QJGIVEN THE FOLLWING INFORMATION: (SHOW
WORKINGS)
• MAKE SCHEDULE FOR CASH COLLECTION FROM
CUSTOMERS AND CASH PAYMENT TO SUPPLIERS
5 MARKS EACH
• MAKE PROFORMA CASH BUDGET FOR JAN,
FEB.MARCH AND THE QUARTER (ALL THE
MONTHS) 15 MARKS
• MAKE PROFORMA INCOME ST FOR THE QUARTER
10 MARKS
• MAKE PROFORMA BALANCE SHEET FOR THE
QUARTER 10 MARKS
OU HAVE STARTED A BUSINESS WITH INITIAL CASH AMOUNT
oF 500,000(beg cash)
HE SALES OF THE COMPANY FOR THE NEXT 3 MONTH (JAN;(400,000 ,FEB 160,000 MARCH 160,000
THE COMPANY EXPECTS •ro HAVE THE FOLLOWING SALES
OLLECTION PATTERN
SALES ON CASH IN THE SAME MONTH 20%
TO BE COLLECTED IN THE SECOND MONTH OF SALES 70%
SALES EXPECTED TO BE NEVER COLLECTED IN THE SECOND
MONTH END 10%
GROSS PROFIT MARGIN 60%
PURCHASES OF THE COMPANY EXPECTED TO BE JAN:200,000 FEB 80,000 MARCH 80,000
THE PAYMENT FOR THE PURCHASFS IS MADE IN THE THIRD
MONTH
PATENT IS BOUGHT IN THE FIRST MONTH WORTH IN JAN 36000
PATENT WILL BE AMORTIZED OVER NEXT THREE
YEARS,MONTHLY 1000
PLANT AND MACHINERY ARE BOUGHT IN FIRST MONTH WORTH 60,000
PLANT WILL DEPRECIATED PER 15% PER YEAR1.25% PER MONTH
RENT PRE PAYMENT IN MADE IN JAN FOR NEXT ONE YEAR
WORTH 48000
SALARIES ARE PAID MONTHLY WORTH (EACH ) 12000
UTILITY BILLS PAID MONTHLY IN CASH WORTH (EACH)10,000
TAX PAID AT 30% TAX RATE PAID AT THE END OF THIRD MONTH
IS OUT OF WHICH 87825 IS PAID AT THE END OF THIRD
MONTH AN REST WAS ACCRUED
MINIMUM BALANCE TO BE MENTAINED EVERY MONTH 100,000
aNY DEFICIT IN THE CASH WILL BE BORROWED ON 2%
MONTHLY INTEREST
Answers
The details of the cash collection from customers and cash payment to suppliers are given below:
Sales on cash in the same month: 20%
To be collected in the second month of sales: 70%
Sales expected to be never collected in the second month end: 10%The payment for purchases is made in the third month.
What informs the cash collection and cash payment?To calculate the cash collection from customers and cash payment to suppliers, determine the sales collection pattern and payment terms for purchases.
