Q: Other expenses" in the planning budget
A: Planning budget serves as a guidepost for budget makers. It lets you compare the actual results…
Q: Mundes Corporation uses the weighted-average method in its process costing system. The beginning…
A: The equivalent units are calculated on the basis of percentage of work completed during the period.
Q: Rappaport Industries has 5,100 perpetual bonds outstanding with a face value of $2,000 each. The…
A: We can determine the PV of tax shield from perpetual debt using the formula below:
Q: Avril Company makes collections on sales according to the following schedule: 30% in the month of…
A: Cash collection in March from January sales = January sales x 11% = $150,000 x 11% = $16500
Q: O O O $2,253.00 $4,205.13 $12,576.05 $9,215.38
A: Medicare tax payable is also called as the hospital insurance tax. It is the amount of federal…
Q: Turrubiates Corporation makes a product that uses a material with the following standards: Standard…
A: Material price variance It is the difference between calculated and forecasts of how much a material…
Q: All That Remains Products has projected sales for next year of: Q1 Q2 Q3 Sales $ 76,100 $ 79,850 $…
A: Purchases in Q3= Sales in Q4 * 53%= 93600*.53= 49608
Q: A manufacturing company is preparing the schedules that comprise its master budget. The forecasted…
A: Budgeting is one of important concept being used in business. Under this, all future costs and…
Q: FV(Daily) = $100(1+(0.12/365))(5x365)
A: Future value is the sum of money compounded at a given rate of interest for a specified period of…
Q: Rebate on bills diScounted 1.1.2020 48 31.12.2020 52 Net profit
A: Ans. Net profit is calculated by deducting the expenses from the income of an organisation.
Q: The total overhead applied to Product A7 under activity-based costing is closest to: (Round your…
A: Under Activity Based Costing, overhead costs are applied to the based on the relevant activities.
Q: $20 Taxable Income $ 50,000 0- 50,001- 75,000 75,001- 100,000 100,001- 335,000 335,001- 10,000,000…
A: Given data:Taxable Income = $411,562Tax rate for taxable income = 34%
Q: Kraft adopts a standard cost system, which specifies that each product uses a standard of 1 pound…
A: Direct materials quantity variance is a term used in managerial accounting to examine the difference…
Q: system: Costs: Wages and salaries Depreciation $ 286,000 270,000 231,000 $ 787,000 Utilities Total…
A: Activity-based costing is a costing method where the indirect cost is assigned to the jobs or…
Q: II - Chapter 5 6 Saved Help Save & Exit Sub N EV $1 PV $1 FVA $1 PVA $1 FVAD S1 PVAD $1 1 1.03000…
A: Semi Annual Compounding Interest Rate = 6%/2 = 3% per semi annual period Future Value = 100,000 Time…
Q: Robertson Inc. prepares its financial statements according to International Financial Reporting…
A: As per IAS 16, Property, plant, and equipment, On revaluation, the balance of the accumulated…
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A: FICA taxes is established to fund Medicare and social security programs. The FICA taxes are withheld…
Q: $815,000*(1/1+0.05)^6)
A: PRESENT VALUE Present Value is the Current Value of Future Cash Flow at any Discount rate. Present…
Q: Hélp Save & Ex On January 1, Eastern College received $1,330,000 from its students for the spring…
A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…
Q: Selling price per unit Manufacturing costs: Variable manufacturing cost per unit produced: Direct…
A: Lets understand the basics. Net operating income under costing can be calculated using either of two…
Q: job-order costing system
A: Job-order costing is used in a company with different jobs that has to be manufactured instead of a…
Q: administrative expenses in the planning budget
A: Budget is always prepared using standard costs and revises with the progress over time. It’s…
Q: CakeCo, Inc. has three operating departments. Information about these departments is listed below.…
A: Introduction: Maintenance costs are one-time or ongoing expenses incurred by a firm to maintain its…
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A: Correct Option is: $691,000
Q: product costs
A: Product cost means the costs incurred to make a product/service. These costs encompass direct labor,…
Q: Firm X is considering the replacement of an old machine with one that has a purchase price of…
A: Cash outflow for a new machine can be calculated by deducting the sum of tax savings on loss on the…
Q: Fuson Corporation makes one product and has provided the following information to help prepare the…
A: A budget is a plan which is prepared in monetary terms depicting a statement of projected income and…
Q: Corporation is considering the purchase of a machine that would cost 5220,000 and would last for 6…
A: Net present value describes the amount of profitability generated by an investment and is expressed…
Q: You are considering the acquisition of a small office building. The purchase price is $575,000.…
A: The difference between both the PV of cash inflows & outflows over a time is known as net…
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A: External failure costs include a wide range of monetary consequences, such as lawsuits, product…
Q: What is the percent change from $499 to $299? 67% 16% 40% None of the above
A: The percentage change is calculated as change in value divided by original value
Q: Neelon Corporation has two divisions: Southern Division and Northern Division. The following data…
A: Solution We are given the following data of Northern Division Sales = $ 129,400 Variable expenses =…
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A: Lets understand the basics. Accounting rate of return is a net profit generated using average…
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A: Solution.. Activity rate = estimated overhead / estimated cost Driver Activity Rate…
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A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: ncome at Dec 31, 20x1 or
A: Receivables is the amount of money to be received from customers on some future date.
