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Swanson, Inc., manufactures an advanced swim fin for scuba divers. Management is now preparing detailed budgets for the third quarter, July through September, and has assembled the following information to assist in preparing the budget:
The company maintains finished goods inventories equal to 9% of the following month's sales. The inventory of finished goods on July 1 will be 504 pairs.
Each pair of swim fins requires 4 pounds of geico compound. To prevent shortages, the company would like the inventory of geico compound on hand at the end of each month to be equal to 20% of the following month's production needs. The inventory of geico compound on hand on July 1 will be 4,552 pounds.
Geico compound costs $2.50 per pound. Crydon pays for 60% of its purchases in the month of purchase; the remainder is paid for in the following month. The accounts payable balance for geico compound purchases will be $11,800 on July 1.
Prepare a sales budget, by month and in total, for the third quarter.
Prepare a schedule of expected cash collections, by month and in total, for the third quarter. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations.)
Prepare a direct materials budget for geico compound, by month and in total, for the third quarter. (Do not round intermediate calculations. Input all amounts as positive values.)
Prepare a schedule of expected cash disbursements for geico compound, by month and in total, for the third quarter.(Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.)
What is the difference between operating and nonoperating items? And why do we show the difference in the financial statements?
accounting objective questions, Which of the following is a cash flow from operating activities? A cash inflow from financing activities includes?
as you have learned in this weeks readings the accounting equation is assets liabilities owners equity. is the
USAco, a domestic corporation, is a wholly-owned subsidiary of FORco, a foreign corporation. USAco's only assets are cash of $200,000, accounts receivable of $200,000 and its U.S. manufacturing plant worth $500,000. USAco has no liabilities. FORco se..
If sales for April, May, and June were $60,000, $80,000, and $70,000, recpectively, what were the firm's budgeted collections for June?
How should Victoria account for the sale of securities from each portfolio? And Why? (What is the justification for the recommended accounting treatment).
Determine the amount of dividends paid each year to each of the two classes of stockholders.
He does remember that the machine has a projected life of 12 years. Based on these data, the annual cost savings are:
The owner of central dug believes that ending inventories should be sufficient to cover 20 percent of the next month's projected sales. On January 1, there were 84 ankle braces in inventory.
1. explain the stages in the accounting cycle and how it relates to the generation of the financial statements.2. using
List the numbers of the above transactions and describe the effect of each transaction on assets, liabilities, and stockholders' equity. For example, the first answer is: (1) Increase in assets and increase in stockholders' equity.
With respect to the three reports in comparison: Income Statement, Cash Flow Statement, and Balance Sheet how can I "zero" in, or in laymen's terms, do an efficient comparison.
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