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barxatty [35]
4 years ago
9

Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of S25 per un

it. Sales (in units) are forecasted at 45,000 for January, 55,000 for February, and 50,000 for March. Cost of goods sold is S14 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for this first quarter.
Business
1 answer:
alukav5142 [94]4 years ago
5 0

Answer:

Instructions are below.

Explanation:

Giving the following information:

Selling price= $25 per unit.

Sales (in units):

January= 45,000

February= 55,000

March= 50,000

The cost of goods sold is $14 per unit.

The gross profit is calculated using the following formula:

Gross profit= selling price - cost of goods sold

January:

Sales= 45,000*25= 1,125,000

COGS= 45,000*14= (630,000)

Gross profit= 525,000

February:

Sales= 55,000*25= 1,375,000

COGS= 55,000*14= (770,000)

Gross profit= 605,000

March:

Sales= 50,000*25= 1,250,000

COGS= 50,000*14= (700,000)

Gross profit= 550,000

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A company has got $500 in cash and cash equivalents, $300 in inventory and $200 in account receivables. The firm has long term a
ElenaW [278]

Answer:

The computation is shown below:

Explanation:

The computation is shown below:

Current ratio = current assets ÷ current liabilities

where,

Current assets = cash + inventory + account receivables

= $500 + $300 + $200

= $1000

Current liabilities is

= $200 + $400

= $600

So, the current ratio is

= $1,000 ÷ 600

= 1.67 times

Debt Ratio is

= Total Liabilities ÷ Total Assets

= $600 ÷ $1,500

= 40%  

TIE is Time Interest Earned ratio

= EBIT ÷  Interest Expense

= $5,000 ÷ $2,000

= 2.5

Profit margin is

= Net Income ÷ Total Sales

= $800 ÷$10,000

= 8%

And,

Total asset turnover  is

= Sales ÷ Total Assets

= $10,000 ÷ $1,500

= 6.67

7 0
4 years ago
In a compensatory stock option plan for which the grant and exercise dates are different, the stock options outstanding account
NeTakaya

Answer:

The correct answer is D

Explanation:

The compensatory stock option is the option which is given or provided to the employee, providing the ability for purchasing the certain number of the shares of the company at the price which is the pre- determined one along with the pre- determined range of the date.

And the stock options which have the outstanding account that should be decreased or reduced at the date of exercise.

3 0
3 years ago
Soar Incorporated is considering eliminating its mountain bike division, which reported an operating loss for the recent year of
makvit [3.9K]

Answer:

$133,000 decrease

Explanation:

The computation of the impact on the operating income is shown below:

Sales for the year    $1,052,000

Less:

Variable cost -$862,000

Contribution margin $190,000

Less:

Fixed cost for 30% of $190,000   -$57,000

Impact on the operating income $133,000

This amount reflects the decrease in the operating income

5 0
3 years ago
Magnus has reached the finals of a strength competition. In the first round, he has to pull a city bus as far as he can. One end
Soloha48 [4]

Answer: -3,300Nm or -3,300 Joules

Explanation:

Work = F X d

Where:

F = force = 1,500 N

d = distance = 2.20m

We will be taking into consideration that the work that the tension force on the rope does to Magnus is negative because the force goes against Magnus.

This is in accordance with Newton' third law, which states that for every action, there is an equal and opposite reaction.

Therefore, we have:

W = F X d

W = 1,500 X 2.20

W = 3,300Nm

Since we are not calculating the work done by Magnus, but rather the opposite work done by the rope, our answer will be negative.

We therefore have:

-3,300Nm or -3,300 Joules.

3 0
3 years ago
At the beginning of the year, the Finance Committee and the Planning Committee of a certain company each had n members, and no o
Alexus [3.1K]

The ratio of the total number of members who left at the end of the year to the total number of members at the beginning of the year was 1:6.

There were 24 members on the Finance Committee at the beginning of the year.

Explanation:

We are given that at the beginning of the year, the Finance Committee and the Planning Committee of a certain company each had n members, and no one was a member of both committees. At the end of the year, 5 members left the Finance Committee and 3 members left the Planning Committee.

First, we see that the total number of members of both committees at the beginning of the year is 2n. Also, since 5 members left the Finance Committee, the number of members who are on the Finance Committee at the end of the year is n – 5 and since 3 members left the Planning Committee, the number of members who are on the Planning Committee at the end of the year is n – 3.

We need to determine the value of n.

Considering the Statement  in the question

The ratio of the total number of members who left at the end of the year to the total number of members at the beginning of the year was 1:6.

We know that a total of 8 individuals left the committees at the end of the year. Using the information in statement one we can set up the following equation:

(number of members who left)/(members at the beginning)

8/(2n) = 1/6

Cross-multiplying, we obtain:

48 = 2n

24 = n

Thus, there were 24 members on the Finance Committee at the beginning of the year.  

4 0
4 years ago
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