Q: Spang Corporation uses a job-order costing system with a single plantwide predetermined overhead…
A: Job costing is an accounting method used to track the cost of individual projects and jobs.
Q: Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning…
A: Cost of ending work in progress inventory is calculated by multiplying the number of equivalent…
Q: Marwick Corporation issues 12%, 5 year bonds with a par value of $1,030,000 and semiannual interest…
A: Solution: Bond issue price is calculated as present value of periodic interest and maturity value…
Q: Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income . (b) $554…
A: The rate of return is calculated as the net income divided by the sales revenue. The net sales is…
Q: Can you help me solve this step by step. Thank you
A: Please see the white board.
Q: Shade Company adopted a standard cost system several years ago. The standard costs for direct labor…
A: Direct labor variance is the difference between standard direct labor cost for actual production…
Q: cost of goods manufactured
A: An under applied or over applied manufacturing overhead means that the overhead amount applied in…
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A: The differential analysis is performed to compare the different alternatives available with the…
Q: On November 1, Jasper Company loaned another company $230,000 at a 12.0% interest rate. The note…
A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to…
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A: Working Capital is the amount used to fund the short-term expenses of the business. The current…
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- Erie Company reports the following comparative balance sheets and income statement information for the current year. All revenues are from credit sales. Comparative Balance Sheets Assets Cash Accounts receivable Prepaid insurance Inventory Property, plant & equipment Total Assets Liabilities and Stockholder's Equity Accounts payable Salaries payable Long-term notes payable Common stock Retained earnings Total Liabilities and Stockholders' Equity Income Statement Revenue Cost of goods sold Gross margin Operating expenses Net income $ What was the cash received from customers during the year? $ 290,000 (162,000) 128,000 (82,000) 46,000 Beginning of Year $ 90,000 34,000 34,000 10,000 42,000 $ 210,000 $ 50,000 18,000 26,000 22,000 94,000 $ 210,000 End of Year $ 50,000 18,000 42,000 26,000 50,000 $ 186,000 $ 34,000 42,000 34,000 22,000 54,000 $ 186,00022-A company purchased goods worth RO 10,000 excluding VAT and sold to customers for RO 25,000 excluding VAT. Assume the VAT rate as 5%. How much will be the VAT collected by the government? a. RO 1,750 b. RO 750 c. RO 1,250 d. RO 500Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals Credit $ 129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923,200 $923,200 Debit $11,400 144,000 5,400 27,000 340,000
- Rice Corporation is a service company that measures its output by the number of customers served. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for October. Variable Revenue Emp. salaries & wages Travel expenses Other expenses Fixed Element per Month $42,300 $31,500 Element per Customer Serviced $4,100 $1,300 $700 Actual Total for October $182,900 $98,800 $30,500 $31,900 When the company prepared its planning budget at the beginning of October, it assumed that 39 customers would have been served. However, 44 customers were actually served during October. The revenue variance for October would have been closest to:Clothing Company has two service departments-purchasing and maintenance, and two production departments-fabrication and assembly. The distribution of each service department's efforts to the other departments is shown below: FROM Purchasing Maintenance Purchasing Purchasing Maintenance Fabrication. Assembly TO ex Maintenance: 55% 0% Fabrication 30% 50% The direct operating costs of the departments (including both variable and fixed costs) were as follows: $ 126,000 48,000 102,000 78,000 Assembly 15% 15% The total cost accumulated in the fabrication department using the direct method is (calculate all ratios and percentages to 4 decimal places, for example 33,3333%, and round all dollar amounts to the nearest whole dollar):Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Job A319: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour During the current month the company started and finished Job A319. The following data were recorded for this job: Direct labor-hours Direct materials Direct labor cost Milling 60 20 $ 655 $ 400 Milling 18,000 4,000 $ 113,400 $ 1.60 Customizing 10 60 $ 305 $ 1,200 Customizing 13,000 7,000 $ 64,400 $ 3.90 If the company marks up its manufacturing…
- Not handwritten....Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail Мay 1 Beginning inventory 182 units @ $10 = $1,820 May 5 Purchase 252 units @ $12 = $3,024 Мay 10 Sales 172 units @ $20 May 15 May 24 Purchase 132 units @ $13 = $1,716 Sales 122 units @ $21Ken Yalters, the COO of FreshSkin, asked his cost management team for a product line profitability analysis for his firm's two products - Askin and Bskin. The two products are skin care products that require a large amount of research and development and advertising. He received the report below. Ken concluded that Askin was the more profitable product, and that perhaps cost-cutting measures should be applied to the Bskin product. Askin Bskin Total $ 4,015,000 $ 2,607,500 $ 6,622,500 ( 4,722,500) $ 1,900,000 Sales Cost of goods sold (2,607,500) (2,115,000) Gross profit $ 1,407,500 $ 492,500 Research and development (1,185,000) Selling expenses (137,500) $ 577,500 Profit before taxes Seventy-five percent of the research and development and selling expenses were traceable to Askin. Profit before taxes for the Bskin product, per life-cycle income statements, is: