6 accounting questions Steering Corporation is making a $90,650 investment in equipment with a 5-year life. The company uses the straight-line method of depreciation and has a tax rate of 20 percent

1. Steering Corporation is making a $90,650 investment in equipment with a 5-year life. The company uses the straight-line method of depreciation and has a tax rate of 20 percent. The company’s required rate of return is 13 percent.
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   What is the present value of the tax savings related to the depreciation of the equipment? (Round present value factor calculations to 4 decimal places, e.g. 1.2151 and final answer to 0 decimal place, e.g. 125. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

The present value

$enter present value in dollars rounded to 0 decimal place

1. Martinez Hardy recently rejected a $24,400,000, five-year contract with the Vancouver Seals hockey team. The contract offer called for an immediate signing bonus of $9,150,000 and annual payments of $3,050,000. To sweeten the deal, the president of player personnel for the Seals has now offered a $26,630,000, five-year contract. This contract calls for annual increases and a balloon payment at the end of five years.

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Suppose you are Hardy’s agent and you wish to evaluate the two contracts using a required rate of return of 15 percent. In present value terms, how much better is the second contract? (Round present value factor calculations to 4 decimal places, e.g. 1.2151 and final answers to 0 decimal places, e.g. 125. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Present value of old contract		enter a dollar amount
Present value of new contract		enter a dollar amount

In present value terms, the second contract is select an option                             than the old one.

1. Sipacore Industrial has estimated that production for the next five quarters will be:

Finished units of production require 6 pounds of raw material per unit. The raw material cost is $7 per pound. There is $260,820 of raw material on hand at the beginning of the first quarter, 2020. Sipacore desires to have 15 percent of next quarter’s material requirements on hand at the end of each quarter.
Prepare quarterly direct materials purchases budgets for Sipacore Industrial for 2020.

Sipacore Industrial Direct Materials Purchases Budget For the Year Ending December 31, 2020
		Quarter 1		Quarter 2		Quarter 3		Quarter 4		Year
select an opening direct materials purchases budget item		enter a number of units		enter a number of units		enter a number of units		enter a number of units		enter a number of units
select an item		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
select a summarizing line for the first part		enter a total dollar amount for the first part		enter a total dollar amount for the first part		enter a total dollar amount for the first part		enter a total dollar amount for the first part		enter a total dollar amount for the first part
select between addition and deduction                            : select an item		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a summarizing line for the second part		enter a total dollar amount for the second part		enter a total dollar amount for the second part		enter a total dollar amount for the second part		enter a total dollar amount for the second part		enter a total dollar amount for the second part
select between addition and deduction                            : select an item		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount		enter a dollar amount
select a closing direct materials purchases budget item		$enter a total amount for the direct materials purchases budget		$enter a total amount for the direct materials purchases budget		$enter a total amount for the direct materials purchases budget		$enter a total amount for the direct materials purchases budget		$enter a total amount for the direct materials purchases budget

1. The Clinton Antique Mall budgeted credit sales in the first quarter of 2021 to be as follows:

Credit sales in December 2020 are expected to be $240,000. The company expects to collect 75 percent of a month’s sales in the month of sale and 25 percent in the following month.
Estimate cash receipts for each month of the first quarter of 2021.

Collection of credit sales	January		February		March
Collection of December sales	$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Collection of January sales	enter a dollar amount		enter a dollar amount		enter a dollar amount
Collection of February sales	enter a dollar amount		enter a dollar amount		enter a dollar amount
Collection of March sales	enter a dollar amount		enter a dollar amount		enter a dollar amount
	$enter a total dollar amount		$enter a total dollar amount		$enter a total dollar amount

1. The Cinrich Antique Mall expects to make purchases in the first quarter of 2021 as follows:

Purchases in December 2020 are expected to be $95,200. The company expects that 50 percent of a month’s purchases will be paid in the month of purchase and 50 percent will be paid in the following month.
Estimate cash disbursements related to purchases for each month of the first quarter of 2021.

Cash disbursements for purchases	January		February		March
Payment of December purchases	$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
Payment of January purchases	enter a dollar amount		enter a dollar amount		enter a dollar amount
Payment of February purchases	enter a dollar amount		enter a dollar amount		enter a dollar amount
Payment of March purchases	enter a dollar amount		enter a dollar amount		enter a dollar amount
	$enter a total dollar amount		$enter a total dollar amount		$enter a total dollar amount

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