# In the month of November Pharoah Company wrote checks in the amount of \$68800. In December, checks in the amount of \$94176 were written. In November, \$63002 of these checks were presented to the bank for payment, and \$80970 in December. What is the amount of outstanding checks at the end of December?

\$145,008

Explanation:

Outstanding checks at the end of November = \$68,800 + \$63,002 = \$131,802

Outstanding checks at the end of December = \$131,802 + \$94,176 - \$80,970 =  \$145,008

Therefore,  the amount of outstanding checks at the end of December is \$145,008.

## Related Questions

Daniela is a 25% partner in the JRD Partnership. On January 1, JRD makes a proportionate distribution of \$16,000 cash, inventory with a \$16,000 fair value (inside basis \$8,000), and accounts receivable with a fair value of \$8,000 (inside basis of \$12,000) to Daniela. JRD has no liabilities at the date of the distribution. Daniela's basis in her JRD partnership interest is \$20,000. What is Daniela's basis in the distributed inventory and accounts receivable?

Explanation:

Given that,

Cash = \$16,000

Inventory = \$16,000 fair value (inside basis \$8,000)

Accounts receivable with a fair value = \$8,000 (inside basis of \$12,000) to Daniela

Daniela's basis = \$20,000

JRD basis = cash + inventory + accounts receivables

= 16,000 +  2,000 + 2,000

=\$20,000

Out of \$20,000,

Pending amount for inventory and accounts receivable allocation:

= JRD basis - Cash basis

= \$20,000 - \$16,000

= \$4,000

This pending amount is allocated equally among the inventory and accounts receivable i.e, \$2,000 is allocated to inventory and \$2,000 is allocated to accounts receivable.

Daniela's basis in the distributed inventory is \$2,000, and her basis in the accounts receivable is \$3,000.

### Explanation:

Daniela's basis in the distributed inventory and accounts receivable can be calculated using the proportionate distribution method. To determine the basis in the distributed inventory, we calculate the inside basis of \$8,000 multiplied by Daniela's partnership interest of 25%, which equals \$2,000. As for the accounts receivable, we calculate the inside basis of \$12,000 multiplied by Daniela's partnership interest of 25%, which equals \$3,000.

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Last year, Dora, Inc. produced 70,000 widgets and incurred \$210,000 of variable costs and \$196,000 of fixed costs. Dora has received a special order from a foreign customer for 3,000 widgets. Dora has sufficient capacity to fill the order without jeopardizing regular sales. Dora would incur \$3,150 in additional shipping charges to fulfill this special order. If Dora wants to break even on this order, what should the unit selling price be:A : \$4.05
B : \$6.85
C : \$5.80
D : \$3.00

B : \$6.85

Explanation:

Because Dora, Inc. has enough capacity to fill the special order in excess of regular sales volume, the fixed cost of its remain unchanged at \$196,000.

Widget variable cost per unit of Dora is 210,000/70,000 = \$3

To break even on the special order, the respective total sales amount  has to cover all related cost, including allocated fixed cost, variable cost as well as additional shipping charges. Putting all the numbers together, we have:

3,000 x P - 196,000 x (3,000/73,000) - 3 x 3,000 - 3,150 = 0 with P is the selling price.

Solve the equation we get P = 6.73. Option answer A,C or D will result in loss for this special order. So, the suitable answer is B.

\$4.05

Explanation:

) A homeowner is considering putting solar panels on the roof of his house. The installed cost of putting 3 kW of solar panels is \$6000 and the panels come with a 25 year guarantee. The panels would be able to meet the average monthly electrical consumption of 850 kW-hrs for the house. a) If the homeowner has the \$6000 available for the project, what would the cost of electricity from the power company need to be greater than (\$/kW-hr) to make the project viable if other investments are providing 8% interest. (\$0.0545/kW-hr) b) If the homeowner had to borrow the \$6000 from the bank at 5% interest for 10 years (monthly payments) what would the cost of electricity need to be greater than in \$/kWhr from the power company to make the project viable if other investments are providing 8% interest. (\$0.0476/kW-hr)

a) If the homeowner has the \$6000 available for the project, what would the cost of electricity from the power company need to be greater than (\$/kW-hr) to make the project viable if other investments are providing 8% interest. (\$0.0545/kW-hr)

we can use the present value of an annuity formula:

