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Swanson, Inc., manufactures an advanced swim fin for scuba divers. Management is now preparing detailed budgets for the third quarter, July through September, and has assembled the following information to assist in preparing the budget:
The company maintains finished goods inventories equal to 9% of the following month's sales. The inventory of finished goods on July 1 will be 504 pairs.
Each pair of swim fins requires 4 pounds of geico compound. To prevent shortages, the company would like the inventory of geico compound on hand at the end of each month to be equal to 20% of the following month's production needs. The inventory of geico compound on hand on July 1 will be 4,552 pounds.
Geico compound costs $2.50 per pound. Crydon pays for 60% of its purchases in the month of purchase; the remainder is paid for in the following month. The accounts payable balance for geico compound purchases will be $11,800 on July 1.
Prepare a sales budget, by month and in total, for the third quarter.
Prepare a schedule of expected cash collections, by month and in total, for the third quarter. (Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations.)
Prepare a direct materials budget for geico compound, by month and in total, for the third quarter. (Do not round intermediate calculations. Input all amounts as positive values.)
Prepare a schedule of expected cash disbursements for geico compound, by month and in total, for the third quarter.(Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.)
Evaluate the legal aspects of acquiring, holding, and disposing of real property. Evaluate the legal aspects of acquiring, holding, and disposing of personal property. Analyze the business use of insurance for various risks.
On the statement of cash flows prepared by the indirect method, a $50,000 gain on the sale of investments would be:
The Andersons retain you to compute their tax liability for 2007. They are expecting to pay less tax than usual for several reasons. First, both became 65 during the year.
The earnings, dividends, and common stock price of Carpetto Technologies Inc. are expected to grow at 7 percent per year in the future. Carpetto's common stock sells for $23 per share
sabas company has 20000 shares of 100 par 2 cumulative perferred stock and 100000 shares of 50 par common stock. the
If a city acquires a new office building under a capital lease agreement, 1)The cost of the building should be reported in the __ 2)The "cost" of the building is computed as ____
Activity-based budgeting includes all the following steps EXCEPT:
we normally think of the arts as very different from technologies in spite of the fact that art with perhaps a few
Prepare the necessary correcting entries, assuming that Longfellow uses a calendar-year basis.
the cecil-booker vending company changed its method of valuing inventory from the average cost method to the fifo cost
Molly and Dolly form MD Corporation. Molly transfers a building with a fair market value of $800,000 and a basis of $400,000 that is encumbered by a $100,000 mortgage that the corporation assumes in exchange for 50 percent of MD's stock.
Zagnut Industries finds itself with a need for a new packaging machine for its candy products. They prefer to lease the asset. The company finds that the market value for the equipment is $211,600.
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