Vail Company recorded the following transactions during November.

Nov. 5      Accounts Receivable-Ski Shop                4,615
                Sales                                           4,615
                
    10      Accounts Receivable-Wekome Enterprises      1,350
                Sales                                           1,350
                
    13      Accounts Receivable-Zia Nalara                832
                Sales                                             832
                
    21      Sales Returns and Allowances                  209
                Accounts Receivable-Zia Natara                    209
                
    30      Accounts Receivable-Ski Shop                2,713
                Sales                                           2,713

1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts receivable subsidiary ledger having a T-account for each or its three customers. Post these entries to both the general ledger and the accounts receivable ledger.

2. Prepare a schedule or accounts receivable and compare its total with the balance of the Accounts Receivable controlling account as of November 30.

Consider the next data from a small bookstore.

Number of Sales People Working	Sales (in $1000 )
2	10
3	11
7	13
9	14
10	18
10	20
12	20
15	22
16	22
20	26
$ $\bar{x}=10.4	$ $\bar{y}=17.6
SD(x)=5.64	SD(y)=5.34

The manager wants to predict Sales from the Number of Sales People Working.

a) Find the slope estimate,$b_1$.

A sales clerk’s weekly salary is $300 plus 2% of her total week’s sales. Find a function P(x) for her pay for a week in which she sold x dollars of merchandise.

The chairman of the car manufacturer Peugeot Citroen has set the company the aim of becoming the 'most competitive carmaker in Europe in $2015'$. This overall aim is supported by more specific and measurable objectives. The profit margin of each car sold is targeted to increase from $2 \%$ to $7 \%$ by 2015 . The overall sales objective was to reach four million car sales a year by $2010$. One million car sales are aimed for in the emerging markets by $2015$. In Europe, one of the most competitive car markets in the world, the target is to increase sales by $300000$ cars a year by the same date.

Departmental operating targets have also been established. For example, the human resources department must prepare for up to $8000$ job losses and operations must aim to cut fixed manufacturing costs by $30 \%$ and costs of purchasing car parts by $4-6\%$ a year. Marketing must plan to launch $12$ new models in the Chinese market.

The chairman also announced his intention to take both car brands upmarket and establish them as premium car brands that increasing numbers of customers will want to own.

Analyse whether Peugeot Citroen’s objectives fit the SMART criteria.

To what extent might the chairman’s new objectives meet with the needs of the company’s shareholders?

The price of an item is $5.99. With sales tax, you pay$6.35. About what percent of the price of the item is the sales tax?

$$A. \ 3\% \\ B. \ 4\% \\ C. \ 5\% \\ D. \ 6\%$$

X-Tel budgets sales of $60,000 for April,$100,000 for May, and $80,000 for June. In addition, sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is$15,000. Prepare a schedule of budgeted cash receipts for April, May, and June.

X-Tel budgets sales of $60,000 for April,$100,000 for May, and $80,000 for June. In addition, sales are 40% cash and 60% on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is$15,000. Prepare a schedule of budgeted cash receipts for April, May, and June.

Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is$3,900). Dextra collects 5% sales tax. (1) Record the entry for the $6,000 sale and its sales tax. (2) Record the entry that shows Dextra sending the sales tax on this sale to the government on October 15.

During the month of June. Rowling Boutique recorded cash sales of $233,200 and credit sales of$153,700, both of which include the 6% sales tax that must be remitted to the state by July 15.

Prepare the adjusting entry that should be recorded to fairly present the June 30 financial statements.

Ramon runs the marketing department at his company. His department gets a budget every year, and every year, he must spend the entire budget without going over. If he spends less than the budget, then his department gets a smaller budget the following year. At the beginning of this year, Ramon got $2.5 million for the annual marketing budget. He must spend the budget such that 2,500,000 − x = 0. What property of addition tells us what the value of x must be?

Hector Company reports the following sales and purchases data. Payments for purchases are made in the month after purchase. Selling expenses are 10% of sales, administrative expenses are 8% of sales, and both are paid in the month of sale. Rent expense of $7,400 is paid monthly. Depreciation expense is$2,300 per month. Prepare a schedule of budgeted cash payments for August and September.

	July	August	September
Sales	$50,000	$72,000	$66,000
Purchases	14,400	19,200	21,600

Consider the next data from a small bookstore. | Number of Sales People Working | Sales (in \$1000 ) | | :---: | :---: | | 2 | 10 | | 3 | 11 | | 7 | 13 | | 9 | 14 | | 10 | 18 | | 10 | 20 | | 12 | 20 | | 15 | 22 | | 16 | 22 | | 20 | 26 | |$ $\bar{x}=10.4 |$ $$ \bar{y}$=17.6 | | SD(x)=5.64 | SD(y)=5.34 | The manager wants to predict Sales from the Number of Sales People Working. b) What does it mean, in this context? $$

Phone Corporation owns 80 percent of Smart Company's stock. At the end of 20X8, Phone and Smart reported the following partial operating results and inventory balances:

$$\begin{array}{lrr} & \textbf{Phone Corporation} & \textbf{Smart Company} \\ \\ \text{Total sales} & \$660,000 & \$510,000\\ \text{Sales to Smart Company} & 140,000 \\ \text{Sales to Phone Corporation} & & 240,000 \\ \text{Net income} && 20,000\\ \text{Operating income (excluding investment income from Smart)} & 70,000\\ \text{Inventory on hand, December 31, 20X8, purchased from:}\\ \text{$\quad$Smart Company} & 48,000 \\ \text{$\quad$Phone Corporation} & & 42,000 \\ \end{array}$$

Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percent markup. The total sales reported by Phone and Smart include both intercompany sales and sales to non-affiliates.

Required

What amount of sales will be reported in the consolidated income statement for 20X8?

Use a graphing utility to graph the sales function over 1 year, where S is the sales (in thousands of units) of a seasonal product, and t is the time (in months), with t = 1 corresponding to January. Determine the months of maximum and minimum sales. $S=56.25+9.50 \sin \frac{\pi t}{6}$