Assume the following: 1. selling price per unit = $25 2. variable expense per unit = $13 3. the total fixed expenses = $20,000 4. net operating income = $14,200 Given these four assumptions, unit sales must be:
Q: Why are adjusting entries needed at the end of an accounting period? Explain the four different…
A: Adjustment entriesEntries made at the end of every accounting period to precisely replicate the…
Q: In early January, Burger Mania acquired 100% of the common stock of the Crispy Taco restaurant…
A: 1. Trademark is an intangible asset that has an indefinite useful life as given in the question. 2.…
Q: The cost of direct materials transferred into the Rolling Department of Jabari Company is…
A: Answer:- Direct materials meaning:- The term "direct materials" describes components or raw…
Q: You have the following data: Cost of goods sold Direct labour Direct materials $70 $20 + ₁
A: COST OF GOODS SOLD The cost of goods sold is the cost which is directly incurred by the organisation…
Q: To be included in property, plant, and equipment, an asset must have all of the following except…
A: The objective of the question is to identify which of the given options is not a requirement for an…
Q: Brody Corporation uses a process costing system. Beginning inventory for January consisted of 1,100…
A: Process costing system is used by companies when it produce one or more than one identical product.…
Q: Trez Company began operations this year. During this year, the company produced 100,000 units and…
A: The income statement includes all the revenue and expenses. The resulting amount after deducting…
Q: Required: Prepare the consolidation worksheet entries for December 31, 2023, and December 31, 2024.…
A: To prepare consolidation journal entries for December 31, 2023, and December 31, 2024, we need to…
Q: x Question 4 Question 5 Question 6 Requirement 1. Compute the total budgeted manufacturing overhead…
A: The objective of the question is to calculate the total budgeted manufacturing overhead cost for the…
Q: Alejandro Associates is an accounting firm that provides audit and tax services to its clients. Each…
A: Job costing means where actual direct cost is included in specific cost and overhead is applied on…
Q: On December 31 of Swift Company's first year, S 65,000 of accounts receivable was not yet collected.…
A: Introduction:The estimated selling price of items less the cost of sale or disposal is the net…
Q: Swifty Corporation has outstanding 353,000 shares of $10 par value common stock. The corporation…
A: Stock Dividend: A "stock dividend" is an award given by a firm to its existing shareholders that…
Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in…
A: To determine the effect of the rental activity on Alexa's AGI when her AGI from other sources is…
Q: Required information [The following information applies to the questions displayed below.] Jorgansen…
A: Under absorption costing, fixed manufacturing overhead is all taken into account to determine the…
Q: NUMBER 959 960 960 961 962 962 Date 8/1 balance 8/18 8/19 8/26 8/30 RECORD ALL CHARGES OR CREDITS…
A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…
Q: Technology developed in financial accounting apply directly to sustainability accounting.Select…
A: Sustainability accounting is a specialized branch of accounting that focuses on the integration of…
Q: What is the activity rate for Cost Pool 1 for Product A? What is the activity rate for Cost Pool 2…
A: Activity-based costing is the method of allocating overheads of the entity to the product for…
Q: Marigold Company has the following equivalent units of production for July: materials 23240 and…
A: The following formula used to calculate as follows under:-Cost per equivalent unit = (Beginning cost…
Q: overhead. In September the company completed job S80M that consisted of 43,000 units of one of the…
A: Job costing is one of the methods of costing under which all costs and expenses are calculated and…
Q: 19. The store accountant receives an invoice for $1,400.00 at list price, plus a $54 freight bill…
A: Answer:- Net cost meaning:- The remaining amount that must be paid after all deductions, savings and…
Q: 45) Based on the following information from a business's financial statements, what amount of…
A: Account receivables means the amount due from customer to whom goods has been sold on credit terms.…
Q: a. Determine the December 31, 2021, consolidated totals for the following accounts: b. In…
A: Mergaronite, using the equity method, adjusts its books for the investment in Hill. It eliminates…
Q: Walsh Company manufactures and sells one product. The following information pertains to each of the…
A: Computation of Unit Product Cost - Variable CostingParticularsYear 1Year 2Unit Product Cost:Direct…
Q: Transaction Analysis and Adjustments Selected accounts of Ideal Properties Inc., a real estate…
A: The adjustment entries are prepared to adjust the revenue and expenses for the current period. The…
Q: Northwest Fur Company started 2024 with $102,000 of inventory on hand. During 2024, $520,000 in…
A: Cost of goods sold (COGS) : The cost of goods sold budget shows the expenses incurred in producing a…
Q: Larned Corporation recorded the following transactions for the just completed month. a. Purchased…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Earlyrain Inc.'s 2023 income statement, excluding the earnings per share portion of the statement,…
