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Please tell me about Purchases Discounts and Purchases Returns and

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Get college assignment help at Smashing Essays Question

  1. Please tell me about Purchases Discounts and Purchases Returns and Allowances. Please indicate the purpose of these accounts. Do they appear on the Financial Statements?
  2. Please tell me about Sales Discounts. Why are they necessary? Does this account appear on the Financial Statements?
  3.  How are sales to customers using credit cards recorded?
  4. Please show me an example of an Income Statement for a merchandising business?
  5. Please tell me how the Balance Sheet and Income Statement of a merchandiser differ from that of a service business?

The partnership of Tito

Question The partnership of Tito

1of 13TAJ HOTELS TAKESAIM AT NORTH AMERICARobert Hogan, College of

Question 1of 13TAJ HOTELS TAKESAIM AT NORTH AMERICARobert Hogan, College of CharlestonJohn Crotts, College of CharlestonCASE DESCRIPTIONThe primary subject matter of this case is ratio analysis on two potential acquisition targets being considered by Taj Hotels. The case has a difficulty level of threeand is therefore appropriate for junior level students. The case was crafted with management or hospitality management courses in mindbut given the pervasive use of ratio analysis throughout the business community this case is appropriate for a broad rangeof courses including finance and accounting. The case is designed to be taught during one, 75 minute class and we expect students will need at least two hours of preparation time outside of the classroom.CASE SYNOPSISThis case focuses on using ratio analysis to bring the student to a decision point, namely, which acquisition target is the best choice for Taj Hotels.The case includes background information on Taj and both acquisition targets, as well as financial data and a detailed description and calculation instructions for eighteendifferent ratios.NOTE: This case is based on real-life facts, but all of the financialsprovided are completely fictionalized.As a result the case was developed as a class exercise and should not be used as a source of primary data or illustration of effective or ineffective management.CASE BODYHeather Talati staredcontemplatively from her office at the corporate office of Taj Hotels, Resorts,and Palacesin Mumbai, India. It was October 6, 2014 and in three days she is scheduled to meetwith Rakesh Sarna, Taj’s Managing Director and CEO, to present her evaluation of two expansion opportunities in North America. Taj exited North America in the late 1990’sbut strategically re-entered the market seven years later focused on the luxury sector in the gateway cities of Boston, New York, and San Francisco. With complete backing from the Tata Group conglomerate, Taj Hotels, Resorts,and Palaceis perfectly poised for expansionthrough the purchase of a privately owned hotel/resort group.Heather knew that a careful analysis of Taj’s options would be expected and hopefully rewarded. She and her husband Shyam desired to return to the US,andtheexpansion of Taj’s US holdings could create opportunities for both of them. The company’s operating income was $73 million on $310 million in sales making it one of the more profitable divisions of the TataGroup(http://www.tata.com/article/inside/Financials-of-Tata-companies). Two expansion options seem promising. The first was Belmond Hotels (formerly Orient Express) whose North American properties included six (6) hotels and resorts it both owned andoperated in South Carolina, Maryland, California, St. Martin,and Mexico. The second option is Salamander Hotels, Resorts,and Spas whosefive (5) properties are located in Washington, DC, 2of 13North Carolina,and Florida. Initial appraisals of the real estate of both companies indicated Belmond and Salamander were similarly valued on a room key (e.g., guest room) basis. Belmond has a total of 715 guest rooms while Salamander is larger at 1,378. Heather was also informed that the strategic locations of both options were equally valued since Taj would continue to look for other companies to acquire to balance out its North American holdings.Heather retrieved from her bookshelf the textbook she used duringherMBA coursework titled “Valuationfor Hotel Investors”. History of the Taj Hotel GroupEstablished in 1904, Taj Hotels is one of Asia’s largest and finest groups, comprised of108 hotels in 63 locations across India with an additional 17 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lan

