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Matt Kesler
Matt Kesler, College Graduate
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Experience:  Bachelor Degrees in Two Disciplines
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Please help...This is urgent

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I will post after you reply
Submitted: 6 years ago.
Category: Homework
Expert:  Matt Kesler replied 6 years ago.
I'm here. How can I help?
Customer: replied 6 years ago.
FYI...I have asked 2 other experts that have blown me off...not happy about that...Thank you for spending the time with me!

I will pay you with a bonus! Here are the questions...

DQ (200 words each)

1.)     Describe the budget process at your company (An online college). What are some areas of the process that are done well? What areas do believe can be improved upon?
2.)     What is the difference between forecasting and budgeting? Does your company forecast? Why or why not?

3.) Here is a good article about the Time Value of Money. It was written for a teen investing website but it does a very good job of explaining the concepts an easy to understand format. Let me know what you think after you have read it.
http://www.teenvestor.com/investors/bizconcepts/tvm.htm

4.) I found an interesting article that does a good job of explaining cash flow vs. profit. Let me know what you think.
http://www.acctsite.com/articles/cashflowdetailed.htm:

5.) Here is an article that deals with four steps to help a growing business better mange their cash flow. Let me know what you thing.
http://www.entrepreneur.com/money/moneymanagement/managingcashflow/article66008.html

6.) Why is short-term financial management one of the most important activities of the financial manager?

7.)     Many times when we see both the interest rate and APR (annual percentage rate) when dealing with loans or credit cards. What is the difference any is it important to understand these terms?

This one needs to be 500 words.
The companies are Exxonmobile and Chevron
   Identify and describe at least three of the largest variable expenses for each of the three most recent fiscal years. Explain what financial impact each of those expenses has had on the companies’ margins and profitability in each year.
Please include the references that you use and cite them.

thanks matt...I can even prepay you if you want.

Please confirm that you will have these done today
Expert:  Matt Kesler replied 6 years ago.
No need to prepay you only pay if you are satisfied with the answers and bonuses are very much appreciated but again, that will be your decision as it is not be any means necessary.

Just let me clarify questions 1,3-5. On one is this a hypothetical using the online college as my hypothetical place of work? Or can I use an auto repair shop (since I actually do own one)? Do you need a reply to the articles, summary of the articles, or a review of the articles?

I should have this ready for you within 2 hours at the very most (probably less).

If that sounds good to you please let me know the clarification to questions 1,3-5 and I will get right on your answer.
Customer: replied 6 years ago.
For questions 3-5...just read the article at the website provided and write a 200 word summary of your thoughts per article
Expert:  Matt Kesler replied 6 years ago.
OK. Here are questions 1-7. I'm still working on the 500 word question and I'll have them for you shortly.

1.
The budgeting process at my college places a priority on listening to the needs of our students, responding to technological advances in the educational sector, and expanding our offerings to meet the needs of both current and prospective students. This is both a top-down and bottom-up process that equally balances the needs of students with the goals of school management.
The strength of this process is our readiness to adapt to new technologies and the upcoming needs of students. By listening to what current students need and want we can quickly adapt our course offerings and styles to meet their needs and maintain a satisfied student base. The structure of our budget process also allows for sufficient budgeting to provide such services as we are ready to allocate funds on little to no notice in order to make the experience better.
However, while this process keeps current students satisfied and allows for great flexibility it is not without weakness. Often, this need to be ever ready to shift to the needs of students prevents us from allocating enough funds to achieve large long-term capital goals. Because we need to have funds ready at all times for quick adjustments and improvements we generally can't afford to plan into the distant future for major overhauls and adjustments. If the market were to shift in a major way we potentially could be left behind. In addition, we sometimes react too quickly and find ourselves preparing our offerings for the outgoing students. Their needs don't always meet those of the next wave of students so we can sometimes lag behind and find ourselves playing catch-up because of too intense a focus on the present.

2.
Budgeting is the process of allotting specific assets and time to a particular project in order to insure the success of the project. Forecasting, on the other hand, is the process of using existing data and calculations to attempt a determination of future events. These two processes differ in that budgeting focuses on actual planning and completion of future projects while forecasting is the process of determining what future trends may occur that will eventually force new budgeting processes to take place.
My company often devotes time to work on forecasting. Forecasting future trends allow us to stay one step ahead of the competition. Instead of relying on current information to budget for the near future we can forecast future trends and attempt to plan out budgeting further into the future to keep on the cutting edge of new developments in the marketplace. With this projection of future trends in the marketplace we can tailor our new programs and financial focus towards areas that project to become priorities in the years to come. Because every aspect of the business world ebbs and flows with the tastes and needs of consumers it is important to have a clear idea of what will come to the forefront of the industry in the years to come so the company can be ready to capitalize on the new trends.

3.
Time Value of Money, as this article explains, is the concept of a dollar being worth more if received today than the same dollar received a year from today. It explains that the key to this idea is the idea of interest.
When you receive funds you have the ability to earn a return on this money. If you invest it properly, that income will earn you money over time. The article is also careful to point out that this only applies when there is no immediate need for the money. If you did have an immediate need the concept would be much different as you obviously wouldn't have the option of investing the funds to make interest off of them.
Later on the article also explains that the concept can apply to other aspects of life than simply the receipt of money. In particular, it focused on investments and the effect of inflation on investment decisions. Inflation is basically the concept of a dollar being worth less in the future than it is today and it can have a huge impact on any time value of money calculation or investment decision. When calculating the interest rate needed to make the receipt of future money profitable any long term function must account for inflation. In essence, this means that $100 earned today with a 10% market interest rate is not necessarily the same as $110 received in a year because inflation may have negatively affected the value of that $110 compared to today's environment.
This article served to simplify the idea of time value of money in an efficient and understandable way. With backing from strong examples and calculations the article proved the importance of paying attention to time value of money during and financial decision.

