Ruby operates a hobby supply store. She maintains her books using the cash method. At the end of the year, her accountant computes her accrual basis income that is used on her tax return.

For 2020, Ruby had cash receipts of $840,000, which included $100,000 collected on accounts receivable from 2019 sales. It also included the proceeds of a $50,000 bank loan. At the end of 2020, she had $175,000 in accounts receivable from customers, all from 2020 sales. Ruby paid cash for all of the purchases. The total amount she paid for merchandise in 2020 was $560,000. At the end of 2019, she had merchandise on hand with a cost of $45,000. At the end of 2020, the cost of merchandise on hand was $80,000.

1. Ruby's accrual basis gross receipts for 2020 are_______ $ .

2. The cost of goods sold for 2020 under the accrual method is________ $ .

3. The gross profit from merchandise sales for 2020 under the accrual basis is________ $ .

Answer:

Ruby

1. Ruby's accrual basis gross receipts for 2020 are_______ $740,000.

2. The cost of goods sold for 2020 under the accrual method is________ $525,000.

3. The gross profit from merchandise sales for 2020 under the accrual basis is________ $340,000.

Explanation:

a) Data and Calculations:

2020 Cash receipts =        $840,000

2019 accounts receivable   (100,000)

Bank loan                              (50,000)

Receipts from customers $690,000

Bank loan                               50,000

Gross receipts                   $740,000

Receipts from customers $690,000

plus accounts receivable     175,000

Total sales for 2020         $865,000

Beginning inventory (2019) =    $45,000

Amount paid for purchases = $560,000

Ending inventory (2020) =        $80,000

Cost of goods sold =              $525,000

Total sales for 2020    $865,000

Cost of goods sold        525,000

Gross profit =               $340,000

A consumer is currently spending all of her available income on two goods: music CDs and DVDs.At her current consumption bundle she is spending twice as much on CDs as she is on DVDs.If the consumer has $120 of income and is consuming 10 CDs and 2 DVDs,what is the price of a CD?
A) $4
B) $8
C) $12
D) $20

A stock is expected to pay a dividend of $1 per share in 2 months and in 5 months. The current stock price is $50, and the continuous compounded risk free interest rate is 8% per annum. An investor has just taken a short position in a 6-month forward contract on the stock.

Required:
a. What is the arbitrage free price of the forward contract?
b. What are the forward price and the initial value of the forward contract?
c. Three months later, the price of the stock is $48 and the risk-free rate of interest is still 8% per annum. What are the forward price and the value of the short position in the forward contract?

What is the value of $1000 investment that loses 5% each year for eight years

Why do the marketing, operations, HR management, and IT functions need to be closely coordinated in service organization?

Landings Glassware Company issues $1,150,000 of 15%, 10-year bonds at 95 on February 28, 2019. The bonds pay interest on February 28 and August 31. The journal entry to record the issuance includes a ________.A. debit to Cash for $1,150,000 B. debit to Cash for $1,092,500 C. credit to Bonds Payable for $1,092,500 D. credit to Discount on Bonds Payable for $57,500

If there is an excess supply of money in the economy, A. there is also an excess demand for money B. there is also an excess demand for bonds C. there is also an excess supply of bonds D. the interest rate will rise E. the Fed must intervene to restore equilibrium

The following transactions were selected from among those completed by Hailey Retailers in the current year:

Nov. 20 Sold two items of merchandise to Customer B, who charged the $460 (total) sales price on her Visa credit card. Visa charges Hailey a 1 percent credit card fee.
25 Sold 14 items of merchandise to Customer C at an invoice price of $3,400 (total); terms 2/10, n/30.
28 Sold 12 identical items of merchandise to Customer D at an invoice price of $8,040 (total); terms 2/10, n/30.
30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer.

Dec. 06 Customer D paid the account balance in full.
30 Customer C paid in full for the invoice of November 25.

Required:
a. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold.
b. Compute Net Sales.

One effective way to manage credit card debt is to:

A. exaggerate your income when applying for a credit card.

B. spend your entire credit limit before making any payments.

C. replace high-interest credit cards with low-interest options.

D. always pay only the minimum payment required each month.

Talia Corp. produces digital cameras. For each camera produced, direct materials are $20, direct labor is $16, variable manufacturing overhead is $12, fixed manufacturing overhead is $28, variable selling and administrative expenses are $10, and fixed selling and administrative expenses are $24. Compute the target selling price assuming a 40% markup on total per unit cost. Target selling price

The portfolio with the lowest standard deviation for any risk premium is called the_______. A.efficient frontier portfolio B.CAL portfolio C.global minimum variance portfolio D.optimal risky portfolio

Prepare an income statement (LO1-3)

Below are the account balances for Cowboy Law Firm at the end of December.

