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2 years ago

Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales:

Business

1 answer:

nikitadnepr [17]2 years ago

8 0

Answer:

Shalimar Company

Cash Sales and Credit Sales:

a) Last two quarters of the current year:

Current Year Quarter 3 Quarter 4

Budgeted Sales $4,900,000 $6,850,000

Cash (10%) 490,000 685,000

Credit (90%) 4,410,000 6,165,000

b) Each quarter of the next year:

Quarter 1 Quarter 2 Quarter 3 Quarter 4

Budgeted

Sales $4,600,000 $5,100,000 $5,000,000 $7,600,000

Cash (10%) 460,000 510,000 500,000 760,000

Credit

Sales (90%) 4,140,000 4,590,000 4,500,000 6,840,000

Explanation:

a) Data and Calculations:

Quarter 1 Quarter 2 Quarter 3 Quarter 4

Budgeted

Sales $4,600,000 $5,100,000 $5,000,000 $7,600,000

Cash (10%) 460,000 510,000 500,000 760,000

Credit

Sales (90%) 4,140,000 4,590,000 4,500,000 6,840,000

Current Year Quarter 3 Quarter 4

Budgeted Sales $4,900,000 $6,850,000

Cash (10%) 490,000 685,000

Credit (90%) 4,410,000 6,165,000

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.Dorothy Fonda is an unmarried head of household with the following income for the year: Wages $34,500 Bank interest $275 Munici

anygoal [31]

Answer:

$33,850.00

Explanation:

The computation of the Adjusted gross income (AGI) is shown below:

= Wages + bank interest + lottery price - standard deduction

= $34,500 + $275 + $325 - $1,250

= $33,850

The standard deduction is a contribution to her traditional IRA. All other items which are given in the question are not relevant. Hence, we ignored it

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3 years ago

Read 2 more answers

How can you differentiate between various economic systems that exist

liubo4ka [24]

Answer:

An economic system is defined by the way scarce resources are distributed in an economy.

There are 4 types of major economic systems which are following;

A mixed economy is an economic system, like its name is a mix of elements of planned economies, free markets with intervention of the state and public enterprises.
A command economy is a system where the government is key decision maker of what goods and services will be produced and introduced by the economy.
A market economy is the one in which the investment, production and distribution are dictated by the forces of demand and supply.
A traditional economic system is a result of customs, history and cultural norms which include the rules and manner of their distribution as well.

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3 years ago

Which of the following ways of investing/saving is the most liquid?

charle [14.2K]

Savings accounts is the most liquid

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3 years ago

The purpose of the work opportunity tax credit is to encourage employers to hire individuals from specified target groups tradit

Yuki888 [10]

Answer:

true

Explanation:

The given statement is true here because the purpose of Work Opportunity Credit is to encourage employers to hire people who are facing employment barriers and are resulting in high unemployment.
And examples of the target group are unemployed ex-servicemen, food stamp recipients etc..
so this is true statement

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3 years ago

United Resources Company obtained a charter from the state in January of this year. The charter authorized 206,000 shares of com

amid [387]

Answer:

United Resources Company

Stockholders section of the balance sheet at the end of the year:

Common Stock:

Authorized 206,000 shares at $3 par value

Issued 88,000 shares $264,000

Additional Paid-in Capital

($968,000 -364,000 + 136,000) 740,000

Treasury Stock ($78,000 - 24,000) (54,000)

Total Equity $950,000

Explanation:

a) The authorized common stock is stated in the balance sheet as a memorandum record. It does not form part of the calculation of equity since all the shares have not been issued.

b) Issued common stock is valued at 88,000 * $3 = $264,000

c) The difference in the par value and the issue price is recorded in the Additional Paid-in Capital Account. It is also where the increases and decreases in Treasury stock above or below par values are recorded.

d) Treasury Stock is a common stock contra account which records the repurchase and resale of common stock. Two methods are used. One recognizes the whole cost of treasury stock in the Treasury Stock account. It is called the costing method. The other method, called the par-value method, recognizes the above and below par value in the Additional Paid-in Capital.

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3 years ago