A: Earnings per share is a calculation that shows the earnings available to the company's shareholders.…
Q: The following transactions involving intangible assets of Minton Corporation occurred on or near…
A: Introduction:Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited…
Q: How do owners and shareholders utilize process costing data? A.) Owners and shareholders utilize…
A: The process costing system is the accounting method that determines the costs associated with each…
Q: Compute the activity-based overhead rates for each of the three cost pools. (Round answers to 2…
A: Activity-based costing is used to allocate the indirect and overhead costs to the products. The…
Q: The operations vice president of Security Home Bank is investigating the efficiency of the bank's…
A: Activity Rate: -Activity rate is the allocation rate which is used to allocate overhead to product…
Q: JWS Transport Company's employees earn vacation time at the rate of 1 hour per 40-hour work period.…
A: Accrued vacation pay represents the amount of paid time off that employees have earned but have not…
Q: Bolka Corporation, a merchandising company, reported the following results for October: Sales $…
A: Contribution margin is the difference between sales revenue and variable costs. Variable cost is…
Q: William Corp. enters into a contract with a customer to build an apartment building for $1,056,300.…
A: Transaction price refers to the expected amount while exchanging the goods or services with the…
Q: During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop incorrectly…
A: The error in inventory affects both income statement and balance sheet of the business. The cost of…
Q: On January 1, 2XX1, Bald Eagle Corporation purchased 100% of the common stock Ohio Enterprises for…
A: Goodwill = Acquisition Cost - Fair Value of Net Assets
Q: On September 30, 2023, Blossom Inc. issued $3,210,000 of 10-year, 8% convertible bonds for…
A: The exercise of warrants represents a financial event that involves the conversion of detachable…
Q: Sheridan Roofing is faced with a decision. The company relies very heavily on the use of its 60-foot…
A: Incremental Cost is the cost incurred for the production of additional units of products. Variable…
Q: Local Co. has sales of $10.4 million and cost of sales of $6.3 million. Its selling, general and…
A: Gross profit = Sales - Cost of goods soldGross margin = (Gross profit/Sales) ×100Operating income =…
Q: Sunland Co. is a full-service manufacturer of surveillance equipment. Customers can purchase any…
A: Answer:- Transaction price:- Transaction price is an amount of consideration that an entity expects…
Q: 1-Feb 6-Feb A B Blake Inc. sold merchandise to Kramer Corp. for $1,000 Terms of the sale were 2/10,…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: c. and d. Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general…
A: Ledgers - After recording transactions in the journal the next step is to transfer them into…
Q: On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Wildhorse Co.…
A: Allowance for Doubtful Accounts: Allowance for doubtful accounts is determined as the reduction in…
Q: Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct…
A: PREDETERMINED OVERHEAD RATEPredetermined rate means an indirect cost rate.Predetermined overhead…
Q: Purchased inflatable rides and inflation equipment on June 2, paying $30,450 cash. Received $7,200…
A: The net income represents the income earned by the business entity during the financial year. It is…
Q: A review was recently carried out of the internal control systems of Gill Plc. The audit Committee…
A: Internal control is:The process designed, implemented and maintained by those charged with…
Q: Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based…
A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…
Q: Dividends Per Share Seacrest Company has 15,000 shares of cumulative preferred 2% stock, $150 par…
A: Dividend -A dividend is a sum of money given to shareholders by a corporation from its earnings.…
Q: The following data have been extracted from the books of Alfa Ltd. Year Sales Rs. Profit Rs. 2019…
A: Break even point is the optimum point of no profit no loss as at this point the firm is earning a…
Q: Roger Company produces pipes for concert-quality organs. Each job is unique. In April 2019, it…
A: Job costingIt is referred as a system that records the costs spent on completion of a job.It…
Step by step
Solved in 3 steps with 2 images
- Assume the following (1) selling price per unit = $25, (2) variable expense per unit = $13, (3) unit sales = 2,520, and (4) total fixed expenses = $25,000. Given these four assumptions, net operating income must be: rev: 07_17_2020_QC_CS-208650 Multiple Choice о о O $7,760. $5,240. $38,000. $27,520.Assume the following (1) selling price per unit-$25, (2) variable expense per unit = $13, (3) unit sales=2,580, and (4) total fixed expenses = $25,000. Given these four assumptions, net operating income must be: Multiple Choice $8,540. O $39,500. O $27,580 $5.960.Assume the following (1) selling price per unit = $25, (2) variable expense per unit = $13, (3) unit sales = 2,640, and (4) total fixed expenses = $25,000. Given these four assumptions, net operating income must be: Multiple Choice $9,320. $6,680. $41,000. $27,640.
