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Shirrell Blackthorn is the accountant for several pizza restaurants based in a tri-city area. The president of the chain wanted some help with budgeting and cost control, so Shirrell decided to analyze the account for the past year. She divided the accounts into four different categories, depending on whether they appear to be primarily fixed or to vary with one of three different drivers. Food and wage costs appeared to vary with the total sales dollars. Delivers costs varied with the number of miles driven (workers were required to use their own cars and were reimbursed for miles driven). A group of other costs, including purchasing, materials handling, and purchases of kitchen equipment, dishes, and pans, appears to vary with the number of different product types (e.g., pizza, salad, lasagna). Shirrell came up with the following monthly averages: Food and wage costs $175,000 Delivery Costs $18,000 Other costs $9,520 Fixed Costs $255,000 Sales revenue $560,000 Delivery mileage in miles $8,000 Number of product types 14 Required: 1. Calculate the average variable rate for the following costs: food and wages, delivery costs, and other costs. 2. Form an equation for total cost based on the fixed costs and your results from requirement 1. 3. The president is considering expanding the restaurant menu and plans to add on new offering to the menu. According to the cost equation, what is the additional monthly cost for the new offering?
An auditor determines that management integrity if high, the risk of account misstatements is low, and the client's internal controls are effective. Which of the following conclusions can be reached regarding the need to perform direct tests of ac..
What worksheet entries are needed in connection with the consolidation of this asset? Assume that the parent applies the partial equity method.
Paula is planning to either purchase or lease a $50,000 automobile.
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Explain why Food Lion must write down the current carrying value of its unprofitable stores. Explain why the recent $9.5 million charge to write down these impaired assets is considered a noncash expense.
Examine how the SOX framework can prevent business model fraud in financial accounting and managerial accounting.
Mars Corporation has three departments. Condensed income statement data are as follows:
Depreciation expense recorded prior to 2008 under the double-declining balance method was $36,000. Voga has already recorded 2008 depreciation expense of $12,800 using the double-declining balance method.
What is the doubtful account expense for the year ended December 31, 2009 if the Accounts receivable at December 31, 2009 is $440, the Allowance for Doubtful Accounts at January 1, 2009 is $64, the Accounts written off as uncollectible during the ..
Research and locate a company who was audited by an outside source and explain the method, technique, and findings of an audit.
On March 17, Grady Company agrees to accept a 60-day, 9%, $10,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Alert Company on the maturity date?
The journal entry to be recorded at the end of the second year for the payment of interest and the amortization of discount will include a ??
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