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Grace [21]
3 years ago
15

Forâ April, Anderson Antiques will have cash receipts ofâ $365,000 and cash disbursements ofâ $370,000. If its beginning cash is

â $4,000 and its desired reserve isâ $3,000, what will be its shortfall in cash for theâ month?
A. There is no shortfall in cash but an excess of cash.
B. ââ$3,000
C. ââ$5,000
D. ââ$4,000
Business
1 answer:
ICE Princess25 [194]3 years ago
6 0

Answer:

D. $4,000

Explanation:

For Anderson Antiques the following have been given

Opening balance= $4,000

Cash receipts (inflow)= $365,000

Cash disbursed (outflow)= $370,000

Desired reserve= $3,000

So cash at end of day= Opening balance + cash inflow - cash outflow

= 4,000+ 365,000- 370,000

= - 1,000

Remember we want a cash reserve of $3,000 so we take it out of closing balance

Final figure= -1,000-3000= -$4,000

So shortfall of $4,000

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Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre has declared the following ann
expeople1 [14]

Answer:

Pecan Theatre Inc.

Average annual percentage return

                              Cost    Market   20Y1   20Y2  20Y3  20Y4  20Y5  20Y6

                                 per share

Preferred stock   $20.00 $25.00    2%        2%       2%      2%      2%      2%

Common stock    $15.00  $17.50    0%         0%       0%   0.7%   0.8%   0.11%

Explanation:

a) Data and Calculations:

Dividends:                              Cumulative               Common Stock

                                         Preferred Stock               Dividends

                                    Dividends   Per share                   Per share

20Y1,     $80,000           $80,000   $0.40                 $0           $0

20Y2,    $90,000             90,000   $0.40                   0           $0

20Y3,   $150,000           150,000   $0.40                   0           $0

20Y4,   $150,000           100,000   $0.40              50,000      $0.10

20Y5,   $160,000           100,000   $0.40             60,000       $0.12

20Y6,   $180,000           100,000   $0.40             80,000       $0.16

Average annual percentage return

                              Cost    Market   20Y1   20Y2  20Y3  20Y4  20Y5  20Y6

                                 per share

Preferred stock   $20.00 $25.00    2%        2%       2%      2%      2%      2%

Common stock    $15.00  $17.50    0%         0%       0%   0.7%   0.8%   0.11%

Average annual percentage return = Dividend per share/Initial Cost per share

7 0
3 years ago
Please prepare the multi-step income statement, the statement of stockholders' equity and the classified balance sheet.
goldenfox [79]

Answer:

Operating Income = $53,000

Net Income = $39,000

Ending balance of common stock = $300,000

Ending balance of retained earnings = $95,000

Ending total stockholders' equity = $395,000

Total current assets = $198,000

Net long-term assets = $265,000

Total long-term assets = $285,000

Total assets = $463,000

Total liabilities = 68,000

Explanation:

a. Multi-step Income Statement

Multi-step Income Statement put each revenues and expenditures items into different categories to show gross profit and net income. This can be prepared as follows:

Multi-step Income Statement

For the year ended

<u>Details                                                        $        </u>

Sales Revenue                                     545,000

Sales Discount                                   <u>  (45,000)  </u>

Net Sales Revenue                             500,000  

Cost of Goods Sold                          <u>  (400,000) </u>

Gross profit                                          100,000

Operating expenses:

Rent Expense                                       (12,000)

Depreciation Expense                         (10,000)

Salaries Expenses                             <u>   (25,000)  </u>

Operating Income                                53,000

Non-operating expenses:

Interest Expense                                 <u>  (6,000) </u>

Income before tax                                 47,000

Income Tax Expense                          <u>   (8,000) </u>

Net income                                            39,000

Dividend paid                                      <u>  (4,000)  </u>

Retained earning for the year          <u>   35,000 </u>

b. Changes in Retained Earnings

<u>Details                                                          $           </u>

Beginning retained earnings                60,000

Retained earning for the year            <u>   35,000 </u>

Ending retained earnings                  <u>  95,000 </u>

c. Movement in Common Stock                

<u>Details                                                                  $           </u>

Beginning balance of common stock         250,000

Additional shares issued                            <u>    50,000 </u>

Ending balance of common stock          <u>   300,000 </u>

c. Statement of stockholders' equity

<u>Details                                                                  $           </u>

