Quiz 3 - FIN 360 Quiz #3 Name: _Jeremy Pflug_ 1. Kramerica...

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FIN 360 Quiz #3 Name: __Jeremy Pflug _______________ 1. Kramerica Industries had sales of 11,000 units in January. A 10% decrease is expected in February. The company will maintain 8% of expected unit sales for February in ending inventory. Beginning inventory for February was 750 units. How many units should the company produce in February? +Projected Sales + Desired ending inventory – Beginning Inventory = Production Requirements 9,900 + 792 – 750 = 9942 units should be produced in February. 2. The Qlogic Corp. has sales of $2,000,000, net income of $420,000, and dividends of $105,000 on current income statement. The company has the following balance sheet. Balance Sheet Assets Liabilities and Stockholders’ Equity Cash $100,000 Accounts payable $220,000 Accounts receivable 350,000 Accrued expenses 230,000 Inventory 560,000 Bonds payable (long-term) 350,000 Fixed assets 820,000 Common stock 480,000 Paid-in capital 250,000 Retained earnings 300,000 Total assets $1,830,000 Total liabilities and stockholders’ equity
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Quiz 3 - FIN 360 Quiz #3 Name: _Jeremy Pflug_ 1. Kramerica...

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