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Assume Davis Consulting began January with $29,000 cash. Management forecasts that cash receipts from credit customers will be $49,000 in January and $51,500 in February. Projected cash payments include equipment purchases ($17,000 in January and $40,000 in February) and selling and administrative expenses ($6,000 each month).Davis's bank requires a $20,000 minimum balance in the firm's checking account. At the end of any month when the account balance falls below $20,000, the bank automatically extends credit to the firm in multiples of $5,000. Davis borrows as little as possible and pays back loans each month in $1,000 increments, plus 5% interest on the entire unpaid principal. The first payment occurs one month after the loan.Requirements1. Prepare Davis Consulting's cash budget for January and February 2013.2. How much cash will Davis borrow in February if cash receipts from customers that month total $21,500 instead of $51,500?
These shares were classified as a long-term available for sale investment. It sold the shares on 13th December for $42,100. Organize the journal entry to record this sale.
Capital balances in Midway Co. are Mirko $40,000, Neil $30,000, and Grillini $18,000. Mirko and Neil each agree to pay Grillini $12,000 from their personal assets. Mirko and Neil each receive 50% of Grillini's equity. The partners share income equ..
Evaluate Peter's 2012 diluted earnings per share. Evaluate the amount of retained earnings available for dividends at the end of 2013?
Compute the rate of return on net sales for 2008 through 2010, rounding to three decimal places. In this industry, rates of 6% are average, rates above 8% are considered good and rates above 10% are viewed as outstanding.
With an annual production rate of 5,000 units, how long will it take to reach break-even point of using automated equipment?
Assuming that the auditors consider the amounts involved as indicative of a weakness in internal controls, how, if at all, should that finding affect your report on the program
When more than one factor causes variations in the variable element of a mixed cost, multiple regression analysis. the high-low method is generally more accurate than the least-squares regression method in analyzing cost behavior.
What restriction on federal employees are contained in the the Antideficiency Act and the Government Performance Results Act addresses performance plans and reports
Depreciation reported on the tax return exceeded depreciation reported on the income statement by $128,000. This difference will reverse in equal amounts of $32,000 over the years 2015-2018. Interest received on municipal bonds was $11,600.
Compute the February conversion costs in the Filtration Department - the Filtration Department completely processed 150,000 liters in February.
Evaluate the cost per cost driver for each of the three cost centers. Use the results from part 1 to allocate costs from each of the three cost centers to both the general surgery and the orthopedic surgery units.
What would be the effect on income from operations if absorption costing is used rather than variable costing and What would be the budgeted production for March
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