Metlock, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive.

2015 2016 2017 2018
Income Statement Data
Sales revenue $131,770 (e) $111,819
Cost of goods sold (a) 38,162 36,026
Gross profit 92,208 81,083 (i)
Operating expenses 86,550 (f) 71,903
Net income (b) $4,774 (j)
Balance Sheet Data
Inventory $17,680 (c) $19,992 (k)
Accounts payable 7,888 8,840 6,256 (l)
Additional Information
Purchases of inventory on account 35,210 (g) $32,708
Cash payments to suppliers (d) (h) 33,524

Required:
Compute the gross profit rate and the profit margin for each fiscal year.

Answer:

Metlock, Inc.

                                2020         2021        2022

Gross profit rate =     70%          68%           68%

Profit margin =        $5,658   $4,774      $3,890

Percentage margin     4.3%        4%           3.5%  

Explanation:

a) Data and Calculations:

                                     2020       2021        2022        2023

Income Statement Data

Sales revenue           $131,770     (e)          $111,819

Cost of goods sold        (a)         38,162     36,026

Gross profit                92,208     81,083         (i)

Operating expenses 86,550         (f)         71,903

Net income                    (b)         $4,774          (j)

Balance Sheet Data

Inventory                  $17,680         (c)       $19,992          (k)

Accounts payable        7,888      8,840       6,256

Additional information:

Purchases of inventory

 on account             35,210            (g)       $32,708

Cash payments to

 suppliers                    (d)                (h)         33,524

                                     2020       2021        2022        2023

Income Statement Data

Sales revenue           $131,770  119,245      $111,819

Cost of goods sold     39,562    38,162      36,026

Gross profit                 92,208    81,083      75,793

Operating expenses  86,550   76,309       71,903

Net income                 $5,658   $4,774      $3,890

Balance Sheet Data

Inventory                  $17,680         (c)       $19,992          (k)

Accounts payable        7,888      8,840       6,256

Additional information:

Purchases of inventory

 on account             35,210            (g)       $32,708

Cash payments to

 suppliers               27,322             (h)         33,524

a) = $131,770 - $92,208 = $39,562

b) = $92,208 - 86,550 = $5,658

c) =

d) = $35,210 - 7,888 = $27,322

e) = $38,162 + 81,083 = $119,245

f = $81,083 - 4,774 = $76,309

i) = $111,819 - 36,036 = $75,793

j) = $75,793 - 71,903 = $3,890

                                     2020       2021        2022

Gross profit rate = Gross profit/Sales * 100

Gross profit                 92,208    81,083       75,793

Sales revenue           $131,770  119,245      $111,819

Gross profit rate =     70%          68%           68%

Profit margin =            $5,658   $4,774       $3,890  

Percentage margin = Net Income/Sales * 100

                                     4.3%          4%             3.5%

Harmon Inc, manufactures two products from a joint process, product A and product B. A standard production run incurs joint costs of $45,000 and results in 1,500 units of product A and 2,500 units of product B. Product A sells for $50.00 per unit and Product B sells for $20.00 per unit. Assuming that no further processing occurs after the split-ff point, how much of the joint costs are allocated to Product A and B using the physical measure method

A certain company just announced it will cut next year's dividends from $4 to $2.50 per share and use the extra funds to expand. Prior to the announcement, the company's dividends were expected to grow at a 4% rate, and its share price was $50. With the planned expansion, the company's dividends are expected to grow at a 6% rate. What share price (in dollars) would you expect after the announcement

Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the current period, management predicts total direct labor costs of $100,000 and total overhead costs of $20,000. On January 31, the direct labor for this job equals $2,700.

Required:
Write the journal entry.

Gull Corp. is considering selling its old popcorn machine and replacing it with a newer one. The old machine has a book value of $5,000, and its remaining useful life is five years. Annual costs are $4,000. A high school is willing to buy it for $2,000. New equipment would cost $18,000 with annual operating costs of $1,500. The new machine has an estimated useful life of five years.

Should the machine be replaced?

Proposal to Replace Equipment
Annual Variable Costs - Present Equipment $
Annual Variable Costs - New Equipment
Annual Differential Decrease in Cost $
Number of Years Applicable
Total Differential Decrease in Cost $
Proceeds from Sales of Present Equipment $
Cost of New Equipment
Annual Net Differential Increase in Cost - New Equipment $

Your Submission:
1
Which of the following is not an objective of compensating employees?
To motivate employees
To be fair and consistent to all categories of international employees
To attract valuable personnel
To facilitate the transfer of employees no matter the cost
2
What is the first and most frequent international HR concern?
Training programs
O Expatriate com

On December 1, 2020, Sheridan Corporation incurs a 15-year $400000 mortgage liability in conjunction with the acquisition of an office building. This mortgage is payable in monthly installments of $4800, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, 2020. The portion of the second monthly payment made on January 31, 2021, which represents repayment of principal is: $800. $4800. $808. $3992.

