Prepare an income statement for external users

Assignment Help Accounting Basics
Reference no: EM132633910

Problem - Bohanan manufactures a stuffed bear called Smokee. Last year 100,000 bears were made and sold for P30 each. The actual unit cost for the stuffed bear follows:

Direct materials P 4.00

Direct labor 6.00

Variable overhead 5.00

Fixed overhead 8.00

Total unit cost P23.00

The only selling expenses were a commission of P2 per unit sold and advertising totaling P50,000. Administrative expenses, all fixed, equaled P150,000. There were no beginning or ending finished goods inventories.

Required - Prepare an income statement for external users?

Reference no: EM132633910

Questions Cloud

Family-centered health promotion : Outline a proposal for health education that can be used in a family-centered health promotion to address the issue for the target population.
Common challenges with which sentiment analysis deals : What are the common challenges with which sentiment analysis deals? What are the most popular application areas for sentiment analysis? Why?
Packet tracer simulation tool from cisco : As a network engineer for Kamehameha Institute, you will need to become familiar with the Packet Tracer simulation tool from Cisco.
Disaster recovery-response plan : Assume that you have been tasked by your employer to develop an incident response plan. Create a list of stakeholders for the IR planning committee
Prepare an income statement for external users : Bohanan manufactures a stuffed bear called Smokee. Last year 100,000 bears were made and sold for P30 each. Prepare an income statement for external users
Write the introduction of the selected companies : Choose TWO public listed companies of Bursa Malaysia and access their financial statements for the year ended 2019. Write the introduction of selected companies
Emerging threats and discussion : Many business environments have both visible and invisible physical security controls.
Compute for the correct comprehensive income : The company paid the 2020 real property tax of 1,000,000 on February 2, 2020. Compute for the correct comprehensive income (loss) for the quarter ended
Formulate your brief for data presentation : Why is it so important to formulate your brief for a data presentation? Discuss some ways you would implement to formulate an effective brief.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd