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Bus 599 Introduction to Quantitative Principles Week 6

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Week 6 Assignment

BUS 599 Introduction to Quantitative Principles
Professor Gary Hanney
August 1, 2011

Week 6 Assignment Balance Sheet | | Season 1 | | Season 2 | | Season 3 | Assets | | | | | | | | | | Cash | 214.6 | | 367 | | 514.6 | | | Inventories | 1.71 | | 1.14 | | 3.2 | | | Equipment | 5.75 | | 5.75 | | 5.75 | | | Total Assests | 222.06 | | 373.89 | | 523.55 | | | | | | | | | Liabilities | | | | | | | | | Accounts Payable | 32.25 | | 34 | | 40.5 | | | Total Liabilities | 32.25 | | 34 | | 40.5 | | | | | | | | | Equity | | | | | | | | | | Owner Capital | 40 | | 40 | | 40 | | | Retain Earnings | 145.31 | | 295.39 | | 296.6 | | | Total Equity | 185.31 | | 335.39 | | 336.6 | | | | | | | | | | | Total Equity and | | | | | | | | Liabilities | 222.06 | | 373.89 | | 523.55 | | | | | | | | | | | | | | | | | Accounting Income Statement | | | | | | | | Revenue | 214.6 | | 224.4 | | 222.1 | | | Expenses | 69.29 | | 74.32 | | 71.3 | | | Earnings | 145.31 | | 150.08 | | 150.8 | | | | | | | | | | | | | | | | | | | | | | | | | Financial Statement | | | | | | | | ROE | | 78.40% | | 44.70% | | 44.80% | | ROA | | 65.40% | | 40.10% | | 28.80% | | Profit Margin | 67.70% | | 66.90% | | 67.90% | | | | | | | | | | Inventory Turnover | 40.5 | | 65.2 | | 22.30% | | Asset Turnover | 0.96 | | 0.6 | | 0.40% | | | | | | | | | | Current Ratio | | | | | | | Cash Ratio | 6.65 | | 10.79 | | 12.71 | | | | | | | | | | Debt-Equity Ratio | 0.174 | | 0.101 | | 0.357 | | | | | | | | | | | | | | | | | | | | | | | | | Economic Profit Report | | | | | | | | | | | | | | | Explicit Revenue | 214.6 | | 224.4 | | 222.1 | | Implicit Revenue | 100 | | 50 | | 50 | | Total Revenues | 314.6 | | 274.4 | | 272.1 | | | | | | | | | | | | | | | | | | Explicit Expenses | 69.29 | | 74.32 | | 71.3 | | Implicit Expenses | 210.25 | | 206.63 | | 213.88 | | Total Costs | 279.54 | | 280.95 | | 285.18 | | Economic Profits | -35.09 | | -36.55 | | -13.08 | | | | | | Notes from Economic Profile Report | | Implicit Revenue included $50.00 for week 1 for learning to run a business, and an addition $50.00 for working for yourself for each of the three weeks.Implicit Expenses included the minimum labor rate of $7.25 per hour for the State of Kentucky which was taken from the web site for the U.S. Department of Labor, multiplied by the hours worked. Week one was 29 hours, Week 2 was 28.5 hours and Week 3 was 29.5 hours. The information taken from the Economic Profits gave us a new loss of 84.72 over the period of the three weeks. | | | | | | | | | | | Journal One Season | | | | | | | | | | | | | Debit | | | Credits | | Day | Description | Weather | | Account | Amount | | Account | Amount | 1 | Formed Partnership | Cloudy | | Cash | 40 | | Owner Equity | 40 | 1 | Buy 1 pitcher and 1 spoon | | Equipment | 5.75 | | Payable | 5.75 | 1 | Purchased supplies | | | Inventory | 15.5 | | Payable | 15.5 | 1 | Sold 52@ 0.50 | | | Cash | 26 | | Revenue | 26 | 1 | Supplies Used | | | Expenses | 10.39 | | Inventory | 10.39 | | | | | | | | | | | 2 | Purchased supplies | Normal | | Inventory | 11.75 | | Payable | 11.75 | 2 | Sold 64@ 0.60 | | | Cash | 38.4 | | Revenue | 38.4 | 2 | Supplies Used | | | Expenses | 13.59 | | Inventory | 13.59 | | | | | | | | | | | 3 | Purchased supplies | Cloudy | | Inventory | 11.5 | | Payable | 11.5 | 3 | Sold 48@ 0.70 | | | Cash | 33.6 | | Revenue | 33.6 | 3 | Supplies Used | | | Expenses | 10.33 | | Inventory | 10.33 | | | | | | | | | | | 4 | Paid Store Account | Cloudy | | Payable | 44.5 | | Cash | 44.5 | 4 | Purchased supplies | | | Inventory | 8.25 | | Payable | 8.25 | 4 | Sold 41@ 0.70 | | | Cash | 28.7 | | Revenue | 28.7 | 4 | Supplies Used | | | Expenses | 7.93 | | Inventory | 7.93 | | | | | | | | | | | 5 | Purchased supplies | Sunny | | Inventory | 8.5 | | Payable | 8.5 | 5 | Sold 74@ 0.60 | | | Cash | 44.4 | | Revenue | 44.4 | 5 | Supplies Used | | | Expenses | 13.17 | | Inventory | 13.17 | | | | | | | | | | | 6 | Purchased supplies | Sunny | | Inventory | 15.5 | | Payable | 15.5 | 6 | Sold 80@ 0.60 | | | Cash | 48 | | Revenue | 48 | 6 | Supplies Used | | | Expenses | 13.88 | | Inventory | 13.88 | | | | | | | | | | | | | | | | Total Debits | 449.64 | | Total Credits | 449.64 |

Journal Second Season | | | | | | | | | | | | | Debit | | | Credits | | Day | Description | Weather | | Account | Amount | | Account | Amount | 1 | Paid Store Account | Normal | | Payable | 32.25 | | Cash | 32.25 | 1 | Purchased supplies | | | Inventory | 18.25 | | Payable | 18.25 | 1 | Sold 66@ 0.60 | | | Cash | 39.6 | | Revenue | 39.6 | 1 | Supplies Used | | | Expenses | 15.57 | | Inventory | 15.57 | | | | | | | | | | | 2 | Purchased supplies | Normal | | Inventory | 10 | | Payable | 10 | 2 | Sold 44@ 0.60 | | | Cash | 26.4 | | Revenue | 26.4 | 2 | Supplies Used | | | Expenses | 9 | | Inventory | 9 | | | | | | | | | | | 3 | Purchased supplies | Normal | | Inventory | 11.5 | | Payable | 11.5 | 3 | Sold 72@ 0.50 | | | Cash | 36 | | Revenue | 36 | 3 | Supplies Used | | | Expenses | 12.9 | | Inventory | 12.9 | | | | | | | | | | | 4 | Paid Store Account | Normal | | Payable | 39.75 | | Cash | 39.75 | 4 | Purchased supplies | | | Inventory | 10 | | Payable | 10 | 4 | Sold 70@ 0.60 | | | Cash | 42 | | Revenue | 42 | 4 | Supplies Used | | | Expenses | 12.52 | | Inventory | 12.52 | | | | | | | | | | | 5 | Purchased supplies | Normal | | Inventory | 12.5 | | Payable | 12.5 | 5 | Sold 59@ 0.60 | | | Cash | 35.4 | | Revenue | 35.4 | 5 | Supplies Used | | | Expenses | 11.81 | | Inventory | 11.81 | | | | | | | | | | | 6 | Purchased supplies | Sunny | | Inventory | 11.5 | | Payable | 11.5 | 6 | Sold 75@ 0.60 | | | Cash | 45 | | Revenue | 45 | 6 | Supplies Used | | | Expenses | 12.52 | | Inventory | 12.52 | | | | | | | | | | | | | | | | Total Debits | 444.47 | | Total Credits | 444.47 |

Journal Third Season | | | | | | | | | | | | | Debit | | | Credits | | Day | Description | Weather | | Account | Amount | | Account | Amount | 1 | Paid Store Account | Normal | | Payable | 34 | | Cash | 34 | 1 | Purchased supplies | | | Inventory | 14 | | Payable | 14 | 1 | Sold 79@ 0.60 | | | Cash | 47.4 | | Revenue | 47.4 | 1 | Supplies Used | | | Expenses | 13.91 | | Inventory | 13.91 | | | | | | | | | | | 2 | Purchased supplies | Normal | | Inventory | 16.5 | | Payable | 16.5 | 2 | Sold 47@ 0.60 | | | Cash | 28.2 | | Revenue | 28.2 | 2 | Supplies Used | | | Expenses | 10.45 | | Inventory | 10.45 | | | | | | | | | | | 3 | Purchased supplies | Normal | | Inventory | 10 | | Payable | 10 | 3 | Sold 72@ 