4561515
31561
561561253
1253

Woody Lightyear is considering the purchase of a toy store from Andy Enterprises. Woody expects the store will generate net cash flows (cash inflows less cash outflows) of $60,000 per year for 20 years. At the end of the 20 years, he intends to sell the store for $600,000. To finance the purchase, Woody will borrow using a 20-year note that requires 9% interest.

Required:
What is the maximum amount Woody should offer Andy for the toy store?

A natural monopolya. exists when many sellers experience lower average total costs than potentialcompetitors do.b. exists when a firm has sole ownership of a natural resource.c. is an example of a government-created barrier.d. is needed to make a profit in the long run.e. exists when a single seller experiences lower average total costs than any potentialcompetitor.

Clark Company estimated the net realizable value of its accounts receivable as of December 31, 2019, to be $170,000, based on an aging schedule of accounts receivable. Clark has also provided the following information: The accounts receivable balance on December 31, 2019 was $181,000. Uncollectible accounts receivable written off during 2019 totaled $12,500. The allowance for doubtful accounts balance on January 1, 2019 was $16,000. How much is Clark's 2019 bad debt expense

A machine purchased three years ago for $360,000 has a current book value using straight-line depreciation of $200,000; its operating expenses are $30,000 per year. A replacement machine would cost $240,000, have a useful life of nine years, and would require $13,000 per year in operating expenses. It has an expected salvage value of $65,000 after nine years. The current disposal value of the old machine is $85,000; if it is kept 9 more years, its residual value would be $10,000.
Required:
a. Calculate the total costs in keeping the old machine and purchase a new machine.
Old machine New Machine
Total cost :
b. Should the old machine be replaced?
Yes
No

Platinum Services provides outsourced employee benefits administration services to several private and public sector companies. It is now planning to attract new business by introducing a premium service for high revenue companies (with year-end revenues of $2 billion or more) and wants to undertake a survey of companies sampled from the New York Stock Exchange, which lists public sector companies, in order to estimate the popularity of such a proposal.

Required:
What best describes the sampling frame?

Westerville Company reported the following results from last year’s operations:

Sales $1,800,000
Variable expenses 435,000
Contribution margin 1,365,000
Fixed expenses 1,005,000
Net operating income $360,000
Average operating assets $1,200,000

At the beginning of this year, the company has a $300,000 investment opportunity with the following cost and revenue characteristics:

Sales $360,000
Contribution margin ratio 70% of sales
Fixed expenses $216,000

The company’s minimum required rate of return is 10%.

1. What is last year's margin?
2. What is last year's turnover?
3. What is last year's ROI?
4. What is the margin related to this year's investment opportunity?
5. What is the turnover related to this year's investment opportunity?
6. What is the ROI related to this year's investment opportunity?
7. If the company pursues the investment opportunity and otherwise performs the same as last year, what margin will it earn this year?
8. If the company pursues the investment opportunity and otherwise performs the same as last year, what turnover will it earn this year?
9. If the company pursues the investment opportunity and otherwise performs the same as last year, what ROI will it earn this year?

Explain the nature of economic theory

Leftown is a former guest who owes the Munchies Restaurant $750 for a banquet. Restaurant managers have determined that this debt is now uncollectible. If the restaurant uses the direct write-off method of accounting for bad debt expense, the journal entry to recognize this bad debt would be a debit to ___________ and a credit to _________________.

A company has the following unadjusted account balances at December 31, of the current year; Accounts Receivable of $185,700 and Allowance for Doubtful Accounts of $1,600 (credit balance). The company uses the aging of accounts receivable to estimate its bad debts. The following aging schedule reflects its accounts receivable at the current year-end:

Account Age Balance Estimated Uncollectible Percentage
Current (not yet due) $96,000 1.00%
1—30 days past due 64,000 2.50%
30—60 days past due 16,000 11.00%
61—90 days past due 6,500 37.00%
Over 90 days past due 3,200 70.00%
Total $185,700

Required:
a. Calculate the amount of the Allowance for Doubtful Accounts that should appear on the December 31, of the current year, balance sheet.
b. Prepare the adjusting journal entry to record bad debts expense for the current year .

Suppose you are a manager of a firm that operates in a duopoly. Recently, the state attorney general fined you and your competitor for price fixing. In your market, firms only set prices, not total quantities to sell. From previous experience, you know your competitor has a marginal cost of $ 6.72 . Further, your marginal costs are $ 6.70 . The previous cartel price was $10.00, when you and your competitor were price fixing.