4.
This article explains the difference between cash flow and profit. This is a concept that even baffles many business owners who don't look at anything but profit in determining the stability of their company.
The fundamental difference between profit and cash flow are the time frames involved and the use of the information. Profits, on one hand, are the calculation of long term cost vs. income analysis in a business. Basically, it's a monthly or yearly process of adding together costs of doing business and profits made from the business to figure out whether the company made a profit or loss. However, this process doesn't take into account all the costs of a business or the daily fluctuations of the flow of money in and out of a business. This is where cash flow comes in. Cash flow analysis focuses on every little transaction the company makes during a day/month/year and the details of these transactions. While profit focuses on major business items such as sales, cost of goods and salaries over time cash flow focuses on every movement of money in and out of the business. This includes loans received and given, purchases of new equipment, and any other flow of money in and out of a business.
This article did a great job of explaining the importance of cash flow to the success of a business. It mentioned that companies who make a good profit can still potentially go out of business if they ignore cash flows. If these companies make a great deal of money on their product and then go off and spend too much too fast on expansion and new technology they can quickly fall into debt even as they rake in profits because they ignored the flow of cash.

5.
This article focused on the importance of cash flow management in a growing business. It gave four key concepts that growing businesses must pay attention to and explained them well. The four concepts were measuring cash flow, improving receivables, managing payables, and surviving shortfalls.
The key concept of measuring cash flow basically means that a company must pay close attention to all flows of cash in and out of the business. During this process they must regulate both flows to insure that all cash flowing into the company is used properly and that the level of outflows is kept within a manageable range.
Improving receivables is the concept of paying close attention to the receipt of payment from individuals. A company must be able to collect payment in a timely fashion because every purchase from customers takes inventory away and should result in cash flow into the company. If too much of this inflow is still owed it can stifle the cash flows of the company and cause a funds shortage.
Managing payables is basically the reverse of improving receivables. A company must be sure to pay any outflows in a timely and responsible manor to avoid unnecessary fees and penalties. They must also keep close track of outflows to insure that too much money isn't spent which could result in a shortfall.
Surviving shortfalls is the fourth factor and it is basically the idea that a company must be sure to act appropriately when securing debt and/or pushing cash inflows to insure that the company isn't damaged by the unusual flow of funds. This can happen by either borrowing excessively or losing money on sales to pull in cash and both of these actions could have dire long term consequences.
In all, this article presented four very strong ideas for the management of cash flows. It focused on both the importance of managing inflows and outflows which is essential to maintaining cash flow balance in any company.

6.
Every day a business has many expenses and earning to account for. A financial manager must be prepared to deal with these short-term financial issues to keep the company running smoothly on a day-to-day basis. In essence, all the planning and budgeting a company does is to provide daily working capital for financial managers and prepare them to use it in the most efficient way. This is extremely important as every daily transaction and expenditure adds up to create the financial structure and success or failure of a company over the long run.
This is incredible important for financial managers because they must be ready to improvise and deal with any immediate problems that may arise. It's important for them to know what funds are available for use at all times and be prepared to properly allocate funds for payment of salaries, purchase of supplies, or immediate unexpected repair or replacement of property and essential technology.
In addition, the short term management of finances often includes the implementation of different aspects of the budgeting process. Without proper daily maintenance long-term plans can fail to develop which could result in the overall failure of a company. A financial manager must be able to keep the big-picture in mind while carefully making every short term financial decision in order to keep a business running at optimal efficiency.

7.
It is critical to understand both the terms APR and interest rate as they are different financial aspects that need to be considered whenever a loan is taken out.
The interest rate of a loan is expressed as a percentage and it is the financial cost of a loan. Usually, this rate is expressed in yearly terms and it would be either the amount of money you are paying as a cost of having the funds today if you are the borrower, or the profit percentage you are making for having given the loan today if you are the lender.
The APR, or annual percentage rate, actually includes the interest rate as part of its calculations. However, the APR takes things a step further. When you get a loan there are often certain fees you pay along with the actual interest on the loan. The APR adds all of these other costs and fees together with the interest rate and then expresses that as a percentage yearly cost of the loan. For instance, a $1000 loan with a 10% interest rate that also has a $100 per year service charge would have an interest rate of 10% as listed but an APR of 20% because the $100 per year service charge is added into the calculation.
Many consumers don’t understand the different between APR and interest rate and they assume the two numbers are the same. It’s important to understand that other fees can be included in the APR so a lender cannot hide fees and other charges from the customer by allowing them to assume the APR is the same as the interest rate.
Expert:  Matt Kesler replied 6 years ago.
Here is the final question.

Let me know if you need anything else. Otherwise just click accept and remember that, while bonuses are appreciated, it is completely up to your discretion.

