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Deleon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 403,200 203,400 Unit selling price $22 $28 Production budget: Desired ending finished goods units 26,700 19,700 Beginning finished goods units 32,500 11,400 Direct materials budget: Direct materials per unit (pounds) 2 2 Desired ending direct materials pounds 34,300 19,500 Beginning direct materials pounds 44,300 11,200 Cost per pound $3 $3 Direct labor budget: Direct labor time per unit 0.4 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $13 $21 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $663,000 for product JB 50 and $364,000 for product JB 60, and administrative expenses of $542,000 for product JB 50 and $341,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%.
Prepare the sales budget for the year.
CPAs are allowed to advertise under the Rules of the AICPA Code of Professional Conduct. List the general guidelines regarding the nature of acceptable advertising. Describe two specific forms of unacceptable advertising.
Carlos’ Landscaping Company has added new backhoe equipment which has raised fixed costs by $50,000. These backhoes are estimated to have a lifetime of 10 years. Straight-line depreciation is to be used. The additional fixed costs per year are $30,00..
What is Accumulated depreciation of PP&E sold Cost of PP&E sold Cost of PP&E purchased
What of the subsequent is not a significant difference between IFRS and U. S. GAAP related to recognition and measurement of assets and difference in the evaluation of whether an asset is impaired.
Prepare the appropriate journal entries to record the transactions for the year, 20X1, including any year-end adjustments. Show calculations, rounded to the nearest dollar.
Kirkland Company manufactures a part for use in its production of hats. When 10,000 items are produced, the costs per unit are: Direct materials $0.60 direct manufacturing labor 3.00 Variable manufacturing overhead 1.20 Fixed manufacturing overhead 1..
Kanza, Inc., obtained signi?cant in?uence over Rogan Corporation by buying 40% of Rogan's 30,000. Prepare all the necessary journal entries for 2015 for (a) Gambino Cosmetics and (b) Kanza, Inc.
Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $25,100 and credit terms of 3/10, n/60. The merchandise had cost Mesa $17,118. Santa Fe paid within the discount period. Assume that both buyer and seller us..
If net purchases are $200,000 and beginning and ending Accounts receivable balances are $15,000 and $20,000, respectively, cash paid for purchases is:
Calculate and evaluate the firms sustainable growth rate (SGR) for the last 2-3 years and what are the consequences faced by firms that grow at a rate that is not consistent with their sustainable rate?
The Tulsa Company allocates overhead based on a predetermined overhead rate of $9.00 per direct labor hour. Job S35 required 8 tons of direct material at a cost of $600.00 per ton and took employees who earn $17.00 per hour a total of 80 hours to com..
During the first month, Mars collected $400,000 on assigned accounts after deducting $900 of discounts. Mars wrote off a $1,060 assigned account.
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