When I called about the cost of these items, it was implied that my total would only be $35.00

Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the mont

Afina-wow [57]

Answer:

$312,000

Explanation:

Given that,

August Sales = $300,000

July sales = $330,000

Customer amounts on account are collected 60% in the month of sale and 40% in the following month.

Cash Receipts during August:

= (August Sales × 60%) + (July Sales × 40%)

= ($300,000 × 60%) + ($330,000 × 40%)

= $180,000 + $132,000

= $312,000

Therefore, the cash is budgeted to be received during August is $312,000.

8 0

2 years ago

Swiss Clothing Store had a balance in the Accounts Receivable account of $820,000 at the beginning of the year and a balance of

salantis [7]

Answer:

B. 9.0 times.

Explanation:

Accounts Receivable Turnover (ART) = Net credit sales/ Average accounts receivable

Net credit sales = $7,200,000

Average accounts receivable = (beginning AR - ending AR) /2

Average Accounts receivable = ($820,000 + $780,000)/2

Average AR = $800,000

Therefore Accounts receivable turnover = $7,200,000/800,000 = 9.0 times

4 0

2 years ago

Ohio Swiss Milk Products manufactures and distributes ice cream in Ohio, Kentucky, and West Virginia. The company wants to expan

LenaWriter [7]

Answer:

a. The regression equation required is Y = 915.18 – 0.2819X.

b. b-1. Correlation coefficient (r) = –0.9423

b-2. Coefficient of determination = r^2 = 88.80%

b-3. The negative correlation coefficient of -0.9423 implies that increase in X mostly causes a decrease in Y. The coefficient of determination implies that 88.80% variation in Y is explained by X.

c. The manufacturing cost per gallon is $823.56.

Explanation:

Note: See the attached excel file for the calculation of Mean of X and Y and other values.

a. Develop a regression equation to forecast the cost per gallon as a function of the number of gallons produced.

The regression can be written as follows:

Y = bo + b1X ………………… (1)

b1 = (Sum of (Y - Mean of Y) * (X - Mean of X)) / (Sum of (X - Mean of X)^2) = –34,273.08 / 121,585.14 = –0.2819

b0 = Mean of Y – (b1 * Mean of X) = 1,018.20 - (365.44 * 0.2819) = 915.18

Substituting b) and b1 values into equation (1), regression equation to forecast the cost per gallon as a function of the number of gallons produced can be written as follows:

Y = 915.18 – 0.2819X ……………………….. (2)

Equation (2) is the regression equation required.

b. What are the correlation coefficient and the coefficient of determination? Comment on your regression equation in light of these measures.

b-1. Correlation coefficient (r) can be calculated using the following formula:

r = (Sum of (Y - Mean of Y) * (X - Mean of X)) / ((Sum of (Y - Mean of Y)^2) * (Sum of (X - Mean of X)^2))^0.5 = –34,273.08 / (10,879.60 * 121,585.14)^0.5 = –0.9423

b-2. Coefficient of determination = r^2 = –0.94^2 = 0.8880, or 88.80%

b-3. The negative correlation coefficient of -0.9423 implies that increase in X mostly causes a decrease in Y. The coefficient of determination implies that 88.80% variation in Y is explained by X.

c. Suppose that the market survey indicates a demand of 325,000 gallons in the Bucyrus Ohio, area. Estimate the manufacturing cost per gallon for a plant producing 325,000 gallons per year.

Since X and Y are in thousands, 325,000 gallons implies we have:

X = 325

Substitute X = 325 into equation (2), we have:

Y = 915.18 - (0.2819 * 325)

Expressing in full form, we have:

Y = $823

Therefore, the manufacturing cost per gallon is $823.56.

Download xlsx

3 0

2 years ago

A food worker develops a headache during her shift at work. What is she required to do ?

Greeley [361]

The answer is C report the symptom to her manager

8 0

2 years ago

Read 2 more answers

A study examined consumption levels of oil and carbon dioxide emissions for sample of counties. the response variable in this st

Lera25 [3.4K]

The carbon dioxide (CO2) is the response variable. When analyzing statistics it is important to understand the difference between independent and dependent (response) variables. In this example, the oil is the independent because it is being changed, whereas the carbon is the response because it 'responds' to the oil and the amount of oil that is used.

7 0

2 years ago