Accounting Maintaining Financial Information Homework Help
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1.Home Depot report the following figures on its current financial statements.
|Average total assets||42,744||million|
Compute Home Depot’s return on assets
2.Shelley, Jonathan, and Adrian Stein, the Fundraising Chairperson, are beginning to make plans for next year’s rodeo. Shelley believes by negotiating with local feed stores, inn- keepers, and other business owners, costs can be cut dramatically. Jonathan agrees. After carefully analyzing costs, Jonathan has estimated the fixed expenses can be pared to approximately $51,000. In addition, Jonathan estimates variable costs are 4% of total gross receipts. After talking with business owners who attended the rodeo, Adrian is confident the funds solicited from sponsors will increase. Adrian is comfortable in budgeting revenue from sponsors at $25,600. The local youth group is unwilling to provide concessions to the audience unless they receive all of the profits. Not having the personnel to staff the concession booth, members of the Circular Club reluctantly agree to let the youth group have 100% of the profits from the concessions. In addition, members of the rodeo committee, recognizing the net income from programs was only $100, decide not to sell rodeo programs next year.
• Compute the break-even point in dollars of ticket sales assuming Adrian and Jonathan are correct in their assumptions.
3.There were80 male guests at a party. The number of men in each of four age categories is given in the following table. The table also gives the probability that a man in the respective age category will keep his money in order of denomination.
|Age||Men||Keep Paper Money in Order (%)|
|55 and over||10||79|
A man’s wallet was retrieved, and paper money in it was in order of denomination. What is the probability that the wallet belonged to a male guest between the ages of 35 and 44? (Round your answer to three decimal places.)
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4.Why would a sole proprietor/ partnership need to prepare a budget, and what type of budget would be needed?
5.What is the importance of collecting, filing and maintaining accurate financial/ resource allocation records?
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