Accounting Life Cycle Pricing Question And Answers Homework Help
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Matt Simpson owns and operates Quality Craft Rentals, which offers canoe rent- als and shuttle service on the Nantahala River. Customers can rent canoes at one station, enter the river there, and exit at one of two designated locations to catch a shuttle that returns them to their vehicles at the station they entered. Following are the costs involved in providing this service each year
|Canoe maintenance||Fixed Costs|
|Licenses and permits||3,000||0|
Quality Craft Rentals began business three years ago with a $21,000 expenditure for a fleet of 30 canoes. These are expected to last seven more years, at which time a new fleet must be purchased.
Matt is happy with the steady rental average of 6,400 per year. For this number of rentals, what price should he charge per rental for the business to make a 20 percent life-cycle return on investment?
2.Describe the nature of the assets that compose the following sections of a balance sheet:
(a) current assets,
(b) property, plant and equipment.
3.At year-end the perpetual inventory records of Garbo Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $96,500. Record the necessary adjusting entry.
4.Modern Furnishings Company’s perpetual inventory records indicate that $890,000 of merchandise should be on hand on April 30, 2014. The physical inventory indicates that $876,250 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Modern Furnishings Company for the year ended April 30, 2014. Assume that the inventory shrinkage is a normal amount.
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5.Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started operations January 1, 2008, and all transactions involve cash.
|For the Years|
|Net income||$ (a)||$100||$375|
|Statement of Changes in Stockholders’ Equity|
|Beginning common stock||$0||$ (m)||$9,100|
|Plus: Common stock issued||(b)||1,100||310|
|Ending common stock||8,000||9,100||(s)|
|Beginning retained earnings||0||25||75|
|Plus: Net income||(c)||100||375|
|Ending retained earnings||25||(n)||300|
|Total stockholders’ equity||$ (e)||$9,175||$ (t)|
|Cash||$ (f)||$ (o)||$ (u)|
|Liabilities||$ (g)||$ (q)||$840|
|Total stockholders’ equity||8,025||9,175||9,710|
|Total liabilities and stockholders’ equity||$11,000||$11,650||$10,550|
|Statements of Cash Flows|
|Cash flows from operating activities||$ (j)||$500||$ (v)|
|Cash receipts from revenue||(k)||(400)||(w)|
|Cash payments for expenses||150||100||375|
|Net cash flows from operating activities|
|Cash flows from investing activities|
|Cash payments for land||0||(5,000)||0|
|Cash receipt from sale of land||0||0||2,500|
|Net cash flows from investing activities||0||(5,000)||2,500|
|Cash flows from financing activities|
|Cash receipts from borrowed funds||2,975||0||0|
|Cash payments to reduce debt||0||(500)||(x)|
|Cash receipts from stock issue||8,000||1,100||(y)|
|Cash payments for dividends||(125)||(50)||(z)|
|Net cash flows from financing activities||10,850||550||(1,475)|
|Net change in cash||11,000||(4,350)||1,400|
|Beginning cash balance||0||11,000||6,650|
|Ending cash balance||$11,000||$6,650||$8,050|
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