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Question 1: Cash budgeting and Pro-forma financial statement

Short-Term Financial Planning] Artero Corporation is a traditional toy products retailer that recently also started an Internet-based subsidiary that sells toys online. A markup is added on goods the company purchases from manufacturers for resale. Swen Artero, the company president, is preparing for a meeting with Jennifer Brown, a loan officer with First Banco Corporation, to review year end financing requirements. After discussions with the company’s marketing manager Rolf Eriksson and finance manager Lisa Erdinger, sales over the next three months were forecasted as follows.

All sales are made on credit terms of net 30 days and are collected the following month and no bad debts are anticipated. The accounts receivable on the balance sheet at the end of September thus will be collected in October. The October sales will be collected in November, and so on. Inventory on hand represents a minimum operating level (or “safety” stock), which the company intends to maintain. Cost of goods sold average 80 percent of sales. Inventory is purchased in the month of sale and paid for in cash. Other cash expenses average 7 percent of sales. Depreciation is $10,000 per month. Assume taxes are paid monthly and the effective income tax rate is 40 percent for planning purposes.

The annual interest rate on outstanding long=term debt and bank loans (notes payable) is 12%. There are no capital expenditures planned during the period, and no dividends will be paid. The company’s desired end-of-month cash balance is $80,000. The president hopes to meet any cash shortages during the period by increasing the firm’s notes payable to the bank. The interest rate on new loans will be 12%.

A. Prepare monthly pro forma income statements for October, November, and December, and for the quarter ending December 31, 2014.

B. Prepare both a monthly cash budget and pro forma statements of cash flows for the October, November, and December 2014.

C. Describe your findings and indicate the maximum amount of bank borrowing that is needed.

A.
Income Statement for Arturo Corporation
(Thousands of Dollars)

Quarter
Sep. 2014 Oct. 2014 Nov. 2014 Dec. 2014 Ending Dec. 31, 2014
Sales $. 700 $. 1,000 $. 1,500 $ 3,000 $. 5,500
COGS 560 800 1,200. 2,400. 4,400
Gross Margin 140 200 300 600 1,100
Depreciation 10 10 10 10 30
Other Expense 49 70 105 210 385
Interest 12 12 15 18 45
EBT 69 108 170 362 640
Taxes (40%) 28 43 68 145 256
Net Income 41 65 102 217 384

B.
Cash Budget
($ in Thousands)

Oct.31,2014 Nov.30,2014 Dec.31,2014
Collections from Rec. $. 700 $ 000 $. 1,500
Purchases 800 1,200 2,400
Interest Payments 12 15 18
Tax Payments 43 68 145
Other Expenses 70 105 210
Net Monthly Cash Flow -225 -388 -1,273
Beginning Cash $ 50 $ 80 $ 80
Ending Balance Before
Borrowing -175 -308 -1,193
Cash Bal. Required 80 80 80
Addl. Funds Needed 225 388 1,273
Cumulative Funds Need 225 643 1,916

Statement of the Cash Flow
($ in Thousands)

10/31/2014 11/30/2014 12/31/2014
Cash Flow From Operations
Net Income $ 65 $ 102 $ 217
+Depreciation 10 10 10
-Increase In A/R 300 500 1,500
-Increase In Inventory 0 0 0
Cash Flow From
Operations -225 -388 -1,273
Cash Flow From Inv. 0 0 0
Cash Flow From Fin. 0 0 0
Total Cash Flow -225 -388 -1,273

Beginning Cash Bal. 50 80 80
Required Balance 80 80 80
Addl. Funds Needed 255 388 1,273
Cum. Funds Needed 255 643 1,916
Ending Cash Balance 80 80 80

C.
The maximum amount of bank borrowing that is needed is $1,916,000.
Question 2. Capital budgeting with percentage of sales method

The Minoso Corporation anticipates a 20 percent increase in sales for 2014 over its 2013 level. Minoso is currently operating at full capacity and thus expects to increase its investment in both current and fixed assets in order to support the increase in forecasted sales.