Problem 5-8 PaybackConsider the following projects: Cash Flows ($)Project C0

Question Problem 5-8 PaybackConsider the following projects: Cash Flows ($)Project C0 C1C2C3C4C5 -1100 1100 0 0 0 0  -2200 1100 1100 1400 1100 1100 -3250 1100 1100 0 1100 1100a. If the opportunity cost of capital is 11%, which project(s) have a positive NPV? Positive NPV project(s)Project AProject BProject CProjects A and BProjects A and CProjects B and CProjects A, B, and CNo project b. Calculate the payback period for each project: (Round your answers to 2 decimal places. If a project never pays back, enter “0”.) Project A year(s)   Project B year(s)   Project C year(s)  c. Which project(s) would a firm using the payback rule accept if the cutoff period were three years? Project(s) accepted                 (Click to select)Project AProject BProject CProjects A and BProjects A and CProjects B and CProjects A, B, and CNo project d. Calculate the discounted payback for each project. (Do not round intermediate calculations. Round your answers to 2 decimal places. If a project never pays back, enter “0”.) Project A year(s)Project B year(s)Project C year(s) e. Which project(s) would a firm using the discounted payback rule accept if the cutoff period were three years?  Project(s) accepted               (Click to select)Project AProject BProject CProjects A and BProjects A and CProjects B and CProjects A, B, and CNo project

what are the assumptions when calculating pension expense?

Question what are the assumptions when calculating pension expense?

Can you clarify “The pension fund needs to be a

Question Can you clarify “The pension fund needs to be a separate legal and accounting entity”, for example, who is the owner of pension plans? Should pension plan assets be included in the employer’s financial statements?

A company offers a 15% trade discount when providing services

Question A company offers a 15% trade discount when providing services of $5,000 or more to its customers. Record the transaction when the company provides services of $8,500 (not including the trade discount) on account. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field.)

Digital Organics (DO) has the opportunity to invest $1.14 million

Question Digital Organics (DO) has the opportunity to invest $1.14 million now (t = 0) and expects after-tax returns of $720,000 in t = 1 and $820,000 in t = 2. The project will last for two years only. The appropriate cost of capital is 14% with all-equity financing, the borrowing rate is 10%, and DO will borrow $280,000 against the project. This debt must be repaid in two equal installments of $140,000 each. Assume debt tax shields have a net value of $.25 per dollar of interest paid. Calculate the project’s APV. (Enter your answer in dollars, not millions of dollars. Do not round intermediate calculations. Round your answer to the nearest whole number.)

Cześć Restaurant has 40 seats and only operates 9 hours

Question Cześć Restaurant has 40 seats and only operates 9 hours a day. There are two new catering outlets located near Cześć Restaurant opened in April 2019, since then, the sales of Cześć Restaurant dropped. Below are the expenses of Cześć Restaurant for May 2019:Advertising $10,000Casual wages (10% of sales revenue) 55,000Depreciation 5,000Food and beverage cost (35% of sales revenue) 192,500’General and administration 8,000Other fixed costs 57,000Other variable costs (5% of sales revenue) 27,500Rent 150,000Staff salaries 130,000Utilities 75,000b) Assumed all fixed costs and the proportion of variable costs incurred in June 2019 is the same as in May 2019, and the forecasted check average is $185.i) Determine the breakeven sales level (in terms of sales revenue and number of covers served) in June 2019. Show your calculation.ii) Draw a breakeven graph to identify the breakeven sales level. You should indicate the fixed costs and the breakeven level in sales revenue and covers served on the graph.iii) If the projected seat turnover is 1.9 times in June 2019, what is the projected number of covers served in June 2019iv) If the cost of food and beverage is decreased to 30% of sales revenue, the total fixed costs is increased by $10,000, and the owner of the restaurant is expected to see a profit of $50,000 in June 2019, determine the sales revenue required.c) In view of the intensified competition, suggest any three (3) actions with example that Cześć Restaurant can take to increase sales revenue but without raising the selling price?

Sizemo Elektroniks sells semiconductors that are used in games and

Question Sizemo Elektroniks sells semiconductors that are used in games and small toys. The company has been extremely successful in recent years, recording an increase in earnings each of the past six quarters. At the end of the current quarter, Jay Shulz, the company’s staff accountant, calculated the ending inventory for the semiconductors and was surprised to find that the quantity of the Hayden X537 model had not changed during the quarter. Jay confirmed his calculation with the inventory control manager, who indicated that sales of the Hayden 537X had stopped when the Hayden 637X semiconductor was released early in the quarter. Jay researched the issue further and found that the Hayden 637X semiconductor has the same applications as the Hayden 537X, but has more computing power and a lower cost than the 537X. Jay emailed this information to Tina Vereen, the chief financial officer, and recommended that the company apply the lower-of-cost-or-market method to the Hayden 537X semiconductors in inventory.Later that day, Tina emailed Jay back instructing him not to apply the lower-of-cost-or-market method to the 537X inventory because “the company is under considerable pressure to maintain its track record of earnings growth, and a lower-of-cost-or-market adjustment would result in a significant decline in earnings this quarter.” Reluctantly, Jay followed Tina’s instructions.Evaluate the decision not to apply the lower-of-cost-or-market method in the current quarter. Who benefits from this decision? Who is harmed by this decision?Are Jay and Tina acting in an ethical manner? Explain.