Required:
What price level do you now choose to maximize profits?

Practice Do It! Review 01 During the current month, Sheridan Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,600 on account. (b) Incurred factory labor of $38,800. Of that amount, $31,900 relates to wages payable and $6,900 relates to payroll taxes payable. (c) Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,990 have expired, and depreciation on the factory building is $9,400. Prepare journal entries for each type of manufacturing cost.

The budget director for Kanosh Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months is paid on October 1. October is the first month of operations; accordingly, there are no beginning account balances.

October November December
Budgeted S&A Expenses
Equipment lease expense $5,800 $5,800 $5,800
Salary expense 6,700 7,200 7,600
Cleaning supplies 2,880 2,720 3,040
Insurance expense 1,800 1,800 1,800
Depreciation on computer 2,400 2,400 2,400
Rent 2,100 2,100 2,100
Miscellaneous expenses 710 710 710
Total operating expenses $22,390 $22,730 $23,450
Schedule of Cash Payments for S&A Expenses
Equipment lease expense
Prior month's salary expense 100%
Cleaning supplies
Insurance premium
Depreciation on computer
Rent
Miscellaneous expenses
Total disbursements for operating expenses $22,290 $18,030 $18,850


Required:
a. Complete the schedule of cash payments for S&A expenses by filling in the missing amounts.
b. Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter.
c. Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter.

Jeremy Ortiz is an employee of Insulor Flooring, where his job responsibilities include selling service contracts to customers. Jeremy is single with two withholding allowances. He receives an annual salary of $36,000 and receives a 3 percent commission on all sales. During the semimonthly pay period ending September 29, 20XX, Jeremy sold $20,000 of service contracts.

Required:
Complete the payroll register for the September 29 pay period.

25 points and brainliest. Dawn works in a car manufacturing factory. She spends her day
assembling the locks for car doors and placing them along an assembly
line. The pathway in the Manufacturing career cluster that Dawn
works in is

Production

Manufacturing Production Process Development

Maintenance, Installation & Repair

Quality Assurance

Kingston Specialty Corporation manufactures joint products P and Q. During a recent period, joint costs amounted to $80,000 in the production of 20,000 gallons of P and 60,000 gallons of Q. Kingston can sell P and Q at split-off for $2.20 per gallon and $2.60 per gallon, respectively. Alternatively, both products can be processed beyond the split-off point, as follows: P Q Separable processing costs $ 15,000 $ 35,000 Sales price (per gallon) if processed beyond split-off $ 3 $ 4 The joint cost allocated to Q under the net-realizable-value method would be:

Easton Co. deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $67,209. Easton's June bank statement shows $63,949 on deposit in the bank. Determine the adjusted cash balance using the following information:
Deposit in transit $ 6,050
Outstanding checks $ 2,675
Check printing fee, not yet recorded by company $ 30
Interest earned on account, not yet recorded by the company $ 45
The adjusted cash balance should be:_______

On January 1, 2020, Commonwealth Inc. leases equipment to Tap Inc. The equipment has a fair value of $156,000, a carrying value of $80,000, an economic life of four years, and a lease term of three years. Commonwealth's incremental borrowing rate is 10% and there is a purchase option at the end of the lease of $10,000 that is reasonably expected to be executed by Tap at that time. The annual lease payment is $33,809.39, with the first payment due immediately on January 1, 2020. What is the amount of interest revenue recognized in 2020 by Commonwealth Inc.

The Acme Toy Company introduced a new electric train, the Silver Bullet, in its Christmas catalog last year. Within four days of the catalog's mailing date, Acme had received phone orders for its entire inventory of trains. Paul Murrah, the sales manager responsible for the Silver Bullet, was delighted with the product's success. However, his excitement was overshadowed by the ____ cost resulting from lost sales that his division would suffer.

The economy is in long-run equilibrium. Technological change shifts the long-run aggregate supply curve $120 billion to the right. At the same time, government purchases increase by $30 billion. If the MPC equals 0.8 and the crowding-out effects are $30 billion, we would expect that in the long run. (C)

a. real GDP would be higher but the price level would be lower
b. both real GDP and the price level would be lower
c. real GDP would be higher but the price level would be the same
d. both real GDP and the price level would be higher

In the free enterprise system, or market economy, individuals are responsible for
being informed and making careful decisions.
True of False

Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $120,000 April 140,000 May 160,000 Depreciation, insurance, and property taxes represent $10,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. Seventy percent of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers.

Which task would most lIkely be completed by a fraud examiner?

Project A requires a $315,000 initial investment for new machinery with a five-year life and a salvage value of $34,500. The company uses straight-line depreciation. Project A is expected to yield annual net income of $20,400 per year for the next five years. Compute Project A's payback period.