Minoso Corporation
Income Statement for December 31, 2013
(Thousands of Dollars)
_________________________________
Sales $15,000
Operating expenses -13,000
EBIT 2,000
Interest 400
EBT 1,600
Taxes (40%) 640
Net income 960
Cash dividends (40%) 384
Added retained earnings $576

Balance Sheet as of December 31, 2013
(Thousands of Dollars)
______________________________________________________________________________
Cash $ 1,000 Accounts payable $ 1,600
Accounts receivable 2,000 Bank Loan 1,800
Inventories 2,200 Accrued liabilities 1,200
Total current assets 5,200 Total current liabilities 4,600
Long-term debt 2,200
Fixed assets, net 6,800 Common stock 2,400
Total assets $12,000 Retained earnings 2,800
Total liabilities & equity $12,000 ______________________________________________________________________________

Estimate the additional funds needed (AFN) for 2013 using the formula or equation method that is based on constant “percent of sales” relationships.

Current Net sales NS0 ?
Total assets TA0 ?
Accounts payable AP0 ?
Accrued liabilities AL0 ?
Net Income NI0 ?
Retention ratio RR0 ?

Next period Sales growth rate g 20%
NS1 NS0 * (1+g) ?

Change NS1 - NS0 ∆NS ?

AFN Change in TA, or ΔTA (TA0 / NS0) * ∆NS ?
Δ (AP + AL) ((AP0 + AL0)/ NS0) * ∆NS ?
addition to retained earnings (NS1 * (NI0 / NS0) * RR0) ?
(ΔTA) - Δ (AP+AL) - (addition to Retained earnings) ?

Question 3. Short-term financing planning
Capstan Autos operated an East Coast dealership for a major Japanese car manufacturer. Capstan’s owner, Sidney Capstan, attributed much of the business’s success to its no-frills policy of competitive pricing and immediate cash payment. The business was basically a simple one—the firm imported cars at the beginning of each quarter and paid the manufacturer at the end of the quarter. The revenues from the sale of these cars covered the payment to the manufacturer and the expenses of running the business, as well as providing Sidney Capstan with a good return on his equity investment.
By the fourth quarter of 2018 sales were running at 250 cars a quarter. Since the average sale price of each car was about $20,000, this translated into quarterly revenues of 250 × $20,000 = $5 mil- lion. The average cost to Capstan of each imported car was $18,000. After paying wages, rent, and other recurring costs of $200,000 per quarter and deducting depreciation of $80,000, the company was left with earnings before interest and taxes (EBIT) of $220,000 a quarter and net profits of $140,000.
The year 2019 was not a happy year for car importers in the United States. Recession led to a general decline in auto sales, while the fall in the value of the dollar shaved profit margins for many dealers in imported cars. Capstan more than most firms foresaw the difficulties ahead and reacted at once by offering 6 months’ free credit while holding the sale price of its cars constant. Wages and other costs were pared by 25% to $150,000 a quarter, and the company effectively eliminated all capital expenditures. The policy appeared successful. Unit sales fell by 20% to 200 units a quarter, but the company continued to operate at a satisfactory profit (see table).
The slump in sales lasted for 6 months, but as consumer confidence began to return, auto sales began to recover. The company’s new policy of 6 months’ free credit was proving sufficiently
popular that Sidney Capstan decided to maintain the policy. In the third quarter of 2019 sales had recovered to 225 units; by the fourth quarter they were 250 units; and by the first quarter of the next year they had reached 275 units. It looked as if by the second quarter of 2020 the company could expect to sell 300 cars. Earnings before interest and tax were already in excess of their previous high, and Sidney Capstan was able to congratulate himself on weathering what looked to be a tricky period. Over the 18-month period the firm had earned net profits of over half a million dollars, and the equity had grown from just over $1.5 million to about $2 million.
Sidney Capstan was first and foremost a superb salesman and always left the financial aspects of the business to his financial manager. However, there was one feature of the financial statements that disturbed Sidney Capstan—the mounting level of debt, which by the end of the first quarter of 2020 had reached $9.7 million. This unease turned to alarm when the financial manager phoned to say that the bank was reluctant to extend further credit and was even questioning its current level of exposure to the company.
Mr. Capstan found it impossible to understand how such a successful year could have landed the company in financial difficulties. The company had always had good relationships with its bank, and the interest rate on its bank loans was a reasonable 8% a year (or about 2% a quarter). Surely, Mr. Capstan reasoned, when the bank saw the projected sales growth for the rest of 2020, it would realize that there were plenty of profits to enable the company to start repaying its loans.
Mr. Capstan kept coming back to three questions:
1) Was his company really in trouble?
2) Could the bank be right in its decision to withhold further credit?
3) And why was the company’s indebtedness increasing when its profits were higher than ever?