0.60 | | | Cash | 43.2 | | Revenue | 43.2 | 3 | Supplies Used | | | Expenses | 13.2 | | Inventory | 13.2 | | | | | | | | | | | 4 | Paid Store Account | Normal | | Payable | 40.5 | | Cash | 40.5 | 4 | Purchased supplies | | | Inventory | 10 | | Payable | 10 | 4 | Sold 48@ 0.60 | | | Cash | 28.8 | | Revenue | 28.8 | 4 | Supplies Used | | | Expenses | 10.95 | | Inventory | 10.95 | | | | | | | | | | | 5 | Purchased supplies | Normal | | Inventory | 11.5 | | Payable | 11.5 | 5 | Sold 67@ 0.60 | | | Cash | 40.2 | | Revenue | 40.2 | 5 | Supplies Used | | | Expenses | 12.43 | | Inventory | 12.43 | | | | | | | | | | | 6 | Purchased supplies | Sunny | | Inventory | 12.5 | | Payable | 12.5 | 6 | Sold 49@ 0.60 | | | Cash | 34.3 | | Revenue | 34.3 | 6 | Supplies Used | | | Expenses | 10.36 | | Inventory | 10.36 | | | | | | | | | | | | | | | | Total Debits | 442.4 | | Total Credits | 442.4 |

First Season
Day 1 - Weather was cloudy
Partnership formed using $20 cash from each of two partner as initial capital so after forming partnership starting inventory: cash = $40. Purchases charged today are 1 pitchers for $3.25, 1 mixing spoons for $2.5, 150 drinking cups for $4.5, 15 tubs of lemonade mix for $7.5, 2 bags of ice for $3.5. Today sales = $26 (52 @ 0.5) out of 102 in 5.25 hours. Inventory used 63 drinking cups value at $1.89, 10 tubs of lemonade mix value at $5, 2 bags of ice value at $3.5. Ending cash was $66 and the store balance was $21.25
Day 2 - Weather was normal
Starting Inventory: cash = $66, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 87 worth $2.61, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 50 drinking cups for $1.5, 10 tubs of lemonade mix for $5, 3 bags of ice for $5.25. Today sales = $38.4 (64 @ 0.6) out of 126 in 5 hours. Inventory used 78 drinking cups value at $2.34, 12 tubs of lemonade mix value at $6, 3 bags of ice value at $5.25. Ending cash was $104.4 and the store balance was $33
Day 3 - Weather was cloudy
Starting Inventory: cash = $104.4, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 59 worth $1.77, tubs of lemonade mix = 3 worth $1.5. Purchases charged today are 100 drinking cups for $3, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $33.6 (48 @ 0.7) out of 96 in 5 hours. Inventory used 61 drinking cups value at $1.83, 10 tubs of lemonade mix value at $5, 2 bags of ice value at $3.5. Ending cash was $138 and the store balance was $44.5
Day 4 - Weather was cloudy
Paid store charge account balance of $44.5. Starting Inventory: cash = $93.5, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 98 worth $2.94, tubs of lemonade mix = 3 worth $1.5. Purchases charged today are 50 drinking cups for $1.5, 10 tubs of lemonade mix for $5, 1 bags of ice for $1.75. Today sales = $28.7 (41 @ 0.7) out of 100 in 5 hours. Inventory used 56 drinking cups value at $1.68, 9 tubs of lemonade mix value at $4.5, 1 bags of ice value at $1.75. Ending cash was $122.2 and the store balance was $8.25
Day 5 - Weather was sunny
Starting Inventory: cash = $122.2, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 92 worth $2.76, tubs of lemonade mix = 4 worth $2. Purchases charged today are 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $44.4 (74 @ 0.6) out of 146 in 4 hours. Inventory used 89 drinking cups value at $2.67, 14 tubs of lemonade mix value at $7, 2 bags of ice value at $3.5. Ending cash was $166.6 and the store balance was $16.75
