Mr. Smith decides to feed his pet Doberman pinscher a combination of two dog foods. Each can of brand A contains 2 units of protein, 1 unit of carbohydrates, and 2 units of fat and costs 80 cents. Each can of brand B contains 1 unit of protein, 1 unit of carbohydrates, and 4 units of fat and costs 70 cents. Mr. Smith feels that each day his dog should have at least 8 units of protein, 7 units of carbohydrates, and 24 units of fat. How many cans of each dog food should he give to his dog each day to provide the minimum requirements at the least cost?
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- Kana is a CPA who loves chinchillas. She breeds chinchillas as pets (she currently owns 13 of them) and every so often sells a baby chinchilla to a suitable family to keep as a pet. In the current year, she sells $250 worth of chinchillas and incurs the following expenses: Line Item Description Amount Chinchilla cages $300 Advertising for chinchilla sales $2,500 This activity is considered a hobby. Kana has adjusted gross income of $72,000. What is the amount of income and expense Kana recognizes (assume she itemizes deductions) associated with her chinchilla hobby? If an amount is zero, enter "0". Line Item Description Amount Income $fill in the blank 1 0 DeductionOne of Natalie’s friends, Curtis Lesperance, runs a coffee shop where he sells specialty coffees and prepares and sells muffins and cookies. He is eager to buy one of Natalie’s fine European mixers, which would enable him to make larger batches of muffins and cookies. However, Curtis cannot afford to pay for the mixer for at least 30 days. He asks Natalie if she would be willing to sell him the mixer on credit. Natalie comes to you for advice. She asks you to address the questions below. Curtis has given me a set of his most recent financial statements. What calculations should I do with the data from these statements, and what questions should I ask him after I have analyzed the statements? How will this information help me decide if I should extend credit to Curtis? Is there an alternative other than extending credit to Curtis for 30 days? I am thinking seriously about being able to have my customers use credit cards. What are some of the advantages and disadvantages of letting my…One of Natalie’s friends, Curtis Lesperance, runs a coffee shop where he sells specialty coffees and prepares and sells muffins and cookies. He is eager to buy one of Natalie’s fine European mixers, which would enable him to make larger batches of muffins and cookies. However, Curtis cannot afford to pay for the mixer for at least 30 days. He asks Natalie if she would be willing to sell him the mixer on credit. Natalie comes to you for advice. She asks the following questions. “Curtis has given me a set of his most recent financial statements. What calculations should I do with the data from these statements, and what questions should I ask him after I have analyzed the statements? How will this information help me decide if I should extend credit to Curtis?” “Is there an alternative other than extending credit to Curtis for 30 days?” “I am thinking seriously about being able to have my customers use credit cards. What are some of the advantages and disadvantages of letting my…
- One of Natalie’s friends, Curtis Lesperance, runs a coffee shop where he sells specialty coffees and prepares and sells muffins and cookies. He is eager to buy one of Natalie’s fine European mixers, which would enable him to make larger batches of muffins and cookies. However, Curtis cannot afford to pay for the mixer for at least 30 days. He asks Natalie if she would be willing to sell him the mixer on credit. Natalie comes to you for advice. She asks the following questions. “Is there an alternative other than extending credit to Curtis for 30 days?”Your friend, Julia, owns a corner store in your neighborhood. She purchases fresh milk from a nearby farm and sells them in her store. Cost of the milk is $5 per case, and each case can be sold for $6 per case. Since the milk does not go through rigorous treatment, it should be sold within a week. Any milk that is not sold during the week can be sold back to the farm for $2 per case. Based on the historical, she identified the following probability distribution of the demand. Weekly Demand (cases) Probability 16 0.05 17 0.15 18 0.35 19 0.25 20 0.2 One of the reasons why people come to her store is the availability of fresh milk, and those customers typically make other purchases along with fresh milk. She believes there will be a loss of such sales if she is not able to have enough fresh milk in the store, and estimates this loss to be $2 per case. Julia needs some help to determine how many cases of fresh milk she needs to order for the coming…After taking business classes, Jake, an avid dog-lover, decided to start selling unique pet supplies at trade shows. He has two products: Product 1: "Launch-it"- a tennis ball thrower that will sell for $11. Product 2: "Treat-time"- an automatic treat dispenser that releases a treat when the dog places his paw on the pedal. The treat dispenser will sell for $33. Costs: Jake has hired an employee to work the trade show booths. The work contract is $1,000 per month plus a commission equal to 12% of sales revenue. Jake will also spend $450 per month on trade-show entry fees. Jake is purchasing the products from a supplier in Mexico. Launch-its cost $2 each; Treat-times cost $7.5 each. Shipping and handling on the Launch-its will cost $2 each; Shipping and handling on the Treat-times, which are heavier, will cost $7 each. The shipping and handling costs will be paid by Jake, not the customer. Assume Jake expects to sell 220 Launch-its and 130 Treat-times…