Please give your answer.

Show work!

How did they get this net sale -

Subway's BEP:
50 percent (net sales) = $60,000 + 30.5 percent (net sales)
Net sales = $307,692

Blimpie's BEP:
50 percent (net sales) = $68,000 + 29 percent (net sales)
Net sales = $323,810

And how do I solve for this net sale -

50 percent (net sales) = $85,000 + 30.5 percent (net sales) Net sales = ?
50 percent (net sales) = $87,000 + 28.2 percent (net sales) Net sales = ?

MORE INFORMATION:

Assume that you own a sandwich shop. In looking over last year's income statement you see that the annual sales were $250,000 with a gross margin of 50 percent, or $125,000. The fixed operating expenses were $50,000: the variable operating expenses were 20 percent of sales, or $50,000: and your profit was $25,000, or 10 percent of sales. In discussions with your spouse, you wonder if joining a franchise operation such as Subway or Blimpie would improve your results. Your research has determined that Subway requires a $10,000 licensing fee in addition to an 8-percent royalty on sales and a 2.5-percent advertising fee on sales. Blimpie, while requiring an $18,000 licensing fee, charges only a 6-percent royalty and a 3-percent advertising fee.


Assuming that you wanted to break-even, what amount of sales would you have to generate with each channel during the first year, since both your fixed and variable expenses would increase?
Remember the break-even point (BEP) is where gross margin equals total operating expenses: in equation form, this is:Gross Margin =Fixed Operating Expenses + Variable Operating Expenses

Thus, with Subway, fixed expenses would increase from $50,000 to $60,000 and your variable expenses would increase from 20 percent of sales to 30.5 percent (20 percent + 8 percent + 2.5 percent). Blimpie's would increase fixed expenses by $18,000 and variable expenses by 9 percent. Using the equation we can calculate the BEP for both:

Subway's BEP:
50 percent (net sales) = $60,000 + 30.5 percent (net sales)
Net sales = $307,692
Blimpie's BEP:
50 percent (net sales) = $68,000 + 29 percent (net sales)
Net sales = $323,810

How to get net sale, I already total it up I just need net sale, please show work.

50 percent (net sales) = $85,000 + 30.5 percent (net sales) Net sales = ?
50 percent (net sales) = $87,000 + 28.2 percent (net sales) Net sales = ?

MORE INFORMATION:

Assume that you own a sandwich shop. In looking over last year's income statement you see that the annual sales were $250,000 with a gross margin of 50 percent, or $125,000. The fixed operating expenses were $50,000: the variable operating expenses were 20 percent of sales, or $50,000: and your profit was $25,000, or 10 percent of sales. In discussions with your spouse, you wonder if joining a franchise operation such as Subway or Blimpie would improve your results. Your research has determined that Subway requires a $10,000 licensing fee in addition to an 8-percent royalty on sales and a 2.5-percent advertising fee on sales. Blimpie, while requiring an $18,000 licensing fee, charges only a 6-percent royalty and a 3-percent advertising fee.


