I need immediate assistance with the two word attachments. This by far is the most difficult class I have had thus far.

Unit 3 Lab Exercise 5-26 Jim Heston has been working on Austin Paints' cash budget for the coming year. Based on his projections for March, the beginning cash balance will be $50,123; cash collections will be $700,000; and cash disbursements will be $710,390. Austin Paints desires to maintain a $50,000 minimum cash balance. The company has a 10 percent open line of credit with its bank, which provides short-term borrowings in $500 increments. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in $500 increments). Accrued interest is paid at the time of repayment. (a) How much will Austin Paints need to borrow from the bank at the beginning of March? $ Austin Paints should borrow (b) Assuming that Austin Paints has $7,000 in excess cash budgeted for April, how much principal will the company plan to repay? How much interest will be repaid in April? (Round interest repaid answer to the nearest whole dollar amount, e.g. 5,275.) $ Principal to be repaid $ Interest to be repaid Problem 5-35 GrowMaster Products, a rapidly growing distributor of home gardening equipment, is formulating its plans for the coming year. Carol Jones, the firm's marketing director, has completed the following sales forecast. Month January February March April May June Sales $900,000 $1,000,000 $900,000 $1,150,000 $1,250,000 $1,400,000 Month July August Septembe r October November December Sales $1,500,000 $1,500,000 $1,600,000 $1,600,000 $1,500,000 $1,700,000 Phillip Smith, an accountant in the Planning and Budgeting Department, is responsible for preparing the cash flow projection. He has gathered the following information. All sales are made on credit. GrowMaster's excellent record in accounts receivable collection is expected to continue, with 60 percent of billings collected in the month after sale and the remaining 40 percent collected two months after the sale. Cost of goods sold, GrowMaster's largest expense, is estimated to equal 40 percent of sales dollars. Seventy percent of inventory is purchased one month prior to sale and 30 percent during the month of sale. For example, in April, 30 percent of April cost of goods sold is purchased and 70 percent of May cost of goods sold is purchased. All purchases are made on account. Historically, 75 percent of accounts payable have been paid during the month of purchase, and the remaining 25 percent in the month following purchase. Hourly wages and fringe benefits, estimated at 30 percent of the current month's sales, are paid in the month incurred. General and administrative expenses are projected to be $1,540,000 for the year. A breakdown of the expenses follows. All expenditures are paid monthly throughout the year, with the exception of property taxes, which are paid in four equal installments at the end of each quarter. Salaries and fringe benefits $ 320,000 Advertising 370,000 Property taxes 136,000 Insurance 190,000 Utilities 178,000 Depreciation 346,000 Total $ 1,540,000 Operating income for the first quarter of the coming year is projected to be $320,000. GrowMaster is subject to a 40 percent tax rate. The company pays 100 percent of its estimated taxes in the month following the end of each quarter. GrowMaster maintains a minimum cash balance of $50,000. If the cash balance is less than $50,000 at the end of the month, the company borrows against its 12 percent line of credit in order to maintain the balance. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in increments of $1,000). Accrued interest is paid in full with each principal repayment. The projected cash balance on April 1 is $50,000. Prepare the cash receipts budget for the second quarter. (Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Receipts Budget April May June $ $ $ $ $ $ February sales March sales April sales May sales Totals $ Accounts Receivable balance at the end of second quarter of 2012 LINK TO TEXT Prepare the purchases budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Purchases Budget April May June $ $ $ $ $ $ April COGS May COGS June COGS July COGS Totals LINK TO TEXT Prepare the cash payments budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Payments Budget April May $ March purchases June $ $ April purchases May purchases June purchases $ $ $ $ Accounts Payable balance at the end of second quarter of 2012 LINK TO TEXT Prepare the cash budget for the second quarter. (Round answers to 0 decimal places, e.g. 5,275. Enter answers in necessary fields only. Leave other fields blank. Do not enter 0.) Cash Budget April May $ Beginning Cash balance June $ Quarter $ $ Financing: $ $ $ $ Ending Cash Balance LINK TO TEXT Question Attempts: 0 