Generally, Cost Volume Profit Analysis (CVP) is used for one

Get college assignment help at Smashing Essays Question Generally, Cost Volume Profit Analysis (CVP) is used for one of two possible reasons. It is either used to calculate a break even point for a business, or to help in measuring for a target profit and the sales volume needed to reach that profit. Of the two, which do you think is more important for a business? Explain your answer in detail.

Waterways has a sales mix of sprinklers, valves, and controllers

Question Waterways has a sales mix of sprinklers, valves, and controllers as follows.Annual expected sales: Sale of sprinklers 383,334 units at $26.00Sale of valves 1,405,558 units at $11.00Sale of controllers 36,508 units at $43.00Variable manufacturing cost per unit:Sprinklers $14.00 Valves $8.00 Controllers $30.00 Fixed manufacturing overhead cost (total) $779,000Variable selling and administrative expenses per unit:Sprinklers $1.00 Valves $1.00 Controllers $3.00 Fixed selling and administrative expenses (total) $1,598,350Determine the sales mix based on unit sales for each product. Sprinklers Valves Controllers Sales mix  %   %  %Using the annual expected sales for these products, determine the weighted-average unit contribution margin for these three products. (Round answer to two decimal places, e.g. 5.25.)Weighted-Average Unit Contribution Margin $Assuming the sales mix remains the same, what is the break-even point in units for these products? (Round answer to 0 decimal places, e.g. 2,520.)Break-even Point in Units units

The Vice President for Sales and Marketing at Waterways Corporation

Question The Vice President for Sales and Marketing at Waterways Corporation is planning for production needs to meet sales demand in the coming year. He is also trying to determine how the company’s profits might be increased in the coming year. This problem asks you to use cost-volume-profit concepts to help Waterways understand contribution margins of some of its products and decide whether to mass-produce any of them.Waterways markets a simple water control and timer that it mass-produces. Last year, the company sold 751,000 units at an average selling price of $4.90 per unit. The variable costs were $2,575,930, and the fixed costs were $772,779.What is the product’s contribution margin ratio? (Round ratio to 0 decimal places, e.g. 25%.)Contribution margin ratio  %What is the company’s break-even point in units and in dollars for this product?Break-even point in units unitsBreak-even point in dollars $What is the margin of safety, both in dollars and as a ratio? (Round ratio to 0 decimal places, e.g. 25%.)Margin of safety in dollars $Margin of safety ratio  %If management wanted to increase its income from this product by 10%, how many additional units would have to be sold to reach this income level?Waterways would have to sell an additional  unitsIf sales increase by 49,000 units and the cost behaviors do not change, how much will income increase on this product?Income will increase by $Waterways is thinking of mass-producing one of its special-order sprinklers. To do so would increase variable costs for all sprinklers by an average of $0.70 per unit. The company also estimates that this change could increase the overall number of sprinklers sold by 10%, and the average sales price would increase $0.20 per unit. Waterways currently sells 497,000 sprinkler units at an average selling price of $25.60. The manufacturing costs are $6,925,390 variable and $1,733,086 fixed. Selling and administrative costs are $2,617,010 variable and $783,290 fixed.If Waterways begins mass-producing its special-order sprinklers, how would this affect the company? (Round ratio to 0 decimal places, e.g. 5% and Net income to 0 decimal places, e.g. 2,520.) Current New Effect       Contribution margin ratio % % by   %Net income $ $ by $Waterways is thinking of mass-producing one of its special-order sprinklers. To do so would increase variable costs for all sprinklers by an average of $0.70 per unit. The company also estimates that this change could increase the overall number of sprinklers sold by 10%, and the average sales price would increase $0.20 per unit. Waterways currently sells 497,000 sprinkler units at an average selling price of $25.60. The manufacturing costs are $6,925,390 variable and $1,733,086 fixed. Selling and administrative costs are $2,617,010 variable and $783,290 fixed.If the average sales price per sprinkler unit did not increase when the company began mass-producing the special-order sprinkler, what would be the effect on the company? (Round answers to 2 decimal places, e.g. 5.25% or 2,520.25.)Contribution margin ratio %Profit $