Assuming that you wanted to break-even, what amount of sales would you have to generate with each channel during the first year, since both your fixed and variable expenses would increase?
Remember the break-even point (BEP) is where gross margin equals total operating expenses: in equation form, this is:Gross Margin =Fixed Operating Expenses + Variable Operating Expenses

Thus, with Subway, fixed expenses would increase from $50,000 to $60,000 and your variable expenses would increase from 20 percent of sales to 30.5 percent (20 percent + 8 percent + 2.5 percent). Blimpie's would increase fixed expenses by $18,000 and variable expenses by 9 percent. Using the equation we can calculate the BEP for both:

Subway's BEP:
50 percent (net sales) = $60,000 + 30.5 percent (net sales)
Net sales = $307,692
Blimpie's BEP:
50 percent (net sales) = $68,000 + 29 percent (net sales)
Net sales = $323,810

Based on experiences of your own close relationships, or those of people around you, which do you think are the three most important factors that promote relationship satisfaction and why?

6. There have been several high-profile mass shootings in the past few years. A representative from California proposes a law to restrict the sale of high-capacity (30 bullets) gun clips.

Which committees should consider this bill and why?

7. The President wants more students engaged in politics and proposes a law that requires every student in America to attend summer Civics classes.

Which committees should consider this bill and why?

8. In order to curb the threat of domestic terrorism, the central Intelligence Agency wants to build unmanned aircraft to monitor American citizens and possibly shoot them. The representative from Virginia proposes a law to fund this project and authorize the CIA to shoot those they feel need to be shot.

Which committees should consider this bill and why?

9. Social Security is a program that provides income for Americans over the age of 65. Currently, everyone employed in America is charged a Social Security tax that is then turned over to Americans who have retired. It is not a lavish amount, but it is necessary for many people to survive. A representative from low proposes a law that would raise the retirement age to 70 - and hire a private company to manage the funds rather than the government.

Which committees should consider this bill and why?

10. Our country is filled with people who drive to work every day, often in an SUV or other car that could be more fuel efficient. A representative from Nevada proposes a law requiring a $1,500 per year tax for anyone who drives a car that gets less than 16 miles per gallon.

Which committees should consider this bill and why?

11. In 2013, the House of Representatives was controlled by Republicans. The Senate is controlled by Democrats. These people only sometimes get along.

Predict - What issues might arise from the different houses of Congress being controlled by different parties?

11. Essay Prompt

Balances?

that gives one area of government authority

* one segment of

SOCIAL STUDIES

Write an essay of about two to three paragraphs that explains how a bill can be changed during its path to becoming a law.

Example: A conference committee is created to make additions or deletions to the bill in order to make it more feasible.

Scenario Prompt:

Come up with your own idea for a new bill. Describe your proposed bill, and then discuss the process of how this specific bill could become law. Your description should be in the form of an essay that is approximately one to two pages long.

Example: You advance the idea that pet owners should receive a tax deduction.

K. Kolmer, C. Eidman, and C. Ryno share income on a 5 : 3 : 2 basis. They have capital balances of $25,000, $28,600, and $19,800, respectively, when Don Jernigan is admitted to the partnership. Prepare the journal entry to record the admission of Don Jernigan under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) (a) Purchase of 50% of Kolmer’s equity for $18,700. (b) Purchase of 50% of Eidman’s equity for $6,200. (c) Purchase of 331/3% of Ryno’s equity for $12,000.

If annual sales of a product are forecast to be $100 million per year for 10 years, a team should consider a 5 percent royalty as equivalent to a $50 million up- front payment when negotiating a licensing or partnership agreement.

True

False

The formula to make cheese sandwiches is 2Bd + 1Ch Bd2Ch. How many slices of cheese are required to make four sandwiches?

When 5.13g NaOH(s) is dissolved in 200.0mL of water, the temperature increases 6.63 celcius degrees.

In regards to the Digestive System, describe each of the major anatomical structures of the digestive tract, beginning at the mouth. Be sure to explain the role each structure plays in the digestive process.

What are non living beings diff from living beings?

How many carbon dioxide molecules can each hemoglobin molecule carry?

