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The Butterfly Corporation had the following information that pertained to its March budget:
•Budgeted sales are $200,000 for February.•Collections of sales are 50% in the month of sale and 50% the next month.•Cost of goods sold averages 70% of sales. •Merchandise purchases total $150,000 in February.•Marketing costs are $3000 each month.•Administrative costs are $15,000 each month.What is the budgeted net income for February?
Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
Describe situations where you have effectively demonstrated each of the forms of communication mentioned. What did you do to help you communicate effectively?
The revenue principle states that revenue shall be recognized at a point when
Under GAAP, an entry should be made to the bad debt expense account
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
Mitchell's usual billing rate is $700 per hour, and Fink's stock has a book value of $250 per share. By what amount will Fink's Paid-in capital - excess of par increase for this transaction?
On September 15, the City decided to borrow $200,000 in 90 day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will inc..
Offshore Ale Company has earnings available to common stockholders of $2 million and has 500,000 shares of common stock outstanding. What is its earnings per share (EPS)?
Patrick Seeley has $2,400 that he is looking to invest. His brother approached him with an investment opportunity that could double his money in four years. What interest rate would the investment have to yield in order for Patrick's brother to de..
A study of a company's practice regarding payment of invoices revealed that an invoice was paid an average of 20 days after is was received. The standard deviation equaled five days.Assuming that the distribution is normal, what percent of the inv..
Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $24 per unit. Variable costs are $10.80 per unit, and fixed costs total $174,000 per year.
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