Questions from General Accounting

Q: a. How much would you have to deposit today if you

a. How much would you have to deposit today if you wanted to have $60,000 in four years? Annual interest rate is 9%. b. Assume that you are saving up for a trip around the world when you graduate in t...

Q: For each of the following situations, identify (1)

For each of the following situations, identify (1) the case as either (a) a present or a future value and (b) a single amount or an annuity, (2) the table you would use in your computations (but do...

Q: Foyert Corp. requires a minimum $30,000 cash balance

Foyert Corp. requires a minimum $30,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans a...

Q: Use the following information to prepare the September cash budget for PTO

Use the following information to prepare the September cash budget for PTO Manufacturing Co. The following information relates to expected cash receipts and cash disbursements for the month ended Sept...

Q: Mike’s Motors Corp. manufactures motors for dirt bikes. The company

Mike’s Motors Corp. manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. If necessary, the company takes a loan to meet this req...

Q: Walker Company prepares monthly budgets. The current budget plans for a

Walker Company prepares monthly budgets. The current budget plans for a September ending inventory of 30,000 units. Company policy is to end each month with merchandise inventory equal to a specified...

Q: Use the following information to prepare the July cash budget for Acco

Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. a. Begin...

Q: Use the information in Exercise 22-24 and the following additional

Use the information in Exercise 22-24 and the following additional information to prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. a. Cost of goods s...

Q: Hardy Company’s cost of goods sold is consistently 60% of sales

Hardy Company’s cost of goods sold is consistently 60% of sales. The company plans to carry ending merchandise inventory for each month equal to 20% of the next month’s budgeted cost of goods sold. Al...

Q: Quick Dollar Company purchases all merchandise on credit. It recently budgeted

Quick Dollar Company purchases all merchandise on credit. It recently budgeted the following month-end accounts payable balances and merchandise inventory balances. Cash payments on accounts payable d...