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How Business Create Value
You are considering opening a shop in a nearby mall that willsell specilaty T-shirts. T-shirts, containing designs and words selected by customers, will be produced for customers on order. You will need to borrow $25,000 to begin operations. A local bank has agreed to consider a loan and has asked for a summary plan to demonstate the performance you expect from your company and your ability to repay the loan. You will pay $5.50 for T-shirts and will sell them for $8. The cost of paint and supplies will be .50 per shirt. An examination of similar stores at other malls indicates that you should be able to sell an average of 1,000 shirts per month. Rent for your store will be $300 per month. Utilities will be $150 per month, on average. Wages will be $800 per month.
Calculate the expected profit of your company for the first year of operation.
Explain how a bank loan officer may use your profit projections to help make the lending decisions.
Knapp Company plans to issue 6% bonds on January 1, 2009, with a par value of $2,000,000. The company sells $1,800,000 of the bonds on January 1, 2009. The remaining $200,000 sells at par on March 1, 2009. The bonds pay interest semiannually as of..
Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross income was $14,000 (before considering the loss). What is Norm's..
What can they do to mitigate financial risk? Should we have global accounting standards? Why or why not? Examine at least four accounting regulatory bodies, and discuss how an organization complies with the standards of the regulatory bodies you s..
Williams, CPA intends to use probability-proportional-to-size sampling. He has properly selected and audited a sample of 100 accounts receivable from his client's population of 3000 accounts. He calculated a sampling interval of $5,000 and the tol..
The Retained Earnings account has a credit balance of $17,000 before closing entries are made. If total revenues for the period are $55,200, total expenses are $39,800 and dividends are $9,000, what is the ending balance in the Retained Earnings a..
You decide that you will address Smackey Dog Food, Inc.'s accounts receivables through confirmations. Discuss the various types of confirmations and what forms you will implement and why.
Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization.
Suppose, revenue shown on the accrual basis income statement was $200,000. Accounts receivable were $5,000 on January 1, 2008 and $3,000 on December 31, 2008.
You just paid $750,000 for an annuity that will pay you and your heirs $45,000 a year forever. What rate of return are you earning on this policy?
Variable Overhead $5 per unit; Variable Selling Costs $3 per unit; Total Fixed Overhead Costs $40,000 per year and Total Fixed Selling & Administrative Costs $32,000 per year. Selling price is $32 per unit. What is the contribution margin per unit..
Wendy Epstein, a sales representative, earns an annual salary of $29,500 and receives a commission on that portion of her annual sales that exceeds 150,000.
Stoker Corporation applies fixed overhead at the rate of $0.65 per unit. For May, budgeted fixed overhead was $524,745. The production volume variance amounted to $5,070 unfavorable, and the price variance was $11,100 unfavorable.
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