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Mike's Electronics manufactures TVs and DVDRs. During April, the following activities occurred:
TVs DVDRs
Budgeted units sold 19,404 72,996
Budgeted contribution margin per unit $40 $75
Actual units sold 22,000 80,000
Actual contribution margin per unit $45 $76
Required:
Compute the following variances in terms of the contribution margin.
a. Determine the total sales-mix variance.
b. Determine the total sales-quantity variance.
c. Determine the total sales-volume variance.
Why does the market price of a bond vary over time? When is it acceptable to use the straight-line method to amortize a bond discount or premium?
Allison is paid $975 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Use the percentage method table in the Appendix to this chapter. a. Allison is single and claims two withholding ..
Angel Corporation has pre-tax book income of $750,000 in 2013. Angel's book depreciation exceeds tax depreciation by $100,000 and Angel has municipal bond interest of $50,000. Angel has no other permanent or temporary tax differences.
At January 1, 2016, Brant Cargo acquired equipment by issuing a five-year, $125,000 (payable at maturity), 6% note. The market rate of interest for notes of similar risk is 10%. Prepare the necessary journal entries for Brant Cargo
Nadine is an administrative assistant for her employer. At the end of her shift one day, her employer requires her to deliver a package to a customer before traveling home. She spends two hours driving to the customer site, and then three hours drivi..
As of December 31, 2014, Blue Haven Company had total assets of $180,000, total liabilities of $54,000, and common stock of $90,000. The company’s 2014 income statement contained revenue of $32,000 and expenses of $19,000. Determine the before-closin..
Over how many years should Sooner or Later recognize compensation cost associated with the stock options, and how much, if any, should be recognized in each of those years? The effects of forfeitures and income taxes should be ignored.
What are the global issues that are an important part of the profit center evaluation for Glamour Inc.? Using this information and a spreadsheet system, prepare a contribution income statement for Glamour.
The year-end inventory showed $121,000 worth of merchandise available at retail prices. What is the cost of the ending inventory?
What's wrong with not recording revenue when you haven't been paid? What happens if you record the revenue and never receive payment?
the total amount of interest incurred by Clay during Year 8 was $102,000. Illustrate what amount should Clay report as capitalized interest at December 31, Year 8?
Assume that Helaron, Inc. has sales of $83 million and fixed assets of $22.4 million. The corporation utilizes the percent-of-sales method of financial forecasting. If Helaron is expected to generate sales of $94 million next year, what will the firm..
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