Below is the calculation for cash collection from customers and cash payment to suppliers:
1. Cash Collection from Customers:
January Sales: $400,000
20% collected in the same month: $400,000 × 20% = $80,000
70% to be collected in the second month: $400,000 × 70% = $280,000 (to be collected in February)
10% expected to be never collected in the second month end: $400,000 × 10% = $40,000 (expected to be never collected)
Total cash collection from customers in January: $80,000
February Sales: $160,000
20% collected in the same month: $160,000 × 20% = $32,000
70% to be collected in the second month: $160,000 × 70% = $112,000 (to be collected in March)
10% expected to be never collected in the second month end: $160,000 × 10% = $16,000 (expected to be never collected)
Total cash collection from customers in February: $32,000
March Sales: $160,000
20% collected in the same month: $160,000 × 20% = $32,000
70% to be collected in the second month: $160,000 × 70% = $112,000
10% expected to be never collected in the second month end: $160,000 × 10% = $16,000 (expected to be never collected)
Total cash collection from customers in March: $32,000
2. Cash Payment to Suppliers:
January Purchases: $200,000
Payment made in the third month: $200,000 (to be paid in March)
February Purchases: $80,000
Payment made in the third month: $80,000 (to be paid in March)
March Purchases: $80,000
Payment made in the third month: $80,000 (to be paid in June)
Now, let's calculate the proforma cash budget for January, February, March, and the quarter:
Proforma Cash Budget for January:
Beginning Cash Balance: $500,000
Cash Collection from Customers: $80,000
Cash Payment to Suppliers: $0
Purchase of Patent: $36,000
Purchase of Plant and Machinery: $60,000
Rent Prepayment: $48,000
Salaries: $12,000
Utility Bills: $10,000
Ending Cash Balance: $500,000 + $80,000 - $36,000 - $60,000 - $48,000 - $12,000 - $10,000 = $514,000
Proforma Cash Budget for February:
Beginning Cash Balance: $514,000
Cash Collection from Customers: $32,000
Cash Payment to Suppliers: $0
Salaries: $12,000
Utility Bills: $10,000
Ending Cash Balance: $514,000 + $32,000 - $12,000 - $10,000 = $524,000
Proforma Cash Budget for March:
Beginning Cash Balance: $524,000
Cash Collection from Customers: $32,000
Cash Payment to Suppliers:
$200,000
Salaries: $12,000
Utility Bills: $10,000
Ending Cash Balance: $524,000 + $32,000 - $200,000 - $12,000 - $10,000 = $334,000
Proforma Cash Budget for the Quarter:
Beginning Cash Balance: $500,000 (January)
Ending Cash Balance: $334,000 (March)
Proforma Income Statement for the Quarter:
Sales Revenue: $400,000 + $160,000 + $160,000 = $720,000
Cost of Goods Sold (60% of Sales): $720,000 × 60% = $432,000
Gross Profit: $720,000 - $432,000 = $288,000
Proforma Balance Sheet for the Quarter:
Assets:
Cash: $334,000
Patent: $36,000
Plant and Machinery: $60,000
Liabilities and Equity:
None mentioned in the given information.
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Related Questions
Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
questions.
Online Content Site 1
This site shows the occupations with the highest expected growth rates over the period 2014 - 2024. Which occupation is expected
to grow at the highest percentage increase? Is this occupation also expected to have the largest increase in the number of jobs?
Explain.
Answers
Answer:
there's is no meaning to this question
2. The demographics of your target market are likely to
over the course of
years
Answers
The demographics of your target market are likely to change
over the course of years.
What is demographics?Marketing demographics are variables like as age, geographic region, education level, employment, income, and so on that are used to categorize and segment a market. Marketing demographics make use of readily available information.
The statistical study of human populations is known as demography. Demographers evaluate population number, mobility, and structure using census data, surveys, and statistical models.
Demographic traits are easily discernible. Age, gender, family situation, education level, income, occupation, and race are just a few examples.
Hence, these traits change over time.
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Briefly explain the weaknesses of the RSA's Industrial Development Zones?
Answers
How many stages does the process of final accounting have?
Answers
The process of final accounting typically involves four stages.
How many stages does process of final accounting have?These stages are:
1. Recording: In this stage, financial transactions are recorded in the appropriate accounts using the double-entry bookkeeping system.
2. Adjusting: Adjusting entries are made to account for accruals, deferrals, and other adjustments necessary to ensure that the financial statements reflect the correct financial position and results of operations.
3. Summarizing: In this stage, the adjusted trial balance is prepared, and the financial statements are generated, including the income statement, balance sheet, and statement of cash flows.
4. Closing: The final stage involves closing the temporary accounts, such as revenue and expense accounts, into the retained earnings account to start the new accounting period with zero balances in those accounts.
