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1) The Dean Company has sales of $500,000 and the break-even point in sales dollars of $300,000. Determine the company's margin of safety.
a) 45%
b) 43%
c) 40%
d) 55%
2) The Tom Company reports the following data. Determine Tom Company's operating leverage.
Sales $600,000
Variable costs $400,000
Fixed Costs $100,000
a) 2.0
b) 3.5
c) 4.2
d) 5.0
3)The manufacturing cost of Mocha Industries for three months of the year are provided below. Using the high-low method, determine a) variable cost per unit, b) the total fixed costs.
Total Cost Production
April $63,100 1,200 units
May 80,920 1,800
June 100,300 2,400
a) 44 and 52,000
b) 31 and 25,900
c) 20 and 30,000
d) 13 and 22,000
Fixed Assets
On a statement of cash flows that uses the indirect approach, calculation of cash flow from operations treats depreciation as an adjustment to reported net income because:
Flyaway Travel Company reported net income for 2009 in the amount of $90,000. During 2009, Flyaway declared and paid $2,125 in cash dividends on its nonconvertible preferred stock.
Compute the amount of gross profit realized each year, assuming Barkly uses the cost-recovery method. Compute the amount of gross profit realized each year, assuming Barkly uses the installmentsales method.
At the date of transfer, Demers records carried the equipment at a cost of $120,000 less accumulated depreciation of $48,000. Straight-line depreciation is used. Demers reported net income of $28,000 and $32,000 for 2006 and 2007, respectively.
Why do most companies use normal or standard costing? After all, actual costing give the actual cost, so the firm could just wait until it knows what the cost will be.
The following are selected transactions of Darby Corporation. Prepare journal entries for the selected transactions above. Prepare adjusting entries at December 31.
Legolas Company paid $5,000 cash for executive salaries. When thejournal entry to record this payment was made, the payment wasmistakenly added to the cost of land purchased by Legolas. Thejournal entry needed to correct this error wouldbe:
The company has decided to restructure the operations at one of its stores. As part of this restructuring, the company has determined that the store facility is impaired. The store originally cost $3,000,000 and has accumulated depreciation of $1,..
Father and son are co-owners of a manufacturing company, with father having transferred some of his stock to his son in previous years. There is no debt in excess of stock basis.
In response to a request from your immediate supervisor, you have prepared a CVP analysis portraying the cost and revenue characteristics of your company's product and operations.
Based on the following production and sales estimates for May, determine the number of units expected to be manufactured in May.
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