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ACC 206 Principles of Accounting Assignment - Ashford University, USA
Question - ABC Company's current financial information (before/without expansion)
Dec. 31,20X2
Dec. 31,20X1
Cash
$50,000
$70,000
Accounts receivable (net)
$120,000
$180,000
Merchandise inventory
$350,000
$280,000
Property plant, & equipment
$400,000
$300,000
Less: Accumulated depreciation
$ (170,000)
$ (100,000)
Total assets
$750,000
$730,000
Accounts payable
$250,000
$210,000
Income taxes payable
$40,000
$10,000
Common stock
$240,000
Retained earnings
$220,000
$270,000
Total liabilities & stock, equity
The firm's accrual-basis income statement revealed the following data:
Sales
$1,200,000
Cost of goods sold
$800,000
selling and administrative expenses
Depreciation expense
Income taxes
$30,000
Dividends declared and paid during 20X2
$100,000
ABC purchased $100,000 of equipment for cash on August 14, 20X2. (There was no interest expense.)
ABC's Product information
Current Product
Expansion Product (estimate)
Selling Price
$14.50
?
Units produced and expected to be sold
80,000
5,000
Machine Hours
40,000
Direct Materials
$1.30 per unit
$5.60 per unit
Direct labor dollars needed per product
$2.80 per unit
$4.00 per unit
Variable Factory Overhead
$1.00 per Machine Hour
Variable Selling Expense
$0.20 per unit
Total Fixed Costs:
Fixed Factory Overhead
$198,000
Fixed Selling expenses
$191,250
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