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The company's CEO just returned from a seminar on management accounting and some new tools that can be used to assist in management of the business. One of the new tools she learned about is referred to as contribution format income statements.
It is time for the accounting department to prepare the month-end income statement. In the past, the standard format income statement, as shown below, has been used. But for the first time, the CEO has asked that the contribution format be used instead.
While most of the different expense categories are easy to analyze, the utility expense seems to display characteristics of both variable costs and fixed costs. To help prepare this income statement format, the accounting department collected data from the past 12 months. This data included actual utility costs as compared to each month's business volume. Some of it is shown below.
History of Utility Expenses
Utility Costs
Comment
January
$10,000
closed the entire month for repairs
February
$11,000
produced 5,000 widgets
March
$10,600
produced 3,000 widgets
April
$11,600
produced 8,000 widgets
Submit 1 Excel file including the following information:
Standard Format Income Statement
Sales
100,000
(COGS)
-70,000
30% of these costs are fixed
Gross Profit
30,000
(S,G,A)
-20,000
80% of these costs are fixed
Net Income
10,000
Little Cabbage Firm acquired an adjacent lot to construct. Fees paid to remove an old building from the land were $9,000. Materials salvaged from the demolition of the building were sold for $3,000. A contractor was paid $800,000 to construct a new..
Assume earnings subject to state and federal unemployment compensation taxes are $5,250 at the federal rate of 0.8% and state rate of 5.4%. What are the journal entry to record the payroll tax expense for the period.
Select a global challenge facing international financial reporting and explain how preparers and users of financial statements and capital market regulators have a stake in the outcome.
Borrowed $100,000 for six years. Interest payments of $6,200 will be due at the end of each year and the $100,000 will be repaid at the end of the sixth year.
Santos is considering buying the part from a supplier for a quoted price of $2.70 per unit guaranteed for a three-year period. Should the company continue to manufacture the part, or should it buy the part from the outside supplier? Support your a..
he company’s policy is to begin each quarter with an inventory of direct materials equal to 30 percent of that quarter’s direct material requirements. Calculate budgeted direct materials purchases for the third quarter.
Which of the following reflects the investment of cash by Rickie James in her sole proprietorship and Which of the following reflects payment of a utilities bill from the power company?
Calculate Oriole Company's effective tax rate. Provide a reconciliation of Oriole Company's effective tax rate with its hypothetical tax rate of 34%.
Prepare the journal entry to close the balance in Manufacturing Overhead to the appropriate accounts and understand how to record the flow of materials, labor, and overhead through a process costing system.
address in a conceptual manner how the deduction, assuming it is available, is calculated. At a minimum you should consult the following sources.
What are Zia's and Jed's bases in their new AlphaBeta stock and what is the net amount of gain identified by Jed, Zia, Alpha, and Beta on the reorganization
Tickets to a football game with hospital administrators to celebrate successful negotiation of a surgical contract earlier in the day.
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