Beginning balance of common stock         250,000

Additional shares issued                            <u>    50,000 </u>

Ending balance of common stock               300,000

Ending retained earnings                           <u>    95,000  </u>

Ending total stockholders' equity            <u>  395,000  </u>

d. Classified Balance Sheet

Classified balance sheet shows each of the componets of assets, liabilities and equity. This can be prepared as follows:

Classified Balance Sheet

As at the year ended

<u>Details                                                      $                     $           </u>

<u>Long-Term Assets</u>

Buildings                                           65,000

Equipment                                   <u>   220,000  </u>

Total Long-Term Assets                285,000

Accumulated Depreciation      <u>       20,000 </u>

Net Long-Term Assets                                                265,000

<u>Current Assets</u>

Cash                                                  12,000

Accounts Receivable                     150,000

Supplies                                        <u>   36,000 </u>

Total Current Assets                                                 <u>   198,000 </u>

Total Assets                                                              <u>    463,000 </u>

<u>Financed by:</u>

Ending total stockholders' equity                               395,000

<u>Current Liability</u>

Accounts Payable                           28,000

<u>Long-Term Liability</u>

Notes Payable (Due in 2years)     <u>  40,000</u>

Total Liabilities                                                           <u>    68,000  </u>

Total Equity $ Liabilities                                          <u>   463,000  </u>

Conclusion

As both the Total Assets and Total Equity and Liabilities are each equal to $463,000, it implies the financial statement is accurately prepared since both must always be equal.

7 0
3 years ago
The Italian government decides to stimulate the economy by sending checks worth $70 billion to Italian consumers If the governme
ludmilkaskok [199]

<u>Answer:</u>$35 Billion

<u>Explanation:</u>

Marginal propensity to consume means the raise in income of the consumer which the consumer is willing to pay for the goods and services. The proportional increase in income of the Italian people will increase their amount spent of goods. MPC differs based on the income of the consumers. Here the Italian government to increase economic activity checks have been send to the customers for spending.

The real GDP can be calculated as follows.

MPC = ($70 billion)(1.5) = $105 billion

GDP= $105 - $70 billion = $35 billion

5 0
3 years ago
A company that produces pleasure boats has decided to expand one of its lines. Current facilities are insufficient to handle the
Paraphin [41]

Answer:

(a) Alternative A = 401 or more

    Alternative B = 0 to 33

    Alternative C = 34 to 399

(b) Alternative C will yield the lowest total cost

Explanation:

Alternative A:

Fixed costs = FCa = $250,000

Variable costs per boat = VCa = $500

Alternative B:

Variable costs per boat = VCb = $2500

Alternative C:

Fixed costs = FCc = $50,000

Variable costs per boat = VCc = $1000

We have to find crossover point with the alternative which have nearest variable cost

Hence, we find crossover point between pair of Alternative A and C and pair of Alternative B & C

For A & C

Let the crossover point be x

FCa + VCa * x = FCc + VCc * x

250,000 + 500x = 50000 + 1000x

x = 400

Higher number is preferred for Alternative with higher fixed cost.

Hence, for alternative A, the range should be 400 or more

For alternative C, the range should be less than 400

For B & C

Let the crossover point be y

FCb + VCb * y = FCc + VCc * y

0 + 2500x = 50000 + 1000y

y = 33.33

Higher number is preferred for Alternative with higher fixed cost.

Hence, for alternative C, the range should be 34 or more

For alternative B, the range should be less than 33

As seen from above,

Alternative A = 401 or more

Alternative B = 0 to 33

Alternative C = 34 to 399

Indifference points of 33.33 and 400 are not included in the above answer.

b.

For an annual volume of 150 boats, this fall in the range of 34 to 399

Hence, Alternative C will yield the lowest total cost for an expected annual volume of 150 boats

5 0
3 years ago
What a tragedy that in the twilight of her life the unfortunate woman should be _______ of all her loved ones! *
Nataly [62]

What a tragedy that in the twilight of her life the unfortunate woman should be <u>bereft </u>of all her loved ones!

<h3>What is the inflammatory incident in Twilight?</h3>

Twilight's Inciting Incident: Bella has already met Edward. This leads up to the inciting happening where Edward saves Bella from being killed in a parking lot. She gets her first glance of his powers and is set on her path of learning more about him.

<h3>Why is it named Twilight?</h3>

The word twilight was on a list of “words with atmosphere” that I sent her. Though these words were meant to be utilized in combination with something else, the word twilight stood out to both of us. We determined to try it out, and, after a little adjustment time, it began to work for both of us.

To learn more about twilight, refer

brainly.com/question/12678094

#SPJ4

7 0
1 year ago
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