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Identify the "entities", "processes" and "Data Store" associated with the Data Flow Diagram as it pertains to the Training Program Requirements provided below. You are not required to create a Data Flow Diagram. Training Program Requirements: After conducting the annual performance review of the employee, the Manager identifies employee's training needs. The Manager assigns various trainings from the training catalog database that is available in the Learning Management System. The information related to the training needs are stored in the individual Employee's Training Record and periodically reviewed to assess the progress on training. During the course of the year, the employee attends various trainings identified by the Manager. The Employee's Training Record is updated as- and-when the employee completes trainings. There is a Master Training Record which stores information about all the employees' training activities , and is used by the HR Director to assess the overall training progress of all employees . When writing your response please type it as follows in bullet points: Entities: Processes : Data Store:
Answers
Answer:
Entities:
ManagerEmployeeHR DirectorProcesses:
Conducting annual performance reviewIdentifying employee training needsAssigning trainings from training catalog databaseStoring information in individual Employee's Training RecordReviewing individual Employee's Training Record to assess progress on trainingAttending trainingsUpdating Employee's Training Record when training is completedStoring information in Master Training RecordAssessing overall training progress of all employees using Master Training RecordData Store:
Training catalog databaseLearning Management SystemIndividual Employee's Training RecordMaster Training RecordWhich of the following is the best definition of transferable skills?
Answers
Answer:
Skills that you may have learned in one context that you can take with you to many other contexts and industries.
Explanation:
Considering the available options, the best definition of transferable skills is "Skills that you may have learned in one context that you can take with you to many other contexts and industries."
This is based on the fact that transferable skills are skills and talents or proficiency that are considered suitable and valuable across different situational roles, including social context, and professional context. Good examples are creativity, leadership, and time management.
The two major newspapers in the city, Daily Voice and Town Herald, are considering whether to raise the subscription price. The first entries in the matrix above show the profits of Daily Voice, and the second entries show the profits of Town Herald. Which of the following is consistent with the above payoff matrix. O "Do not change subscription price" is a dominant strategy of Daily Voice O "Increase subscription price" is a dominant strategy for Town Herald O "Increase subscription price" is a dominant strategy for Daily Voice O "Do not change subscription price" is a dominant strategy of Town Herald O There are no dominant strategies in the above payoff matrix
Answers
There are no dominant strategies in the above payoff matrix consistent with the mentioned payoff matrix. Hence, option (e) can be regarded as the relevant choice of answer.
Give a brief account on payoff matrix.In game theory, a payoff matrix is a table where one player's strategies are written in rows and the other player's strategies are stated in columns. The cells in the matrix show the rewards for each player, with the row player's rewards appearing first. A player's incremental gain, profit, or loss, depending on whether they execute their strategy in response to the other player's strategy, is the game's payoff. The outcome is based on the game's circumstances. Businesses who are deciding on their advertising budgets, for instance, are concerned with their revenue, whereas businesses that are making new investments in machinery and plant are looking to determine their rate of return. Because it condenses the necessary data and enables us to assess whether a dominant strategy and/or Nash equilibrium exist, a payoff matrix is a crucial tool in game theory. It can be used in oligopoly models, among others.
To solve the question :
a) Payoff matrix
Do Not Change Increase Subscription
Subscription Price Price
Do Not Change Subscription
Price $500 $400 $200 $700
Increase Subscription Price $600 $300 $300 $100
The Daily Voice and Town Herald are the players in the matrix payoff game.
b) In this matrix, there isn't a dominant strategy that unquestionably benefits Daily Voice or Town Herald. If one party constantly benefits from a specific strategy, regardless of the plan the other party choose, then that strategy is said to be dominant.
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The complete question is mentioned below :
Do Not Change Subscription Price Increase Subscription Price
DailyVoice Do Not Change Subscription Price $500, $400 $200, $700
Increase Subscription Price $600, $300 $300, $100
The two major newspapers in a city, Daily Voice and Town Herald, are considering whether to raise the subscription price. The first entries in the matrix above show the profits to Daily Voice, and the second entries show the profits to Town Herald. Which of the following is consistent with the above payoff matrix?
a. Do Not Change Subscription Price is a dominant strategy forDaily Voice.
b. Do Not Change Subscription Price is a dominant strategy forTown Herald.
c. Increase Subscription Price is a dominant strategy forDaily Voice.
d. Increase Subscription Price is a dominant strategy forTown Herald.
e. There are no dominant strategies in the above payoff matrix
Ngwenya (Pty) Ltd incurred the following legal expense during the 2022 year of assessment ended 28 February 2022: i) R7 000 legal costs for debt collection. ii) R22 000 legal costs relating to the drawing up of an agreement to purchase a piece of land. iii) R48 000 relating to a dispute with a client of Ngwenya (Pty) Ltd who sued the company for supplying incorrect goods. Ngwenya (Pty) Ltd's lawyers were successful in defending the company on this matter. Determine the amount that is deductible by Ngwenya (Pty) Ltd relating to legal fees. a. R7 000 b. R55 000 c. R77 000 d. R29 000
Answers
If the company incurred legal expense during the 2022. The amount that is deductible by Ngwenya (Pty) Ltd relating to legal fees is R29,000.
