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An aggresive credit manager has taken over the standar corporation. Currently, sales are about 1.5 million a year with an average collection period of three months. The credit manager believes that by establishing terms of 2/10, net 30, he can reduce the collection period to 20 days, on average. Given that the cost of goods sold represents 80 percent of the selling price, assume that 50 percent of the current sales will take advantage of the discount and that all of the funds recovered from the receivables can be invested at 6 percent.
Problem 1: Should the new credit policy be adopted? Support the answer with computations.
Suppose Lattin Corp.'s breakeven point is revenues of 1,500,000. Fixed costs are 720,000. 1. Compute the contribution margin percentage. 2. Compute the selling price if variable costs are $13 per unit. 3. Suppose 90,000 units are sold. Compute the ma..
the answers need to show work on a excel work sheet. the summary can be shorter than 250 words as long as good points
The predetermined overhead rate is $6 per direct labor hour. In addition, the flexible manufacturing overhead budget shows that budgeted costs are $4 variable per direct labor hour and $50,000 fixed. Calculate the overhead controllable variance.
Presented is information related to Rogers Co. for the month of January 2010. Ending inventory per perpetual records $21,520 Ending inventory actually on hand 21,000 Cost of goods sold 210,000 Freight out 7,068 Insurance expense 12,300 Rent expense 2..
At December 31, 2017, Indigo Girls Company has outstanding noncancelable purchase commitments for 36,000 gallons, at $3.00 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or m..
On January 29, Quality Marble Inc., a marble contractor, issued for cash 75,000 shares of $10 par common stock at $23, and on May 31, it issued for cash 100,000 shares of $4 par preferred stock at $6. Illustrate the effects on the accounts and financ..
Prepare an adjusting journal entries for the year ended December 31, 20X7. Extracts from Bonsai Products Corp.'s (BPC) unadjusted trial balance
Calculate stock dividend shares and cash dividend amounts Assume that you own 4,000 shares of Blueco, Inc. s, common stock and that you currently receive cash dividends of $0.84 per share per year.
Provide the journal entry for the monthly partner drawing for January and provide the journal entry to close the income summary account at the end of the year.
On January 1, 2014, Brendan, Inc., reports net assets of $896,400 although equipment (with a four-year life) having a book value of $497,000 is worth $560,000 and an unrecorded patent is valued at $48,400. Hope Corporation pays $806,240 on that date ..
1. what is the money laundering?2. questions 2 amp 3 are based on the following narrativejoey nariz is a narcotics
In 2016, Chavez Company purchased land for $120,000 to use as a future site for its new office building. At the end of 2016, the land was worth $135,000. The company decided not to build the new office and sold the land for $132,000 cash in 2017. How..
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