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Question 1: Fixed and Variable Cost Behavior
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $1,200 and the variable cost per cup of coffee served is $0.22.
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Question 2: High-Low Method
The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented out for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer.
Illustrate what is the overall impact on net income over the two accounting periods? (Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)
What does th e term functional currency mean? Explain how is the functional currency determined under IFRS and under US GAAP?
Illustrate at what amount is the investment in securities reported on the balance sheet under each of these methods at December 31, 2013? What is the total net income reported in 2013 under each of these methods?
What is the amount that the shareholder may deduct on his personal income tax return, assuming the at-risk and passive activity rules do not apply?
What are the steps in the decision making process? Share experiences you may have in the decision-making process at your work.
Compute the amount of accumulated depreciation on each machine at December 31, 2010. what would be the depreciation expense for this machine in (1) 2008 and (2) 2009?
Evaluate the cost assigned to ending inventory and to cost of goods sold using a) specific identifacation, b) weighted average, c) FIFO and d) LIFO
Evaluate the rate and efficiency variance for variable overhead item power cost and indicate if those variance are favorable or unfavorable
What is the amount of profit on the sale and the amount of interest income that Risen should record for the year ended December 31, 2008?
What is the role of the CPA and how does it differ from other accountants? What is the value of the accounting function in your organization, both internally and externally?
Assuming that these two companies retained their separate legal identities, prepare a consolidation worksheet as of December 31, 2008 assuming the transaction is treated as a purchase combination.
Cheatam Enterprises has a 4.2% merit rate on unemployment (top state rate is 5.4%). During the first week of the payroll tax year, Cheatam pays $20,000 in wages (no one employee earns over $7,000 during the week). What are the TOTAL payroll taxe..
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