Exxon-Mobile and Chevron are similar petroleum companies that share three very important variable expenses. These expenses include research and development, sales commissions, and raw materials. These are essential in this industry as it is critical to be on top of the latest technologies and processes to remain viable in the production and distribution of petroleum products.
According to the Annual Reports from Exxon/Mobile over the past three years R&D has been the third largest variable expense for the company. It accounts for over 15% of the corporate expenditures and has only increased, by an average of 6%, each of the past three years. In fact, this is one of the few variable expenses that Exxon/Mobile has increased over the past years as they attempt to streamline costs to increase margins. The reason for this is the importance of this factor in the industry. Research must constantly be used to introduce new variations on products and new product lines all together to keep the company running at pace with the other major corporations in the field.
Chevron, according to their annual reports, has followed much the same pattern as Exxon. R&D has remained a top 4 expenditure for the corporation in each of the past 3 years and accounts for nearly 14% of total expenditure. Chevron, much like mobile, has also increased R&D in the past few years as they attempt to improve products and create new lines in order to maintain their position in the industry.
Another essential variable cost of both Exxon/Mobile and Chevron has been sales commissions. Exxon/Mobile and Chevron, according to each company’s annual reports, have had their sales commissions rise in each of the past three years along with their total sales. Both companies seem committed to pushing sales commissions in order to increase their sales. In fact, Exxon/Mobile mentions explicitly that they are “increasing our sales force to better provide for our valued customers” which would seem to indicate that they believe the addition of more commission based expenses will result in better profitability for the company as a whole. Often, corporations need to make such decisions to basically shift expenses from one sector of the company to another in order to maximize the profits from each penny spent.
Finally, being providers of petroleum as their main source of profits, both Exxon/Mobile and Chevron have very large raw material expenses. According to the annual reports of both companies, raw materials have been the largest variable expenditure in each of the past three years. This expense seems to vary directly with profits which would seem to be logical. As the company sells more product it makes more profits but to sell more product they need more raw materials to use and produce the product they will offer for sale. Both companies seem to be striving to cut costs where possible and streamline operations but raw materials will remain high and essential to the production of each company.
As with every company one of the largest issues facing both Exxon/Mobile and Chevron is the best way to eliminate as many expenses as possible while maintaining the level of profits or possibly even increasing them. These companies have both addressed this issue prominently in their annual reports for recent years. They seem to both be planning on eliminating as many smaller peripheral expenses as possible while maintaining, or increasing in the case of Exxon/Mobile sales labor, the primary expenses that most contribute to the profits of the company.
Exxon/Mobile 2004,2005,2006 Annual Reports
http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-reportsAnnual

Chevron 2004 Annual Report
www.chevron.com/investor/annual/2004/

Chevron 2005 Annual Report
www.chevron.com/investor/annual/2005/

Chevron 2006 Annual Report
www.chevron.com/investor/annual/2006/
Customer: replied 6 years ago.
Reply to Matt Kesler's Post: Please let me know when you are available again...I have more questins for you to complete. I have not received word back from this set of questions yet...but I will pay you for them as soon as I hear from you!

Thanks for you timely help Matt! Hope to hear from you soon!
Expert:  Matt Kesler replied 6 years ago.
I'm here, you can post any additional questions whenever you'd like. I am generally on weekdays only and should be on most of the day today.
Customer: replied 6 years ago.
Here is the last set that I will need until next week...

Chapter 19: Practice Problem 14
Forecasting Payments. If a firm pays its bills with a 30-day delay, what fraction of its purchases will be paid for in the current quarter? In the following quarter? What if its payment delay is 60 days?

Chapter 19: Quiz Problem 1
Working Capital Management. Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
A.) Paying out a $2 million cash dividend.                                        & nbsp;B.) A customer paying a $2,500 bill resulting from a previous sale.                                          ;    C.) Paying $5,000 previously owed to one of its suppliers.                                         D.) Borrowing $1 million long-term and investing the proceeds in inventory.                                         E.) Borrowing $1 million short-term and investing the proceeds in inventory.                                         F.) Selling $5 million of marketable securities for cash.

Chapter 20: Quiz Problem 4
Lock Boxes. Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-box system. She forecasts that 400 payments a day will be made to lock boxes with an average payment size of $2,000. The bank's charge for operating the lock boxes is $.40 a check. The interest rate is .015 percent per day.
A.) If the lock box saves 2 days in collection float, is it worthwhile to adopt the system? B.) What minimum reduction in the time to collect and process each check is needed to justify use of the lock-box system?

Chapter 7: Exercise 7-17
Exercise 7-17 Assessing How Well Companies Manage Their Receivables
Assume that Hickory Company has the following data related to its accounts receivable:
                 2005         2006
Net sales      $1,425,000      $1,650,000
Net receivables:           
Beginning of year 375,000      333,500
End of year        420,000      375,000
Use these data to compute accounts receivable turnover ratios and average collection periods for 2005 and 2006. Based on your analysis, is Hickory Company managing its receivables better or worse in 2006 than it did in 2005?

Chapter 21: Problem 21-5
Problem 21-5 JIT Inventory
The president of Penman Corporation, John Burton, has asked you, the company's controller, to advise him on whether Penman should develop a just-in-time (JIT) inventory system. Your research concludes that there is a high cost associated with inventory storage facilities; that inventories use a large portion of the company's cash flow; and that because of the nature of the inventory, there is a significant amount of shrinkage. Research also shows that neither of Penman's two competitors uses a JIT inventory system. Most of Penman's employees are trained to do only one job and belong to a local union. The union is strong and, in the past, has opposed major production changes. The union believes major changes will result in the loss of union employees' jobs. Your research indicates that Penman's major production item (a fairly new product in the market) should continue to have strong sales growth.
Required:
1.) Using the information provided, advise John Burton to either continue the present system or work to develop a JIT inventory system.
2.) Assume John decides to develop an inventory management system. He plans to evaluate the system after one year. List at least four possible performance measures John could use to evaluate the effectiveness of the system. Describe what information these measures would provide John.

LEARNING ASSIGNMENT:
Using Exonnmobile and Chevron, prepare a 200-word paper in which you answer the following question for each company:
1.)     Describe and quantify the elements of working capital for the most recent fiscal year.

Final Questions
1.      Chuck McElravy owns Common Grounds Coffee House, near the campus of ManateeCollege. The business has cash of $2,000 and furniture that cost $8,000. Debts include accounts payable of $1,000 and a $6,000 note payable. How much equity does McElravy have in the business? Using McElravy's figures, write the accounting equation of Common Grounds Coffee House.

