Suppose you are the manager of a conference hall. A local finance association wants to rent the auditorium at your facility for a one-day conference. No other event is scheduled for that day. The conference hall's daily accounting costs and profit margin are shown in the table below. Property insurance premium Property taxes Electricity for the conference Janitorial services for the conference Security for the conference Profit margin Which of the following offers would be acceptable to you as the conference hall's manager? (Check all that apply.) $930 $852 $434 $420 $462 $192 $204 $96 $120 $228 $84
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- Assume that you are responsible for planning a banquet for your school’s accounting club. The banquet will feature a dinner, followed by a speaker. The costs associated with the banquet are as follows: Meals Beverages (coffee and tea) Use of banquet room Speaker’s fee $10 per person $1 per person $50 $100 Assume that 50 students will attend the banquet. If you want to break even on this event, how much do you need to charge for a ticket? Please explain your answer and how it relates to Chapter 19.Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufacturessophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which isprivately owned, has approached a bank for a loan to help it finance its growth. The bank requires financialstatements before approving such a loan. You have been asked to help prepare the financial statements andwere given the following list of costs:1. Depreciation on salespersons’ cars.2. Rent on equipment used in the factory.3. Lubricants used for machine maintenance.4. Salaries of personnel who work in the finished goods warehouse.5. Soap and paper towels used by factory workers at the end of a shift.6. Factory supervisors’ salaries.7. Heat, water, and power consumed in the factory.8. Materials used for boxing products for shipment overseas. (Units are not normally boxed.)9. Advertising costs.10. Workers’ compensation insurance for factory employees.11. Depreciation on chairs…Which one of the following statements is false? Group of answer choices A.Bill drives 20 each way between his home to his office – 40 miles round trip each day. During the day he drives to a client site. He drives a total of 63 miles that day. He may deduct the cost of 43 miles. B.Commuting expenses may be deductible if you are transporting tools. C.A consultant works out of her home. She may deduct the cost of driving to a client’s place of business. D.The expenses of driving between your regular job and a second job are deductible.
- QUESTION 1 You replied to a posting in the local paper and secured an interview at a gastroenterology clinic. In their follow-up email they offered you the position of Medical Administrative Assistant. They're offering you $1,696 paid semi-monthly. The clinic is part of a large hospital, so you will have to pay for parking at a rate of $31/week. What would your annual net earnings be? QUESTION 2 A local doctor's office is looking for a Medical Office Assistant. This was not an advertised position, but your networking efforts got you a recommendation. They were impressed with your skills and education and offered you the position at the end of the interview. They're offering an hourly rate of $19.5 with a 39.5 hr workweek. No overtime is available as the doctor's office is only open M-F during regular business hours. What are the annual net earnings? QUESTION 3 You applied to several positions on the SenecaWorks website, and one resulted in an interview. A physiotherapy clinic, one that…Abiti D'marchio Enterprise sells brand clothing. The company operates at three different booths allocated at the My Town, Sunway Velocity and 1Shamelin Mall. However, the management is concerned about the continued losses shown by the 1Shamelin Mall Booth and wants a recommendation as to whether or not the operation should be discontinued. A summarized income statement for the booths, for the most recent month is given below: SUNWAY 1SHAMELIN MY TOWN воотH VELOCITY воотн MALL воотH ТOTAL RM RM RM RM Sales revenues Less: Cost of sales 500,000 250,000 250,000 350,000 175,000 175,000 885,000 442,500 442,500 35,000 17,500 Contribution margin 17,500 Less: Fixed Expenses: Booth Assistant Salaries 3,000 3,000 3,000 9,000 Advertising 10,000 14,000 8,000 32,000 Booth rent 10,000 10,000 7,000 27,000 Depreciation of fixtures General expense Total fixed expenses Net operating income (loss) 6,000 5,000 3,000 14,000 12,000 41,000 209,000 13,000 45,000 130,000 10,000 31,000 (13,500) 35,000 117,000…Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help finance its growth. The bank requires financial statements before approving the loan. Required: Classify each cost listed below as either a product cost or a period cost for the purpose of preparing financial statements for the bank. 8 00-45-49 Costs Product Cost / Period Cost 1. Depreciation on salespersons' cars. 2. Rent on equipment used in the factory. 3 lubricants used for machine maintenance Salaries of personnel who work in the finished goods warehouse 5. Soap and paper towels used by factory workers at the end of a shift. 6. Factory supervisors' salaries. 7. Heat, water, and power consumed in the factory. 8. Materials used for boxing products for shipment overseas. (Units are not normally boxed.) 9. Advertising…
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- To generate leads for new business, Gustin Investment Services offers free financial planning seminars at major hotels in Southwest Florida. Gustin conducts seminars for groups of 25 individuals. Each seminar costs Gustin $3100, and the average first-year commission for each new account opened is $4600. Gustin estimates that for each individual attending the seminar, there is a 0.01 probability that he/she will open a new account. a. Determine the equation for computing Gustin's profit per seminar, given values of the relevant parameters. Round your answers to the nearest dollar. Profit (New Accounts Opened x $ 4600 -$ 3100Give typing answer with explanation and conclusion 1. Discuss your reaction for the following mental accounting scenarios Question 3—Part A: Suppose that you've taken half a day off work to shop for a new, ride-on lawn mower. You have a big yard, and trimming it with your current, push-propelled mower simply takes too long. You have been eyeing the Model A300, which offers all the features you require at a cost of $2,000. As luck would have it, you won $500 the previous evening playing bingo at your local Rotary Club. When you arrive at the lawn mower shop, you notice that they also stock Model A305, which has some fancy, desirable new options. This premium model costs $2,250. Considering the previous night's winnings, will you indulge yourself by purchasing the A305? a. yes. b. no.An accountant recommends a local computer company to a client that is trying to upgrade its computerized sales records. The client purchases $25,000 worth of equipment and sends a check to the accountant for 5 percent of the total sales. This is an example of aa. Commission.b. Contingent fee.c. Referral fee.d. Nonaudit fee.