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Florida Berry Basket harvests early season strawberries for shipment throughout the eastern United States in March. The strawberry farm is maintained by a permanent staff of 10 employees and seasonal workers who pick and pack the strawberries. The strawberries are sold in crates containing 100 individually packaged one-quart containers. Affixed to each one-quart container is the distinctive Florida Berry Basket logo inviting buyers to “Enjoy the berry best strawberries in the world!” The selling price is $90 per crate, variable costs are $80 per crate, the fixed costs are $275,000 per year. In the year 2012. Florida Berry sold 45,000 crates.
Prepare a contribution income statement for the year ended December 31, 2012.
Determine the company’s operating leverage.
Calculate the percentage change in profits if sales decrease by 10 percent.
During Burns Company’s first year of operations, credit sales totaled $140,000 and collections on credit sales totaled $105,000. Burns estimates that bad debt losses will be 1.5% of credit sales. By year-end, Burns had written off $300 of specific ac..
Computation of current ratio and acid test ratio - Evaluate the following ratios for 2008 Current ratio, Acid-test ratio.
Boxador, Inc. sells and leases large machines. On January 1, 2015, Boxador leased a machine to a local customer. The lease agreement required annual payments of $12,000 beginning January 1, 2015, the inception of the lease, and each year thereafter f..
Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnership. The equipment had a book value of $28,000 and a market value of $31,000. The inventory had a book value of $90,000, but only had a market value of $50,000, due to obsol..
Outline the general and transactional risks faced by the company from movements in exchange rates and discuss the potential shortcomings, from the perspective of NetW Ltd, of the current incentivisation policy for sales representatives.
Describe the role of managerial accounting in your current or former place of business. If you have not been employed by a company that uses managerial accounting.
In November 2008, the SEC released its “Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers.” The Roadmap originally proposed allowing U.S. companies that meet ..
Bhushan Building Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system.
If a decision must be made to close a warehouse non-refundable prepaid rent on the warehouse is a (n) ----- cost. When the balance in ending finished goods inventory increases, net income under absorption costing is: Which of the following costs amou..
40% of the sales are for cash. 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% for the next month. The total expected cash receipts during September are
Advise FVS what income is derived and when and what tax consequences follow on default - What is the tax treatment of the trading stock the subject of a lay-by
For Bobby company, sales are $1,000,000 (5000 units), fixed expenses are $300,000, and contribution margin per unit is $80. what is the margin of safety in dollars?
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