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Cost-Volume-Profit AnalysisMitchell Corp. expects to sell all the goods manufactured this year and has no beginning inventory of its one product. The estimated fixed costs for the year are $288,000; and estimated variable costs per unit are $14.00. It is expected that 60,000 units will be manufactured and sold at a price of $20 per unit. The income tax rate is 20%. Management wants the answer to these questions. 1. What is the contribution margin?2. What is the contribution margin ratio?3. What is the breakeven point in units?4. What is the breakeven point in dollars?5. What is the pre-tax income or loss if 40,000 are sold?6. What is the after-tax income (net income) if Sales amount to $1,200,000?7. What is the margin of safety in units if 57,000 units are sold?8. Prepare (a) seven-line contribution margin format income statement for sales at the breakeven point and (b) a seven-line contribution margin format income statement assuming 54,000 units are sold.
Some accountants hold the view that each interim period should stand alone as a basic accounting period, whereas others view each interim period as essentially an integral part of the annual period. Distinguish between these views.
Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2012, 2013, 2014.
Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO and (3) average-cost.
When should revenues and expenses be recorded under GAAP? Are there other limitations tot he Traditional Income Statement format besides timing?
Describe how software companies like PeopleSoft treat software development costs differently from the typical GAAP treatment of research and development costs in other industries. Why is this the case?
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income:
A majority-owned subsidiary that is in legal reorganization should normally be accounted for using
As the accounting manager, write a memo to Mr. Talbott, explaining why the ending inventory figure should be extremely accurate, with as little slack as possible.
Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the straight-line method. Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the effective-interest method.
Ridge Point Company's budgeted sales were 22,500 units at $76 per unit. Actual sales were 21,750 units at $79 per unit. What was Oaks Edge sales price variance?
Check out footnotes to financial statements and schedules for information regarding asset leases and, if possible, review for term, early payment, and bargain purchase clauses.
Many corporations are emphasizing green technology in their operations. This often costs the company more money in terms of expenses. What are the legal and ethical implications of this?
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