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Giovanni runs a small tax preparation company. Giovanni makes over 80% of his money during the busy February 1-April 15 tax season; he is always concerned that he will not have enough money to pay his bills over the rest of the year. Thus, Giovanni is very careful about budgeting his cash. Giovanni has $5,000 in the company checking account on February 1, 2010. He estimates the following items for the rest of 2010: Cash Collections from Customers, 2/1-4/15 120,000 Cash Collections from Customers, 4/16-12/31 25,000 Operating Expenses Paid, 2/1-12/31 85,000 Interest on Small Business Loan payable on 1/15 and 7/15 5,000 Depreciation on Office Equipment 8,000 Professional Malpractice Insurance for 2011, due 12/31/10 10,000 Finally, Giovanni estimates that he needs to withdraw $55,000 from the business (as dividends) to cover his own personal living expenses this year. Will Giovanni have enough cash to get through the year? What is his budgeted cash balance on December 31, 2010?
Which of the following statements is true regarding an intercompany sale of land?
On January 1, 2012 JumpinJehosaPhats Inc. has been authorized to issue 1,000,000 common shares with a Par Value of $1. In the process of incorporating, the sole proprietor owner's equity accounts must be closed and the equity must now reflect a co..
On November 4, 2009, Blue Company acquired an asset (27.5 year residential real property) for $200,000 for use in its business. In 2009 and 2010, respectively, Blue took $642 and $5,128 of cost recovery.
What are the great approaches for cash management? If you are the controller who is in charge of managing cash, what methods would you take and why? 200-250 words please.
Which of the following is true regarding the efficient market hypothesis?
Security A has an expected return of 7 percent, a standard deviation of expected returns of 35 percent, a correlation coefficient with the market of -0.3, and a beta coefficient of -0.5. Security B has an expected return of 12 percent
The 30,000 units can be sold at this stage for $750,000. Alternatively, it can be further processed at a $450,000 total additional cost and be converted into 6,000 units of Product B and 12,000 units of Product C. Per unit selling price for Produc..
Which budgets are generally more expensive to maintain than single-period budgets because more time and effort is required in their preparation?
For the month of October, Pratt Corporation predicts total cash collections to be $1 million. Also for October, Pratt Corporation estimates its beginning cash balance will be $50,000 and that it will borrow cash in the amount of $70,000. If Pratt ..
Prepare the adjusting entry to allocate any over-or underapplied overhead to Cost of Goods Sold.
From the auditors' point of view, which of the following is a preferable provision for imposition of civil liability in a lawsuit for financial damages?
How much overhead from the labeling process will be allocated to this particular variety of wine?
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