For the year ended December 31, 2021 and 2022 the following data were presented to the management of Bulldogs Inc.: Net Sales Cost of Sales Gross Margin P451,200 2022 P1,363,000 P911,800 2021 1,250,000 776,000 474,000
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Variance:- When there is a difference in the budgeted amount and what actually produces or occur is…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A:
Q: his year’s total sales of Bulldogs Inc. is P4,600,000. The following variances are determined: ·…
A: Total sales variance is the difference between budgeted sales and actual sales. It can be due to…
Q: Following increased competition and customer expectations, ABC company has been forced to revisit…
A: Budgeted revenue per trainee will be: $106.67
Q: d) Assuming sales equal to the normal capacity calculated in a) above, prepare a contribution margin…
A: Contribution margin income statement is the statement of income and loss which is prepared by the…
Q: The selling price of the sole product of Bulldogs Inc. last year is P30 and the company earns a per…
A: Cost volume variance shows variance in total cost due to difference in actual units sold and…
Q: The Foxmoore Company experienced a $100,000 shortfall in sales revenues for the year. Top management…
A: Industry volume: Incorrect because, it is the difference between the actual quantity sold or…
Q: What is the Sales Volume Variance under 4-way analysis?se, the current ratio will
A: Any of the variances can we analyzed in 4 ways Fixed price/Spending variance Variable…
Q: The income data of Escano Company for the years 200B and 200A are follows: 200B…
A: Here in this question, we are required to make analysis into price and volume variance. Price…
Q: 1. This year’s total sales of Yui Inc. are P4,600,000. The following variances are determined: ·…
A:
Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per…
A: Lets understand the basics. Sales volume variance is a variance in which actual quantity sold…
Q: Supreme Ltd. Which manufactures the component EXCEL, has achieved a turnover of $ 6,00,000 for the…
A: .
Q: 2021 2020 Sales P 6,235,500 P 6,000,000 Cost of Sales 5,049,000 5,000,000
A: Let the data for 2020 be the standards for 2021, Let the volume in 2020 i.e. Sv = 1000 Hence, Cost…
Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per…
A: Expected gross profit= 10000*1000 units = P 1,00,00,000 Actual gross profit= P 10000000-1200000 =…
Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per…
A: sales volume variance: It is the variance which defines as the…
Q: P V The Foxmoore Company experienced a $100,000 shortfall in sales revenues for the year. Top…
A: in cost accounting variance analysis system in order to evaluate the result, when planning,…
Q: May I ask for an explanation and solution to the question for a better understanding. Thank you!…
A: A business organization maintains a budget in order to forecast its sales and cost so that they can…
Q: Moses Moonrocks Inc. has developed a balanced scorecard with a measure map that suggests that the…
A: The Break-even point is the one at which the company has no profit/ loss, which means the…
Q: The actual total sales and budgeted total sales of Bulldogs Inc. are P3,200,000 and P2,750,000. The…
A: Sales variance shows difference between actual sales and budgeted sales. It consists of variance due…
Q: Sales last year is 6M and decreased to 5.2M in the current year. The sales price increased by 30%.…
A: Sales price variance happens when there is a change in selling price. If the change is positive then…
Q: Moses Moonrocks Inc. has developed a balanced scorecard with a measure map that suggests that the…
A: Break even = Net income / Cost of shipping errors
Q: Blue Co. sells the following products for 2021 and 2022. The following total sales and total cost of…
A: Sales Price variance = (Sales price in current year - sales price in previous year) * Quantity sold…
Q: Mabuhay Corporation generated these gross profits during the past recent years when the sales price…
A: Sales volume variance: Sales volume variance is the measure of change in profit due to the…
Q: The management requested you to determine the cause of the decline in gross profit on sales in spite…
A: Sales Volume variance is difference between number of units sold in 2022 and number of units sold in…
Q: Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per unit of…
A: Lets understand the basics. Sales volume variance is a variance in which actual sales in units gets…
Q: How much is the price variance? How much is the volume variance?
A: Formula for: Price variance - (current year unit cost - previous year unit cost) * current year…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Since we are not given enough data, we have to make an assumption to proceed further. Let us assume…
Q: Members of the board of directors of Security Team have received the following operating income data…
A: Expected decrease in revenue=Total-Household system=$690,000-$360,000=$330,000
Q: The management requested you to determine the cause of the decline in gross profit on sales in spite…
A: Sales Price Variance is a measure of change in expected selling price and actual selling price. It…
Q: National Co. believes that its collection costs could be reduced through modification of collection…
A: Accounts receivable is the amount due (balance) to a firm for goods or services delivered but not…
Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year…
A: Solution Margin of safety is the difference between the break even point and actual sale .
Q: What is the sale price variance under 3-way analysis? * Bulldogs Inc. presents the following amounts…
A: Sales price variance is the difference between the standard price for a product and the actual price…
Q: The selling price of the sole product of Bulldogs Inc. last year is P30 and the company earns a per…
A: Selling Price per unit for the Last year = P30 Gross Profit per unit = P10 Cost per unit = P30-P10 =…
Q: The management requested you to determine the cause of the decline in gross profit on sales in spite…
A: The quantity sold by the company is increased by 25%. This will put an upward impact on the net…
Q: A Corporation generated these gross profits during the past recent years when the sales price was…
A: A Corporation generated gross profits:- In 2020, Sales price was 10% lower than the 2019 sales…
Q: What is the cost volume variance under 4-way analysis? * , Bulldogs Inc. presents the following…
A: Cost volume variance is the difference between the budgeted cost of goods and actual cost of goods…
Q: actor Corporation provided the following partial income statements and detailed information for the…
A:
Q: In response to poor sales, the sales manager of As a result, the operating statement at the end of…
A: We need to analyze the reason given for variances.
Q: The management requested you to determine the cause of the decline in gross profit on sales in spite…
A: The gross profit of the company decrease inspite of increase in sales quantity and decrease in cost,…
Q: Moses Moonrocks Inc. has developed a balanced scorecard with a measure map that suggests that the…
A: Formula used:
Q: Below is some comparative data for ABC Company. Management wants us to investigate variances between…
A: Variance is the change in current year amount based on change in previous year amount. Variance =…
Q: Dickinsen Company gathered the following data for December: Planned Actual Sales price per unit…
A: Revenue price Variance = (Actual price per unit - Planned price per unit) x Actual number of units…
Q: Which of the following would normally be considered in a strategic plan? a. setting a target of 12…
A: Strategic Plan: The strategic plans of an organization are drawn by the top level management. The…
Q: Use this problem to answer the following requirements: Mabuhay Corporation generated these gross…
A: Sales volume variance is the difference between the budgeted sales and the actual sales of a…
Q: Bulldogs Inc. has a budgeted gross profit of P2,450,000. The firm also determined that its gross…
A: Budgeted Gross Profit is P 2,450,000 Gross Profit Margin is 50% Return on Sales is 20% Total…
Q: Moses Moonrocks Inc. has developed a balanced scorecard with a measure map that suggests that the…
A: Calculation of net income: Sales $227,000 Less: cost of goods sold 142,000…
Q: Gagnon Company reported the following sales and quality costs for the past four years. Assume that…
A: The quality cost for all four years as, Year Quality cost 1 $20,000,000*0.25 $5,000,000 2…
Q: The management believes that every 9% increase in the selling price of one of the company's products…
A: A completely competitive business can sell as much as it wants as long as it maintains the current…
The management requested you to determine the cause of the decline in gross profit on sales in spite of the favorable information given by the Sales division that the quantity sold in 2022 was 25% higher than in 2021 and that the production costs in 2022 were lower than that of the 2021 by 6%. The increase (decrease) in net sales due to price factor or the Sales Price Variance is
Step by step
Solved in 2 steps
- The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %Below is the Income Statement of Company A for 2020-2021 in KWD. 2021 2020 t of Sales Revenue 1,000,000 1,200,000 Cost of GoodsSold 500,000 660,000 Gross Profit 500,000 540,000 Marketing Expenses 70,000 120,000 Administrative Expenses 150,000 132,000 Net Income 280,000 288.000 Enter the Common Size Percents for 2021 and 2020 (1 Common Size Percents - Common Size Percents - 2021 2020 Sales Revenue Cost of Goods Sold Gross Profit Marketing Expenses Administrative Expenses Net Income
- Here are the comparative income statements of Cullumber Corporation. CULLUMBER CORPORATIONComparative Income StatementFor the Years Ended December 31 2022 2021 Net sales $639,400 $578,200 Cost of goods sold 464,800 433,400 Gross Profit 174,600 144,800 Operating expenses 70,500 43,000 Net income $ 104,100 $ 101,800 (a)Prepare a horizontal analysis of the income statement data for Cullumber Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CULLUMBER CORPORATIONComparative Income Statementchoose the accounting period For the Years Ended December 31For the Month Ended December 31December 31 Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net…Here are the comparative income statements of Ivanhoe Corporation. IVANHOE CORPORATIONComparative Income StatementFor the Years Ended December 31 2022 2021 Net sales $612,400 $531,500 Cost of goods sold 447,500 409,400 Gross Profit 164,900 122,100 Operating expenses 78,000 49,600 Net income $ 86,900 $ 72,500 (a)Prepare a horizontal analysis of the income statement data for Ivanhoe Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) IVANHOE CORPORATIONComparative Income Statementchoose the accounting period Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $612,400 $531,500 $enter a dollar amount enter percentages…Operating data for Taylor Corporation are presented below. Using the Excel spreadsheet provided, prepare a schedule showing a vertical analysis for 2020 and 2019. 2020 2019 Sales revenue $800,000 $600,000 Cost of goods sold 520,000 408,000 Selling expenses 120,000 72,000 Administrative expenses 60,000 48,000 Income tax expense 30,000 24,000 Net income 70,000 48,000 (CGS percent. = CGS ÷ Sales rev.)
