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Mozena Corporation has collected the following information after its first year of sales. Sales were $1,600,000 on 100,000 units; selling expenses $249,800 (40% variable and 60% fixed); direct materials $513,000; direct labor $283,840; administrative expenses $282,100 (20% variable and 80% fixed); manufacturing overhead $352,600 (70% variable and 30% fixed). Top management has asked you to do a CVP analysis so that it can make plans for the coming year. It has projected that unit sales will increase by 10% next year.
Compute (1) the contribution margin for the current year and the projected year, and (2) the fixed costs for the current year. (Assume that fixed costs will remain the same in the projected year.)
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When does your company record revenue from the sale of merchandise or services and how does your company account for sales returns?
A company purchased office supplies costing 3,000 and debited office supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. What is the appropriate adjusting journal en..
McCallister & Speass Plowing Company is completing the accounting process for the year ending December 31, 2009. The transactions during 2009 have been journalized and posted.
Prepare a horizontal analysis of the income statement data for Emley Corporation using 2014 as a base. (Round percentages to 1 decimal place, e.g. 12.3%.)
what are the economic social equity and political considerations that justify various aspects of the tax law?describe
No Doubt Company includes one coupon in each box of soap powder that it packs and 10 coupons are redeemable for a premium (a kitchen utensil).
Which of the following expenses related related to effecting the business combination should enter into the determination of net income of the combined corpation for the period in which the expense are incurred?
A. What is Bamboo's dividends received deduction? B. How would your answer change if the gross income from operations was $140,000 instead of $200,000?
The Nichols Company uses the weighted-average method in its process costing system. The company recorded 29,500 equivalent units for conversion costs for November in a particular department.
On December 31, 2010, the unadjusted balance in Prepaid Insurance was $4,800. This was the amount paid in the middle of the year for a two-year insurance policy with coverage beginning on July 1, 2010. The unadjusted balance in Insurance Expense w..
The product design team at New Time Products is in the process of designing a new clock using target costing. Product features in comparison to competing prodcuts suggest a price of $30 per unit. The company requires a profit of 30 percent of sel..
The Randalls have a married son and four grandchildren (ages 15, 17, 18 and19). They establish a trust under which the income is to be paid annually to the grandchildren until the youngest reaches age 25.
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