Question 1
Revise financial statement and do adjusting entries The manager John: ?We've written off $27000 in accounts receivable to bad debts during the past year. We still have $12,300 over 60?days old and $1,500 more is in the courts. Our accounts are slow by good, and this slows down our cash flow. Our biggest customer pays us in 45 days; they're 40 percent of our total receivables. That 'other accounts receivable' is a personal loan I took out for my car. One? third of our raw?materials inventories are not being utilized; we bought this material in advance because the price was going up; we may use it later in the year. We've got good profit possibilities in that power?tool?housing job; that should keep us running and making money until the end of the fiscal year on November 31, 2011. That other asset, the mold?we built that for a guy who never picked it up. It's an one?of?a?kind job. The termination claim for breach of contract is in the courts. That accrued liability is a note we owe another supplier for material which we purchased last year. We want to use your material, but we've got to have open credit; our cash flow is too slow for COD. Go along with us and we'll push 250,000 pounds of volume your way at $1.00 per pound for the power?tool?housing job. If you don't, we'll have to buy the material elsewhere. Our sales volumes running 40 percent from a mold manufacturer and 60 percent from injection molder of plastic products. Because of the large number of molders and the relatively low number of manufacturers, plastic molding is a very competitive, marginally profitable venture. Most plastic molders have cash flow problems, and commonly pay in 50 days; terms of sale for raw plastic are 30 days. We shows a sporadic payment record in the industry, paying suppliers in anywhere from 50 to 150 days. During the last year, we bought $6,700 from Plastic Supplier, Inc., and paid in 120 days. Manufacturers use many molders and can obtain quantity discounts by buying for all of the molders at once.? The sales department of Chemical Products has advised John that they are very interested in selling to the account. Profit margins are 20 percent on the product that John? company wants to buy. Recently, several accounts, to which John elected not to grant credit, have gone to competitors and have not defaulted. The salesman considers Blue Tie John will pay up eventually. May 31, 2010 Six?Month, Unaudited Financial Statement Current assets Cash in bank $ 3,241 Accounts receivable Trade (pledged) 119,284 Other 10,110 Total accounts receivable 129,394 Inventories Raw materials 99,990 Tooling 37,800 Finished parts 81,642 Total inventories 219,432 Total current assets $352,067 Other assets Termination claim 45,645 Mold 27,424 Total other assets 73,069 Fixed assets Equipment less depreciation 315,980 Total fixed assets 315,980 Total assets $741,121 Current liabilities Notes payable (secured) $92,198 Accounts payable 112,309 Accrued liabilities 45,668 Current portion of S.B.A.loan 37,500 Total current liabilities $287,875 Other liabilities Customer deposits 48,750 Total other liabilities 48,750 Long?term liabilities S. B.A. loan (secured by fixed assets) 314,948 Total long?term liabilities 314,948 Owner?s equity Capital stock 27,000 Retained earnings 62,548 Total owners' equity 89,548 Total liabilities and owners' equity $741,121 Unaudited Income Statement Sales $584,652 Cost of goods sold 482,718 Gross margin on sales 101,934 Selling and administrative expenses 51,060 Interest expense 13,839 Profit before taxes $ 37,035
Question 2
Question 1 10 points Save The Olsen Agricultural Company has determined that the weight of hay bales is normally distributed with a mean equal to 80 pounds and a standard deviation equal to 8 pounds. Based on this, what is the mean of the sampling distribution for if the sample size is n = 64? a. 80 b. 10 c. Between 72 and 88 d. 8 Question 2 10 points Save 44. If a manager wishes to develop a confidence interval estimate for estimating the difference between two population means, an increase in the size of the samples used will result in: a. an increase in the size of the critical value. b. a wider confidence interval. c. a more precise confidence interval. d. a less precise confidence interval Question 3 10 points Save 45.If the population variances are assumed to be known in an application where a manager wishes to estimate the difference between two population means, the 95% confidence interval estimate can be developed using which of the following critical values: a. z = 1.96. b. z = 1.645. c. t value that depends on the sample sizes from the two populations. d. z = 2.575 Question 4 10 points Save 59.A hypothesis test for the difference between two means is considered a two-tailed test when: a. the null hypothesis states that the population means are equal. b. the population variances are equal. c. the alpha level is 0.10 or higher. d. the standard deviations are unknown Question 5 10 points Save Which of the following is an assumption for the one-way analysis of variance experimental design? a. All populations are normally distributed. b. The populations have equal variances. c. The observations are independent. d. All of the above. Question 6 10 points Save In a test for determining whether two population variances are the same or different, the larger the sample sizes from the two populations, the lower will be the chance of making a Type I statistical error. True False Question 7 10 points Save In a hypothesis test involving two population variances, if the null hypothesis states that the two variances are strictly equal, then the test statistic is a chi-square statistic. True False Question 8 10 points Save When a pair of variables has a positive correlation, the slope in the regression equation will always be positive. True False Question 9 10 points Save The scatter plot is a two dimensional graph that is used to graphically represent the relationship between two variables. True False Question 10 10 points Save A one-tailed hypothesis test for a population variance always has the rejection region in the upper tail. True False Question 11 10 points (Extra credit) Save The test statistic that is used when testing a null hypothesis for a population variance is the standard normal z value. True False Question 12 10 points Save Which of the following statements is not consistent with the Central Limit Theorem? a. The Central Limit Theorem applies without regard to the size of the sample. b. The Central Limit Theorem applies to non-normal distributions. c. The Central Limit Theorem indicates that the sampling distribution will be approximately normal when the sample size is sufficiently large d. The Central Limit Theorem indicates that the mean of the sampling distribution will be equal to the population mean.,Great, Thank you.,just copy and paste and send to me.,I still can not download the document,once completed could you email to me directly with a like to accept so that you are being paid as well.,I no longer need this information, i faxed the center with my concerns. I have gotten the information elsewhere, i had termination my membership because of the problems that they system was having. Sorry