Legal expenses deductibleUsing this formula
Legal expenses deductible= Legal costs for debt collection+ Legal costs relating to the drawing up of an agreement
Let plug in the formula
Legal expenses deductible=R7 000 +R22,000
Legal expenses deductible=R29,000
Therefore the amount that is deductible by Ngwenya (Pty) Ltd relating to legal fees is R29,000.
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eva always wanted to be a veterinarian
Answers
Good for Eva then. lol
Search to find any summary about the company that mentions funds for starting the business.
Look to see what kinds of products or services will be involved with the business.
Step 2. Search to find any summary about the company that mentions funds for starting the business. Try to find any information containing employee data in this section. Step 3. Find the section where the product or service is detailed. Look to see what kinds of products or services will be involved with the business. Compare this with what other similar business plans are offering.
Record the information you found for steps 2 and 3. Make sure you discuss how the company got money to start the business, employee data, and what products or services the company provides in comparison with what other similar business plans are offering.
Answers
After conducting research on the internet, a summary about a company that mentions funds for starting the business, employee data, and products or services that the company provides compared to other similar business plans has been found.
The company’s name is K-12 Business Education Services and they specialize in providing online business courses to K-12 schools. Their courses are designed to help students learn about business principles such as marketing, finance, accounting, and entrepreneurship. The company’s business plan indicates that they have received funding from several sources including angel investors, venture capitalists, and bank loans. They also have a team of experienced employees who have been in the business education industry for many years. According to the company’s website, they offer a wide range of courses that are designed to be engaging and interactive. Students can learn at their own pace and can complete their coursework from anywhere with an internet connection. The courses are also designed to be affordable, which makes them accessible to a wider range of students. In comparison to other similar business plans, K-12 Business Education Services is unique in that they offer a comprehensive range of courses that are designed specifically for K-12 students. Other similar business plans tend to focus on providing courses for adult learners or students who are already enrolled in college. Additionally, K-12 Business Education Services has received funding from several sources, which indicates that they are a promising start-up that has the potential to grow and expand in the future.For such more question on entrepreneurship
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WWhich 4 list types can be directly imported into QuickBooks Online from Excel?hich 2 features in QuickBooks Online can help a professional services company track profitability by client?
Answers
Customer, Vendor, Items, and Chart of Accounts from an Excel spreadsheet can be imported directly into Quickbooks Online. Two features that help professional services track profitability by client are Profit and loss customer report and recurring transactions.
Intuit created and sells the accounting software suite known as QuickBooks. QuickBooks products were first released in 1983 and are primarily targeted at small and medium-sized enterprises. They provide cloud-based accounting programs that take payments from companies, manage and pay invoices, and handle payroll in addition to on-premises accounting tools and provide services to track profit.
QuickBooks Online is a cloud solution provided by intuit (QBO). Instead of paying an upfront price, the user subscribes on a monthly basis and only uses a secure Web browser to log in to the software. Banks, payroll services, and cost management software are just a few of the third-party applications and financial services that Quickbooks Online integrates with.
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Open questions are a useful tool for both obtaining crucial information and _____________the interview.
Condensing
Shortening
Softening
Steering
Answers
Option c: Open questions are a useful tool for both obtaining crucial information and softening the interview.
The interview consists of a series of questions to understand the candidate's professional and educational background.
Employers can make an impression about your personality, skills and professional qualifications based on the interview.
Open-ended questions are formulated as statements requiring longer answers. Answers can be compared with information already known by the questioner.
Open questions help the interviewer to obtain important information and analyze candidates' methods of thinking. They are also useful in softening the interview.
