The Medford Burkett Company uses a responsibility reporting system to measure the performance of its three investmentcenters: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return oninvestment calculations. The allocation of resources within the company and the segment managers' bonuses are based in parton the results shown in these reports.Recently, the company was the victim of a computer virus that deleted portions of the company's accounting records. This wasdiscovered when the current period's responsibility reports were being prepared. The printout of the actual operating resultsappeared as follows.3 #EDDetermine the missing pieces of information.Format all dollar amounts with $, commas, and zero decimal places. Format percentages with % and zero decimal places.F3 +CService revenueVariable costsContribution marginControllable fixed costs.Controllable marginAverage operating assetsReturn on InvestmentF44ORF$VF5E5 %TGF6BH6 AF7 çaY$HPlanesO Search7NF8&5,000,00025,000,000U1,500,000JL12%8F9Ba*M-LGF10Taxis9 (KOF11$450,000180,000THE70,000<L10%A-0 )F12 +P>$LimosPrt ScScrLk320,000380,000176,0001,600,000Ins= +1?DelBackspa

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Description: The Medford Burkett Company uses a responsibility reporting system to measure the performance of its three investmentcenters: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return oninvestment

Introduction:- The following formula used as follows under:- Return on Investment Controllable…

Answered: Determine the missing pieces of…

Business

Accounting

Determine the missing pieces of information.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

The Medford Burkett Company uses a responsibility reporting system to measure the performance of its three investment
centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on
investment calculations. The allocation of resources within the company and the segment managers' bonuses are based in part
on the results shown in these reports.
Recently, the company was the victim of a computer virus that deleted portions of the company's accounting records. This was
discovered when the current period's responsibility reports were being prepared. The printout of the actual operating results
appeared as follows.
3 #
E
D
Determine the missing pieces of information.
Format all dollar amounts with $, commas, and zero decimal places. Format percentages with % and zero decimal places.
F3 +
C
Service revenue
Variable costs
Contribution margin
Controllable fixed costs.
Controllable margin
Average operating assets
Return on Investment
F4
4
O
R
F
$
V
F5
E
5 %
T
G
F6
B
H
6 A
F7 ça
Y
$
H
Planes
O Search
7
N
F8
&
5,000,000
25,000,000
U
1,500,000
J
L
12%
8
F9
Ba
*
M
-
LG
F10
Taxis
9 (
K
O
F11
$450,000
180,000
THE
70,000
<
L
10%
A-
0 )
F12 +
P
>
$
Limos
Prt Sc
ScrLk
320,000
380,000
176,000
1,600,000
Ins
= +
1?
Del
Backspa

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