All of the following are guidelines for developing an effective pitch except:

a. Be specific – address problematic issues head-on

b. Make it pretty – there’s no such thing as over-investing in the aesthetics of a pitch

c. Be succinct – emphasize quality and clarity over length

d. Show, don’t tell – let the facts speak for themselves

According to cell theory

A all cells have nuclei

B all cells are living

C cells, are fundamental units of all the living organisms

D cells arise from pre-existing cells

please explain how you think a polymerase might have come into existence? Then explain how you think the first polymerase would have been transcribed (and then translated) if there was not yet a polymerase in existence to do the transcribing?

1) You are conducting a mark-recapture study of a population ofsnouters. During your first sampling period
you go out and catch/mark/release 141 snouters. You return to yoursnouter population 2 months later and
catch 102 snouters of which 78 are marked. Please estimate how manysnouters are in the population. Using
this type of estimation technique, what assumptions have you madeabout immigration, emigration, births,
and deaths.

2) Assume that for the snouter population rmax = 0.05, N asestimated above and K = 350.
a - For this population, calculate dN/dt based on the populationestimate you did above modeling growth
according to the exponential growth equation and what thepopulation size will be one time interval into the
future. For N use the estimate you obtained in #1 above. (Pleaserealize that dN/dt is only the rate at which
the population changes

How is pathogenic Staphylococcus aureus distinguished from other species of Staphylococcus?

Covalent bonds (e.g. the C-C bond of an alkane group), have abond strength of approximately_________, are important for thebasic structure of biomolecules. Additionally, non-covalent weakinteractions are also known to stabilize other aspects of thestructure of many different biologically important macromolecules.An example of an important type of weak interaction is the hydrogenbond, which typically has the energy of ____________.

(these values refer to in vacuum energies)

Question 3 options:

Just need the answers no work needed Thanks,

(1) It takes 25 turns to drive a screw completely into a block ofwood. Because the friction force between the wood and the screw isproportional to the contact area between the wood and the screw,the torque required for turning the screw increases linearly withthe depth that the screw has penetrated into the wood. If themaximum torque is 15 N m when the screw is completely in the wood,what is the total work (in Joules) required to drive in thescrew?

(2) A disk with a mass of 30 kg and a radius of 40 cm is mounted ona frictionless axle such that it rotates vertically. A string iswound many times around the disk and then attached to a 70 kgblock. The system is then released from rest. What is the magnitudeof the acceleration (in m/s2) of the block as it falls, assumingthat the string does not slip as it unwinds from the disk?

(3) A meter stick with a mass of 230 g is supported horizontally bytwo vertical strings, one at the 0 cm mark and one at the 90 cmmark. What is the tension (in Newtons) in the string at 90cm?

(4) A 3 m long cantilever with a mass of 250 kg is attached to ahinge and also held in place by a steel cable that is attached tothe far end of the cantilever at an angle of 30° with respect tothe cantilever as shown in the figure at right. A 5 kg mass alsohangs from the far end of the cantilever. What is the magnitude ofthe force (in Newtons) that the hinge exerts on the cantilever?Hint: this force will have both x and y components.

Proxy company analysis can be used to accomplish which of the following:

a. Help define appropriate milestones

b. Identify risk factors that may need to be addressed

c. Establish benchmarks for key metrics that can be used as part of a company’s financial model

d. Help determine an appropriate valuation for a new venture

e. Only a, b and c

f. All of the above

a .12 kg meterstick is supported at its 32.4 cm mark by a string attached to the ceiling. a .63 kg mass hangs vertically from the 4.99 cm mark. a mass is attached somewhere on the meterstick to keep it horizontal and in both rotational and translational equilibrium. the force applied by the string attaching the meter stick to the ceiling is 23.8 N. find the point where the mass attaches to the stick. answer in units of cm.

part1 A 0.111 kg meterstick is supported at its
38.6 cm mark by a string attached to the ceil-
ing. A 0.689 kg mass hangs vertically from the
4.52 cm mark. A mass is attached somewhere
on the meterstick to keep it horizontal and in
both rotational and translational equilibrium.
The force applied by the string attaching the
meter stick to the ceiling is 24.8 N.
Find the value of the unknown mass. The
acceleration of gravity is 9.81 m/s2 .
Answer in units of kg.

part2 Find the point where the mass attaches to the
stick.