2.      Michaels Corporation expects earnings before interest and taxes to be $40,000 for this period. Assuming an ordinary tax rate of 40 percent, compute the firm's earnings after taxes and earnings available for common stockholders (earnings after taxes and preferred stock dividends, if any) under the following conditions:
a.        The firm pays $10,000 in interest.
b.        The firm pays $10,000 in preferred stock dividends.



3.      Given the following information, prepare, in good form, an income statement for the Dental Drilling Company as of December 31, 2003.

Selling and administrative expense....$ 60,000
Depreciation expense........$70,000
Sales............$470,000
Interest expense........$40,000
Cost of goods sold........$140,000
Taxes..............$45,000

4.      For ABC Corporation as of December 31, 2002 prepare a Balance Sheet in proper order based on the following information. Arrange the following items in proper balance sheet presentation.

Accumulated depreciation.....$ 300,000
Retained earnings.........96,000
Cash..............10,000
Bonds payable...136,000
Accounts receivable.........48,000
Plant and equipment—original cost....680,000
Accounts payable............35,000
Allowance for bad debts.......6,000
Common stock $1 par, 100,000 shares outstanding....100,000
Inventory.........66,000
Preferred stock, $50 par, 1,000 shares outstanding......50,000
Marketable securities.........20,000
Investments.......20,000
Notes payable..........33,000
Capital paid in excess of par (common stock).......88,000

5.      Louis Nicosia operates four 7-11 stores. He has just received the monthly bank statement at October 31 from City National Bank, and the statement shows an ending balance of $3,840. Listed on the statement are an EFT rent collection of $400, a service charge of $12, two NSF checks totaling $74, and a $9 charge for printed checks. In reviewing his cash records, Nicosia identifies outstanding checks totaling $467 and an October 31 deposit in transit of $1,788. During October, he recorded a $290 check for the salary of a part-time employee by debiting Salary Expense and crediting Cash for $29. Nicosia's Cash account shows an October 31 cash balance of $5,117. Prepare the bank reconciliation at October 31.

B.) A 150-200-word summary that includes new insights and understandings you have gained throughout this as a result of your reading, research, class discussions, and learning team assignment. To do this answer the following questions:
1.     What are the most important concepts you have learned this week?
2.     How will these concepts impact you personally and professionally?
3.     How do you plan to use the concepts you learned in your workplace?
4.     Any additional notes or observations you may have.

Please let me know that you have received these and when they will be completed!

Thanks Matt
Expert:  Matt Kesler replied 6 years ago.
I've received them and I should have them done for you either by the end of the day today or early tomorrow morning at the very latest.

Let me know if you need them today and I'll make it a point to have them done by the end of the day.
Expert:  Dolly replied 6 years ago.

 

WHICH TEXTBOOK ARE YOU USING?

 

Customer: replied 6 years ago.
Reply to Matt Kesler's Post: I would like to have them done tonight if possible. Thanks for your help...sorry for the formatting on some of these...
Expert:  Matt Kesler replied 6 years ago.
My day has progressed in a way that won't allow me to get them done that quickly but, since other experts are available, I'll opt-out and allow one of them to answer your question.
Expert:  Dolly replied 6 years ago.

 

WHICH TEXTBOOK ARE YOU USING?

 

Customer: replied 6 years ago.
Reply to Dolly's Post: I'm not using a text book...

can you complete these for me? You never responded back to me last time...

Here is the last set that I will need until next week...

Chapter 19: Practice Problem 14
Forecasting Payments. If a firm pays its bills with a 30-day delay, what fraction of its purchases will be paid for in the current quarter? In the following quarter? What if its payment delay is 60 days?

Chapter 19: Quiz Problem 1
Working Capital Management. Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
A.) Paying out a $2 million cash dividend.                                        & nbsp;B.) A customer paying a $2,500 bill resulting from a previous sale.                                          ; ;    C.) Paying $5,000 previously owed to one of its suppliers.                                          D.) Borrowing $1 million long-term and investing the proceeds in inventory.                                          E.) Borrowing $1 million short-term and investing the proceeds in inventory.                                          F.) Selling $5 million of marketable securities for cash.

Chapter 20: Quiz Problem 4
Lock Boxes. Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-box system. She forecasts that 400 payments a day will be made to lock boxes with an average payment size of $2,000. The bank's charge for operating the lock boxes is $.40 a check. The interest rate is .015 percent per day.
A.) If the lock box saves 2 days in collection float, is it worthwhile to adopt the system? B.) What minimum reduction in the time to collect and process each check is needed to justify use of the lock-box system?

Chapter 7: Exercise 7-17
Exercise 7-17 Assessing How Well Companies Manage Their Receivables
Assume that Hickory Company has the following data related to its accounts receivable:
                 2005        2006
Net sales      $1,425,000      $1,650,000
Net receivables:            
Beginning of year 375,000      333,500
End of year        420,000      375,000
Use these data to compute accounts receivable turnover ratios and average collection periods for 2005 and 2006. Based on your analysis, is Hickory Company managing its receivables better or worse in 2006 than it did in 2005?

Chapter 21: Problem 21-5
Problem 21-5 JIT Inventory
The president of Penman Corporation, John Burton, has asked you, the company's controller, to advise him on whether Penman should develop a just-in-time (JIT) inventory system. Your research concludes that there is a high cost associated with inventory storage facilities; that inventories use a large portion of the company's cash flow; and that because of the nature of the inventory, there is a significant amount of shrinkage. Research also shows that neither of Penman's two competitors uses a JIT inventory system. Most of Penman's employees are trained to do only one job and belong to a local union. The union is strong and, in the past, has opposed major production changes. The union believes major changes will result in the loss of union employees' jobs. Your research indicates that Penman's major production item (a fairly new product in the market) should continue to have strong sales growth.
Required:
1.) Using the information provided, advise John Burton to either continue the present system or work to develop a JIT inventory system.
2.) Assume John decides to develop an inventory management system. He plans to evaluate the system after one year. List at least four possible performance measures John could use to evaluate the effectiveness of the system. Describe what information these measures would provide John.