Accounts Balances

Cash $ 5,400

Salaries expense 2,200

Accounts payable 3,400

Retained earnings 3,900

Utilities expense 1,200

Supplies 13,800

Service revenue 9,300

Common stock 6,000

Required:

Use only the appropriate accounts to prepare an income statement.

COWBOY LAW FIRM

Income Statement

For the Period Ended December 31

Expenses:

Total expenses

A company had inventory on July 1 of 5 units at a cost of $16 each. On July 2, they purchased 9 units at $28 each. On July 6 they purchased 5 units at $25 each. On July 8, 8 units were sold for $58 each. Using the LIFO periodic inventory method, what was the value of the inventory on July 8 after the sale?

Barney, a manager, is very conventional, resistant to change, habitual, and does not accept new ideas very easily.This implies that Barney has:________.
A) low neuroticism.
B) low customary thinking.
C) high extraversion.
D) high agreeableness.
E) low openness to experience.

The table below shows the weekly marginal cost (MC) and average total cost (ATC) for Buddies, a perfectly competitive firm that produces novelty ear buds in a competitive market. The market price of ear buds is $6.00 per pair. Buddies Production CostsQuantity of Ear Buds MC ATC ($) ($)5 - 80 2 515 2.45 4.1520 3.55 425 4 430 5.5 4.2535 6 4.540 8.5 5A. If Buddies wants to maximize its profits, how many pairs of ear buds should it produce?B. At the profit-maximizing quantity, what is the total cost of producing ear buds?C. If the market price for ear buds is $6 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what is Buddies weekly profit?D. If the market price is $5.50 per pair, and Buddies produces the profit-maximizing quantity of ear buds, what is Buddies weekly profit?E. Buddies earns a normal profit whena. marginal cost equals average cost at the minimum of average cost.b. marginal cost equals average cost.c. marginal cost equals marginal revenue at the minimum of marginal cost.d. average cost equals average revenue at the minimum of average cost.

Ramble On Co. wishes to maintain a growth rate of 8 percent a year, a debt-equity ratio of 0.37, and a dividend payout ratio of 54 percent. The ratio of total assets to sales is constant at 1.41. What profit margin must the firm achieve?

Tommy is about to order a steak dinner with a salad at his favorite restaurant. The restaurant recently raised its prices on steaks but kept its prices on salads the same. How might the real-income effect and the substitution effect influence Tommy’s order?

Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July’s activities: ​On July 1:

Beginning inventories 850 units, 60% complete

Direct materials cost $5,000

Conversion costs $4,000

During July:

Number of units started 15,000

Direct materials added $155,000

Conversion costs added $83,520

On July 31:

Ending inventories 1,600 units, 40% complete ​ ​

Using the FIFO method and rounding cost per unit to four decimal places, the cost of goods completed and transferred out during July was:_________

In constructing a common-size income statement, depreciation will be______. A. omitted since it is a noncash expense. B. expressed as a percentage of sales. C. added back to convert net income to cash flows. D. expressed as a percentage of total assets. E. expressed as a percentage of gross fixed assets.

Paradise Corporation Budgeted on an annual basis for it fiscal year. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Inventory Raw materials 55,000 Finished goods 95,000 Ending inventory raw material 65,000 Finished goods 65,000. Three pounds of raw material are needed to produce each unit of finished product. If Paradise Corporation plans to sell 555,000 units during next year, the number of units it would have to manufacture during the year would be:________. a. 500,000 units b. 555,000 units c. 585,000 units d. 525,000 units.

The amount by which the overhead applied to jobs during a period exceeds the overhead incurred during the period is known as:_____________
a) Predetermined overhead.
b) Overapplied overhead.
c) Estimated overhead.
d) Adjusted overhead.
e) Underapplied overhead.

What is the purpose of the FASFA4CASTER

Luther Industries has no debt, a total equity capitalization of $20 billion, and a beta of 1.8. Included in Luther's assets are $4 billion in cash and risk-free securities. What is Luther's enterprise value?