Two masses (mA= 2 kg, mB= 4 kg) are attached to a (massless) meterstick, at the 0 and 75 cm marks, respectively.

a.) Where is the center of mass of this system?
cm, from mass A.

b.) The system is then hung from a string, so that it stayshorizontal. Where should the string be placed?
cm, from mass A.

c.) Now, if mass B was removed, how much force would need to beexerted at the 100 cm mark in order to keep the meter sticklevel*?
N, (DOWN OR UP)

d.) Now, if mass B was removed, and no additional force wassupplied, calculate the size of the angular acceleration of themeter stick at that instant*.
rad/s2

If a company is currently worth $10 million dollars and receives a $4 million investment, roughly what percent of the company’s total equity does the new investor now own?

a.33%

b. 40%

c. 25%

d.29%

At many universities, the title to any patentable inventions conceived or reduced to practice by faculty, staff, or students is assigned to the university regardless of the funding source. In this situation, if the innovator(s) intend to participate in commercialization of the technology via a start-up, they must license the rights to the invention from the university

True

False

A 100gram meter stick is hung by a string from its center. Masses of 40gm, 80 hm and 20 gm are suspend from the stick at the 10cm, 40 cm and 70cm marks respectively. A). Where should a 50 gm mass be placed to balance the stick? B) find the tension in the string

A business plan or pitch should be used as a tool for:

a. Planning the required steps for the company to bring its product to market and become financially viable

b. Declaring and monitoring important goals, according to a specific timetable

c. Framing and guiding communications, both internally and externally

d. All of the above

Which alternate pathway— acquisition, licensing, or partnering—could be an effective way to continue advancing a technology toward the market in each of the following situations? 

The cost of both commercializing and developing the product is very high, but no one else in the field has the capability to develop it better than your team

Your  team is made up of graduate students with differing career interests and no ability to personally take the product forward, but you have invented something very novel that you’d all like to see reach patients 

There are a number of companies working in your clinical area, but your team has a significant head-start in developing an interesting new technology

This method grants the a company rights to the technology but there are conditions and limitations on what they can do with it.

A. Non-Exclusive License

B. Licensing

C. Acquisition

D. Partnering

Match the following terms to their definitions: valuation, return on investment, discount rate, terminal value

The value of an investment at the end of an investment period

The return that investors expect to earn for putting their capital at risk

The amount of profit made on a given investment

An estimate of the economic worth of an asset or business

a. Discount rate

b. Valuation

c. Return on investment

d. Terminal value

A meter stick is pivoted at its 50-cm mark but does not balance because of nonuniformities in its material that cause its center of gravity to be displaced from its geometrical center. However, when weights of 150g and 200g are placed at the 10-cm and 75-cm marks, respectively, balance is obtained. The weights are then interchanged and balance is again obtained by shifting the pivot point to the 43-cm mark. Find the mass of the meter stick and the location of its center of gravity.

Two weights are hung on eiher side of the pivot support of a meterstick. Ignore the weight of the meter stick and assume it is pivoted inthe middle. What is the size of the mass that must be hung on the leftside of the stick to balance it.? 3oo grams is hung 30 cm away from thepivot point on the right. On left what is the weight that has to behung 38cm away from pivot point to balance it.?

A pin is 20 cm away from the left edge of the meter stick.
An unknown mass, m1, is placed a distance 5cm from the leftedge.
m2 = 12 kg placed 40 cm from the left edge.
The meter stick that the masses hang on, m(stick) = 1kg
A center of gravity is located 50cm from the left edge.

Case (IV)
With the suspension point 30cm from the left edge of the meter stick, hang a 200g mass 10cm from the left edge of the stick. Calculate the mass you must hang at a point 40cm to the right of the pivot point such that the stick hangs level and write it on the sketch.