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Problem
Magic Realm, Inc., has developed a new fantasy board game. The company sold 15,000 games last year at a selling price of $20 per game. Fixed expenses associated with the game total $182,000 per year, and variable expenses are $6 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor.
Prepare a contribution format income statement for the game last year and compute the degree of operating leverage.
Management is confident that the company can sell 18,000 games next year (an increase of 3,000 games, or 20%, over last year). Given this assumption:
a. What is the expected percentage increase in net operating income for next year?b. What is the expected amount of net operating income for next year?
Record the necessary journal entries for 2016 And Prepare Income Statement and Retained Earnings Statement for the year 2016
Describe in detail the budgets that you work with. Based on the effectiveness of the budget, what recommendations would you suggest to improve the communication and/or utilization of the budget(s)?
Explain the following terms.
Semi-Annual Interest to Interest Unamortized Bond
The general manager was confused because the company had a $9,000 profit, yet seemed, as noted above, $10,000 worse off in its cash position. Explain briefly how, in general, this difference between profit and cash change can happen.
You need to borrow $55,000 for a new car. The annual interest rate is 4%, compounded quarterly. You will be making quarterly payments for three years.
Many persons prepare for retirement by making monthly contributions to a savings program. Suppose that $2,000 is set aside each year and invested in a savings.
Do You think humans should be treated as assets? Would ‘human assets" meet the conventional definition of an asset for inclusion on the statement of financial position?
What is the nature of the fiduciary duty that a general partner owes a limited partner? - Did Carpenter breach that duty in this case? Explain in detail, including the advantage this form of business deal has for both partners.
for many years diehl company has produced a small electrical part that it uses in the production of its standard line
The Blaine Company is a highly automated manufacturer. At an activity level of 6,000 machine setups, total overhead costs equal £240,000.
On December 31, 2009, Davison Company adopted the dollar value LIFO retail inventory method.
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