Harry Potter is a small street vendor service who contracts to produce and sell molded plastic souvenirs (key chains, commemorative plastic coins, plastic animals, etc.) at small, county carnivals. As owner of the firm, Harry must decide how much of each product to produce. A key element of this decision is the fixed cost of production. O the cost of his selling booth. O the cost of bookkeeping services. O how costs will vary as he changes the level of production.
Q: Delisa Corporation has two divisions: Division L and Division Q. Data from the most recent month…
A: Break even sale is the amount which covers all the costs incurred by an entity but do not result in…
Q: Long-term debt adjustments for government-wide financial statements Sai-Tu Village reported…
A: The journal entry represents the business transactions recorded in the accounting records. The…
Q: Journalize these transactions of september assuimg the perpetual inventory system is being used…
A: Methods of Inventory System: 1. Periodic Inventory System 2. Perpetual Inventory…
Q: A real property was transferred to a revocable trust with Carding as the beneficiary. The property…
A: Introduction: The cost of operations incurred throughout order to generate revenue is referred to as…
Q: How can you describe how America's ethical reasoning might disrupt global business?
A: Answer:- Ethical reasoning meaning:- "Ethical reasoning can be defined as the ability to recognize,…
Q: What was the economic profit or loss of Julian’s online clothing store in 2019? E. Evaluate the…
A: Economic Profit is the Profit earned by any Person after subtracting the actual costs incurred to…
Q: Cleaning equipment was used by Cary’s Carpet Cleaning, Inc. in April to generate revenues. The…
A: The depreciation expense is the amount that is expensed for the assets with usage during the period.…
Q: What principal will make a profit of $71.99 at 8 ½% in 200 days?
A: The question is related to the Simple Interest and Principal Simple Interest = P × R × T P =…
Q: A manufacturing company that produces a single product has provided the following data concerning…
A: The period cost is that cost that can not be capitalized like fixed manufacturing overhead, selling…
Q: The Riverside Company is evaluating two mutually exclusive assets: Black and White, at the end of…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: If a company chooses a price to charge for its product by adding up all the expenses necessary to…
A: Solution: There are various method of pricing the product such as: 1. Target costing 2. Skimming…
Q: Textra produces parts for a machine manufacturer. Parts go through two departments, Molding and…
A: Departmental Overhead Rate: An expenditure rate that is determined for each department in the…
Q: Hannah Division of Tide Inc has the following data for 2012: Assets available for use is 2,000,000;…
A: Target Rate of return: It refers to the return that an investor would want to make from any capital…
Q: [S1] Instead of PFRS 17, the standard applicable to contracts that principally transfer financial…
A: Here asked for multi question we will solve for first question for you. If you need additional…
Q: July 2021, Hard Rock Pty Ltd a small construction business purchased two business assets for the…
A: As the time goes no there is decrease in value of assets with time but there must be sufficient…
Q: Hess Company's inventory records show the following data for the month of September: Units…
A: Cost of goods sold=Cost of goods available-Ending inventory
Q: Juan was hired at Brownstone Warehouse on August 10, 1978. His employment terminated March 25, 2006.…
A: Retiring Allowance The amount received during or after the retirement of an employee due to years…
Q: Managers should pay little attention to bottleneck operations since they have limited capacity for…
A: In case of company manager play an important role in order to run the company and perform their…
Q: The return on equity ratio equals net income divided by common stock. True or False
A: In the context of the given question, we are required to comment that the statement is true or…
Q: Required information Exercise 9-12 (Algo) Record bonds issued at a premium and related semiannual…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: O LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a…
A: FIFO METHOD
Q: roblem 8-3A Establishing, reimbursing, and increasing petty cash LO P2 Nakashima Gallery had the…
A: Introduction: A journal entry is a record of a business deal in the accounting system of an…
Q: Chabon Corp. purchased a six-month insurance policy on December 1, 20X1 for $600 in cash. The policy…
A: Prepaid Expenses :— It is the expense that is paid in advance for the expenses that are not accrued…
Q: Financial information is presented below: Operating expenses $ 55000 Sales returns and…
A: Sales - Sales are the revenue earned by the company from the selling inventory to the customer at…
Q: QUESTION 1 1. An invoice of RM 10,000 including service charges RM 500 dated 26 June 2020 was…
A: In case trade discounts are given to the customers, then it is provided on the invoice value…
Q: Which of the following is an example of faithful representation? A Showing lease payments as a…
A:
Q: and buildings 114 000 Equipment 210 000 Investment (80 000 shares of £1 each in Rhythm Ltd at cost…
A: Ratio Analysis : It is the relationship between the two or more items of the financial statements to…
Q: The Times newspaper is trying to decide between two machines. Machine A costs $80,000 and is…
A: Cost = $80,000 Useful life = 12 years salvage value = 14,000 Depreciation = Cost - salvage…
Q: At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during…
A: >Predetermined overhead rate is the overhead allocation rate, used to 'apply' or 'allocate' the…
Q: What is the value of the balance carried forward into November?
