1. Which of the below is a use of cash? a. Credit Sales b. Retirement of...
1. Which of the below is a use of cash?
a. Credit Sales
b. Retirement of debt (paying off loans and bonds)
c. Bank loans
d. Cash sales of equipment or other assets of the company
2. Which of the statement below is false
a. We can separate short-term and long-term decision into three dimensions: the length of impact, the cost, and the degree of information gathering prior to the decision
b. the longer the impact and the higher of cost associated with a decision, the greater the time and degree for gathering information on choices and the more complex the decision model.
c. Long-term decision are called capital budgeting and typically viewed as decision that have long-term impacts that are not easily reversed or that can be changed only at great cost
d. An example of short-term decision is determining the number of manufacturing facilities that the firm should operate.
Homework Answers
Retirement of debt (paying off loans and bonds)
2.
We can separate short-term and long-term decision into three dimensions: the length of impact, the cost, and the degree of information gathering prior to the decision
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1. Which of the below is a use of cash?
a. Credit Sales
b. Retirement of...
Debit Credit Cash $ 198,550 $ 8,101,220 154,220 Sales Debt Investments (trading) (at cost, $145,000) Cost...
Debit Credit Cash $ 198,550 $ 8,101,220 154,220 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue 4,800,000 300,550 278,550 91,220 456,220 2,001,220 64,400 Land 261,220 1,041,550 Buildings Dividends Payable Accrued Liabilities 137,550 97,220 Accounts Receivable 436,220 152,000 26,220 Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain Notes Payable (long-term) 901,400 212,400 598,550 81,400 901,550 901,550 601,220 1,001,550 60,000...
Complete the SOE and worksheet using the information below. Change Excess of Market over Book Values...
Complete the SOE and worksheet using the information below. Change Excess of Market over Book Values (Market - Book) Item: 12/31/2018 Machinery and Equipment -$10,000 Land $0 Buildings $0 Marketable Securities $13,000 Other Investments (local brewery) $20,000 12/31/2019 $5,000 $5,000 $10,000 $5,000 $22,000 Selected Account Balances: Current Deferred Taxes Non-current Deferred Taxes Non-real estate long-term loan balance Total Equity $2,492 $3,000 $165,000 $232,009 $1,359 $12,601 $220,000 $323,041 $91,032 Other Information: 2019 Net Income for Illini Tap was: $151,633 No capital...
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Presented below is the trial balance of Waterway Corporation at December 31, 2020. Debit Credit Cash $ 201,670 Sales $ 8,104,230 Debt Investments (trading) (at cost, $145,000) 157,230 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 303,670 Equity Investments (long-term) 281,670 Notes Payable (short-term) 94,230 Accounts Payable 459,230 Selling Expenses 2,004,230 Investment Revenue 64,770 Land 264,230 Buildings 1,044,670 Dividends Payable 140,670 Accrued Liabilities 100,230 Accounts Receivable 439,230 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 29,230 Administrative Expenses 901,770 Interest Expense 212,770...
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Presented below is the trial balance of Cheyenne Corporation at December 31, 2017. Debit Credit Cash $ 199,120 Sales $ 8,101,010 Debt Investments (trading) (cost, $145,000) 154,010 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,120 Equity Investments (long-term) 279,120 Notes Payable (short-term) 91,010 Accounts Payable 456,010 Selling Expenses 2,001,010 Investment Revenue 67,610 Land 261,010 Buildings 1,042,120 Dividends Payable 138,120 Accrued Liabilities 97,010 Accounts Receivable 436,010 Accumulated Depreciation-Buildings 152,000 Allowance for Doubtful Accounts 26,010 Administrative Expenses 904,610 Interest Expense 215,610 Inventory...
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Presented below is the trial balance of Wildhorse Corporation at
December 31, 2017.
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Active Life Inc., a sports equipment retailer, needs to prepare a cash budget for the first...
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Debit Credit Cash $ 198,550 $ 8,101,220 154,220 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue 4,800,000 300,550 278,550 91,220 456,220 2,001,220 64,400 Land 261,220 1,041,550 Buildings Dividends Payable Accrued Liabilities 137,550 97,220 Accounts Receivable 436,220 152,000 26,220 Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain Notes Payable (long-term) 901,400 212,400 598,550 81,400 901,550 901,550 601,220 1,001,550 60,000...
Complete the SOE and worksheet using the information below. Change Excess of Market over Book Values (Market - Book) Item: 12/31/2018 Machinery and Equipment -$10,000 Land $0 Buildings $0 Marketable Securities $13,000 Other Investments (local brewery) $20,000 12/31/2019 $5,000 $5,000 $10,000 $5,000 $22,000 Selected Account Balances: Current Deferred Taxes Non-current Deferred Taxes Non-real estate long-term loan balance Total Equity $2,492 $3,000 $165,000 $232,009 $1,359 $12,601 $220,000 $323,041 $91,032 Other Information: 2019 Net Income for Illini Tap was: $151,633 No capital...
Presented below is the trial balance of Whispering Corporation at December 31, 2020. Debit Credit Cash $ 200,490 $ 8,104,080 157,080 4,800,000 302,490 280,490 94,080 459,080 2,004,080 64,820 Sales Debt Investments (trading) (at cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory 264,080 1,043,490 139,490 100,080 439,080 152,000 29,080...
Presented below is the trial balance of Bridgeport Corporation at December 31, 2020. Debit Credit Cash $ 199,690 $ 8,103,140 Sales Debt Investments (trading) (at cost, $145,000) 156,140 Cost of Goods Sold 4,800,000 Debt Investments (long-term) 301,690 Equity Investments (long-term) 279,690 93,140 Notes Payable (short-term) Accounts Payable 458,140 Selling Expenses 2,003,140 Investment Revenue 65,840 Land 263,140 Buildings 1,042,690 Dividends Payable 138,690 Accrued Liabilities 99,140 Accounts Receivable 438,140 Accumulated Depreciation Buildings 152.000 28,140 Allowance for Doubtful Accounts Accounts Receivable 438,140 152,000...
Presented below is the trial balance of Wildhorse Corporation at
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Cash Sales Debt Investments (trading) (cost, $145,000) Cost of Goods Sold Debt Investments (long-term) Equity Investments (long-term) Notes Payable (short-term) Accounts Payable Selling Expenses Investment Revenue Land Buildings Dividends Payable Accrued Liabilities Accounts Receivable Accumulated Depreciation-Buildings Allowance for Doubtful Accounts Administrative Expenses Interest Expense Inventory Gain (extraordinary) Notes Payable (long-term) Equipment Bonds Payable Accumulated Depreciation-Equipment Franchises Common Stock ($5 par) Treasury Stock Patents Retained Earnings Paid-in Capital...
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Active Life Inc., a sports equipment retailer, needs to prepare a cash budget for the first quarter of 2018. The financial staff at Active Life has forecasted the following sales figures: January February March April May $100,000 $150,000 $300,000 $250,000 $150,000 Actual sales in October, November, and December 2017 were $125,000, $146,000, and $125,000, respectively. Cash sales are 40% of the total, and the rest are on credit. Under the current credit policy the firm expects to collect 60% of...
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