The Lulu Company Solving a problem of this nature involves

Question The Lulu Company Solving a problem of this nature involves isolating the information provided and then utilizing same in order to prepare the required pro forma statements. Figure 4-1 provides a roadmap for the sequential preparation of the necessary elements of the plan beginning with a sales plan and a production plan. A few of important notes: 1. The problem provides sufficient information to discretely calculate cost elements for each month. Averages are not necessary. 2. A quarter is a three-month period of time. If the fiscal year starts in January and ends in December then the 1st Quarter will be January thru March. 3. Information provided in months other than the quarter will probably be useful in preparing the solution to the problem. 4. How to approach the solution? At a minimum they isolate the various elements of the solution. However developing a predecessor-to-successor flow by use of a spreadsheet may be a more sensible approach. Lulu’s Pet Toys, Inc. produces toy mice for cats (TMC toys) and sells them for $140 per thousand. Lulu is the owner and manages the inventory and finances of the company. Lulu has estimated sales for the upcoming months to be as follows: Last year Lulu Company’s sales were $168,000 in November and $238,000 in December (1,700,000 TMC toys). Lulu is preparing for a meeting with her banker to arrange the financing for the first quarter. Based on her sales forecast and the following information she has provided, your job as her new financial analyst is to look at a monthly cash budget, monthly and quarterly pro forma income statements, a pro forma quarterly balance sheet, and all necessary supporting schedules for the first quarter. The Lulu Company’s fiscal year is the calendar year. January 1,600,000 TMC toys $ 224,000 February 1,250,000 TMC toys $ 175,000 March 1,600,000 TMC toys $ 224,000 April 2,200,000 TMC toys $ 308,000 May 2,350,000 TMC toys $ 329,000 Adapted: Block, S.B., G.A.Hirt, B.R.Danielsen “Foundations of Financial Management”, McGraw-Hill. Past history shows that the Lulu Company collects 50 percent of its accounts receivable in the normal 30-day credit period (the month after the sale) and the other 50 percent in 60 days (twomonths after the sale). The company pays for materials 30 days after receipt. In general Lulu likes to maintain an end of month inventory that is equal to the next two-months expected sales. The inventory at the beginning of December was 3,300,000 units. (the desired two-month supply.) The major cost of the production is the purchase of raw materials that include catnip, fabric and thread which are then assembled and packaged. Last year raw material costs were $ 45 per 1,000 TMC toys, but due to high demand in Colorado the cost of catnip has increased causing the total cost of materials to increase effective January 1st to $62 per 1,000 TMC toys. The Lulu Company uses FIFO inventory accounting. Labor costs remain unchanged at $20 per thousand TMC toys and overhead is allocated at $10 per thousand units. Selling and administrative expenses are 20% percent of sales. Labor expense and overhead are paid each month while interest and taxes are paid quarterly. The annual interest rate for long term debt is 6%. The Lulu Company maintains a minimum cash balance of $30,000 and puts all excess cash at the end of the month into marketable securities. The average tax rate is 40% and Lulu typically pays 35% of the net income to stockholders as dividends. If there is a shortfall of cash needed to maintain the minimum cash balance of $30,000 then marketable securities are to be sold before funds are borrowed. There is no plan to purchase new fixed assets. Depreciation expense is recorded at the end of the 4 th quarter (October thru December). Ignore the interest on any short-term borrowings. Interest on the long-term debt for the first quarter is paid in March, as are taxes and dividends. No changes to long term debt or stock issuance are planned for the 1st quarter. Adapted: Block, S.B., G.A.Hirt, B.R.Danielsen “Foundations of Financial Management”, McGraw-Hill. As of the end of December the Lulu Company’s balance sheet is as follows: LuLu’s Pet Toys, Inc. Balance Sheet December 31, 20XX Assets Current assets: Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,000 Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . 322,000 Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . … . . . .. 213,750 Total current assets . . . . . . . . …… . . . . . . . . . . . . .. $ 565,750 Fixed assets: Plant and equipment . . . . . . .. . . . .. .. . . . . . . . . . . . 1,000,000 Less: Accumulated depreciation . . . . . . . . . . . . . . (200,000) 800,000 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,365,750 Liabilities and Owners’ Equity Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 56,250 Notes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -0- Long-term debt, 6 percent . . . . . . . . . . . . . . . . . . . . 420,000 Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544,500 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . 345,000 Total liabilities and stockholders’ My question is what does a monthly and quarterly pro forma income statements, a pro forma quarterly balance sheet look like and what are the differences between the monthly and quarterly income statements?

