Warm Hands, a small company based in Prince Edward Island, manufactures and sells two types of lightweight gloves for runners- Warm and Cozy. Current revenue, cost, and unit sales data for the two products appear below: Warm Cozy $15.00 Selling price per pair Variable expenses per pair Number of pairs sold monthly $10.00 $ 2.50 $ 7.50 2,100 units 700 units Fixed expenses are $2,520 per month.
Q: The following balances were extracted from the books of AL Masa Cleaning Services at 31st December,…
A: Formula: Ending Capital = Beginning capital + Investment during the year + Profit during the year -…
Q: 19. Ebasan Company have the following account balances: Cash (net of overdraft of P100,000) Accounts…
A: The liabilities are the amount due to be paid to the creditors or suppliers of the business. The…
Q: of
A: Contribution margin The additional profit gained for each unit sold is calculated by subtracting the…
Q: Can i get help with activity 3
A: Journal Entry The first process of accounting work to make the journal entries for the required…
Q: Required Information PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing…
A: Financial Statements are useful for reporting and exhibiting a company's genuine and exact financial…
Q: hich financial statement reports the results of operations for a business and reports either a net…
A: Solution There are mainly 3 financial statements for the reporting of results of transactions of a…
Q: On the Income Statement, what would the Gross Profit be for Lion Consulting? Lion Consulting…
A: Gross Profit = Sales - Cost of Merchandise Sold Total Administrative Expenses = Office Salaries…
Q: Rock Solid concrete manufacturers supply cement mixture directly to both the construction industry…
A: The number of units produced by the company in a month will be calculated by the amount of work the…
Q: What is the gross profit and how do i calculate it
A: Manufacturing department profit is also known as gross profit. This profit includes only costs…
Q: 17. Ebasan Company received a grant of P60,000,000 to compensate it for costs it incurred in…
A: Solution Concept As per the provision of PAS 20 , The grant received to compensate for its cost…
Q: For which type of learning outcomes would be the essay test be least useful? A. Understanding of…
A: in the essay test , test is taken from the candidate and candidate is given to write an essay on the…
Q: Reporting Stockholders' Equity Using the following accounts and balances, prepare the Stockholders'…
A: Shareholders Equity: Shareholders' equity, often known as a firm's net worth, is a measure of how…
Q: The revenue account for a merchandising business is typically called ___________. Group of answer…
A: Solution: Merchandise business generally involves purchase and sales of merchandise. It is a type of…
Q: As at December 31, 2020, the retained earnings of Cerritos Corporation is Group of answer choice…
A: Retained earnings refers to that portion of the after-tax profit of the company which the company…
Q: The partners' income and loss sharing ratio is 2:3:5, respectively. The partners' income and loss…
A: Partnership characteristics includes: Existence of an agreement Existence of business Agency…
Q: The life Insurance Solicitation regulation requires an insurer to provide which of the following…
A: Life Insurance Solicitation regulations are adopted by the Illinois Department of Insurance. This…
Q: What amount should be reported as share capital?
A: Share Capital to be reported on the Balance Sheet will be the Par Value of the Shares issued.
Q: Although merchandising transactions affect the balance sheet in reporting inventory, they primarily…
A: Solution: Merchandising transactions involves purchase and sales of goods. these transactions…
Q: The following information applies to the que Natalie owns a condominium near Cocoa Be her condo:…
A: Tax court method is the method in which the expenses are allocated on the basis of ratio of total…
Q: ble misstatement b. the higher the audit risk required. c. the smaller the sample size…
A: The risk of material misstatement represents the risk of misleading statements involved in the…
Q: Willie Company's retained earnings increased $13,000 during 2014. What was Willie's 2014 net income…
A: 1. Retained Earnings - Retained Earnings is the retained accumulated profit of the company over the…
Q: Quantity Unit Cost Total Cos 130 $25.00 $3,250 120 28.50 3,420 100 39.00 3,900
A: The answer has been prepared below.
Q: The company paid dividends of $3,000. Which of the following is the journal entry the company should…
A: Dividend: It implies to a portion of company's profits that is distributed or allocated among the…
Q: ABC Co. is undergoing liquidation. The following are the account balances after all the non-cash…
A: Doctrine of Marshalling of Assets:- A creditor who makes this doctrine principle , or we can say,…
Q: Which of the following is the correct option: The Leontief study testing the Heckscher-Ohlin theory…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A…
A: The answer is stated below:
Q: which of the following trial courts to hear his case?
