ACCT125 Quiz 3 of 3

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Unit Selling
Unit Variable
Unit Contribution
Product
Price
Cost
Margin
Arks
$80
 
$20
 
$60
 
Bins
120
 
40
 
$80
 
       
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Cost
Machine Hours
January
$52,600
 
20,000
 
February
75,100
 
29,000
 
March
57,000
 
22,000
 
April
64,000
 
24,500
 
     
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Bonds payable, 12% (issued 1998, due 2022)
$1,000,000
Preferred 5% stock, $100 par (no change during year)
300,000
Common stock, $50 par (no change during year)
2,000,000
Income before income tax for year
300,000
Income tax for year
80,000
Common dividends paid
50,000
Preferred dividends paid
15,000
  
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Net sales on account during year
$ 500,000
Cost of merchandise sold during year
300,000
Accounts receivable, beginning of year
45,000
Accounts receivable, end of year
35,000
Inventory, beginning of year
90,000
Inventory, end of year
110,000
  
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Net sales on account during year
$1,204,000
Cost of merchandise sold during year
630,000
Accounts receivable, beginning of year
75,000
Accounts receivable, end of year
85,000
Inventory, beginning of year
81,600
Inventory, end of year
98,600
  
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Net sales on account during year
$1,095,000
Cost of merchandise sold during year
700,000
Accounts receivable, beginning of year
47,500
Accounts receivable, end of year
37,500
Inventory, beginning of year
190,000
Inventory, end of year
220,000
  
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Net sales on account during year
$ 525,500
Cost of merchandise sold during year
375,000
Accounts receivable, beginning of year
50,000
Accounts receivable, end of year
40,000
Inventory, beginning of year
110,000
Inventory, end of year
140,000
  
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2010
Market price per share of common stock
$25.00
Earnings per share on common stock
1.25
  
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Net sales on account during year
$ 500,000
Cost of merchandise sold during year
300,000
Accounts receivable, beginning of year
45,000
Accounts receivable, end of year
35,000
Inventory, beginning of year
90,000
Inventory, end of year
110,000
  
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Income from
Net Cash
Year
Operations
Flow
1
$37,500
 
$187,500
2
37,500
 
  187,500
3
37,500
 
  187,500
4
37,500
 
  187,500
5
37,500
 
  187,500
    
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Income from
Net Cash
Year
Operations
Flow
1
$37,500
 
$187,500
2
37,500
 
  187,500
3
37,500
 
  187,500
4
37,500
 
  187,500
5
37,500
 
  187,500
    
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Year
6%
10%
12%
1
.943
.909
.893
2
.890
.826
.797
3
.840
.751
.712
4
.792
.683
.636
    
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Year
10%
15%
20%
1
0.909
0.870
0.833
2
1.736
1.626
1.528
3
2.487
2.283
2.106
4
3.170
2.855
2.589
5
3.791
3.353
2.991
6
4.355
3.785
3.326
7
4.868
4.160
3.605
    
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Year
Present Value
of $1 at 10%
1
0.909
2
0.826
3
0.751
4
0.683
5
0.621
6
0.513
  
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Income from
Net Cash
Year
Operations
Flow
1
$37,500
 
$187,500
2
37,500
 
  187,500
3
37,500
 
  187,500
4
37,500
 
  187,500
5
37,500
 
  187,500
    
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Income from
Net Cash
Year
Operations
Flow
1
$37,500
 
$187,500
2
37,500
 
  187,500
3
37,500
 
  187,500
4
37,500
 
  187,500
5
37,500
 
  187,500
    
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Year
6%
10%
12%
1
.943
.909
.893
2
.890
.826
.797
3
.840
.751
.712
4
.792
.683
.636
    
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