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Katie Enterprises reports the year-end information from 20X8 as follows: Sales (70,000 units) $560,000 Cost of goods sold 210,000 Gross margin 350,000 Operating expenses 200,000 Operating income $ 150,000. Katie is developing the 20X9 budget. In 20X9 the company would like to increase selling prices by 4%, and as a result expects a decrease in sales volume of 10%. All other operating expenses are expected to remain constant. Assume that COGS is a variable cost and that operating expenses are a fixed cost. What is budgeted operating income for 20X9?
What amount should be added to net capital assets in the governmental activities accounts in 2007?
You can tax shelter only one-half of your retirement savings. You want to invest one-half of your savings in bonds and one-half in stocks. How much of the bonds and how much of the stocks should you allocate to the tax sheltered investment?
For each of the situations, discuss the following and provide support for your conclusions: The type of accounting change. The manner of reporting the change under current generally accepted accounting principle. Where applicable, discuss how amounts..
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in this journal entry to record the sale?
If a building for sale has an estimated market value of $800,000, could it at the same time have an investment value of $10,000,000? Why or why not?
Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales?
The dept started 375,000 units into production during the month and transfered 380,000 completed units to the next dept. Compute the equivalent units of production for the 1st dept for June, assuming that the company uses the weighted average meth..
On January 1 , 2011 , Paxton Company purchased a 70% interest in Sagon Company for $1,300,000, at which time Sagon Company had retained earnings of $500,000 and capital stock of $1,000,000.
A university's meal plan for students provides that 40% of a student's meal fee is made available to the student to purchase food at "cost." At the end of the term, the student receives a refund for any of this amount that has not been spent. The ..
What are the implications for a company's receivable management of selling its products internationally?
The IRS allows CPAs, lawyers, and Enrolled Agents (EA) to prepare taxes for compensation. Debate how this affects the accounting profession as a whole, and how you think this change will impact the accuracy and cost of tax preparation.
What percentage increase in sales would enable a company with 2,000,000 in sales revenue to reach its goal of increasing its net profit of 340,000 by 15%?
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