A: Opt c is correct
Q: In 2021, Laureen is currently single. She paid $2,740 of qualified tuition and related expenses for…
A: The term "Claim" refers to a demand for something which is owed to be owed , example of such can be…
Q: Chapter 12 Karen Smith and Abby Jones formed a partnership, investing $250,000 and $125,000,…
A: Lets understand the basics. Partnership is an agreement between two or more person who works…
Q: Use the following information for the next five (5) questions: Crusher Company reported the…
A: It is the amount belongs to the stockholder's of the business. It is the sum of share capital,…
Q: Determine the unit contribution margin and contribution margin ratio. Last month, Laredo Company…
A: Given Sales = 450 units at $25 each Fixed Cost = $2,520 Variable Cost = $9 per unit Unit…
Q: This is a Debt Coverage Ratio or DCR question for part a and a CAP rate question for part b]. Wendy…
A: According to the question, we are required to compute the NOI, largest annual payment to the bank,…
Q: Maenetja Limited acquired 1000 shares in Manana Limited on 1 December 2014 at the fair value of R15…
A: A journal entry is being used to record a commercial transaction in the accounting records of a…
Q: The classification and therefore subsequent measurement of financial assets depends on…? Select…
A: Financial assets are investments which are not tangible in nature. There are contractual rights…
Q: The management of Ballard MicroBrew is considering the purchase of an automated bottling machine for…
A: Depreciation expense is the reduction in the value of an asset due to normal wear and tear, passage…
Q: 4. A man borrowed 24000 from two money lenders. For one loan he paid 15% annum and for the other 18%…
A: The loan is the amount borrowed by one person from another person called a lender. The lender…
Q: The Director of Insurance has the power to. make reasonable insurance rules and regulations…
A: Insurance means a contract between two parties in which one party bears the risk of the other party…
Q: Which of the following journal entries correctly reflect settlement date accounting? Select one: a.…
A: Journal entries should not be used to record routine transactions such as customer billings and…
Q: Ryan is self-employed. This year Ryan used his personal auto for several long business trips. He…
A: Business expenses are costs incurred in the ordinary course of business. They can apply to small…
Q: Office salaries, depreciation expense on office equipment, and office supplies expense are examples…
A: Under functional expense classification, expenses are aggregated and reported by the activities for…
Q: Immediately after the business combination, how much is the consolidated total equity?(not the…
A:
Q: Companies conducting business outside their country's borders are required to translate the results…
A:
Q: ens JunctionDirect Materials Budget for SolutionFor the Two Months Ending February 28, 20XX…
A: The direct labor budget is used to compute the number of work hours required to create the items…
Q: Investment securities You are engaged in the audit of financial statements of Bass Corporation for…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: following results are at a 2-sided confidence level of 90%. Lower confidence limit $1,200,000…
A: Introduction: An allowance is a deposit set up in anticipation of future costs. The creation of a…
Q: Use the following information for the next four (4) questions: On January 1, 2023, Flips Company is…
A: The shareholder's equity gets increased by issuance of shares, net income and decrease by net loss,…
Q: The N Corporation is authorized to issue 100,000 ordinary shares, P17 par value. At the beginning of…
A: The total contributed capital is the total value of the shares issued at the year-end. The treasury…
Q: Karen Smith and Abby Jones formed a partnership, investing $250,000 and $125,000, respectively.…
A: As per the guidelines, only three sub parts are allowed to be solved. Please resubmit the questions…
Q: Partners A, B, and C share income and losses in the ratio of 4:3:3, respectively. Assume the…
A: Liquidation is the procedure of closing a business as well as distributing its investments to…
Q: Please draw the Statement of financial position as at 31 December 20.7. Comparatives are not…
A:
Step by step
Solved in 3 steps with 2 images
- Warm Hands, a small company based in Prince Edward Island, manufactures and sells two types of lightweight gloves for runners- Warm and Cozy. Current revenue, cost, and unit sales data for the two products appear below: Selling price per pair Variable expenses per pair Number of pairs sold monthly Fixed expenses are $2,340 per month. Required: 1. Assuming the sales mix above, do the following: Break-even sales dollars Margin of safety in dollars Margin of safety in percentage Warm $10.00 $ 2.50 2,700 units $ a. Prepare a contribution format income statement showing both dollars and percentage columns for each product and for the company as a whole. (Round percentage answers to 2 decimal places.) WARM HANDS Contribution Income Statement Warm 0 % 0.00 $ Cozy $ 15.00 $ 7.50 % 900 units Cozy 0 % 0.00 $ Total 0 0 % b. Compute the break-even point in sales dollars for the company as a whole and the margin of safety in both dollars and percentage of sales. (Do not round your intermediate…Royal Lawncare Company produces and sells two packaged products—Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Greengrow Selling price per unit $ 6.00 $ 7.50 Variable expenses per unit $ 2.40 $ 5.25 Traceable fixed expenses per year $ 45,000 $ 21,000 Last year the company produced and sold 15,000 units of Weedban and 28,000 units of Greengrow. Its annual common fixed expenses are $33,000. Required: Prepare a contribution format income statement segmented by product lines.Shaw Company produces and sells two packaged products—Z-Bikes and y Bikes. Revenue and cost information relating to the products follow: Product Z Bikes Y Bikes Selling price per unit $ 175.00 $ 200.00 Variable expenses per unit $ 85.00 $ 105.00 Traceable fixed expenses per year $ 200,000 $ 75.00 Common fixed expenses in the company total $110 annually. Last year the company produced and sold 50,000 units of Z Bikes and 30,000 units of Y Bikes. Required: Prepare a contribution format income statement segmented by product lines.