A: VAT Control Account is prepared to records the entries related to VAT. Under this account, all the…
Q: 6. The Fixed and variable costs are costs classification according to: A) Cost traceability B)…
A: Fixed cost refers to the costs which remain fixed or constant with the increase or decrease in the…
Q: he following is an extract from the trial balance of Tempo Ltd on 30 June 2022: £ Land and buildings…
A: It is the analysis of a company's performance under different dimensions such as profitability,…
Q: Required a. State two uses of the control accounts b. Use the above data to determine the opening…
A: Control Account Popularly there are two main control account are there one is Debtors control…
Q: Compute the present value of $200,000 to be received 7 years from today if the annual interest rate…
A: Present Value :- Present value is the current value of a future sum of money at a specified rate of…
Q: How does Poland's culture impact the ethical reasoning of its people? Describe how the country's…
A: In a variety of ethical situations, the ability to assess, identify and develop ethical arguments.…
Q: 080 < CO #3 TABLE 4 Present Value of an Annuity of 1 (u) Payments 12% 5% .95238 %L 0.93458 %6 .91743…
A: Net present value calculation is one of the important technique of project evaluation. This is…
Q: following is an extract from the trial balance of Tempo Ltd on 30 June 2022: £ Land and buildings…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: You are making a proposal to start a corporation that would require invested capital of P9,000,000…
A: Goodwill: When one firm is acquired by another, an intangible asset known as goodwill is transferred…
Q: The static budget column in the contribution report is replaced with a flexible budget column. b)…
A: You have asked various multiple sub-parts under a single question kindly resubmit remaining…
Q: any uses a job-order costing system and applies manufacturing overhead cost cost of direct materials…
A: Cost of goods sold refers to the concept which computed all the direct expenses involved in the…
Q: Every month the Incredible Ice Cream Shop sends a card with a coupon for free ice cream treat to the…
A: Introduction Sales tax: Sales tax is when a consumer purchases a good or service from a retailer,…
Q: The February contribution format income statement of Mcabier Corporation appears below: Sales $…
A: Degree of operating leverage (DOL): DOL reflects variable and fixed cost relationship of an…
Q: H has a 75% owned subsidiary S. During the year ending 31 December 2021 H sold inventory to S for an…
A: Consolidated financial statements are the financial statements of an entity that has a subsidiary or…
Q: Choose the CORRECT statement about company income tax. A. Companies need to keep records and books…
A: A. Companies need to keep records and books of account for a year for review by the Inland Revenue…
Q: Compute the current ratio as of the beginning of the month and after each transaction.
A: Current ratio -It measures the availability of current asset in an entity to satisfy its current…
Q: A. Companies need to keep records and books of account for a year for review by the Inland Revenue…
A: Tax On Incomes : It is the amount which is deducted from the income of the individual / corporate /…
Q: Handy Leather, Inc., produces three sizes of sports gloves: small, medium, and large. A glove…
A: The Overhead allocation is based on the overhead rate and the overhead rate can be calculated by…
Q: On January 1, 2021, Bambam Company sold an equipment to Lucas Company which had a carrying value on…
A: A note receivable is an asset account linked to an underlying promissory note that specifies in…
Q: The following information relates to Steele Manufacturing's overhead costs for the month: $35,600…
A: In the business organizations, the benchmark is already established, and the actual performance is…
Q: Use the information above to determine the following: the total amount your liability insurance…
A: Insurance policy = insurance policy is a contract between insurer and the policy holder. It is an…
E4
Step by step
Solved in 2 steps
- Rahul is an intern at a retail store. Store accountant is trying to talk the owner and is trying to convince him to purchase an integrated enterprise system (IES) for small businesses. The owner thinks the accountant is just trying find a way to charge more service fee. On what basis would Rahul convince the owner that each piece of the integrated enterprise system would help the business?Bradley Nowell works as a purchaser at Louie Dog Industries. He is in charge of purchasing dog beds from manufacturers. Bradley's mother, seeing an opportunity, starts a dog bed manufacturing company and quickly receives almost all of Louie Dog's orders. In order to fill the orders, Bradley's mother buys low-quality beds from another dog bed supplier and sells those to Louie Dog for a substantial markup. In fact, the price charged to Louie Dog is twice what other manufactures would charge the company. What type of scheme is this? Pay-and-return Non-accomplice vendor Pass-through Inventory-markupJorge Rivera is the purchasing agent for a large warehouse. He doesn't know anything about forklifts and so has not been asked by the warehouse manager to participate in the purchase selection process for six new replacement forklifts. Once the decision has been made, however, Jorge will draw up the purchase order. In this case, Jorge is most likely simply acting as a/an/the: A influencer decider C buyer D user B