LEARNING ASSIGNMENT:
Using Exonnmobile and Chevron, prepare a 200-word paper in which you answer the following question for each company:
1.)     Describe and quantify the elements of working capital for the most recent fiscal year.

Final Questions
1.      Chuck McElravy owns Common Grounds Coffee House, near the campus of ManateeCollege. The business has cash of $2,000 and furniture that cost $8,000. Debts include accounts payable of $1,000 and a $6,000 note payable. How much equity does McElravy have in the business? Using McElravy's figures, write the accounting equation of Common Grounds Coffee House.

2.      Michaels Corporation expects earnings before interest and taxes to be $40,000 for this period. Assuming an ordinary tax rate of 40 percent, compute the firm's earnings after taxes and earnings available for common stockholders (earnings after taxes and preferred stock dividends, if any) under the following conditions:
a.        The firm pays $10,000 in interest.
b.        The firm pays $10,000 in preferred stock dividends.



3.      Given the following information, prepare, in good form, an income statement for the Dental Drilling Company as of December 31, 2003.

Selling and administrative expense....$ 60,000
Depreciation expense........$70,000
Sales............$470,000
Interest expense........$40,000
Cost of goods sold........$140,000
Taxes..............$45,000

4.      For ABC Corporation as of December 31, 2002 prepare a Balance Sheet in proper order based on the following information. Arrange the following items in proper balance sheet presentation.

Accumulated depreciation.....$ 300,000
Retained earnings.........96,000
Cash..............10,000
Bonds payable...136,000
Accounts receivable.........48,000
Plant and equipment—original cost....680,000
Accounts payable............35,000
Allowance for bad debts.......6,000
Common stock $1 par, 100,000 shares outstanding....100,000
Inventory.........66,000
Preferred stock, $50 par, 1,000 shares outstanding......50,000
Marketable securities.........20,000
Investments.......20,000
Notes payable..........33,000
Capital paid in excess of par (common stock).......88,000

5.      Louis Nicosia operates four 7-11 stores. He has just received the monthly bank statement at October 31 from City National Bank, and the statement shows an ending balance of $3,840. Listed on the statement are an EFT rent collection of $400, a service charge of $12, two NSF checks totaling $74, and a $9 charge for printed checks. In reviewing his cash records, Nicosia identifies outstanding checks totaling $467 and an October 31 deposit in transit of $1,788. During October, he recorded a $290 check for the salary of a part-time employee by debiting Salary Expense and crediting Cash for $29. Nicosia's Cash account shows an October 31 cash balance of $5,117. Prepare the bank reconciliation at October 31.

B.) A 150-200-word summary that includes new insights and understandings you have gained throughout this as a result of your reading, research, class discussions, and learning team assignment. To do this answer the following questions:
1.     What are the most important concepts you have learned this week?
2.     How will these concepts impact you personally and professionally?
3.     How do you plan to use the concepts you learned in your workplace?
4.     Any additional notes or observations you may have.

Please let me know that you have received these and when they will be completed!
Customer: replied 6 years ago.
Reply to Matt Kesler's Post: Can you still do them by tomorrow....I trust your work, and other experts have blown me off...Please help me with this
Expert:  Matt Kesler replied 6 years ago.
Alright, let me see what I can do for you. I definitely want you to be satisfied so I'll do everything I can for you and I don't think it'd be any problem to have it finished tomorrow at the latest.

Also, as a p.s., if you were satisfied with my answers to your previous round of questions remember to click the ACCEPT button on the answer. JustAnswer holds the funds until you actually click ACCEPT to distribute them to the expert and ACCEPTs are what allow me to keep answering questions.

I'll get working on that ASAP and I'll send you answers as I finish questions, instead of all at once, so you can at least have some of it done today.
Expert:  Matt Kesler replied 6 years ago.
Here is the first:

Chapter 19: Practice Problem 14
Forecasting Payments. If a firm pays its bills with a 30-day delay, what fraction of its purchases will be paid for in the current quarter? In the following quarter? What if its payment delay is 60 days?

Every quarter is a 90 day cycle. This means that, if a firm pays bills on a 30 day delay, (assuming bills are paid regularly throughout the quarter) it would pay 2/3 of it’s bills in the current quarter because it wouldn’t start paying bills until 30 days into the quarter. The other 1/3 of the bills would be paid in the following quarter.

If the payment delay is 60 days they would be paying 1/3 of their bills in the current quarter because no bills would be paid until 60 days into the quarter. The final 2/3 would then be paid in the following quarter.
Expert:  Matt Kesler replied 6 years ago.
Number 2

Chapter 19: Quiz Problem 1
Working Capital Management. Indicate how each of the following six different transactions that Dynamic Mattress might make would affect (i) cash and (ii) net working capital:
A.) Paying out a $2 million cash dividend.    
(i) Decrease Cash by $2,000,000 – Paying out cash to equity not to an asset or liability.
(ii) Decrease by $2,000,000 – Same Reason
                                   
B.) A customer paying a $2,500 bill resulting from a previous sale.
(i) Increase cash $2,500 – Receiving $2,500 cash.
(ii) No Effect – The cash received would have been an A/R account so no change in WC.

C.) Paying $5,000 previously owed to one of its suppliers.       
(i) Decrease cash $5,000 – Paid out cash.
(ii) No Effect – A/P existed now wiped by cash negative for an even asset-liability swap.
                                  
D.) Borrowing $1 million long-term and investing the proceeds in inventory.
(i) No Effect – Cash immediately in and out so no end change in cash.
(ii) Increase of $1,000,000 – Increase in inventory (a current asset) with taking on of long term debt (a non-current liability) since WC is only current it’s a $1,000,000 increase.

