What is the budgeted net income for february

Assignment Help Accounting Basics
Reference no: EM13134790

The Butterfly Corporation had the following information that pertained to its March budget:
• Budgeted sales are $200,000 for February.
• Collections of sales are 50% in the month of sale and 50% the next month.
• Cost of goods sold averages 70% of sales.
• Merchandise purchases total $150,000 in February.
• Marketing costs are $3000 each month.
• Administrative costs are $15,000 each month.
What is the amount budgeted for nonmanufacturing costs in February?
What is the budgeted net income for February?

Reference no: EM13134790

Questions Cloud

Find standardized aptitude test is normal with mean : What is the minimum score needed to be in the top 25% on this test? Carry your intermediate computations to at least four decimal places.
Calculate ulster company budgeted selling expenses : The company estimates that the sales representatives will drive a total of 75,000 miles next year. From the information provided, calculate Ulster Company’s budgeted selling expenses for the coming year.
Decisions are stored online : A business simulation game that is used by colleges and universities all over the world has students submit decisions over the Internet. Decisions are stored online, processed on the server, and then the results are stored online.
Calculate the rate of production of h2o : The rate of decomposition of C3H6 in the following reaction is 0.45 M/s.  Calculate the rate of production of H2O. 2 C3H6 + 2 NH3 + 3 O2 → 2 CH2CHCN + 6 H2O
What is the budgeted net income for february : What is the budgeted net income for February.
Explain how you arrived at conclusions : Explain how you arrived at this conclusions. Write a balance chemical equation for the reaction that occurs when sodium cyanide dissolves in water.
Midpoints of any quadrilateral form parallelogram : How can one prove that the 4 midpoints of the four sides of any quadrilateral form the vertices of a parallelogram using graph geometry (ie. x1, y1 etc. to denote the four vertices)?
You have been asked to design a data model : Law Associates is a large legal practice based in Sydney. You have been asked to design a data model for the practice based upon the following specification
Calculate keq : 8.0 moles of CO2 and 9.0 moles of H2O are places in a 5.0L vessel. When equilibrium is established, [C2H4]=0.45 M. Calculate Keq

Reviews

Write a Review

Accounting Basics Questions & Answers

  Problem associated to taxable income

Celia and Amos, who are married filing jointly, have one dependent and do not itemized deductions. They have taxable income of $82,000 and tax preferences of $53,000 in 2010. What is their AMT base for 2010?

  Find the standard price per kilogram for raw material

The material price variance was 1370 favorable and find the standard price per kilogram for raw material?

  Which department should be leased and why

Having a problem with an accounting question: J.P. Max is a department store carrying a large and varied stock of merchandise. Management is considering leasing part of its floor space for $72 per square foot per year to an outside jewelry company..

  Adjusting entries of worcester company

At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the a..

  Amount of the bond issue

What amount of the bond issue proceeds should Evan record as an increase in equity?

  Variable costs as a percentage of sales

Variable costs as a percentage of sales for Leamon Inc. are 66%, current sales are $612,750. and fixed costs are $189,751. How much will operating income change if sales increase by $49,790?

  Show computations to value the ending inventory

Show computations to value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31.

  Sales tax and record journal entry

On May 10, 2007, Wiley, Inc remitted $91,450 to the state tax division for April 2007 sales. Calculate the amount of Wiley's April 2007 sales subject to sales tax, and, record the journal entry that would be made when the tax is paid:

  Prepare the sales revenues section of the income

Milton Company provides this information for the month of November, 2007: sales on credit $150,000; cash sales $50,000; sales discount $2,000; and sales returns and allowances $8,000. Prepare the sales revenues section of the income statement base..

  Determine the direct labor rate and time variance

Determine the direct labor rate and time variance for the (1) Cutting Department and (2) Sewing Department.

  Hoyt''s tax return

Harris moves and Hoyt refunds $1,050 of  the deposit and keeps the remainder to cover $750 which is spent for repairs to the office space  and one week of unpaid rent that amounts to $600. How would this information be reflected on  Hoyt's tax ret..

  American opportunity tax credit

Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees and assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie?

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