PV = monthly savings x annuity factor

• PV = \$6,000
• Annuity factor, 300 periods, 0.6667% = 129.52005

monthly savings = \$6,000 / 129.52005 = \$46.3249

price of kW-hr = \$46.3249 / 850 = \$0.054499851 ≈ \$0.0545

b) If the homeowner had to borrow the \$6000 from the bank at 5% interest for 10 years (monthly payments) what would the cost of electricity need to be greater than in \$/kWhr from the power company to make the project viable if other investments are providing 8% interest. (\$0.0476/kW-hr)

the monthly payment to cover the loan = PV / annuity factor

• PV = \$6,000
• Annuity factor, 120 periods, 0.4167% = 94.28033

monthly payment = \$6,000 / 94.28033 = \$63.64

price of kW-hr = \$63.64 / 850 = \$0.074870588 ≈ \$0.0749

5. Garden Variety Flower Shop uses 750 clay pots a month. The pots are purchased at \$2 each. Annual carrying costs per pot are estimated to be 30 percent of cost, and ordering costs are \$20 per order. The manager has been using an order size of 1,500 flower pots. a. What additional annual cost is the shop incurring by staying with this order size

If Garden Variety Flower Shop uses 750 clay pots a month. The pots are purchased at \$2 each. Annual carrying costs per pot are estimated to be 30 percent of cost, and ordering costs are \$20 per order. The manager has been using an order size of 1,500 flower pots:

• a. What additional annual cost is the shop incurring by staying with this order size will be: \$105.24
• b. What benefit would using the optimal order quantity yield will be 51.63%

Annual demand (D) =\$750 x 12= \$9,000

Ordering cost=\$20 per order

Annual carrying costs(H)=0.30 ×\$2.00 = \$0.60

Order Quantity(Q) = 1,500

Find TC for Q

TC=Q÷2×H + D÷Q × S

TC=1,500÷2 × \$0.60 + \$9,000÷1,500×\$20

TC=\$450+\$120

TC=\$570............. (1)

Now find Qo

Qo=√2DS÷H

Qo=√2×\$9,000×\$20÷0.60

Qo=√600,000

Qo=\$774.596

Qo=\$774.60 (Approximately)

Find TC for Qo

TC=Q÷2×H + D÷Q ×

TC=774.60÷2 × \$0.60 + \$9,000÷774.60×\$20

TC=\$232.38+\$232.38

TC=\$464.76................(2)

Now let determine the additional annual cost

b. Benefit would using the optimal order quantity yield (relative to the order size of 1,500)

Benefit=Qo÷Q

Benefit=\$774.60÷1,500×100

Benefit=51.63%

The benefit is that about 51.63% of the storage space would be needed.

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Explanation:

Monthly demand = 750

Annual demand (D) = Monthly Demand x Number of months in a year

Annual demand (D) = 750 x 12 = 9,000

Cost (C) = \$2.00 each

Annual carrying costs (Cc) = 30 percent of cost

Annual carrying costs (Cc) = 30% of \$2.00 = \$0.60

Ordering costs (Co) = \$20

Current order quantity (Q1) = 1,500

Solution:

(a) Current cost is calculated as,

Current cost = Annual carrying costs + Annual ordering costs

Current cost = [(Quantity / 2) x Carrying cost] + [(Annual demand / Current Quantity) x Ordering cost]

Current cost = [(1500 / 2) x \$0.60] + [(9000 / 1500) x \$20]

Current cost = \$450 + \$120

Current cost = \$570

On December 1, 2016, Insto Photo Company purchased merchandise, invoice price \$25,000, and issued a 12%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system.

See explanation section

Explanation:

Requirement A

Insto Photo Company

Journal Entries

Date                             Accounts Name                    Debit          Credit

December 1, 2016     Inventory                              \$25,000

Notes payable                                 \$25,000

Note: As the merchandise company issued a note for the credit purchase of merchandise inventory, notes payable is used instead of accounts payable.

Dec. 31, 2016             Interest expense                      \$250

Interest payable                             \$250

Note: Adjusting entry is needed as the fiscal year is ended on 31st December, therefore, there will be an accrued interest expense to be paid for one month. The calculation of interest expense = \$25,000 × 12% × (30 ÷ 360) [assuming  1 year = 360 days, 1 month = 30 days]. = \$250 for one month's accrual.

Requirement B

March 31, 2017           Interest expense                     \$   750

Interest payable                      \$   250

Notes payable                       \$25,000

Cash                                      \$26,000

Note: At the end of the maturity date, the buyer will pay all the bills of the notes plus interest. Interest payable becomes debit as it did not pay by the buyer on 31st December, 2016. The remaining interest = \$25,000 × 12% × (90 ÷ 360) = \$750. Total cash will be paid after the maturity = \$25,000 + \$250 + \$750 = \$26,000.

What role should government play in a free market economy?