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At the beginning of lecture, Dr.McCarty says that the US economy is built to serve:________.
a. The service industry
b. People who own things
c. The lower class
d. The industrial sector
Answers
Answer:
At the beginning of lecture, Dr.McCarty says that the US economy is built to serve:________.
b. People who own things
Explanation:
The U.S. economy, which is a mixed economy, exhibits both capitalism and socialism characteristics. While it allows economic freedom to people who own things (capitalists), occasionally, the government intervenes to achieve public good by imposing some restrictions and licensing. The government is also involved in some economic development, especially as it relates to education, roads, and healthcare. As a mixed economy, the government uses monetary and fiscal policies to rein in some of the excesses of capitalism.
Help!
dancing is considered as labor, capital,land or entrepreneurship?
Answers
Answer:
D. Entrepreneurship
Because 100% it's not a land or a capital. Well, it may be a labor, but mostly it's entrepreneurship.
Hope that helps you
what is the difference between quantity demand and quantity supply.
Answers
Answer:
The distinction between supply and quantity supplied is similar to the difference between demand and quantity demanded. If the market price of a product increases, then the quantity supplied increases, and vice versa.
Explanation:
.....
16660 kronas how much is this in us dollars
Answers
Answer: 1,900.05 United States Dollar
Explanation:
What is the major concern and emphasis in modern financial management?
Answers
Answer:
Fiance management is the areas of the organisation that deals with the investment and analyzing money for a business or person to make sound business decisions. the work done by accounting department of a company is an example of finance management.
There are three basic management decisions in the modern approach of management decisions, finance decisions, investment decisions and dividend decision.
The major trends in the finance management are security, mobility, data analytics, regulatory challenges and digitization.
Modern financial management is basically concerned and lay more emphasis on proper anticipating, acquisition and allocation of fund effectively.
Basically, the Financial management refers to the function of a department that deals with application of general principles of management to the financial possessions of a firm.
For instance, the accounting department of a firm is one which performs the finance management.
However, the Modern financial management is basically concerned and lay more emphasis on proper anticipating, acquisition and allocation of fund effectively.
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During the annual Black Friday Sale, The OLX sold a pair of ski boots, regularly priced at $245.00, at a discount of 40%. The boots cost $96.00 and expenses are 26% of the regular selling price. For how much were the ski boots sold?
Answers
Answer: $147
Explanation:
First find what 40% of $245.00 is:
= 40% * 245
= $98.00
The boots are sold at a discount of 40%. This means that 40% - which is $98 - was deducted from the value.
The selling price is therefore:
= 245 - 98
= $147
Country A is a main producer of agricultural goods. In the past three years, farmers in country A have seen their sales drop because consumers have begun to buy cheaper imported produce from country B. Not wanting the income of its farmers to drop, the government of country A imposes a tax on all agricultural imports from country B so that those goods are more expensive, and therefore less attractive, to consumers. The farmers in country A see their incomes begin to rise. Two months later, country B retaliates by levying a tax on all imports from country A. Because the manufacturing firms in country A lose business from the country they export to the most, they are forced to close.
What impact did the tariff that country A imposed on country B have?
Answers
Country B forced a tariff on country A's merchandise to retaliate for country A's tariffs.
What is a tax?Tax is exacted on an extensive variety of pay originating from salary, benefits from the business, property rental, and so financial contribution forced on the creation expenses or sales costs of labor and products.
In this way, while livelihoods increased for farmers in country A, the country's manufacturers lost a substantial amount of commodity business.
The manufacturers shut down, and their representatives lost their jobs. Ultimately, country A's regulations had an unfavorable impact on the country's own economy. Additionally, the tariff may have harmed country A's reputation as a trade partner and affected its future trade possibilities.
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Which of these situation statements is formatted correctly?
Select an answer:
The [SOLUTION] will address the effects of [X] on [Y].
The [SOLUTION] addresses the [NEED] and is v
Answers
The situation statement that is formatted correctly
"The [PROBLEM] has the effect of [X] with the resulting impact of [Y]."
What is a situation statement?The statement explains the situation as it is right now. It reveals the primary justification for the project's need. Additionally, it needs to describe how big the issue or chance is. Knowing this enables us to confirm if the suggested remedy is suitable.
The present issue that needs to be resolved or the opportunity that needs to be thoroughly investigated is stated in the first section of a scenario statement.
