response to shonna andrews dq1 1
March 18, 2021
shapes are similar length smaller object has volume 26cm3 whilst larger one has
March 18, 2021

Subject: Business    / Finance

1. Financial Statements: Develop an Income Statement, Cash Flow Statement, and Balance Sheet based on the provided data for year 20XX (the previous year) that follows. Explain the purpose of each financial statement.

a. Income Statement Data for 20XX:

· Gross Sales = $33,291

· Coupons and Discounts = $549

· Cost of Goods = $10,276

· Labor = $0 (Mr. and Mr. Lee were the only ones working and did not pay themselves)

· advertising fees =$2000

· bank fees = $120

· phone/internet = $1200

· shipping = $1380

· utilities = $900

· office supplies = $785

· Income tax = 26 %

b. Cash Flow Statement Data for 20XX:

· Cash in bank = $21,120

· Depreciation = $800

· Proceeds from disposal of investment = $3,000

· Capital Expenditure = -$1,600

· Repayment of Bank Loan = -$5,000

· Interest Expense Associated with Bank Loan = -$345

· Consider any data relevant from the income statement.

c. Balance Sheet Data for 20XX:

· Cash = $21,120

· Accounts Receivable = $496

· Accounts Payable = $200

· Inventory = $10,507

· Accumulated Depreciation = -$1,000

· Common Stock = $0

2. Financial Ratios: Calculate the following financial ratios and explain the meaning of the results.

a. Net Profit Margin

b. Quick Ratio

c. Debt-to-Equity Ratio

3. Cost Classification: The Lee’s have provided you with the following costs and relevant information that are assumed for year 20XY. Classify the costs as variable costs or fixed costs. Explain the importance of distinguishing between variable and fixed costs. If business is expected to be steady from month to month, provide a monthly budget based on these figures.

a. Advertising Fees = $4,000

b. Labor = $400/month

· One part-time employee will be hired to take care of packaging and shipping. This employee will be paid $10 per hour. He or she is estimated to work 40 hours total per month.

c. Packaging Supplies = $3,000

d. Office Supplies = $800

e. Phone and Internet Service = $115/month

f. Product Supplies = $9,000

g. Shipping Fees = $1,000/month

h. Conference Exhibitor Fee = $3,000

i. Travel Expenses for Conference (e.g. airfare, meals, taxi) = $1,200

j. Utilities for the Home Workshop = $105/month


 

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