

The journal entry is shown below:

Cash A/c Dr $3,700

      To Treasury Stock A/c $3,500

       To Additional Paid in Capital A/c $200

(Being the reissued shares are recorded)

The computation is shown below:

For cash account:

= 100 shares × $37 per share

= $3,700

For Treasury Stock Account

= 100 shares × $35 per share

= $3,500

And, for Additional Paid in Capital Account

= $3,700 - $3,500

= $200

For reissued shares, we debited the cash account and credited the treasury stock and Additional Paid-in Capital account

Budgeted production needs are determined by: A. adding budgeted sales in units to the desired ending inventory in units and deducting the beginning inventory in units from this total. B. adding budgeted sales in units to the beginning inventory in units and deducting the desired ending inventory in units from this total. C. adding budgeted sales in units to the desired ending inventory in units. D. deducting the beginning inventory in units from budgeted sales in units.

Answers

Answer: Option (A) is correct.

Explanation:

The budgeted production determines the number of units that should be produced. It is derived from the combination of two components i.e. sales forecast and finished goods inventory in hand.

Budgeted production:

= Budgeted sales in units + Desired ending inventory in units - Beginning inventory in units

Answer:

The correct option is A. dding budgeted sales in units to the desired ending inventory in units and deducting the beginning inventory in units from this total

Explanation:

The formula to computed the budgeted production is shown below:

= Ending inventory in units + Budgeted sales in units - Beginning inventory in units.

where,

Ending inventory is the inventory which is left at the end of the year or we can say the closing stock of inventory

Budgeted sales are the sales which is to be sell in the future

Beginning inventory is that inventory which shows at the starting of the year or we can say opening stock of inventory

Therefore, the remaining options are incorrect.

So, the correct option is A. dding budgeted sales in units to the desired ending inventory in units and deducting the beginning inventory in units from this total

Suppose that LilyMac Photography has annual sales of $290,000, cost of goods sold of $155,000, average inventories of $3,500, average accounts receivable of $21,000, and an average accounts payable balance of $10,000. Assuming that all of LilyMac's sales are on credit, what will be the firm's cash cycle?

Answers

Answer:

11.12

Explanation:

See attached files

Answer:

Explanation:

Suppose that LilyMac Photography has annual sales of $233,000, cost of goods sold of $168,000, average inventories of $4,800, average accounts receivable of $25,600, and an average accounts payable balance of $7,300.

Assuming that all of LilyMac’s sales are on credit, what will be the firm’s cash cycle? (Use 365 days a year. Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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