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Personal Budgeting
George Marcus, a recent college graduate, has been appointed by Taylor Corporation at a salary of $54,000 per year. In anticipation of his salary, George bought a $20,000 new ski boat and will pay for it at a rate of $425 per month, including interest, for five years. He also rented a condominium for $600 a month and bought a car on account for $350 a month. In addition, George figures that his other monthly expenses will be:
1. On the assumption that George also pays income and FICA taxes of 25 and 7.65%, respectively,prepare his monthly budget.
2. George plans to save enough money for a down payment on a house. If a $20,000 down payment is needed, how long will it take him to save the needed amount? (For this exercise, ignore interest on savings, and assume that George does not have any savings at the present time.)
Mr. Carter is manager of Simmons Farm and Seed Company, a wholesaler of fertilizer, seed, and other farm supplies. The company has been successful in current years primarily because of great customer service, flexible credit terms, customized orde..
Write down the strengths and weaknesses of current costing model.
ACT 6691, Managerial Accounting Case: - Read the case and analyze the information. Prepare a narrative report (or notes to the income statement) addressing why/how quantitative items were selected. The following items must be explained:
Discuss the ethical issues
Planning strategies for the audit
You're in the job interview and your possible employer asks you to explain the differences between the flexible and static budget and to explain which you would recommend for the small business and why. How would you respond to this potential empl..
For what is cost-volume-profit (CVP) analysis used? What are some of the key underlying assumptions that make CVP analysis useful for decision makers? Why might decision makers use CVP analysis?
You're meeting with Georgia tomorrow to provide her specific direction on how to develop the budget for the county fair event portion of project. She has determined that the event will most likely involve the tent of some sort which contains table..
Select a "market segment". Research demographic and psychographic information regarding this segment.
Do you think that companies are worried about disclosing too much information if it comes to segment reporting? What's wrong with the reporting too much information? What do you think their main concerns include?
Determine the equivalent units of conversion. What is the conversion costs assigned to completed calendars? What amount of conversion is assigned to the ending work-in-process inventory?
Franklin glass works production budget was based on 200,000 units. Each unit requires two standard hours of labor for completion,. Total overhead was budgeted at $900,000 per year, and fixed rate was estimated to be $3 for each unit.
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