of 2 used SAVE FOR LATER SUBMIT ANSWER Problem 6-32 Gerald/Brooke, Ltd. manufactures shirts, which it sells to customers for embroidering with various slogans and emblems. The standard cost card for the shirts is as follows. Direct materials Direct labor Variable overhead Fixed overhead Standard Price $1.6 per yard $12 per DLH $4 per DLH $6 per DLH Standard Quantity 1.25 yards 0.25 DLH 0.25 DLH 0.25 DLH Standard Cost $2 3 1 1.5 $7.50 Bobby Brickley, operations manager, was reviewing the results for November when he became upset by the unfavorable variances he was seeing. In an attempt to understand what had happened, Bobby asked CFO Lila Davis for more information. She provided the following overhead budgets, along with the actual results for November. The company purchased and used 118,600 yards of fabric during the month. Fabric purchases during the month were made at $1.45 per yard. The direct labor payroll ran $260,029, with an actual hourly rate of $12.1 per direct labor hour. The annual budgets were based on the production of 1,008,670 shirts, using 254,000 direct labor hours. Though the budget for November was based on 83,100 shirts, the company actually produced 85,960 shirts during the month. Indirect material Indirect labor Equipment repair Equipment power Total Supervisory salaries Insurance Property taxes Depreciation Utilities Quality inspection Total Variable Overhead Budget Annual Per November Budget Shirt Actual $454,500 $0.45 $37,200 300,400 0.3 34,180 204,800 0.2 19,400 53,200 0.05 12,800 $1,012,900 $1.00 $103,580 Fixed Overhead Budget Annual November Budget Actual $262,900 $23,300 354,100 29,800 84,300 7,600 320,400 37,300 211,200 21,800 282,200 31,900 $1,515,100 $151,700 (a) Calculate the direct materials price and quantity variances for November. (If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct material price variance 171970 Favorable $ Direct material quantity variance 189760 Unfavorable (b) Calculate the direct labor rate and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Direct labor rate variance Favorable $ Direct labor efficiency variance Not Applicable (c) Calculate the variable overhead spending and efficiency variances for November. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Variable overhead spending variance Favorable $ Variable overhead efficiency variance Not Applicable (d) Calculate the fixed overhead spending variance for November. (Round answer to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) $ Fixed overhead spending variance LINK TO TEXT LINK TO TEXT LINK TO TEXT Unfavorable Exercise 12-8 Matthias Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2012 and 2013 follow. Matthias Medical Comparative Balance Sheet As of December 31 2013 2012 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets $376,000 1,055,000 731,000 381,400 $417,500 776,400 681,050 247,050 2,543,400 8,720,425 2,122,000 8,439,980 $11,263,825 $10,561,980 $3,203,000 3,702,700 $2,846,100 3,892,700 6,905,700 6,738,800 58,900 104,600 4,194,625 58,900 103,800 3,660,480 4,358,125 3,823,180 $11,263,825 $10,561,980 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Matthias Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2013 Sales revenue (all on account) Cost of goods sold 2012 $10,177,200 5,612,200 $9,613,900 5,298,750 Gross profit Operating expenses 4,565,000 2,840,250 4,315,150 2,634,150 Net operating income Interest expense 1,724,750 300,400 1,681,000 308,600 Net income before taxes Income taxes (30%) 1,424,350 427,305 1,372,400 411,720 $997,045 $960,680 Preferred dividends Common dividends 29,500 433,400 29,550 413,050 Total dividends paid 462,900 442,600 534,145 3,660,480 518,080 3,142,400 Net income Dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year $4,194,625 $3,660,480 Calculate the following liquidity ratios for 2013. (If working capital is negative then enter with a negative sign preceding the number or parenthesis, e.g. -15,000 or (15,000). Round all answers except working capital to 2 decimal places, e.g. 2.55.) $ a. Working capital b. Current ratio c. Acid-test ratio d. Accounts receivable turnover times LINK TO TEXT Calculate the following liquidity ratios for 2013. (Round average collection period to 0 decimal place, e.g. 25 and inventory turnover ratio to 2 decimal places, e.g. 5.12. Use 365 days for calculation.) a. Average collection period days b. Inventory turnover times LINK TO TEXT Calculate average days to sell inventory for 2013. (Round answer to 0 decimal places, e.g. 25. Use 365 days for calculation.) Average days to sell inventory days LINK TO TEXT Exercise 12-11 Matthias Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2012 and 2013 follow. Matthias Medical Comparative Balance Sheet As of December 31 