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- Varmit-B-Gone is a pest control service that operates in a suburban neighborhood. The company attempts to make service calls at least once a month to all homes that subscribe to its service. It makes more frequent calls during the summer. The number of subscribers also varies with the season. The number of subscribers and the average number of calls to each subscriber for the months of interest follow: Subscribers Service calls (per subscriber) March 650 0.6 April 750 0.9 May 1,450 1.5 June 1,650 2.5 July 1,650 3.0 August 1,500 2.4 The average price charged for a service call is $80. Of the service calls, 30 percent are paid in the month the service is rendered, 60 percent in the month after the service is rendered, and 8 percent in the second month after. The remaining 2 percent is uncollectible. Varmit-B-Gone estimates that the number of subscribers in September should fall 10 percent below August levels, and…Hogs & Dawgs is an ice cream parlor on the border of north-central Louisiana and southern Arkansas that serves 43 flavors of ice creams, sherbets, frozen yogurts, and sorbets. During the summer Hogs & Dawgs is open from 1:00 p.m. to 10:00 p.m. on Monday through Saturday, and the owner believes that sales change systematically from hour to hour throughout the day. She also believes her sales increase as the outdoor temperature increases. Hourly sales and the outside temperature at the start of each hour for the last week are provided in the file IceCreamSales. Construct a time series plot of hourly sales and a scatter plot of outdoor temperature and hourly sales. What types of relationships exist in the data? Use a simple regression model with outside temperature as the causal variable to develop an equation to account for the relationship between outside temperature and hourly sales in the data. Based on this model, compute an estimate of hourly sales for today from 2:00 p.m. to 3:00 p.m. if the temperature at 2:00 p.m. is 93°F. Use a multiple linear regression model with the causal variable outside temperature and dummy variables as follows to develop an equation to account for both seasonal effects and the relationship between outside temperature and hourly sales in the data in the data: Hour1 = 1 if the sales were recorded between 1:00 p.m. and 2:00 p.m., 0 otherwise; Hour2 = 1 if the sales were recorded between 2:00 p.m. and 3:00 p.m., 0 otherwise; Hour8 = 1 if the sales were recorded between 8:00 p.m. and 9:00 p.m., 0 otherwise. Note that when the values of the 8 dummy variables are equal to 0, the observation corresponds to the 9:00-to-l0:00-p.m. hour. Based on this model, compute an estimate of hourly sales for today from 2:00 p.m. to 3:00 p.m. if the temperature at 2:00 p.m. is 93°F. Is the model you developed in part (b) or the model you developed in part (c) more effective? Justify your answer.Anita Tahani, who owns a travel agency, boughtan old house to use as her business office. Shefound that the ceiling was poorly insulated andthat the heat loss could be cut significantly if sixinches of foam insulation were installed. She estimatedthat, with the insulation, she could cutthe heating bill by $40 per month and the airconditioningcost hy $25 per month. Assumingthat the summer season is three months (June,July, and August) of the year and that the winterseason is another three months (December, January,and February) of the year, what's the mostthat Anita can spend on insulation that wouldmake installation worthwhile, given that she expectsto keep the property for five years? Assumethat neither heating nor air conditioningwould be required during the fall and springseasons. If she decides to install the insulation, itwill be done at the beginning of May. Anita's interestrate is 9% compounded monthly.
- Jenny Walters, who owns a real estate agency,bought an old house to use as her business office. Shefound that the ceiling was poorly insulated and thatthe heat loss could be cut significantly if six inchesof foam insulation were installed. She estimated thatwith the insulation, she could cut the heating billby $80 per month and the air-conditioning cost by$70 per month. Assuming that the summer seasonis three months (June, July, and August) of the yearand that the winter season is another three months(December, January, and February) of the year, howmuch can Jenny spend on insulation if she expects tokeep the property for five years? Assume that neitherheating nor air-conditioning would be required duringthe fall and spring seasons. If she decides to install theinsulation, it will be done at the beginning of May.Jenny’s interest rate is 6% compounded monthly.Kim Epson operates a full-service car wash, which operatesfrom 8 a.m. to 8 p.m., 7 days a week. The car wash has two sta-tions: an automatic washing and drying station and a manualinterior cleaning station. The automatic washing and dryingstation can handle 30 cars per hour. The interior cleaningstation can handle 200 cars per day. Based on a recent year-end review of operations, Kim estimates that future demandfor the interior cleaning station for the 7 days of the week, expressed in average number of cars per day, would be asfollows:Day Mon. Tues. Wed. Thurs. Fri. Sat. Sun.Cars 160 180 150 140 280 300 250By installing additional equipment (at a cost of $50,000), Kimcan increase the capacity of the interior cleaning station to300 cars per day. Each car wash generates a pretax contribu-tion of $4.00. Should Kim install the additional equipment ifshe expects a pretax payback period of three years or less?Tech has a student population of 30,000 and is located in a small college town in Virginia. DirectCast Cable TV has a small service staff or three installation trucks and technicians that is sufficient to handle service calls and installations for almost the entire year. However, for the month-long period right before and during the beginning of fall semester in August, when all the students return, the cable TV service is overwhelmed. During the normal year DirectCast averages about 15 service requests per day (Poisson distributed), and service calls average about 50 minutes (exponentially distributed) during their 8-hour workday. However, during the month before school starts, the demand for service calls triples, and almost all of these are requests for installations, so the average service time increases to 80 minutes. During normal demand periods, DirectCast guarantees service within a 24-hour period. as an alternative to borrowing trucks and crews from other offices (which can be…