Determine the Cash Value of Hershey Company for the year

Question Determine the Cash Value of Hershey Company for the year 2017, do calculations for the Net Worth Method and the Net Income Method,

Sales Y2 $39,528 Sales Y1 $40,339 Accounts receivable at end

Question Sales Y2 $39,528 Sales Y1 $40,339 Accounts receivable at end of year Y2 1,162  Accounts receivable at end of year Y1 1,280

This question was created from ACC561 Week 2 assignment info.docx

Question This question was created from ACC561 Week 2 assignment info.docx https://www..com/file/24653367/ACC561-Week-2-assignment-infodocx/ I need help understanding and finding out the cash and accrual method for all 4 situations in the scenario as well as if the proper accrual method. I also need help with the second bullet point. ATTACHMENT PREVIEW Download attachment 24653367-323486.jpeg ACCFbfil WEEK 2 ASSIgflment Informatlon Scenario: BizCon. a consulting firm, has just completed its first year of operations. The companys sales growth was explosive. To encourage clients to hire its services, BizCon offered 180—day financing – meaning its largest customers do not pay for nearly 6 months. Because BizCon is a new company. its equipment suppliers insist on being paid cash on delivery. Also. it had to pay up front for 2 years of insurance. At the end of the year, BizCon owed employees for one full month of salaries. but due to a cash shortfall. it promised to pay them the first week of next year. As the senior accountant, the Chief Financial Officer has asked you to prepare a memo to be sent to management notifying them of the delayed wage payments. Prepare the memo in a maximum 700 words including the following information to better outline the situation: . Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting. – Assess how at the end of the year, BiZCon reported a favorable net income, yet the company‘s management is concerned because the company is very short of cash. Explain to management how BizCon could have positive net income and yet run out of cash.