E.) Borrowing $1 million short-term and investing the proceeds in inventory.
(i) No Effect – Same reason as D.
(ii) No Effect – Short term debt so it is a current liability and a current asset is increased as well for a net WC wash.

F.) Selling $5 million of marketable securities for cash.
(i) Increase $5,000,000 – Received $5,000,000.
(ii) Increase of $5,000,000 – Marketable securities are a long-term asset therefore not included in WC but cash is a current asset so it’s an increase in current assets for a WC increase.
Customer: replied 6 years ago.
Thanks for your persistence...I will hit the accept from last time and leave the payment for this one in the bonus when I get these all back tomorrow!

Again...thanks for being here for me!
Expert:  Matt Kesler replied 6 years ago.
Glad I can help.

Here's the next answer.

Chapter 20: Quiz Problem 4
Lock Boxes. Anne Teak, the financial manager of a furniture manufacturer, is considering operating a lock-box system. She forecasts that 400 payments a day will be made to lock boxes with an average payment size of $2,000. The bank's charge for operating the lock boxes is $.40 a check. The interest rate is .015 percent per day.
A.) If the lock box saves 2 days in collection float, is it worthwhile to adopt the system?
The Average Interest earned on the $2,000 payment would be $0.60 and the lock box fee is $0.40 so it would save $0.20 per check to use the lock box. Therefore, the lock box is worthwhile.
B.) What minimum reduction in the time to collect and process each check is needed to justify use of the lock-box system?
A minimum of a 1.5 day reduction would be necessary to keep the .015 interest earned daily at the same or above the $.40 lock box fee per check.
Expert:  Matt Kesler replied 6 years ago.
Here's the next one

Chapter 7: Exercise 7-17
Exercise 7-17 Assessing How Well Companies Manage Their Receivables
Assume that Hickory Company has the following data related to its accounts receivable:
                 2005        2006
Net sales      $1,425,000      $1,650,000
Net receivables:             
Beginning of year 375,000      333,500
End of year        420,000      375,000
Use these data to compute accounts receivable turnover ratios and average collection periods for 2005 and 2006. Based on your analysis, is Hickory Company managing its receivables better or worse in 2006 than it did in 2005?

Accounts Receivable Turnover Ratios
2005
BY A/R 375,000 EY A/R 420,000 Average A/R = $397,500
Net Credit Sales = $1,425,000
$1,425,000/397,500 = 3.585 A/R Turnover Ratio
2006
BY A/R 333,500 EY A/R 375,000 Average A/R = $354,250
Net Credit Sales = $1,650,000
$1,650,000/354,250 = 4.658 A/R Turnover Ratio

Average Collection Period
2005 – 101.82 Days
2006 – 78.36 Days

This would seem to indicate that receivables are being managed better in 2006 because the A/R Turnover Ratio is higher and the Average Collection Period is shorter.
Expert:  Matt Kesler replied 6 years ago.
I'm a little low on time so i'm jumping to the shorter Final Questions:

Final Questions
1.      Chuck McElravy owns Common Grounds Coffee House, near the campus of ManateeCollege. The business has cash of $2,000 and furniture that cost $8,000. Debts include accounts payable of $1,000 and a $6,000 note payable. How much equity does McElravy have in the business? Using McElravy's figures, write the accounting equation of Common Grounds Coffee House.

Assets = Liabilities + Owners Equity

In this case the assets of the company are $8,000 in furniture $2,000 cash, the liabilities are $1,000 in A/P and $6,000 in N/P and the equity is $3,000 (we know this because the equation must be equal so it is a plug figure).

So, the companies Accounting Equation is:

$10,000 = $7,000 + $3,000
Expert:  Matt Kesler replied 6 years ago.
2.      Michaels Corporation expects earnings before interest and taxes to be $40,000 for this period. Assuming an ordinary tax rate of 40 percent, compute the firm's earnings after taxes and earnings available for common stockholders (earnings after taxes and preferred stock dividends, if any) under the following conditions:
a.        The firm pays $10,000 in interest.
$40,000 * .40 = $16,000 taxes to be paid
$40,000 – 16,000 taxes = $24,000 Earnings After Taxes
$24,000 - $10,000 interest = $14,000 Available for Common Stockholders

b.        The firm pays $10,000 in preferred stock dividends.
$40,000 * .40 = $16,000 taxes to be paid
$40,000 – 16,000 taxes = $24,000 Earnings After Taxes
$24,000 – 10,000 preferred stock dividends = $14,000 For Common Stockholders
Expert:  Matt Kesler replied 6 years ago.
I need to run but I'll try and get you the rest of your answers ASAP.
Customer: replied 6 years ago.
Sounds good....Thanks Matt!
Expert:  Matt Kesler replied 6 years ago.
I've got a family emergency I need to take care of this morning so I'll be away from the computer and I'm not sure when I'll get back.

I've posted this in the expert forum to hopefully have another expert help finish but if nobody answers or you get no good answers I'll check back as soon as I reasonably can.
Customer: replied 6 years ago.
Reply to Matt Kesler's Post: I hope that everything is OK Matt. Bless you with your family emergency.

I would rather have you do them...I can wait until later if you need. I really trust you and your responses and d not feel comfortable with the others. (I have been let down too many times)
Expert:  Matt Kesler replied 6 years ago.
OK. I will do what I can as soon as I can. I should be able to take some time and answer this afternoon at some point.
Customer: replied 6 years ago.
Thanks
Expert:  Matt Kesler replied 6 years ago.
3. Given the following information, prepare, in good form, an income statement for the Dental Drilling Company as of December 31, 2003.