- On March 1, Marquette is approached by the developer of a large subdivision who wants to install an invisible fence in the yard of 1,200 homes he is constructing. The developer will contract with Marquette for the 1,200 fences on the condition that they are delivered within 30 days (March 31). This is not good timing for Marquette since they have recently signed a contract with Home Warehouse, a national home improvement chain and have been working at 100% capacity for several months. If Marquette accepts the builder’s order, it will lose 1,200 units that would normally be sold to one of its existing customers. When they tell the developer that they do not believe they can fill his order, he offers to reimburse the company for his “share” of the fixed manufacturing costs and will pay a $5,000 “bonus” on delivery. Since the sale to the developer will not incur any variable marketing costs, Marquette reconsiders accepting the developer’s order. What impact will accepting this order have…Kim Epson operates a full-service car wash, which operates from 8 a.m. to 8 p.m., 7 days a week. The car wash has two stations: an automatic washing and drying station and a manual interior cleaning station. The automatic washing and drying station can handle 30 cars per hour. The interior cleaning station can handle 200 cars per day. Based on a recent yearend review of operations, Kim estimates that future demand for the interior cleaning station for the 7 days of the week, expressed in average number of cars per day, would be as follows: Day Mon. Tues. Wed. Thurs. Fri. Sat. Sun. Cars 160 180 150 140 280 300 250 By installing additional equipment (at a cost of $50,000), Kim can increase the capacity of the interior cleaning station to 300 cars per day. Each car wash generates a pretax contribution of $4.00. Should Kim install the additional equipment if she expects a pretax payback period of three years or less?Over the winter months, Sheridan Lawns Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 390 customers took advantage of the discount and purchased the summer lawn service package for $740 each. In June, 320 customers purchased the package for $840, and in July, 107 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Sheridan Lawns Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275.) March $ April $ May $ June $ July $ August $ September $
- Sara is considering whether to open a gadgets shop. She provided you, as a consultant, the following information: Sales of $60,000 and $72,000 are expected for July and August, respectively. All goods are sold on account. The collection pattern for Accounts Receivable is 80 percent in the month of sale and 20 percent in the month following the sale. Purchases of $40,000 and $54,000 are expected for July and August. The payment pattern for purchases is 70 percent in the month of purchase, 30 percent in the month following the purchase. Other monthly expenses are $8,000, which includes $2000 of depreciation. All operating expenses are paid in the month of their incurrence. $2,000 of cash is available on August 1, 2021. Required: Prepare the cash collection budget for the two months ending August 31, 2021 Prepare the cash budget for the two months ending August 31, 2021Willingham Construction is in the business of building high-priced, custom, single-family homes. The company,headquartered in Anaheim, California, operates throughout the Southern California area. The construction periodfor the average home built by Willingham is six months, although some homes have taken as long as nine months.You have just been hired by Willingham as the assistant controller and one of your first tasks is to evaluate thecompany’s revenue recognition policy. The company presently recognizes revenue upon completion for all of itsprojects and management is now considering whether revenue recognition over time is appropriate.Required:Write a 1- to 2-page memo to Virginia Reynolds, company controller, describing the differences between theeffects of recognizing revenue over time and upon project completion on the income statement and balance sheet.Indicate any criteria specifying when revenue should be recognized. Be sure to include references to GAAP asthey pertain to…Donaldson Bed and Breakfast has six available rooms to rent to tourists visiting Niagara Falls. Guests enjoy a comfortably appointed room with an attached bathroom and the owners provide a hearty breakfast each morning. The owners have calculated that their typical occupancy rate is 80% per month. The cost to rent each room is $65 per occupied room per day assuming a 30-day month. Some of this cost is fixed and some variable. During the month of June, the occupancy rate went down to 60% and the total cost to operate that month was $7, 650. Required: 1. Using the high-low method, estimate the variable and fixed cost elements of the bed and breakfast's operation in a typical month. Note: Do not round your intermediate calculations. Round the "Variable cost per room" to 2 decimal places. Average # room nights rented per month Total Monthly Cost High level of activity Low level of activity Change Variable cost per room Fixed cost per year 2. Express the variable and fixed costs in the form…