Sorry, the images are somewhat out of order. Attachment 1

Question Sorry, the images are somewhat out of order. Attachment 1 Attachment 2 Attachment 3 ATTACHMENT PREVIEW Download attachment Screen Shot 2019-07-01 at 6.22.06 AM.png Problem 21-9 Sharma Corporation has decided that, in preparing its 2017 financial statements under IFRS, two changes should be made from the methods used in prior years: 1. Depreciation. Sharma has used the tax basis (CCA) method of calculating depreciation for financial reporting purposes. During 2017, management decided that the straight-line method should have been used to calculate depreciation for financial reporting purposes for the years prior to 2017 and going forward. The following schedule identifies the excess of depreciation based on CCA over depreciation based on straight-line, for the past years and for the current year: Excess of CCA-based Depreciation over Straight-Line Depreciation Calculated for Financial Statement Purposes Prior to 2016 $1,370,000 2016 106,400 2017 104,500 $1,580,900 Depreciation is charged 75% to cost of sales and 25% to selling, general, and administrative expenses. 2. Bad debt expense. In the past, Sharma recognized bad debt expense equal to 1.5% of net sales. After careful review, it has been decided that a rate of 1.75% is more appropriate for 2017. Bad debt expense is charged to selling, general, and administrative expenses. The following information is taken from preliminary financial statements, which were prepared before including the effects of the two changes SHARMA CORPORATION Condensed Statement of Financial Position December 31, 2017 Assets 2017 2016 Current assets $28,340,000 $29,252,000 Plant assets, at cost 45,792,000 43,974,000 Less: Accumulated depreciation (23,761,000) (22,946,000) Other long-term assets* 15,221,000 14,648,000 $65,592,000 $64,928,000 Liabilities and Shareholders’ Equity Current liabilities $21,124,000 $23,650,000 Long-term debt 15,154,000 14,097,000 Share capital 11,620,000 11,620,000 Retained earnings 17,694,000 15,561,000 $65,592,000 $64,928,000 *Includes deferred tax asset of $225,000 (2017) and $234,000 (2016), with the latter amount being the result of deductible temporary differences that occurred before 2016. SHARMA CORPORATION Condensed Income Statement Year Ended December 31, 2017 2017 2016 Net sales $80,520,000 $78,920,000 Cost of goods sold 54,847,000 53,074,000 25,673,000 25,846,000 Selling, general, and administrative expenses 19,540,000 18,411,000 6,133,000 7,435,000 Other expense, net (1,198,000 ) (1,079,000 ) Income before income tax 4,935,000 6,356,000 Income tax 1,480,500 1,906,800 Net income $ 3,454,500 $ 4,449,200 The condensed statement of financial position as at December 31, 2015 included the following amounts (excluding the effects of the changes above): current assets $28,454,000; plant assets, at cost $42,568,000; accumulated depreciation $22,429,000; other long- term assets $14,282,000; current liabilities $26,603,200; long-term debt $13,540,000; share capital $11,620,000; and retained or 2016. earnings $11,111,800. Dividends of $1,321,500 were declared on December 31, 2017; however, no dividends were declared in 2015 There have been no temporary differences between any book and tax items prior to the above changes except for those that involve the allowance for doubtful accounts. For tax purposes, bad debts are deductible only when they are written off. The tax rate is 30%.Read more ATTACHMENT PREVIEW Download attachment Screen Shot 2019-07-01 at 6.22.15 AM.png For each of the items that follow, calculate the amounts that would appear on the comparative (2017 and 2016) financial statements of Sharma Corporation after adjustment for the two accounting changes. Show amounts for both 2017 and 2016, and prepare supporting schedules as necessary. (Round answers to 0 decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 1. Accumulated depreciation December 31, 2016 21,469,600 December 31, 2017 22,180,100 2. Deferred tax asset/liability V December 31, 2016 442,920 December 31, 2017 $: -96,800 3. Selling, general, and administrative expenses December 31, 2016 18,384,400 December 31, 2017 19,715,175 4. Current income tax expense December 31, 2016 1,938,600 December 31, 2017 1,451,355 5. Deferred tax expense December 31, 2016 ($31,800) December 31, 2017 29,145 ATTACHMENT PREVIEW Download attachment Screen Shot 2019-07-01 at 6.22.38 AM.png SHARMA CORPORATION Condensed Statement of Financial Position As at December 31 2017 2016 (Restated) January 1, 2016 (Restated) Assets Current Assets 28,138,700 29,252,000 1th 28,454,000 Plant Assets 45,792,000 43,974,000 42,568,000 Less Accumulated Depreciation -22,180,100 x -21,469,600 -20,974,000 Other Long-term Assets 14,996,000 14,648,000 14,282,000 x Total Assets 66,971,600 x 66,404,400 X 64,330,000 Liabilities and Shareholders’ Equity Current Liabilities 21,124,000 23,650,000 26,603,200 X Long-term Debt x x 15,154,000 14,097,000 13,540,000 Share Capital 11,620,000 11,620,000 11,620,00 Retained Earnings x 18,718,694 x 16,653,700 12,130,30 Total Liabilities and Shareholder’s Equity X 66,616,694 66,020,700 X 63,893,500 SHARMA CORPORATION Income Statement For the Years Ended December 31 2017 2016 (Restated) Net Sales 80,520,000 78,920,000 Cost of Goods Sold -54,768,888 -52,994,500 25,751,112 25,925,500 Selling, General and Administrative Expenses -19,715,175 18,384,400 X 155,004,063 150,298,900 Other Income / (Expense) -1, 198,000 -1,079,000 x Income Before Income Tax 156,202,063 151,377,900 Income Tax Current Income Tax Deferred x 46,860,619 45,413,370Read more

I own a home healthcare business for disable Veterans. What

Question I own a home healthcare business for disable Veterans. What information will you need to prepare the cash flow statement?Which method will you use to prepare the cash flow statement? Why?How can a horizontal analysis help you evaluate the performance of your company? Vertical analysis? Which analysis do you think is more important or relevant as a business owner?