- Kk.1. Subject :- Accounting Assume the following (1) selling price per unit = $30, (2) variable expense per unit = $18, and (3) total fixed expenses = $55,200. Given these three assumptions, the unit sales needed to achieve a target profit of $12,000 is: Multiple Choice 5,600 units. 17,600 units. 84,800 units. 67,200 units.Q1- You have the following data for the four products (A,B,C,D): PRODUCT VARIABLE FIXED TOTAL NET CONTRIBUTION SALES IN COST COST PROFIT MARGIN RATIO 30% COST DOLLAR A 300 M 1500 700 K 1000 P. Q 1200 C 500 800 1200 R 2000 300 200 Required: Find the unknown values?. .. truck The SIQ1- You have the following data for the four products (A,B,C,D): PRODUCT VARIABLE FIXED TOTAL CONTRIBUTION SALES IN NET COST E COST COST PROFIT MARGIN RATIO 30% DOLLAR 1500 300 M 700 K 1000 P. 1200 500 L. 800 1200 R. T. 300 N 200 S. 2000 D Required: Find the unknown values?.
- Assume the following information:VolumeTotal Cost100 units$1,30090 units1,500106 units1,750What is the variable cost per unit? (Round answer to three decimal places.)a. $28.125b. $15.625c. $20.178d. $13.175A) if Y = 5000 + 8 *X and units produced 1000 units. total cost Select one: a. 11000 b. 13000 c. correct answer not available d. 15000 B)If Actual sales are OMR 600000, Total Fixed costs OMR 150000, Selling price per unit OMR 50, and Variable cost per unit OMR 35, which of the following shows Margin of Safety (MS) as amount and as percentage(on sales)? Select one: a. MS=385714 and MS (%)=64 b. None of the options c. MS=100000 and MS (%)=16.67 d. MS=50000 and MS (%)=8.33Compute for what is being asked1. Unit selling price P800 unit variable cost P350 annual sales volume, 620 units, fixed costs and expenses P200,000 per year. Compute the following.a. Contribution margin per unitb. Contribution margin percentagec. BEP sales volume (units)d. BEP peso salee. Operating income (BIT)using the break even salef. Operating income (EBIT) using the annual sales volume
- If Actual sales are OMR 450000, Total Fixed costs OMR 120000, Selling price per unit OMR 50, and Variable cost per unit OMR 35, which of the following shows Margin of Safety (MS) as amount and as percentage (on sales)? Select one: a. MS=70000 and MS (%)=12.15 b. MS-100000 and MS (%)%3D15 C. None of the options d. MS-50000 and MS (%)=11.11Assume the following (1) selling price per unit = $30, (2) variable expense per unit = $18, and (3) total fixed expenses = $31,800. Given these three assumptions, the unit sales needed to achieve a target profit of $11,700 is: Multiple Choice O O 3,625 units. 15,325 units. 58,825 units. 43,500 units.Sales (18,00e units) Variable expenses Contribution margin Fixed expenses $ 368,008 144,e00 216,eee 188,eee $ 36,000 Operating incone Required: Answer each question Independently based on the original data: 1. What is the product's CM ratio? 2 Use the CM ratio to determine the break-even polnt in sales dollars.