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Bezzdna [24]
3 years ago
5

Miracle Mobile Devices, Inc., is a private, for-profit corporation that

Business
1 answer:
photoshop1234 [79]3 years ago
8 0

Answer:

B. A close corporation

Explanation:

Based on the information provided within the question it can be said that Miracle Mobile Devices Inc. is a closed corporation. This term refers to company that is not a public corporation and does not surpass a predefined number of shareholders or stakeholders. Which both statements 2 and 4 defend this declaration.

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A firm’s income statement included the following data. The firm’s average tax rate was 20%. Cost of goods sold $ 9,000 Income ta
Semmy [17]

Answer:

a. $12,000

b. $32,000

c. $17,000

Explanation:

The computations are shown below:

a.  Net income = (Income tax paid ÷ Tax rate) – Income tax paid    

Net income = ($3,000 ÷  20%) - $3,000    

                   = $12,000

b.  Revenues = Cost of goods sold + Income tax paid + Administration expense + Interest paid + Depreciation + Net income

= $9,000 + $3,000 + $4,000 + $2,000 + $2,000 + $12,000

= $32,000

3. EBIT = Net income + Interest expense + Taxes

= $12,000 + $2,000 + $3,000

= $17,000

8 0
3 years ago
The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are p
Rina8888 [55]

Answer:

Bridgeport Housewares Inc.

1. Monthly Cash Budget with supporting schedules for September, October, and November:

a. Cash Budget for September, October, and November:

                                                        September      October     November

Beginning balance                           $40,000      $111,0000      $137,500

Cash receipts                                   253,000       259,500        288,000

Total cash available                       $293,000     $370,500     $425,500

Cash Payments:

Payment for manufacturing costs   140,000       130,000        135,000              

Income tax                                                              55,000

Dividend                                                                                      25,000

Selling & administrative expenses   42,000        48,000          51,000

Capital expenditures                                _                    _       200,000

Total cash payment                      $182,000    $233,000      $411,000

Balance                                           $111,000     $137,500       $14,500

Minimum Cash Balance                  50,000        50,000         50,000

Cash to invest or borrow              $61,000      $87,500      -$35,500

b. Supporting Schedules:

i) Cash Collections:

                                                        September      October     November

10% Cash Sales, month of sales       $25,000     $30,000       $31,500

Sales on account: 90%

70% following month of sales                               157,500        189,000

30% 2nd month following sale                                                    67,500

30% of July Sales                                60,000

70% of August                                    168,000

30% of August                                                        72,000

Total cash receipts                         $253,000  $259,500     $288,000

2. The budget indicates that the minimum cash balance (will or will not) be maintained in November.  This situation can be corrected by (investing or borrowing) and/or by the (purchase or sale) of the marketable securities, if they are held for such purposes.  At the end of September and October, the cash balance will (exceed or be sort of) the minimum desired balance.

Explanation:

a) Data and Calculations:

1. Budget Information:

                                                        September      October     November

Sales                                                 $250,000    $300,000      $315,000

Manufacturing costs                           150,000       180,000        185,000

Selling and administrative expenses  42,000         48,000          51,000

Capital expenditures                                _                    _           200,000

2. Cash Collections:

                                                        September      October     November

10% Cash Sales, month of sales       $25,000     $30,000       $31,500

Sales on account: 90%

70% following month of sales                               157,500        189,000

30% 2nd month following sale                                                    67,500

30% of July Sales                                60,000

70% of August                                    168,000

30% of August                                                        72,000

Total cash receipts                         $253,000  $259,500     $288,000

3. Manufacturing Costs:

Manufacturing costs                           150,000       180,000        185,000

less Depreciation, insurance, &

property tax expenses                       50,000        50,000          50,000

Remainder                                          100,000       130,000        135,000

4. Remainder of Manufacturing costs:

80% paid in the month incurred        80,000       104,000        108,000

Remainder 20%, month following     20,000        26,000         27,000

August manufacturing cost:              40,000

Payment for manufacturing costs $140,000     $130,000     $135,000

5. Cash Payments:

Payment for manufacturing costs   140,000       130,000        135,000              

Income tax                                                              55,000

Dividend                                                                                      25,000

Selling & administrative expenses   42,000        48,000          51,000

Capital expenditures                                _                    _       200,000

Total cash payment                      $182,000    $233,000      $411,000

Other relevant information:

Current assets as of September 1:

Cash of $40,000

Marketable securities of $75,000

Accounts receivable of $300,000 ($60,000 from July sales and $240,000 from August sales). Sales on account for July and August were $200,000 and $240,000, respectively

Current Liabilities:

September 1 Accounts payable = $40,000 incurred in August for manufacturing costs.

Selling and administrative expenses are paid in cash in the period they are incurred.

Income tax = $55,000 October

Quarterly Dividend of $25,000 in November

Minimum cash balance of $50,000 monthly

b) When Bridgeport Housewares Inc prepares budgeted monthly cash budgets, important highlights are indicated.  For instance, it becomes easier for the management of Bridgeport to know when to borrow cash to meet the minimum cash balance or in the alternative sell off some marketable securities.  It is also easier for Bridgeport to understand that it can be having excess cash which should not be allowed to sit idle, but can be invested in marketable securities.  The cash budgets and their preparation also help Bridgeport to be better prepared to exert the required efforts to generate sales revenue in order not to jeopardize its liquidity position.  It can also help Bridgeport to understand that the capital expenditure could have been paid for instalmentally starting from September or so instead of lumping the sum in November.  There are many other insights garnered from the cash budgets and their preparation.

8 0
3 years ago
As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more than $2.5 million. Suppose h
aleksandrvk [35]

Answer:

Total amount = $10906400

He would receive = $ 45443.33 every month

Explanation:

Ken invested $1.6 million at 9.6% for 20 yes compounded monthly.

n = 20*12= 140

t = 20

P= 1600000

R= 9.6% = 0.096

Amount A is equal to

A = p(1+r/n)^(nt)

A =

1600000(1+(0.096/140))^ (140*20)

A =

1600000(1 + (6.857*10^-4))^(2800)

A= 1600000(1.0006857)^2800

A = 1600000*6.8165

A = 10906400

Every month, he will get

10906400/(12*20)

= 10906400/240

=$ 45443.333

8 0
3 years ago
Read 2 more answers
You're an entrepreneur and had a great idea to sell shoes that have springs installed in them to make walking easier. However, t
TiliK225 [7]

Answer:

B. There is an increase in income and "spring shoes" are a normal good.

Explanation:

To eliminate the disequilibrium in the market for shoes, spring shoes firstly needs to be seen as a normal product because if it is seen an inferior product then as people's Income rises they woudnt want to buy inferior products because they have the income to buy normal products. As people income rises, since spring shoes is seen as a normal product, then people will buy springshoes

6 0
3 years ago
What is the main type of health care system does the united states currently have?
Fynjy0 [20]
A national health<span> insurance </span>system<span>, or single-payer </span>system<span>, in which a single government entity acts as the administrator to collect all </span>health care<span> fees, and pay out all </span>health care<span> costs. Medical services are publicly financed but not publicly provided. Canada, Denmark, Taiwan, and Sweden </span>have<span> single-payer </span>systems<span>.</span>
8 0
3 years ago
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