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Delamarter Clinic bases its budgets on the activity measure patient-visits. During June, the clinic planned for 2,600 patient-visits, but its actual level of activity was 3,100 patient-visits. Revenue should be $53.40 per patient-visit. Personnel expenses should be $39,700 per month plus $12.60 per patient-visit. Medical supplies should be $1,800 per month plus $10.40 per patient-visit. Occupancy expenses should be $8,200 per month plus $2.30 per patient-visit. Administrative expenses should be $6,100 per month plus $0.20 per patient-visit.Required:
Prepare a report showing the clinic's activity variances for June. Indicate in each case whether the variance is favorable (F) or unfavorable (U).
Prepare separate entries for each transaction on the books of Meredith Company.
Once the break-even point is reached:
Use the elements of the fraud triangle discussed in the chapter to identify internal control risks that should have influenced KPMG's position.
Assume that on October 1, 2013, Board entered into a forward exchange contract to hedge the net investment in this subsidiary. On that date, Board agreed to sell 200,000 kites in three months at a forward exchange rate of $0.76/1 kite. Prepare the..
Discuss why it is necessary for accountants to assume that an economic entity will remain a going concern. If an entity was perceived to be short term, what effect would that have on the accounting system?
On January 1, Year 1, JIM Company purchased a machine for $550,000. It had a useful life of 10 years and no salvage value. The machine was depreciated by the straight-line method.
You have been running a sole-proprietorship business dealing in cosmetic products. You have been accurately recording all your sale and purchase transactions in journals and using the journals in the general ledger accounts.
What amount of the bond issue proceeds should Evan record as an increase in equity?
The Ocean City water park is considering the purchase of a new log flume ride. The cost to purchase the equipment is 1,800,000, and it will cost an additional 180,000 to have it installed.
What the bookkeeper did was definitely unethical. But what if one of her grandchildren had been ill and needed an expensive operation? If this had been the case, would it have been ethical for her to take company funds to pay for the operation if ..
At the end of the first year of operations, 7,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows.
If the contract is obtained, it is anticipated that the additional activity will not interfere with normal production during April or increase the selling or administrative expenses.
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