- Lortetta and her family are going on vacation. Their destination is 610 miles from their home. Loretta is going to share some of the driving with her dad. Her average speed while driving is 55 mph and her dad's average speed while driving is 65 mph. The plan is for Loretta to drive for the first 4 hours of the trip and her dad to drive for the remainder of the trip. Determine the number of hours it will take her family to reach their desination.13. Mahal is the owner of Muning Meow Meow Day Care, a pet-sitting service. Pet owners bring their cats to Mahal's facility in Kamuning, Quezon City, where they are either given private accommodations or are put in a large pen with other cats. (Private accommodations are more expensive.) Mahal and her employees feed the cats twice a day; those cats in private accommodations are also given two exercise periods per day. Owners pay half the daily fee at the start of the day, and the other half when they pick up the dog at the end of the day; owners must also certify that their cats have had all required vaccinations. As Mahal's company is a day care service, no cats stay the night in her facility. Mahal accepts cash, checks, Gcash, Paymaya, and major credit cards in payment. Mahal is interested in developing a comprehensive internal control plan for Muning Meow Meow Day Care; she has approached you, as a consultant, for assistance. Which of the following group of concepts related to…Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which oven they want and that it will cost $17,000. The company already has $5,000 set aside for the purchase and will need to borrow the rest. Natalie and Curtis met with a bank manager to discuss their options. She is willing to lend Cookie & Coffee Creations Inc. $12,000 on November 1, 2020, for 3 years at a 5% interest rate. The terms provide for fixed principal payments of $2,000 on May 1 and November 1 of each year plus 6 months of interest. Prepare a payment schedule for the life of the note. Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2020. Prepare the journal entries on May 1 and November 1 for the note. Determine the current portion of the note payable and the long-term portion of the note payable at October 31, 2021.
- Rose Hill, a soybean farm in northern Minnesota, has a herd of 33 dairy cows. The cows produce approximately 1, 820 gallons of milk per week. The farm currently sells all its milk to a nearby processor for $ 1.25 per gallon, a significant drop from the $2.00 per gallon they were able to charge five years ago. It costs $1.60 per gallon to produce the milk. The owners of Rose Hill are deciding whether to sell the dairy cows or expand into the artisan cheese market. Both owners have prior cheese - making experience and they already have all the needed equipment. It takes 0.8 gallons of milk to make a pound of cheese. Costs to produce a pound of cheese are expected to total $7 per pound. Artisan cheeses are currently selling for $10 per pound at farmer's markets and upscale groceries. a. How much incremental profit would Rose Hill recognize if half the milk each week was used to make cheese? b. How much, in total, would Rose Hill earn each week if half the milk was used to make cheese and…Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which oven they want and that it will cost $17,000. The company already has $5,000 set aside for the purchase and will need to borrow the rest. Natalie and Curtis met with a bank manager to discuss their options. She is willing to lend Cookie & Coffee Creations Inc. $12,000 on November 1, 2020, for 3 years at a 5% interest rate. The terms provide for fixed principal payments of $2,000 on May 1 and November 1 of each year plus 6 months of interest. For Part II of the assignment, complete the tasks listed below. Prepare a payment schedule for the life of the note. Prepare the journal entry for the purchase of the oven and the issue of the note payable on November 1, 2020. Prepare the journal entries on May 1 and November 1 for the note. Determine the current portion of the note payable and the long-term portion of the…Sara makes wedding cakes from her home. A customer has requested two duplicate wedding cakes: one for the wedding and one to be frozen for their anniversary. The couple has offered $400 for both cakes instead of $500 ($250 each). The cost information to make one cake is shown in the image. What is the cost for the first cake? What cost would not be included in the second cake? What is the cost of the second cake? What would be the total cost of this order if the offer was accepted? How much profit will Sara be recording for this special order? If your company policy is to always have a 15% profit on all order, would you still accept this order? If you would not accept the order, what price would you negotiate?