- Royal Lawncare Company produces and sells two packaged products- Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Greengrow Selling price per unit $ 11.00 $ 37.00 Variable expenses per unit $ 2.70 $ 10.00 Traceable fixed expenses per year. $ 134,000 $ 31,000 Last year the company produced and sold 39, 500 units of Weedban and 15, 500 units of Greengrow. Its annual common fixed expenses are $98,000. Required: Prepare a contribution format income statement segmented by product lines.Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow.: Product Selling priee per unit Variable expensen per unit Traceable fixed expenses per year Weedban $ 10.00 $2.70 $ 129,000 Greengrow $ 40.00 $ 11.00 $ 45,000 Last year the company produced and sold 37,500 units of Weedban and 20,500 units of Greengrow. Its annual common fixed expenses are $97,000. Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Weedban Greengrow Company Sales Variable expenses Contribution margin Traceable fixed expenses Product line segment margin Common fixed expenses not traceable to products Net operating incomeSmoky Mountain Corporation makes two types of hiking boots-the Xtreme and the Pathfinder. Data concerning these two product lines appear below: Xtreme Pathfinder Selling price per unit Direct materials per unit Direct labor per unit Direct labor-hours per unit Estimated annual production and sales $ 116.00 $ 64.00 $ 12.00 $ 80.00 $ 52.00 $ 8.00 1.5 DLHS 1.0 DLHS 29,000 units 76,000 units The company has a traditional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below: $ 1,912,000 119,500 DLHS Estimated total manufacturing overhead Estimated total direct labor-hours Required: 1. Compute the product margins for the Xtreme and the Pathfinder products under the company's traditional costing system. 2. The company is considering replacing its traditional costing system with an activity-based costing system that would assign its manufacturing overhead…
- Dikit Corporation makes three different clothing fasteners. Data concerning the three products are as follows: VELCRO МЕTAL NYLON Normal monthly sales volume 100,000.00 200,000.00 400,000.00 Unit selling price 1.65 P 1.50 P 0.85 Variable cost per unit 1.20 P 0.70 P 0.25 Total fixed expenses are P400,000 per month. All three products are sold in highly competitive markets, so the company is unable to raise its prices without losing unacceptable number of customers. The company has an extremely lean production system, so there is no beginning or ending work in process or finished goods inventories. What is the company's over-all break-even point in pesos?Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Greengrow Selling price per unit S 10.00 S 31.00 Variable expenses per unit $ 3.10 $ 13.00 Traceable fixed expenses per year $ 135,000 S 47,000 Last year the company produced and sold 36, 500 units of Weedban and 17,000 units of Greengrow. Its annual common fixed expenses are $105,000. Required: Prepare a contribution format income statement segmented by product lines.S Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Selling price per unit Variable expenses per unit Traceable fixed expenses per year Weedban $ 6.00 $2.40 $ 45,000 Product Greengrow $ 7.50 $5.25 $ 21,000 Last year the company produced and sold 15,000 units of Weedban and 28,000 units of Greengrow. Its annual common fixed expenses are $33,000. Prev Required: Prepare a contribution format income statement segmented by product lines. Total Company 1 of 4 Product Line Weedban Greengrow Next >
- Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Selling price per unit Variable expenses per unit Traceable fixed expenses per year %24 %24 2.50 $ 130,000 Greengrow 2$ $ 13.00 $ 34,000 8.00 38.00 Last year the company produced and sold 37,000 units of Weedban and 17,000 units of Greengrow. Its annual common fixed expenses are $101,000. Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Weedban Greengrow CompanyRoyal Lawncare Company produces and selts two packaged products-Weedban and Greengrow. Revenue and cost information relating to the products follow Product Weedban $ 11.00 $ 2.30 $ 131,000 Greengrow Selling price per unit Varlable expenses per unit Traceable fixed expenses per year $ 35.00 $ 12.00 $ 41,000 Last year the company produced and sold 35,500 units of Weedban ond 23,000 units of Greengrow Its annual common fixed expenses are $96,000 Required: Prepare a contribution format income statement segmented by product lines. Product Line Total Company Weedban GreengrowScent Fragrance Company manufactures and sells several ranges of perfumes. The Average revenue and cost of sales are as follows: Selling price per unit $20.00 Variable costs per unit: Direct materials $4.00 Direct manufacturing labor $1.60 Manufacturing overhead $0.40 Selling costs $2.00 Annual fixed costs $96,000 a) Calculate the contribution margin per unit. b) Calculate the number of units Scent Fragrance Company must sell each year to break even. c) Calculate the number of units Scent Fragrance Company must sell to yield a profit of$144,000. d) Managers may use Sensitivity analysis in their accounting system. i) What is sensitivity analysis? ii) How is Sensitivity analysis useful to managers?