- A sales representative lives in Bloomington and must be in Indianapolis next Thursday. On each of the days Monday, Tuesday, and Wednesday, he can sell his wares in Indianapolis, Bloomington, or Chicago. From past experience, he believes that he can earn $12 from spending a day in Indianapolis, $16 from spending a day in Bloomington, and $17 from spending a day in Chicago. Where should he spend the first three days and nights of the week to maximize his sales income less travel costs? Travel costs are shown in Table 2. TABLE 2 From To Indianapolis Bloomington Chicago Indianapolis 5 2 | Bloomington 5 7 Chicago 7 -Saurez Company, your client, manufactures paint. The company’s president, Maria Saurez, has decided to open a retail store to sell Saurez paint as well as wallpaper and other supplies that would be purchased from other suppliers. She has asked you for information about the conventional retail method of pricing inventories at the retail store. Instructions Prepare a report to the president explaining the retail method of pricing inventories. Your report should include the following points. a. Description and accounting features of the method. b. The conditions that may distort the results under the method. c. A comparison of the advantages of using the retail method with those of using cost methods of inventory pricing. d. The accounting theory underlying the treatment of net markdowns and net markups under the method.John is the manager of a small computer sales and support chain. He has stores located throughout the state of California and is in strong competition with all of the major computer providers within that state. John’s company is known for providing quick support and friendly service. In the process of selling goods to customers, John’s company will often offer deals that include free service or low-priced service for the products being purchased. John’s competitors offer the same types of deals to their customers, but because of the small mobile size of John’s company, he is better able to provide quick service to his customers. John is the president of his company and has raised funding through issuing stock. He has not used external loan funding much in the past. John has approximately 50 stores located in California and is in the process of obtaining business locations outside of the state. John’s main goal is to be successful in the computer business because of the quick customer…
- John is the manager of a small computer sales and support chain. He has stores located throughout the state of California and is in strong competition with all of the major computer providers within that state. John’s company is known for providing quick support and friendly service. In the process of selling goods to customers, John’s company will often offer deals that include free service or low-priced service for the products being purchased. John’s competitors offer the same types of deals to their customers, but because of the small mobile size of John’s company, he is better able to provide quick service to his customers. John is the president of his company and has raised funding through issuing stock. He has not used external loan funding much in the past. John has approximately 50 stores located in California and is in the process of obtaining business locations outside of the state. John’s main goal is to be successful in the computer business because of the quick customer…Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $24.05 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers—particularly those located on remote ranches that require considerable travel time. The owner’s daughter, home for the summer from college, has suggested investigating this question using activity-based costing. After some discussion, she designed a simple system consisting of four activity cost pools. The activity cost pools and their activity measures appear below: Activity Cost Pool Activity Measure Activity for the Year Cleaning carpets Square feet cleaned (00s) 14,500 hundred square feet Travel to jobs Miles driven 125,000 miles Job support Number of jobs 1,700 jobs Other (organization-sustaining costs and idle…JC Company sells various merchandize ( building materials, stationery, house hold goods, and assortd groceries) to the general public and government workers on both cash and credit basis. You are a student at one of the universities and the sole trader for JC Company approaches you to write a company profile for him.
- Check my work Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $23.60 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers-particularly those located on remote ranches that require considerable travel time. The owner's daughter, home for the summer from college, has suggested investigating this question using activity-based costing. After some discussion, she designed a simple system consisting of four activity cost pools. The activity cost pools and their activity measures appear below: Activity Cost Pool Cleaning carpets Travel to jobs Job support Other (organization-sustaining costs and idle capacity costs) Activity Measure Square feet cleaned (00s) Activity for the Year 14, 500 hundred square feet Miles driven 308,000 miles Number of…Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $28 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers—particularly those located on remote ranches that require considerable travel time. The owner’s daughter, home for the summer from college, has suggested investigating this question using activity-based costing. After some discussion, she designed a simple system consisting of four activity cost pools. The activity cost pools and their activity measures appear below: Activity Cost Pool Activity Measure Activity for the Year Cleaning carpets Square feet cleaned (00s) 20,000 hundred square feet Travel to jobs Miles driven 60,000 miles Job support Number of jobs 2,000 jobs Other (organization-sustaining costs and idle…You are an accounting student at Berkeley College and will not graduate for another year. But because of your excellent grades so far, you have been able to land a job in the purchasing department of a retailer. One of the purchasing agents in your company is negotiating for the receipt of a very large order of uninsured goods from a supplier. The purchasing agent is able to get a better deal on the goods if they are shipped FOB shipping point rather than FOB destination. The agent doesn’t know the difference between these two concepts. He also doesn’t understand why choosing one over the other should make any difference to the company. As a student of accounting at Berkeley College, you know well the difference between these 2 concepts and you know why one would be a better choice over the other in the case of uninsured goods. Please explain these two concepts in this discussion and tell the purchasing agent which shipping method is preferable and why.