2013 2012 Assets Current assets Cash Accounts receivable, net Inventory Other current assets Total current assets Property, plant, & equipment, net Total assets $351,000 1,066,200 749,000 367,000 $417,400 776,400 681,000 247,100 2,533,200 9,322,790 2,121,900 8,381,900 $11,855,990 $10,503,800 $3,110,000 3,702,650 $2,846,100 3,892,650 6,812,650 6,738,750 57,000 130,000 4,856,340 57,000 103,850 3,604,200 5,043,340 3,765,050 $11,855,990 $10,503,800 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Matthias Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2013 Sales revenue (all on account) Cost of goods sold 2012 $10,520,000 4,875,000 $9,614,000 5,298,700 Gross profit Operating expenses 5,645,000 2,840,300 4,315,300 2,634,100 Net operating income Interest expense 2,804,700 398,000 1,681,200 308,700 Net income before taxes Income taxes (30%) 2,406,700 722,010 1,372,500 411,750 $1,684,690 $960,750 Net income Dividends paid Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year 29,550 403,000 29,550 476,000 432,550 505,550 1,252,140 3,604,200 455,200 3,149,000 $4,856,340 $3,604,200 Calculate the earnings per share (average of 417,000 shares outstanding for the year) for 2013. (Round answer to 2 decimal places, e.g. 2.55.) $ Earning per share per share LINK TO TEXT Calculate the price/earnings ratio (market price of $45 at year-end) for 2013. (Round answer to 2 decimal places, e.g. 2.55.) Price/earnings ratio LINK TO TEXT Calculate the dividend payout ratio (dividends of $1.04 per common share for the year) for 2013. (Round answer to 2 decimal places, e.g. 2.55%.) Dividen d payout ratio % LINK TO TEXT Problem 12-14 Dollar Tree Stores, Inc., and Dollar General Corporation are both discount retailers. As their adapted income statements (in $ millions) show, Dollar General's sales revenue was more than double that of Dollar Tree. Dollar Tree Sales Dollar General $6,630.5 $14,807.2 Cost of goods sold 4,252.2 10,109.3 Gross profit 2,378.3 4,697.9 Selling, general, & administrative expenses 1,596.2 3,207.1 782.1 1,490.8 2.6 265.5 779.5 1,225.3 Net operating income Other expense Income before taxes Income tax expense Net income 291.2 458.6 $488.3 $766.7 Prepare a common-size income statement for each company. (Round answers to 2 decimal places, e.g. 50.12%.) Dollar Tree Dollar General Sales % % % % % % % % % % % % Cost of goods sold Gross profit Selling, general & administrative expenses Net operating income Other expense Income before taxes % % % % % % Income tax expense Net income LINK TO TEXT Problem 13-23 Kate Petusky prepared Addison Controls' balance sheet and income statement for 2013. Before she could complete the statement of cash flows, she had to leave town to attend to a family emergency. Because the full set of statements must be provided to the auditors today, Addison's president, Lance Meyers, has asked you to prepare the statement of cash flows. Meyers has provided you with the balance sheets and income statement that Petusky prepared, as well as some notes she made: Addison Controls Income Statement For the Year Ended December 31, 2013 Sales revenue $ 129,800 Cost of goods sold 70,750 Gross margin Selling expense Administrative expense Salaries expense 59,050 $13,250 8,110 20,010 Depreciation expense 1,920 Interest expense 4,160 Income before gain and taxes 47,450 11,600 Gain on sale of Land 919 Income tax expense 843 Net income $ 11,676 Addison Controls Comparative Balance Sheets As of December 31 2013 2012 Cash $ 5,390 $ 4,260 Accounts receivable, net 6,430 5,560 Inventory 31,790 34,390 Total current assets 43,610 44,210 Property, plant, & equipment, net 211,780 215,450 Total Assets $255,390 $259,660 Accounts payable $ 3,510 $ 6,060 Accrued expenses 2,560 2,390 Taxes payable 2,210 2,810 Bonds payable 60,100 50,060 Total liabilities 68,380 61,320 Common stock 125,410 125,410 Retained earnings 61,600 72,930 Total stockholders' equity 187,010 198,340 Total liabilities & stockholders' equity $255,390 $259,660 Equipment with an original cost of $35,170 was sold for $20,359. The book value of the equipment was $19,440. On June 1, 2013, the company purchased new equipment for cash at a cost of $17,690. At the end of the year the company issued bonds payable for $10,040 cash. The bonds will mature on December 31, 2017. The company paid $23,006 in cash dividends for the year. Using the indirect method, prepare Addison Controls' statement of cash flows for 2013. (If an amount decreases cash flow then enter with a negative sign preceding the number or parenthesis, e.g. -15,000 or (15,000).) Addison Control Statement of Cash Flows For the Year Ended December 31, 2013 $ $ Net cash by activities Net cash by activities Net cash by activities $ LINK TO TEXT LINK TO TEXT LINK TO TEXT