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Income statement preparation using contribution and Absorption Costing
Straightforward Income Statements
The Independence Company had the following manufacturing data for the year 2006 (in thousands of dollars). Beginning and ending inventories none
Direct material used $400 Direct labor 330 Supplies 20 Utilities-variable portion 40 Utilities-fixed portion 12 Indirect labor-variable portion 90 Indirect labor-fixed portion 40 Depreciation 200 Property taxes 20 Supervisory salaries 50 Selling expenses were $300,000 (including $60,000 that were variable) and general administrative expenses were $144,000 (including $23,000 that were variable). Sales were $1.8 million.
Direct labor and supplies are regarded as variable costs. 1. Prepare two income statements, one using the contribution approach and one using the absorption approach.
2. Suppose that all variable costs fluctuate directly in proportion to sales and that fixed costs are unaffected over a very wide range of sales. What would operating income have been if sales had been $2.0 million instead of $1.8 million? Which income statement did you use to help obtain your answer? Why?
Preparation of journal entries, adjusted trial balance and classified balance sheet - Prepare journal entries for the transactions listed above and adjusting entries. and prepare an adjusted trial balance at January 31, 2007
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This is my situation, I own a used car lot, I sold and report to Department of Revenue in sales the amount of $720.000 dollars.
Explain why is direct labor a poor base for allocating overhead in many companies? In what situation would it be a strong and better way to allocate overhead? What bases do you feel are the most commonly used by most large companies? Explain.
Multiple choice questions on basic accounting principle and Which of the following account groups are all considered nominal accounts, What type of account is Prepaid Rent
Multiple Choice questions on Accounting Fundamentals and Preparation of adjustments, adjusted trial balance, financial statements
Illustrate what about chain of custody before someone from the legal system discovers the evidence? If the evidence passes through several hands first, does that invalidate the chain of custody?
question clem is married and is a skilled carpenter. clems wife wanda works part-time as alternate grade school
Discuss d oes your client have a liability that should be recorded at December 31? Prepare a journal entry(ies), if required, to reflect any accounting adjustment required. Assume a perpetual inventory system is used by your client.
A recent newspaper article describing no-frills fitness centers indicated that a Snap Fitness site might require only 300 members to break even. Using the information provided above, and your knowledge of CVP analysis, estimate the amount of vari..
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Determine the NPV for the purchase, lease without the service contract, and the lease with the service contract.
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