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Looking for someone to complete this assignment for me. Need to have it completed by 5pm today and receive an A on it, will pay $. its 29 multiple choice and 1 written answer

image text in transcribed 1. The California caf cash and credit sales are listed above. The caf is able to collect 40% of their credit sales during the first month (after the sale), and 60% during the second month (after the sale). What amount of total sales collected in July (cash and credit)? o o o o 20,550 50,050 41,650 50,200 2. An operating budget must be completed before putting together a cash budget. True False 3. Which of the following is the correct calculation for contribution margin ratio? o o o o Revenue divided by variable costs Revenue divided by contribution margin Contribution margin divided by revenue Contribution margin divided by fixed costs 4. Smith Home Away from home is a limited service hostel hotel. For the month of May, smith budgeted to sell 10,000 rooms at a price of $52. Smith's management estimated the variable cost at $32 per room and budgeted fixed costs of $50,000 for the month. During May, Smith actually sold 9,200 rooms, earning $470,000 in revenue. In addition, Smith's actual total variable and fixed costs amounted to $282,000 and $46,000. What is the fixed cost variance? o $4,000 favorable o $6,000 favorable o $6,000 Unfavorable o $4,000 unfavorable 5. The California caf cash and credit sales are listed above. The caf is able to collect 40% of their credit sales during the first month (after the sale), and 60% during the second month (after the sale). What amounts of credit sales are collected in May? o 21,450 o 49,200 o 24,300 o 24,900 6. A positive variance does not indicate that there are not any problems and therefore there is no need for it to be investigated. True False 7. The objective of a cash forecast is to alert management to: o Probable cash shortages or surpluses in advance o Instances where cash may have been stolen by employees o Possible management conflicts o Employee scheduling and labor issues 8. A cash budget is being prepared for the month of April. One of the items on the income statement being used to develop the cash budget is insurance expense of $200 a month. It is a prepaid and the annual insurance invoice of 2,400 is paid in May. What is the amount of cash disbursement you should show in April for insurance? o $200 o $2,400 o $0 9. The contribution margin can be expressed as: o o o o Sales minus variable expenses Sales minus cost of goods sold Sales minus fixed expenses The level of sales required to cover variable expenses 10. Smith Home Away from home is a limited service hostel hotel. For the month of May, smith budgeted to sell 10,000 rooms at a price of $52. Smith's management estimated the variable cost at $32 per room and budgeted fixed costs of $50,000 for the month. During May, Smith actually sold 9,200 rooms, earning $470,000 in revenue. In addition, Smith's actual total variable and fixed costs amounted to $282,000 and $46,000. - $50,000 favorable $8,400 favorable $8,400 Unfavorable $50,000 unfavorable 11. In preparing a cash budget the budgeted level of cash disbursements would take into account all of the following except: o The credit term offered by vendors on purchases o The current experience the company has in collecting receivables (time periods 30- 40 days, etc.) o Budget operating expenses o Planned capital expenditures (i.e purchases of assets) 12. Which of the following will increase a company's breakeven point? o Increasing variable cost per unit o Decreasing variable cost per unit o Reducing total fixed costs o Increasing the selling price per unit 13. Lizzie's Riverside Grill compares monthly operating results with a static budget prepared at the beginning of the year. When actual sales are less than budget, the restaurant would usually report favorable variances on: o o o o Fixed supervisory salaries and variable food costs. Variable food costs but not fixed supervisory salaries. Fixed supervisory salaries but not variable food costs. Neither fixed supervisrory salaries or variable food costs 14. Suppose Max's Shuttle Service wants to earn a profit before taxes of $375,000 in the coming year. Max's selling price is $40, its variable cost per unit is $20, and its fixed costs are $150,000. How many tickets must the company sell? o $26,250 o $26,520 o $18750 o $11250 15. At the breakeven point: o Fixed costs are always less than the contribution margin o Fixed costs are always equal to the contribution margin o Fixed cost are always more than variable costs o Fixed costs are always equal to the contribution margin 16. ABC Hotel reported a contribution margin equal to 45% of revenues and profit before taxes equal to 20% of revenues. If fixed costs were $100,000 what were the ABC's revenues? o o o o $400,000 $500,000 $222,222 $153,846 17. Net cash flow can be calculated by: o Opening balance of cash plus inflows o Cash inflows less cash outflows o Cash inflows plus cash outflows o Profit less expenses 18. The Lucky Inn budgeted revenue of $10,000 during a period when $12,000 was actually generated. The percentage variance for the period was: o 16.7% favorable o 20% favorable o 20% unfavorable o 16.7% unfavorable 19. If the Sun's contribution margin equals $1,000,000 and its revenues are %1,500,000, then its contribution margin ratio is .5667 or 56.67% True False 20. Smith Home Away from home is a limited service hostel hotel. For the month of May, smith budgeted to sell 10,000 rooms at a price of $52. Smith's management estimated the variable cost at $32 per room and budgeted fixed costs of $50,000 for the month. During May, Smith actually sold 9,200 rooms, earning $470,000 in revenue. In addition, Smith's actual total variable and fixed costs amounted to $282,000 and $46,000. What is the variable cot variance o o o o $38,000 favorable $12,400 favorable $38,000 unfavorable $12,400 unfavorable 21. Mossfeet Shoe Company is a single product firm. Mossfeet is predicting that a price decrease next year will not cause unit sales to increase. What effect would this price decrease have on the following items for next year? o Contribution margin ration will increase, Break even point will decrease o Contribution margin ration will decrease, break even point will increase o Contribution margin ration will increase, no breakeven point o Contribution margin ratio will increase, no break even point 22. The longer it takes to collect accounts receivable: o The less cash the business will need o The more cash the business will need o Does not affect the amount of cash a business will need o Depends on the determination of the accounting department to collect outstanding bills 23. If an operation has a high level of variable costs relative to its fixed costs, it has - Restructured debt service - Breakeven leverage - Low operating leverage - High operating leverage 24. The margin of safety in dollars equals excess of budgeted (or actual) sales over the breakeven volume of sales. True False 25. What type of analytical tools would be used to ensure the budget figures are reasonable? o Vertical Analysis o Horizontal Analysis o Ratio Analysis o All of the above 26. Which of the following items are not considered in a cash budget: - Depreciation - Food cost - Dividends - Interest Expense 27. Using the following information prepare the april budget for restaurant Max: Average check $12.40 Customer count per day 302 Food cost 32.4% Salaries & Wages 25.6% Employee benefits 5.0% Direct Operating Expenses 7.9% Music & Entertainment .5% Marketing 2.5% Utilities 2.9% Repairs & Maintenance 1.1% General and Administrative 3.0% Building Rent $5,500 Depreciation $1,300 Response should be in an Income statement format 28. At the breakeven volume, the firm makes zero profit, which means that revenues equal total costs True False 29. You have been asked to prepare a cash budget what financial schedule will provide information on the amount of the mortgage principle that is due? o Income Statement o Statement of Cash Flow o Statement of Retained Earnings o Balance Sheet 30. Which of the following CVP assumptions is false? o In CVP analysis costs remain fixed o In CVP analysis both qualitative and quantitative factors are considered o In CVP analysis variable costs fluctuate in a linear fashion with revenues o In CVP analysis all costs can be assigned to individual operated departments

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