- The comparative statements of Oriole Company are presented here: ORIOLE COMPANYIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $1,895,640 $1,755,600 Cost of goods sold 1,063,640 1,011,100 Gross profit 832,000 744,500 Selling and administrative expenses 505,100 484,100 Income from operations 326,900 260,400 Other expenses and losses Interest expense 23,600 21,600 Income before income taxes 303,300 238,800 Income tax expense 93,600 74,600 Net income $209,700 $164,200 ORIOLE COMPANYBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable (net) 122,900 107,900 Inventory 127,600 117,100 Total current assets 384,600 339,200 Plant assets (net) 659,000 530,300…Here are the comparative income statements of Blue Spruce Corp.. BLUE SPRUCE CORP.Comparative Income StatementFor the Years Ended December 31 2020 2019 Net sales $540,000 $450,000 Cost of goods sold 441,180 381,600 Gross Profit 98,820 68,400 Operating expenses 67,500 40,500 Net income $ 31,320 $ 27,900 (a)Prepare a horizontal analysis of the income statement data for Blue Spruce Corp., using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) BLUE SPRUCE CORP.Comparative Income Statementchoose the accounting period Increase or (Decrease) During 2020 2020 2019 Amount Percentage Net sales $540,000 $450,000 $enter a dollar amount enter percentages rounded to 1 decimal place % Cost of goods sold…The comparative statements of Sunland Company are presented here: Sunland CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,898,440 $1,758,400 Cost of goods sold 1,066,440 1,013,900 Gross profit 832,000 744,500 Selling and administrative expenses 507,900 486,900 Income from operations 324,100 257,600 Other expenses and losses Interest expense 23,900 21,900 Income before income taxes 300,200 235,700 Income tax expense 93,900 74,900 Net income $206,300 $160,800 Sunland CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 125,700 110,700 Inventory 127,900 117,400 Total current assets 387,700 342,300 Plant assets…
- The comparative statements of Sunland Company are presented here: Sunland CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,898,440 $1,758,400 Cost of goods sold 1,066,440 1,013,900 Gross profit 832,000 744,500 Selling and administrative expenses 507,900 486,900 Income from operations 324,100 257,600 Other expenses and losses Interest expense 23,900 21,900 Income before income taxes 300,200 235,700 Income tax expense 93,900 74,900 Net income $206,300 $160,800 Sunland CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 125,700 110,700 Inventory 127,900 117,400 Total current assets 387,700 342,300 Plant assets…The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…Below are the Income Statement and Balance Sheet for Longborg Corporation for the years ended 2020 and 2021. Calculate the profitability ratios in the table to the right for the year ended 2021. Longborg Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $60,200,300 $52,410,500 Cost of goods sold 44,850,700 39,050,800 Gross profit 15,349,600 13,359,700 Selling expenses 2,725,500 2,860,600 Administrative expenses 2,850,300 2,575,400 Total operating expenses 5,575,800 5,436,000 Income from operations 9,773,800 7,923,700 Interest Expense 385,200 425,600 Other income 125,000 105,000 Income before income tax 9,513,600 7,603,100 Income tax expense 3,329,800…