Saturday, January 24, 2015

BU340 Managerial Finance I Directions

ASSIGNMENT 03 BU340 Managerial Finance I Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College . Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the "Assignment Format" page format requirements. NOTE: Show all of your work in your response. Complete the following Problems located at the end of Chapter 4 in your textbook. NOTE: The problems have been scanned into this document convenience.
1. Cyber Security Systems has sales of 3,000 units at $50 per unit last year. The marketing manager projects a 20 percent increase in unit volume sales this year with a 10 percent proce increase. Returned merchandise will represent 6 percent of total sales. What is your net dollar sales projection year?
2. Delsing Plumbing Company has beginning inventory of 14,000 units, will sell 50,000 units month, and desires to reduce ending inventory to 40 percwnt of beginning inventory. How many units should Delsing produce?
3. At the end of January, Higgins Data Systems had an inventory of 600 units, which cost $16 per unit to produce. During February the company produced 850 units at a cost of $19 per unit. It the firm sold 1,100 units in February, what was its cost of goods sold (assume LIFO inventory accounting)?
4. Victoria’s Apparel has forecast credit sales fourth quarter of the year as: ¬¬¬¬¬¬¬¬¬¬¬¬¬¬¬
September (actual)……..$50,000 Fourth Quarter October…………………$40,000 November……..………..$35,000 December……………….$60,000
Experience has shown that 20 percent of sales receipts are collected in the month of sales, 70 percent in the following month, and 10 percent are never collected. Prepare a schedule of cash receipts ’s Apparel covering the fourth quarter (October through December)
5. The Manning Company has financial statements as shown below which are representative of the company’s historical average. The firm is expecting a 20 percent increase in sales next year, and management is concerned about the company’s need funds. The increase in sales is expected to be carried out without any expansion of fixed assets, but rather through more efficient asset utilization in the existing store. Among Liabilities, only current liabilities vary directly with sales. Using the percent-of-sales method, determine whether the company has external financing needs, or a surplus of funds. (Hint: A profit margin and payout ratio must be found from the income statement)
Income Statement Sales……………………………...$200,000 Expenses………………………….158,000 Earnings before interest and taxes…$42,000 Interest………………………………7,000 Earnings before taxes……………....$35,000 Taxes………………………………..15,000 Earnings after taxes………………....$20,000 Dividends…………………………….6,000
Balance Sheet
Assets
Cash…………………$5,000 Accouts receivable.….40,000 Inventory…………....75,000 Current assets….$120,000 Fixed Assets………....80,000 Total assets………..$200,000 Liabilities and Stockholders’ Equity Accounts payable……..$25,000 Accrued wages…………..1,000 Accrued taxes……………2,000 Current liabilities…...$28,000 Notes papyable…………...7,000 Long-term debt………….15,000 Common stock…………120,000 Retained earnings………..30,000 Total Liabilities and stockholders’ equity….$200,000

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Friday, January 9, 2015

Course Project #1 Overview
The Course Project consists of 10 Requirements for you to complete. The Course Project is due at the end of  Week 6. See the Syllabus section ”Due Dates for Assignments & Exams” for due date information. All of the information you need to complete the Course Project is located in this Workbook. 
• There are eight worksheets in the workbook you will need to complete.
• A list of October transactions
• A Chart of Accounts reference sheet
• A Grading Rubric to help explain what is expected.
• Each worksheet has the Check Figures embedded as a comment.
Scenario
You’ve just secured a new client in your accounting practice, the Rawls Repair Corporation (RRC), a brand new small business specializing in bicycle repair. The owner, Rob Rawls, is a terrific cyclist and bike repair specialist, but definitely not an accountant. Your job is to help Rob put his affairs in order. Luckily Rob has only been in operation for a month and things have not gotten too out of hand yet! Rob has to submit his financial statements to his investors and doesn’t know where to begin. It’s your job to go through the complete Accounting cycle to prepare the financial statements for the RRC.
Requirements
Guidelines
Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly lectures to complete this project.  Should you have any questions contact your professor


During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions.
October Transactions
Date Transaction Description
Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.
Oct. 1 Paid the premium on a 1-year insurance policy, $1,200.
Oct. 1 Paid the current month's store rent expense, $1,040.
Oct. 3 Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account.  Payments will be $200.00 per month for 19 months. The first payment is due 11/1. Note: Use Accounts Payable for the Balance Due.
Oct. 8 Purchased repair supplies from McKenna Company on credit, $390.
Oct. 12 Paid utility bill for October, $154.
Oct. 16 Cash bicycle repair revenue for the first half of October, $1,362.
Oct. 19 Made payment to McKenna Company, $200.
Oct. 31 Cash bicycle repair revenue for the last half of October, $1,350.
Oct. 31 Declared and paid cash dividend of $800.


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