Hi tutors, can you please help with the attached accounting questions?

QUESTION 1 Tries remaining: 1 Points out of 20.00 Developing a Master Budget for a Merchandising Organization Peyton Department Store prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2010. PEYTON DEPARTMENT STORE Balance Sheet March 31, 2010 Liabilities and Stockholders' Assets Equity Cash $3,000 Accounts receivable 25,000 Dividends payable 17,000 Inventory 30,000 Rent payable 2,000 2,000 Stockholders' equity 40,000 25,000 Prepaid Insurance Fixtures Total assets Accounts payable $26,000 $85,000 Total liabilities and equity $85,000 Actual and forecasted sales for selected months in 2010 are as follows: Month January Sales Revenue $50,000 February 50,000 March 40,000 April 50,000 May 60,000 June 70,000 July 90,000 August 80,000 Monthly operating expenses are as follows: Wages and salaries $27,000 Depreciation 100 Utilities 1,000 Rent 2,000 Support Cash dividends of $17,000 are declared during the third month of each quarter and are paid during the rst month of the following quarter. Operating expenses, except insurance, rent, and depreciation are paid as incurred. Rent is paid during the following month. The prepaid insurance is for ve more months. Cost of goods sold is equal to 50 percent of sales. Ending inventories are sucient for 120 percent of the next month's sales. Purchases during any given month are paid in full during the following month. All sales are on account, with 50 percent collected during the month of sale, 40 percent during the next month, and 10 percent during the month thereafter. Money can be borrowed and repaid in multiples of $1,000 at an interest rate of 12 percent per year. The company desires a minimum cash balance of $3,000 on the rst of each month. At the time the principal is repaid, interest is paid on the portion of principal that is repaid. All borrowing is at the beginning of the month, and all repayment is at the end of the month. Money is never repaid at the end of the month it is borrowed. (a) Prepare a purchases budget for each month of the second quarter ending June 30, 2010. Peyton Department Store Monthly Purchase Budget Quarter Ending June 30, 2010 April May Budgeted purchases $ June $ Total $ $ (b) Prepare a cash receipts schedule for each month of the second quarter ending June 30, 2010. Do not include borrowings. Peyton Department Store Schedule of Monthly Cash Receipts Quarter Ending June 30, 2010 April May Total cash receipts $ June $ Total $ $ (c) Prepare a cash disbursements schedule for each month of the second quarter ending June 30, 2010. Do not include repayments of borrowings. Peyton Department Store Schedule of Monthly Cash Disbursements Quarter Ending June 30, 2010 Total cash disbursements $ April May $ June $ Total $ (d) Prepare a cash budget for each month of the second quarter ending June 30, 2010. Include budgeted borrowings and repayments. Only use negative signs, if needed, for: excess receipts over disbursements, balance before borrowings and cash balances (beginning and ending). Support Peyton Department Store Monthly Cash Budget Quarter Ending June 30, 2010 April Cash balance, beginning May June Total $ $ $ $ $ $ $ $ Receipts Disbursements Excess receipts over disb. Balance before borrowings Borrowings Loan repayments Cash balance, ending (e) Prepare an income statement for each month of the second quarter ending June 30, 2010. Only use negative signs to show net losses in income. Peyton Department Store Budgeted Monthly Income Statements Quarter Ending June 30, 2010 Sales April May $ June $ Total $ $ Cost of sales Gross prot Operating expenses: Wages and salaries Depreciation Utilities Rent Insurance Interest Support QUESTION 2 Partially correct 1.67 points out of 5.00 Product Pricing: Single Product Presented is the 2009 contribution income statement of Colgate Products. COLGATE PRODUCTS Contribution Income Statement For Year Ended December 31, 2009 Sales (6,000 units) $720,000 Less variable costs Cost of goods sold $240,000 Selling and administrative 66,000 (306,000) Contribution margin 414,000 Less xed costs 290,000 Manufacturing overhead Selling and administrative Net income 90,000 (380,000) $34,000 During the coming year, Colgate expects an increase in variable manufacturing costs of $6 per unit and in xed manufacturing costs of $24,000. (a) If sales for 2010 remain at 6,000 units, what price should Colgate charge to obtain the same prot as last year? $ 130 (b) Management believes that sales can be increased to 8,000 units if the selling price is lowered to $105. What would be the excepted prot (or loss) as a result of this action? Use a negative sign with your answer, if appropriate. 252,000 (c) After considering the expected increases in costs, what sales volume is needed to earn a prot of $34,000 with a unit selling price of $105? 0 Support units QUESTION 3 Incorrect 0.00 points out of 5.00 Computing Markups The predicted 2009 costs for Osaka Motors are as follows: Manufacturing Costs Selling and Administrative Costs Variable $100,000 Variable $300,000 Fixed 230,000 Fixed 200,000 Average total assets for 2009 are predicted to be $8,000,000. (a) If management desires a 11 percent rate of return on total assets, what are the markup percentages for total variable costs and for total manufacturing costs? (Round your answers to the nearest whole percent.) Markup on variable costs 0 Markup on manufacturing costs 0 % % (b) If the company desires a 8 percent rate of return on total assets, what is the markup percentage on total manufacturing costs for (1) unassigned costs and (2) desired prot? (Round your answers to the nearest whole percent.) Markup to cover unassigned costs 0 Markup to cover desired prot 0 Support % % QUESTION 4 Incorrect 0.00 points out of 5.00 Cost-Based Pricing and Markups with Variable Costs Compu Services provides computerized inventory consulting. The oce and computer expenses are $400,000 annually and are not assigned to specic jobs. The consulting hours available for the year total 20,000, and the average consulting hour has $20 of variable costs. (a) If the company desires a prot of $140,000, what should it charge per hour? $ 0 (b) What is the markup on variable costs if the desired prot is $120,000? 0 % (c) If the desired prot is $40,000, what is the markup on variable costs to cover (1) unassigned costs and (2) desired prot? Markup to cover unassigned costs 0 Markup to cover desired prots 0 Support % %