Selling and administrative expense....$ 60,000

Depreciation expense........$70,000

Sales............$470,000

Interest expense........$40,000

Cost of goods sold........$140,000

Taxes..............$45,000



Dental Drilling Company

INCOME STATEMENT
For the period ending December 31, 2003.



Revenues:

Sales $470,000

Cost of Sales:

Cost of Goods Sold $140,000

Gross Profit $330,000



Expenses:

Selling and Administrative Expense $60,000

Depreciation Expense $70,000

Operating Profit $200,000

Interest Expense $40,000

Income Before Taxes $160,000

Taxes $45,000

Net Income $115,000

Customer: replied 6 years ago.
What about the "Cost of Sales:" section under REVENUES?
Expert:  Matt Kesler replied 6 years ago.
Cost of Goods Sold is listed under the Cost of Sales.
Expert:  Matt Kesler replied 6 years ago.
5.      Louis Nicosia operates four 7-11 stores. He has just received the monthly bank statement at October 31 from City National Bank, and the statement shows an ending balance of $3,840. Listed on the statement are an EFT rent collection of $400, a service charge of $12, two NSF checks totaling $74, and a $9 charge for printed checks. In reviewing his cash records, Nicosia identifies outstanding checks totaling $467 and an October 31 deposit in transit of $1,788. During October, he recorded a $290 check for the salary of a part-time employee by debiting Salary Expense and crediting Cash for $29. Nicosia's Cash account shows an October 31 cash balance of $5,117. Prepare the bank reconciliation at October 31.

------

Balance per Bank Statement on October 31…….$3,840
Adjustments:
     Add: Deposits in Transit….$1,788.00
     Deduct: Outstanding Checks….$467.00
Adjusted Balance per Bank……$5,161.00

Balance per Books on October 31……$5,117.00
Adjustments:
     Deduct: Bank Service Charges….$12.00
     Deduct: NSF Checks and Fees….$74.00
     Deduct: Check Printing Charges….$9.00
     Deduct: Check Error….$261.00
     Add: EFT Payment….$400.00
Adjusted Balancer per Books……$5161.00


I'm trying to get the others done to but things are pretty hectic. I'll do what I can as soon as I can.
Customer: replied 6 years ago.
These are the only one's that are remaining...

LEARNING ASSIGNMENT:
Using Exonnmobile and Chevron, prepare a 200-word paper in which you answer the following question for each company:
1.)     Describe and quantify the elements of working capital for the most recent fiscal year.

Chapter 21: Problem 21-5
Problem 21-5 JIT Inventory
The president of Penman Corporation, John Burton, has asked you, the company's controller, to advise him on whether Penman should develop a just-in-time (JIT) inventory system. Your research concludes that there is a high cost associated with inventory storage facilities; that inventories use a large portion of the company's cash flow; and that because of the nature of the inventory, there is a significant amount of shrinkage. Research also shows that neither of Penman's two competitors uses a JIT inventory system. Most of Penman's employees are trained to do only one job and belong to a local union. The union is strong and, in the past, has opposed major production changes. The union believes major changes will result in the loss of union employees' jobs. Your research indicates that Penman's major production item (a fairly new product in the market) should continue to have strong sales growth.
Required:
1.) Using the information provided, advise John Burton to either continue the present system or work to develop a JIT inventory system.
2.) Assume John decides to develop an inventory management system. He plans to evaluate the system after one year. List at least four possible performance measures John could use to evaluate the effectiveness of the system. Describe what information these measures would provide John.

FINAL QUESTIONS

      For ABC Corporation as of December 31, 2002 prepare a Balance Sheet in proper order based on the following information. Arrange the following items in proper balance sheet presentation.

Accumulated depreciation...... $ 300,000
Retained earnings......      96,000
Cash....... 10,000
Bonds payable.......136,000
Accounts receivable........ 48,000
Plant and equipment—original cost...   680,000
Accounts payable..... 35,000
Allowance for bad debts.....6,000
Common stock $1 par, 100,000 shares outstanding...........     100,000
Inventory......66,000
Preferred stock, $50 par, 1,000 shares outstanding............       50,000
Marketable securities..... 20,000
Investments.....20,000
Notes payable........33,000
Capital paid in excess of par (common stock)...88,000

A 150-200-word summary that includes new insights and understandings you have gained throughout this as a result of your reading, research, class discussions, and learning team assignment. To do these… answer the following questions:
1.     What are the most important concepts you have learned this week?
2.     How will these concepts impact you personally and professionally?
3.     How do you plan to use the concepts you learned in your workplace?
Any additional notes or observations you may have.
Expert:  Matt Kesler replied 6 years ago.
Assets
Current Assets
Cash and Cash Equivalents $10,000
Accounts Receivable$48,000
Less: Allowance for Bad Debt $6,000$42,000
Inventories $66,000
Marketable Securities $20,000
Investments $20,000

Property/Plant/Equipment
Plant & Equipment$680,000
Less: Acc Depreciation$300,000 $380,000

Total Assets $538,000

Liabilities and Stockholder Equity
Current Liabilities
Accounts Payable   $35,000Notes Payable $33,000
Long Term Liabilities
Bonds Payable $136,000
Total Liabilities $204,000

Stockholder Equity
Capital Paid in Excess of Par $88,000
Common Stock $100,000
Preferred Stock $50,000
Retained Earnings $96,000
Total Equity $334,000

Total Liabilities + Equity $538,000


There's the balance sheet question. Three to go. The formatting doesn't want to agree with me so if you have any questions just ask.
Expert:  Matt Kesler replied 6 years ago.
A 150-200-word summary that includes new insights and understandings you have gained throughout this as a result of your reading, research, class discussions, and learning team assignment. To do these… answer the following questions:
1.     What are the most important concepts you have learned this week?
2.     How will these concepts impact you personally and professionally?
3.     How do you plan to use the concepts you learned in your workplace?