I answered #7=437250I am having issues with the following question

Question I answered #7=437250I am having issues with the following question #8, #9, #10, when trying to plug them into my formulas. My answers are not correct. Will you help me?7) Big City Manufacturing (BCM) is preparing its cash budget and expects to have sales of $450,000 in January, $375,000 in February, and $555,000 in March. If 20% of the sales are for cash, 45% are credit sales paid in the month after the sale, and another 35% are credit sales paid 2 months after the sale, what are the expected cash receipts for March? Enter your answer rounded to two decimal places. Do not enter $ or comma in the answer box. For example, if your answer is $12,300.456 then enter as 12300.46 in the answer box. =4372508) In problem 7, Big City Manufacturing (BCM) assumed that all credit sales were paid in full, which is not realistic. BCM studied its past credit sales and determined that 3.25% of its credit sales resulted in Bad Debts that were never collected. Using the data from the previous problem with the new assumption that 3.25% of credit sales were never collected, what is your revised estimate for the expected cash receipts for March? Enter your answer rounded to two decimal places. Do not enter $ or comma in the answer box. For example, if your answer is $12,300.456 then enter as 12300.46 in the answer box.9) In problem 7, Big City Manufacturing (BCM) assumed that all credit sales were paid in full, with no bad debt expense. For this problem, please assume that bad debt expense is again 0% for BCM. Purchases for next month’s sales are 70% of projected sales for the next month, and April sales are estimated to be $495,000; purchases for April are paid in cash in March.  “Other payments,” which include wages, rent, and taxes, are 25% of sales for the current month. Construct a cash budget for March using your expected cash receipts from problem 7 and calculate the average net cash flow during the month of March. Enter your answer rounded to two decimal places. Do not enter $ or comma in the answer box. For example, if your answer is $12,300.456 then enter as 12300.46 in the answer box.10) Big Retailer (BR) follows a moderate current asset investment policy, but is now considering a change, perhaps to a restricted or maybe to a relaxed policy. BR’s annual sales are $1,400,000; its fixed assets are $950,000; its target capital structure calls for 40% debt and 60% equity; its EBIT is $450,000; the interest rate on debt is 8%; and its tax rate is 20%. With a restricted policy, current assets will be 20% of sales, while under a relaxed policy, current assets will be 35% of sales. What is the difference in the projected ROEs between the restricted and relaxed policies? Enter your answer rounded to two decimal places. Do not enter % in the answer box. For example, if your answer is 0.12345 or 12.345% then enter as 12.35 in the answer box.

Using the direct method, prepare the statement of cash flows

Question Using the direct method, prepare the statement of cash flows for the year ended June 30, 2017 Attachment 1 Attachment 2 ATTACHMENT PREVIEW Download attachment Snip 2019-07-01 09.08.44.png The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $102,100 $ 53,000 Accounts receivable, net 78,500 Inventory 72, 800 60,000 100,000 Prepaid expenses 5,300 7, 200 Total current assets 259, 700 220, 200 Equipment 133,000 124,000 Accum. depreciation Equipment (31, 500) (13,500) Total assets $360, 200 $330, 700 Liabilities and Equity Accounts payable $ 34,000 $ 43,500 Wages payable 6, 900 16,800 Income taxes payable 4,300 5,600 Total current liabilities 45,200 65,900 Notes payable (long term) 39,000 69,000 Total liabilities 84 , 200 134,900 Equity Common stock, $5 par value 238,000 169,000 Retained earnings 38,000 26,800 Total liabilities and equity $360, 200 $330, 700 IKIBAN INC. Income Statement For Year Ended June 30, 2017 Sales $723,000 Cost of goods sold 420,000 Gross profit 303,000 Operating expenses Depreciation expense $67,600 Other expenses 76,000 Total operating expenses 143, 600 159, 400 Other gains (losses ) Gain on sale of equipment 2,900 Income before taxes 162,300 Income taxes expense 44,790 Net income $117, 510 Additional Information a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. C. New equipment is acquired for $66,600 cash. d. Received cash for the sale of equipment that had cost $57,600, yielding a $2,900 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit.Read more ATTACHMENT PREVIEW Download attachment Snip 2019-07-01 09.13.02.png IKIBAN, INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net Increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end 5

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