Carla Vista Clinic purchases land for $480000 cash. The clinic assumes $4200 in property taxes due on the land. The title and attorney fees totaled $3200. The clinic had the land graded for $8100. What amount does Carla Vista Clinic record as the cost for the land?A. $476200 B. $470000. C. $484500 D. $478300.

A country has nominal GDP equal to $204.31 billion in 2018. The GDP deflator in 2018 has a value of 112.64. What was the value of real GDP, in billions of dollars. Round to two decimal places. If your answer is 3.2 billion then just enter 3.2.

Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had current assets of $145,332, net fixed assets of $356,190, and other assets of $4,176. The firm had long-term debt of $76,445, common stock of $200,000, and retained earnings of $134,461. What amount of current liabilities did this firm have?

a. $94,792
b. $410,906
c. $171,217
d. $76,445

The market demand function for corn is Qd = 5 15 - 2P and the market supply function is Qs= 5P- 6, both quantities measured in billions of bushels per year. Suppose the government wants to raise the price to $4 per bushel. What are the aggregate surplus, consumer surplus, and producer surplus at the competitive equilibrium?

The stockholders' equity of Gaulin Company at the start of the current year follows: Common stock, $ 5 par value, 350,000 shares authorized; 120,000 shares issued and outstanding $ 600,000 Paid-in capital in excess of par value 600,000 Retained earnings 346,000 During the current year, the following transactions occurred: Jan. 5 Issued 10,000 shares of common stock for $12 cash per share. Jan. 18 Purchased 4,000 shares of common stock for the treasury at $14 cash per share. Mar. 12 Sold one-fourth of the treasury shares acquired January 18 for $17 cash per share. July 17 Sold 500 shares of the remaining treasury stock for $13 cash per share. Oct. 1 Issued 5,000 shares of 8%, $22 par value preferred stock for $32 cash per share. This is the first issuance of preferred shares from the 50,000 authorized shares.
(a) Use the financial statement effects template to indicate the effects of each transaction. Use negative signs with answers, when appropriate.
Balance Sheet
Transaction Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital
Jan. 5 Answer Answer Answer Answer Answer Jan. 18 Answer Answer Answer Answer Answer Mar. 12 Answer Answer Answer Answer Answer July. 17 Answer Answer Answer Answer Answer Oct. 1 Answer Answer Answer Answer Answer Income StatementRevenue - Expenses = Net IncomeAnswer Answer AnswerAnswer Answer AnswerAnswer Answer AnswerAnswer Answer AnswerAnswer Answer Answer(b) Prepare the December 31, 2014, stockholders' equity section of the balance sheet assuming that the company reports net income of $65,800 for the year.Stockholders' EquityPaid-in capital 8% Preferred stock, $25 par value, 50,000 shares authorized, 5,000 shares issued and outstanding $Answer Common stock, $5 par value, 350,000 shares authorized; 260,000 shares issued Answer $AnswerAdditional paid-in capital Paid-in capital in excess of par value-preferred stock Answer Paid-in capital in excess of par value-common stock Answer Paid-in capital from treasury stock Answer AnswerTotal paid-in capital AnswerRetained earnings AnswerAnswerLess: Treasury stock (2,500 shares) at cost AnswerTotal Stockholders' Equity $ Answer

A company manufactures various-sized plastic bottles for its medicinal product. The manufacturing cost for small bottles is $75 per unit (100 bottles), including fixed costs of $28 per unit. A proposal is offered to purchase small bottles from an outside source for $40 per unit, plus $4 per unit for freight.
a. Prepare a differential analysis dated July 31 to determine whether the company should make _______ or buy __________ the bottles, assuming fixed costs are unaffected by the decision.
b. Determine whether the company should make ___________ or buy ________ the bottles.

Please help me guysss ASAP the question is in the photo. I need to submit it. I'll give brainliest. ​

Pillar Company owns 70 percent of Salt Company's outstanding common stock. On December 31, 20x8, Salt sold equipment to Pillar at a price in excess of Salt's carrying amount but less than its original cost. On a consolidated balance sheet at December 31,20x8, the carrying amount of the equipment should be reported at:_______________ A) Pillar's original cost. B) Salt's original cost. C) Pillar's original cost less Salt's recorded gain. D) Pillar's original cost less 70 percent of Salt's recorded gain.