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Under which ownership type is an owner (or owners) not liable for the company's lawsuits?
A. sole proprietorship
B. partnership
C. franchise
D.corporation
Answers
Answer:
D. corporation
Explanation:
what is the community guidelines for Brainly?
Answers
Answer:
No bulling, no copying from websites, keep personal info private, and you have to be honest
If you wanan know more look up "bra.inly comm.unity gu.idelin.es"
Explanation:
Hope this helped!! :) (ignore the periods)
PLC Ltd. found the following debts to be bad on the dates shown
Answers
The acronym PLC, which stands for a public limited company, indicates that the firm's shares are publicly traded. It is the British equivalent of "Inc." in the United States.
What is PLC?In the United Kingdom, a public limited company (PLC) is a type of public business. PLC is the counterpart of a publicly listed firm in the United States that uses the Inc. or corporation classification. The inclusion of the PLC acronym following a business's name is required, and it informs investors and anybody interacting with the firm that it is a publicly listed corporation. PLC, which stands for a public limited company, is an acronym for public corporations in the United Kingdom.
PLCs make up the majority of the firms listed on the London Stock Exchange. A PLC shares can be purchased by any regular investor. Unlike privately held companies, public companies are required to publish financial data and disclosures to the public on a regular basis.
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A firm’s accounting profit is equal to
Answers
The total revenue less all explicit costs, including depreciation, is the accounting profit. Economic profit is calculated by deducting entire costs from the total revenue or return of a business or investment.
What is accounting?
Accounting is the organized, consistent recording, reporting, and comprehension of a business's financial activity.
Subtracting explicit costs from total revenues yields accounting profit. Total revenues minus both explicit and implicit costs equals economic profit.
Explicit costs are expenses incurred directly by a company, such as payments for goods, rent, or labor and salaries. Accounting profit exceeds economic profit, assuming that implicit costs are positive.
As a result, a firm’s accounting profit is equal to total revenue minus explicit costs.
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The two strategies for organizing reports
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Two main strategies for organizing reports are:
Use appropriate headingsDevelop each heading point with appropriate and understandable language.A report is a record that gives statistics in an organized format for a particular audience and motive. Although summaries of reports may be introduced orally, complete reviews are almost usually in the shape of written documents.
A report is a particular form of writing this is organized around concisely identifying and analyzing troubles, activities, or findings which have happened in a bodily feel, such as activities that have passed off inside a corporation, or findings from a research investigation.
Reports are written to present and talk studies' findings. They offer the reader the intent for the research, an outline of the method used to behavior the research, the findings, results, a logical dialogue, and conclusions/recommendations.
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Linking new information to what you already know or have studied
Is it virtuous or effective
Answers
Note that linking new information to what you already know or have studied is effective.
Why is this so?Associative memory is described in psychology as the ability to learn and retain the link between unrelated information. This includes things like remembering someone's name or the scent of a certain cologne.
Association is a strong memory mechanism that allows the brain to relate something familiar to something new that it is unfamiliar with. By associating the unexpected to the familiar, the brain is able to learn and retain the unfamiliar more readily.
This is why connecting the new to the ancient works so well.
Being virtuous is not the appropriate term to describe this method.
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Outline at least 6 economic importance of home/domestic trade
Answers
There are several economic importance of home/domestic trade.
Some of the economic importance of home/domestic tradeBoosting economic growth: Domestic trade helps to stimulate economic growth by increasing the circulation of goods and services within a country. This leads to increased production, investment, employment, and income.
Encouraging competition: Domestic trade promotes competition by providing consumers with a wider range of goods and services to choose from. This encourages producers to innovate and improve the quality of their products to remain competitive in the market.
Creating employment: Home trade creates employment opportunities in various sectors such as transportation, logistics, retail, and wholesale. This helps to reduce unemployment rates and stimulate economic development.
Generating revenue: Domestic trade generates revenue for the government through taxes, tariffs, and other forms of levies. This revenue can be used to fund social and economic development programs, such as infrastructure development, education, and healthcare.
Reducing dependence on imports: Home trade helps to reduce a country's dependence on imports by increasing local production and consumption. This helps to save foreign exchange reserves and improve a country's balance of trade.
