E22-11 UrLink Company is a newly formed company specializing in high-speed Internet Prepare and discuss aservice for home and business. The owner, Lenny Kirkland, had divided the company Intotwo segments Home Internet Service and Business Internet Service. Each segment Is runby Its own supervisor, while basic selling and administrative services are shared by bothsegments.Lenny has asked you to help him create a performance reporting system that willallow him to measure cach segment's performance in terms of its profitability. To that end,the following information has been collected on the Home Internet Service segment forthe first quarter of 2017,responsibility reporl.(L0 2, 3), PI 22 Budgetary Control and Responsibility AccountingBudget$25,000ActualService revenueAllocated portion of:Building depreciationAdvertisingBillingProperty taxesMaterial and suppliesSupervisory salariesInsurance$26,20011,0005,0003,5001,2001,6009,0004,0003,0002,8001,50011,0004,2003,0001,0001,2009,5003,9003,2503,4001.300Gas and olEquipment depreclationInstructions(a) Prepare a responsibility report for the first quarter of 2017 for the Home InternetService segment.(b)used when preparing performance reports.Write a memo to Lenny Kirkland discussing the principles that should be

Responsibility Report: It is a report which compares the actual costs incurred with the estimated…

22 Budgetary Control and Responsibility Accounting Budget $25,000 Actual Service revenue Allocated portion of: Building depreciation Advertising Billing Property taxes Material and supplies Supervisory salaries Insurance $26,200 11,000 5,000 3,500 1,200 1,600 9,000 4,000 3,000 11,000 4,200 3,000 1,000 1,200 9,500 3,900 3,250 3,400 1,300 Wages Gas and oil Equipment depreclation 1,500 Instructions

22 Budgetary Control and Responsibility Accounting Budget $25,000 Actual Service revenue Allocated portion of: Building depreciation Advertising Billing Property taxes Material and supplies Supervisory salaries Insurance $26,200 11,000 5,000 3,500 1,200 1,600 9,000 4,000 3,000 11,000 4,200 3,000 1,000 1,200 9,500 3,900 3,250 3,400 1,300 Wages Gas and oil Equipment depreclation 1,500 Instructions

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is from the manufacturing budget and budgeted financial statements of Altman Corporation: Direct materials inventory, 1/1 Direct materials inventory, 12/31 Direct materials budgeted for use during year Accounts payable to suppliers, 1/1 Accounts payable to suppliers, 12/31 For the year, budgeted cash payments to suppliers amounted to: $ 86,000 $ 102,000 $ 344,000 $ 54,000 $ 64,000
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The following costs and relevant data which represent normal activity level have been budgeted for the period ending 31 December 2001. Costs Production Department A Production Department B Production Department C Service Department Total N$'000 N$'000 N$'000 N$'000 N$'000 Indirect wages 15 21 8 58 102 Depreciation 84 Rates 22 Power 180 Personnel 60 Insurance 48 Other data: Direct labour hours 7250 9000 15000 31250 Machine hours 15500 20000 2500 2000 40000 Floor area(m^2) 800 1200 1000 1400 4400 Fixed assets N$160 000 N$140 000 N$30 000 N$70 000 N$400 000 Employees 40 56 94 50 240 As accounts assistant you have been asked to assist with completing the overhead budget for the period ending 31 December 2001. Required: (a) Prepare an overhead analysis sheet which demonstrates the cost of the three production departments. (b) Calculate appropriate overhead absorption rates for the three production…
Question Content Area At the beginning of the period, the Cutting Department budgeted direct labor of $131,000, direct materials of $151,000 and fixed factory overhead of $11,400 for 7,600 hours of production. The department actually completed 11,900 hours of production. The appropriate total budget for the department, assuming it uses flexible budgeting, is Round your final answer to the nearest dollar. Do not round interim calculations. a. $452,953 b. $299,850 c. $293,400 d. $459,403
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consider the following summary interim cost reports of a project, say in week 10. Assume that A, B, C and D are the only work packages in the project. Activity Total Budgeted cost for the activity Budgeted cost of work scheduled (PV) % Complete Actual Cost EV CV SV A $1,000 $1,000 100 $1,100 B $1,000 $700 50 $900 C $1000 $0 0 $0 D $1,000 $500 60 $400 (Hint: One of the columns gives you PV directly. There is no need to separately calculate it.) a) Calculate the EV, CV and SV for each activity . What is your assessment of the progress of each activity? Calculate the EV, CV, SV, CPI and SPI for the project, and the critical ratio (CR). What is your assessment of the entire project so far based on these calculations? b) There are several formulae available for calculation of the Estimated (remaining cost) to completion (ETC). Once you have ETC, you can calculate…
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ABC Bus Lines runs a series of bus routes. A new route is being planned for next year. The Sales Manager says the range of passengers would be: 20,000 Conservative Estimate 40.000 Optimistic Estimate $26.00 Ticket Price The controller provides the following information: $6.00 Fuell $6.00 Driver $2.00 Selling $1.00 Admin $15.00 $100,000 Facility Overhead (Regardless of Number of Trips). $50,000 Selling & Administration (Regardless of Number of Trips) Instructions Assume the first-year results were: 22,450 Passengers. $538,800-Revenue $123,475-Fuel
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Subject: accounting