Day 6 - Weather was sunny
Starting Inventory: cash = $166.6, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 3 worth $0.09. Purchases charged today are 150 drinking cups for $4.5, 15 tubs of lemonade mix for $7.5, 2 bags of ice for $3.5. Today sales = $48 (80 @ 0.6) out of 176 in 4.75 hours. Inventory used 96 drinking cups value at $2.88, 15 tubs of lemonade mix value at $7.5, 2 bags of ice value at $3.5. Ending cash was $214.6 and the store balance was $32.25
Second Season
Day 1 - Weather was normal
Paid store charge account balance of $32.25. Starting Inventory: cash = $182.35, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 57 worth $1.71. Purchases charged today are 100 drinking cups for $3, 20 tubs of lemonade mix for $10, 3 bags of ice for $5.25. Today sales = $39.6 (66 @ 0.6) out of 129 in 5 hours. Inventory used 94 drinking cups value at $2.82, 15 tubs of lemonade mix value at $7.5, 3 bags of ice value at $5.25. Ending cash was $221.95 and the store balance was $18.25
Day 2 - Weather was normal
Starting Inventory: cash = $221.95, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 63 worth $1.89, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 50 drinking cups for $1.5, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $26.4 (44 @ 0.6) out of 93 in 5 hours. Inventory used 50 drinking cups value at $1.5, 8 tubs of lemonade mix value at $4, 2 bags of ice value at $3.5. Ending cash was $248.35 and the store balance was $28.25
Day 3 - Weather was normal
Starting Inventory: cash = $248.35, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 63 worth $1.89, tubs of lemonade mix = 7 worth $3.5. Purchases charged today are 100 drinking cups for $3, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $36 (72 @ 0.5) out of 125 in 5 hours. Inventory used 80 drinking cups value at $2.4, 14 tubs of lemonade mix value at $7, 2 bags of ice value at $3.5. Ending cash was $284.35 and the store balance was $39.75
Day 4 - Weather was normal
Paid store charge account balance of $39.75. Starting Inventory: cash = $244.6, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 83 worth $2.49, tubs of lemonade mix = 3 worth $1.5. Purchases charged today are 50 drinking cups for $1.5, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $42 (70 @ 0.6) out of 124 in 5 hours. Inventory used 84 drinking cups value at $2.52, 13 tubs of lemonade mix value at $6.5, 2 bags of ice value at $3.5. Ending cash was $286.6 and the store balance was $10
Day 5 - Weather was normal
Starting Inventory: cash = $286.6, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 49 worth $1.47. Purchases charged today are 50 drinking cups for $1.5, 15 tubs of lemonade mix for $7.5, 2 bags of ice for $3.5. Today sales = $35.4 (59 @ 0.6) out of 111 in 5 hours. Inventory used 77 drinking cups value at $2.31, 12 tubs of lemonade mix value at $6, 2 bags of ice value at $3.5. Ending cash was $322 and the store balance was $22.5
Day 6 - Weather was sunny
Starting Inventory: cash = $322, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 22 worth $0.66, tubs of lemonade mix = 3 worth $1.5. Purchases charged today are 100 drinking cups for $3, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $45 (75 @ 0.6) out of 141 in 3.5 hours. Inventory used 84 drinking cups value at $2.52, 13 tubs of lemonade mix value at $6.5, 2 bags of ice value at $3.5. Ending cash was $367 and the store balance was $34