Question 3
April 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 4 Purchased land costing $30,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employee $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 1. 13 Paid $1,500 cash for a one ???year insurance policy. 17 Declared and paid a $1,000 cash dividend. 20 Received $5,700 in cash for admission fees. 25 Sold 100 coupon books for $25 each.Each book contains 10 coupons that entitle the holder to 1 admission per park. 30 Received $8,900 in cash admission fees. 30 Paid $900 on balance owed for advertisiing incurred on April 8. Mendez uses the following account: Cash;Prepaid Insurance;Land;Accounts payable;Unearned Admissions Revenue; Common Stock;Dividends; Admission Revenue; Advertising Expense; and Salaries Expense. II) Jane Kent is a Licensed CPA. During the first month of operations of her business, Jane Kent Inc, the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for comon stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on acount from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement . 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid Secretary-receptionist $2,000 salry for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart accounts: No. 101 Cash, Mo. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No.311 Common Stock, No. 400 Service Revenue, no. 726 Salaries Expense, and No. 729, Rent Expense. Instructions (a) Journalize the transactions. (b) Post to the lefger accounts (c) Prepare a trial balance on May 31,2008.
Question 4
Topic: (ATTACHED Different solutions, not same as QID:7459143) A friend has asked you for some advice: "My small business now makes a profit; I am only too aware of this, as I now face a big tax bill each year, when my tax accountant has prepared my annual accounts. However, I don't feel much better off personally, so this is not quite what I had expected when I took the risk of resigning my job and setting up my own firm. The accountant is now trying to persuade me to pay her even higher fees, by letting her prepare monthly 'management accounts' for me. She says that I would also benefit from something called CVP analysis on my various product lines. I know that you are now doing an MBA. What does she mean here, and is this likely to be worth my paying her for?" Outline the differences between financial reporting and managerial accounting information and explain the benefits and potential problems associated with cost?volume?profit (CVP) analysis. How might the technique that you have discussed assist your friend in the effective management of his business' resources? What advice would you give him? ****************************************************************** I have attached solution for above topic. I need your help to summaries in 2-3 paragraphs of 3-4 lines long is fine, and it's required to cite 1 or 2 sources. your summary should cover below point. ? Ask a probing question. ? Share an insight from having read the attached solution. ? Offer and support an opinion or suggestion. ? Validate an idea with your own experience. ? Expand on the ideas in attached solutions. Example solutions you can refer question id: 7430140. I am looking for similar solution for this assignment. "
Question 5
1. Marketing: Prepare a five-year sales forecast for the company. List and explain/quantify each factor that went into your forecast (e.g., past three year company sales trends). Do not rely solely upon past sales trends. Make this a high level forecast and include broad items that would affect strategy. Show your calculations in a table and, if needed, explain your calculations so they are clear. Analyze your marketing efforts in terms of product, price, place, and promotion. Be specific for each of the four items and pay particular attention to the strategic implications of your pricing plan and product mix. What might be some of the financial, logistical, and strategic implications of your marketing plan? 2. Logistics and Operations: Discuss supply chain issues and possible areas for improvement. Desired improvements should be stated specifically. The logistics areas should address all parts of the supply chain which may or may not be limited to the following six items: i. Supplier transportation to Harrison?s distribution centers ii. Storage (inventory) at the distribution centers iii. Transportation from the distribution centers to the stores iv. Storage (inventory) in the stores v. Information needs, covering all the above items including merchandise purchasing and store re-ordering Item iii is one of the most important, strategically. Given your strategy, you will increase the number of stores (expansion strategy), decrease them (retrenchment strategy), or keep them the same (holding strategy). Although you do not need to draw a map (see Attachment 2), you should identify the number of stores affected by location in a table. Changes in distribution centers, if any, should also be outlined in this table. You will address these issues further when you discuss your strategy (Rubric #1). In terms of store operating expenses, there are several things to consider. Are the stores the right size? Constraints of the case are that you own all of your stores and you cannot lease (you may only purchase) new stores. You cannot relocate to a different store in the same town. Prepare an additional operating analysis which outlines the planned employee load schedule for a store. Provide this in table form and clearly explain your calculations. For example, you might state that all Saturdays throughout the year should be staffed by two employees. Your analysis should reflect the number of hours available per store. How might sale forecasts be important for making these logistical and operating decisions? What might be some financial implications for the company?