This is a very subjective question so you may want to answer it yourself. Just take a look at everything you've done and learned and talk about which concepts seemed most important to you. There really isn't a right or wrong answer it's purely asking for your personal opinion so whatever you write should be just fine.
Customer: replied 6 years ago.
The balance sheet question format is all messed up. Can you please align the correct numbers with the correct subjects
Expert:  Matt Kesler replied 6 years ago.
No problem. Let's see how this works.

Assets

Current Assets
Cash and Cash Equivalents....................................$10,000
Accounts Receivable..................$48,000
Less: Allowance for Bad Debt....$6,000..................$42,000
Inventories ..............................................................$66,000
Marketable Securities.............................................$20,000
Investments............................................................$20,000

Property/Plant/Equipment

Plant & Equipment.............$680,000
Less: Acc Depreciation......$300,000....................$380,000

Total Assets...........................................................$538,000


Liabilities and Stockholder Equity

Current Liabilities
Accounts Payable....................................................$35,000
Notes Payable.........................................................$33,000

Long Term Liabilities
Bonds Payable........................................................$136,000

Total Liabilities.........................................................$204,000

Stockholder Equity
Capital Paid in Excess of Par..................................$88,000
Common Stock........................................................$100,000
Preferred Stock........................................................$50,000
Retained Earnings....................................................$96,000
Total Equity...............................................................$334,000

Total Liabilities + Equity............................................$538,000
Expert:  Matt Kesler replied 6 years ago.
Chapter 21: Problem 21-5

1.

     I would advise the use of a Just-In-Time inventory system in this situation. It seems as though the switch to this system will match the nature of the inventory well and possibly give the company an edge over competitors using different inventory systems.
     This is true because the just-in-time inventory system is designed to work very well with inventories that have a large natural shrinkage. By bringing in inventory only as needed the chances of the shrinkage occurring decrease dramatically. An inventory must be in hand to have any shrinkage and this system would keep it in hand for as short a period as possible thus reducing shrinkage.
     Further, this inventory system would greatly reduce the need for storage facilities. Because inventory would not be kept on hand for future use you’d need less on hand to store. This would decrease costs associated with inventory maintenance and help to reduce the amount of cash spent on inventory at all times. Because it would only come in as needed it would result in less strain on corporate resources.
     This system is not a perfect solution though. The union associated with the employees is likely to put up a bit of a fight since they have reacted poorly to changes in the past. The key to defusing this situation will be the fact that sales should continue to grow and these decreased costs will allow more employee wage/benefit increases while still resulting in a net increase in profits. This will appease the employees and still keep the corporation growing.
     In the end, it seems as though a just-in-time inventory system fits this corporation well. Any potential conflicts that would arise should be offset by the dramatic increase in profits especially considering the strong growth forecast for sales in this market.

2.
     The first important measure to use in the management system would be Financial Measures such as the Inventory-Sales Ratio. This ratio should help the company evaluate the cost/benefit of the inventory carried. This is especially important to track a just-in-time inventory system as the inventory should remain closely tied to the sales performance and this measure would show that.
     The second measure to use would be the Inventory Turnover ratio. This will help the management team evaluate the inventory on hand compared to the rate it is moving out. Especially in a just-in-time system, this ratio should remain high indicating that the inventory is not being kept on hand very long. Inventory costs money to store and save so it’s important that it keeps moving out in sales as quickly as possible.
     The third measure to use would be Inventory Carrying Costs. This will help decide how much money is being spent to keep the inventory on hand. Because the high cost of inventory storage was a major concern it’s imperative that the carrying costs be tracked to insure that the new inventory management system is helping to cut out unnecessary carrying costs that lead to drops in profits.
     Finally, they may want to consider the inventory accuracy. In a just-in-time system it’s important that the correct inventory is purchased when needed. If this is done poorly it could result in sales not being filled or excess inventory in storage which would create both excess cost problems and possible sales problems if it angers customers.
Expert:  Matt Kesler replied 6 years ago.
LEARNING ASSIGNMENT:
Using Exonnmobile and Chevron, prepare a 200-word paper in which you answer the following question for each company:
1.)Describe and quantify the elements of working capital for the most recent fiscal year.

Working capital is simply current assets minus current liabilities and the elements of working capital in both companies are very similar. They each hold a great deal of short-term accounts receivable and cash/cash equivalents on hand and the attempt to keep all accounts payable and short-term notes payable to a minimum.
According to their 2006 Annual Report, Exxon-Mobile has current assets (in millions) of $73,342 and current liabilities (in millions) of $46,307 for the year 2006. This means that the corporation had $27,035 (million) worth of working capital at their disposal for the year. This was true because they made it a point to keep short-term debt to a minimum and use a strong influx of cash to maintain a high level of current assets. This resulted in a 1.58 Current Asset/Current Liability ratio which indicates that the corporation kept itself in a strong position to maintain financial flexibility.
Chevron, according to their 2006 Annual Report, had $36,304 (in millions) worth of current assets and $28,409 (in millions) of current liabilities for 2006. This left the corporation with $7,895 in working capital for the year. This capital mostly consisted in high inventories of easily sold oil products and a relatively high amount of cash. These numbers also indicate a relatively strong current asset to current liability ratio of 1.28.
As you can see, both Chevron and Exxon/Mobile manage their assets well to provide a substantial amount of working capital to use when needed. However, the ratios of current assets to current liabilities would seem to indicate that Exxon/Mobile is in the stronger position regarding working capital.

Here are the Annual Reports which are the sources of the numbers.

http://www.chevron.com/investor/annual/2006/pdfs/cvx_2006_ar_full.pdf
http://exxonmobil.com/corporate/files/corporate/xom_2006_SAR.pdf
Expert:  Matt Kesler replied 6 years ago.
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