Third Season
Day 1 - Weather was sunny
Paid store charge account balance of $34. Starting Inventory: cash = $333, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 38 worth $1.14. Purchases charged today are 100 drinking cups for $3, 15 tubs of lemonade mix for $7.5, 2 bags of ice for $3.5. Today sales = $47.4 (79 @ 0.6) out of 168 in 4.5 hours. Inventory used 97 drinking cups value at $2.91, 15 tubs of lemonade mix value at $7.5, 2 bags of ice value at $3.5. Ending cash was $380.4 and the store balance was $14
Day 2 - Weather was cloudy
Starting Inventory: cash = $380.4, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 41 worth $1.23. Purchases charged today are 100 drinking cups for $3, 20 tubs of lemonade mix for $10, 2 bags of ice for $3.5. Today sales = $28.2 (47 @ 0.6) out of 99 in 5 hours. Inventory used 65 drinking cups value at $1.95, 10 tubs of lemonade mix value at $5, 2 bags of ice value at $3.5. Ending cash was $408.6 and the store balance was $30.5
Day 3 - Weather was normal
Starting Inventory: cash = $408.6, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 76 worth $2.28, tubs of lemonade mix = 10 worth $5. Purchases charged today are 50 drinking cups for $1.5, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $43.2 (72 @ 0.6) out of 128 in 5 hours. Inventory used 84 drinking cups value at $2.52, 14 tubs of lemonade mix value at $7, 2 bags of ice value at $3.5. Ending cash was $451.8 and the store balance was $40.5
Day 4 - Weather was cloudy
Paid store charge account balance of $40.5. Starting Inventory: cash = $411.3, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 42 worth $1.26, tubs of lemonade mix = 6 worth $3. Purchases charged today are 50 drinking cups for $1.5, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $28.8 (48 @ 0.6) out of 96 in 5 hours. Inventory used 65 drinking cups value at $1.95, 11 tubs of lemonade mix value at $5.5, 2 bags of ice value at $3.5. Ending cash was $440.1 and the store balance was $10
Day 5 - Weather was normal
Starting Inventory: cash = $440.1, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 27 worth $0.81, tubs of lemonade mix = 5 worth $2.5. Purchases charged today are 100 drinking cups for $3, 10 tubs of lemonade mix for $5, 2 bags of ice for $3.5. Today sales = $40.2 (67 @ 0.6) out of 114 in 5 hours. Inventory used 81 drinking cups value at $2.43, 13 tubs of lemonade mix value at $6.5, 2 bags of ice value at $3.5. Ending cash was $480.3 and the store balance was $21.5
Day 6 - Weather was normal
Starting Inventory: cash = $480.3, pitchers = 1 worth $3.25, mixing spoons = 1 worth $2.5, drinking cups = 46 worth $1.38, tubs of lemonade mix = 2 worth $1. Purchases charged today are 50 drinking cups for $1.5, 15 tubs of lemonade mix for $7.5, 2 bags of ice for $3.5. Today sales = $34.3 (49 @ 0.7) out of 122 in 5 hours. Inventory used 62 drinking cups value at $1.86, 10 tubs of lemonade mix value at $5, 2 bags of ice value at $3.5. Ending cash was $514.6 and the store balance was $34

Resources:
United states department of labor. (2011, June 15). Retrieved from http://www.dol.gov/whd/minwage/america.htm

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