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Dorough expects sales on Jan 2012 total 200,000 and to increase 10% per month in Feb. and march. All sales are on account. Dorough expects to collect 70% of accounts receivable in the month of sale, 20% in the month following the sale, and 10% in the second month following the sale.
(A) Prepare a sale budget for the first quarter of 2012
(B) Determine the amount of sales revenue dorough will report on the first 2012 quarterly pro forma income statement.
(C) Prepare cash receipts schedule for the first quarter of 2012
(D) Determine the amount of accounts receivable as of march 31, 2012
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
In year 1 Laylor Company has revenues of $100,000, advertising expense of $22,000, depreciation of $15,000-what is expected for last four years. The cost of capital is 10%.
You've been asked to write down a memo explaining the process and address concerns by using citations from authoritative auditing literature.
Warren Co. recorded a right-of-use asset of $900,000 in 8-year lease under which no profit was recorded at commencement by lessor-The balance in right-of-use asset after 2 years will be:
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
Amounts paid on June 30 for a 1-year insurance policy, Professional fees earned but not billed as of June 30
Crown Industries has the following information about its standards and production activity for December-Assume the allocation base for fixed overhead costs is the number of units to be produced.
Explain the product and the production process. Describe how you would find out the quantity of spoiled units that are normal versus abnormal. Explain how you would determine the cost of good units, normal spoilage and abnormal spoilage.
Write an article
Wynn, Inc. has contract to construct a large hotel for $12,000,000. The contract was signed on the month January 2, 2010 and it was expected that the hotel would be complete on the month of December 31, 2013. Under these situations, what amount of ..
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
You are auditing Diverse Carbon, a manufacturer of nerve gas for the military-The company’s legal counsel indicates that the company is liable, but the company does not want to disclose this information in the financial statements.
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