Encouraging entrepreneurship: Domestic trade provides a platform for entrepreneurs to start and grow their businesses. This helps to create a vibrant business environment and stimulate innovation and creativity.
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Explain the differences between quality management and quality performance
Answers
While quality performance assesses the actual results and outcomes in terms of achieving quality standards and customer expectations, quality management focuses on the systematic management of quality processes and systems. To promote and ensure quality performance inside a company, quality management offers the structure and tools.
A company's, product's, or service's ability to continually performance properly is ensured through quality management. Planning for quality, ensuring for quality, controlling for quality, and improving for quality are its four key parts.
Quality management places equal emphasis on methods for achieving high product and service quality. As a result, quality management employs quality assurance and control of both processes and products to ensure more consistent quality. Quality management also includes quality control.
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5 eBook Preparing a consolidated income statement For the year ended December 31, 20Y2, the operating results of Paley Corporation and its wholly owned subsidiary, Sims Enterprises, are as follows: Paley Sims Corporation Enterprises Sales Cost of goods sold Gross profit Operating expenses Operating income Interest revenue Interest expense Net income Sales 3,200,000 (1,900,000) 1,300,000 (750,000) 550,000 20,000 Cost of goods sold Gross profit Operating expenses Operating income During 20Y2, Sims Enterprises sold and received payment of $80,000 for merchandise that was purchased by Paley Corporation. The merchandise sold to Paley cost Sims Enterprises $45,000. Paley Corporatio (nonaffiliated) company for $110,000. 570,000 a. Prepare a consolidated income statement for Paley Corporation and Subsidiary. Hint: Eliminate the effect of the intercompany sale. Paley Corporation and Subsidiary Consolidated Income Statement For the Year Ended December 31, 20Y2 Other revenue and expense: Interest revenue Interest expense Net income Print Item Check My Work 900,000 (550,000) 350,000 (125,000) 225,000 (15,000) 210,000 X All work saved. Email Instructor Sav
Answers
The cost of goods sold ($1,900,000 + $45,000) is adjusted by the intercompany sale. the effect of the intercompany sale is eliminated in preparing the consolidated income statement.
Consolidated income statement is used to combine the financial statements of two or more parent company and their subsidiaries into a single financial statement. Therefore, the consolidated income statement for Paley Corporation and its wholly owned subsidiary, Sims Enterprises can be prepared as follows; Paley Corporation and Subsidiary Consolidated Income Statement For the Year Ended
December 31, 20Y2Sales $3,200,000Cost of goods sold ($1,900,000 + $45,000) 1,945,000 Gross profit $1,255,000
Operating expenses ($750,000 - $125,000) 625,000
Operating income $630,000Other revenue and expense:
Interest revenue $20,000Interest expense ($15,000 + $20,000) (35,000)Net income $615,000Note: The cost of goods sold ($1,900,000 + $45,000) is adjusted by the intercompany sale.
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Jamie Kerr is an hourly employee of Noonan Company located in Los Angeles. This week, Kerr had to travel to the company's regional office in Santa Fe. He left Sunday at noon and arrived in Santa Fe at 3:30 P.M. During the week, he worked his normal 40 hours in the Santa Fe office (Monday through Friday-9 A.M. to 5 P.M.). In addition, he attended the company's 3½-hour work training session on Wednesday evening. Kerr's hourly rate of pay is $26.90 per hour.
Round the interim computations to two decimal places and use the rounded answers in subsequent computations. Round the final answers to the nearest cent.
a. Kerr's overtime earnings for the week are
b. Kerr's total earnings for the week are
Answers
a) Kerr received $164.78 in weekly overtime pay. Individuals who work for a company and receive compensation are called employees. Under the heading "Income from salaries," earned salaries are taxable.
How does income relate to salary?For the purposes of income tax, the amount that an employee receives from his employer in any of the following forms during a fiscal year will be considered "Salary": Wages: Wages are a set amount of money that an employer pays its employees in exchange for their work.
In the Netherlands, what is the "30 rule"?Employees recruited from outside the Netherlands to temporarily work here can take advantage of the 30% facility. They are exempt from paying tax on up to 30% of their salary provided they meet the conditions for the 30% facility.
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