What was the amount of gross profit

Assignment Help Accounting Basics
Reference no: EM132717186

Question - Lake Country Promotional Services uses a job order system for costing and billing promotional services for dance and ballet performances. Lake Country has four public relations specialists plus an office staff.

At the beginning of the year, Lake Country estimated the total cost of salaries and benefits for the public relations specialists at $684,000 and a total of 7600 billable hours for the year. The office and administrative costs were estimated at $418,000. The allocation base for office and administrative costs is billable hours.

In June, Lake Country signed a contract for a Russian ballet performance. It negotiated a price of $6500 for its services. When the job was complete, Lake Country's records showed that it had logged 36.0 billable hours. What was the amount of gross profit that Lake Country made on the job?

Reference no: EM132717186

Questions Cloud

How do record the entry for the declaration of dividends : Record the entry for the declaration of dividends. On April 1, 2020, Meriter Corporation declared a cash dividend of $5.00 per share on its 96,000
What would be the cash balance for the bank : Delwood Furniture Company has provided the following information: Customer's check returned-NSF is $174. What would be the cash balance for the bank
Compute what is an investor valuation of a stock : Compute what is an investor's valuation of a stock whose current dividend is $1.00 per year if dividends are expected to grow at a constant rate of 10 percent
Is it healthy for a teen to go through identity diffusion : Is it healthy for a teen to go through identity diffusion? How does your opinion on this relate to your perception of the importance of following authority figu
What was the amount of gross profit : Lake Country's records showed that it had logged 36.0 billable hours. What was the amount of gross profit that Lake Country made on the job
Discuss the potential reactions of citizens : Discuss the potential reactions of citizens to these measures in relation to Hofstede's cultural domains of Individualism-Collectivism and Power Distance
Find how to recognise the revenues in accordance : Find how to recognise the revenues in accordance with the 5-step model in NZ IFRS 15. (You are required to explain each step in the model with calculations).
What is the hurdle rate : Colonial has an ROI of 18% based on revenues of $306,000. The investment turnover is 1.5 and residual income is $19,992. What is the hurdle rate
Explain the accounting treatment for the transaction : Explain the accounting treatment for the transaction on 30 September 2020 in respect of the printing machine with reference to the relevant accounting

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the inventory and cost of goods valuation methods

Discuss the Inventory and Cost of Goods Valuation Methods including: comparing and contrasting Periodic and Perpetual Systems and the type of companies.

  Topple company produces a single product operating data for

topple company produces a single product. operating data for the company and its absorption costing income statement

  Prepare journal entry to record pina coladas purchase

Prepare the journal entry to record Pina Colada's purchase of the Sonja shares on January 3, 2017

  Complete GST Calculation worksheet

Swanston Enterprises report GST quarterly on a cash basis. Complete GST Calculation worksheet and BAS for Swanston Enterprises for the quarter

  What is giambi inventory turnover

what is Giambi's inventory turnover? Giambi Corp had beginning inventory $10,000, cost of goods purchased $700,000, and ending inventory $140,000.

  How much cash was provided by operating activities

Blossom Company had net income of $1050200 for the year ending 12/31/2022. How much cash was provided by operating activities in 2022

  What is the net cash by operating activities

S company reported net income for 2016 in the amount of $400,000. What is the net cash by operating activities under the indirect method

  What is the amount of the purchase discount recorded

If Kari paid for the purchase on May 9th, how much cash was exchanged and what is the amount of the purchase discount recorded

  It investment cost-benefit analysis using excel

You have been hired by the CIO of a medium-sized retail company, Honolulu Originals Inc., to do an analysis on an IT investment.  Honolulu Originals sells men's and women's work and casual attire based on Hawaiian designs.  It also sells fashion a..

  Determine the specific eight-digit codification citation

Determine the specific eight-digit Codification citation (XXX-XX-XX-X) that requires disclosure of transactions affecting the number of common shares

  What amount of accounts receivable would google party

google party planners had a 40000 balance in accounts receivable and a 3000 credit balance in allowance for

  What is the bond nominal yield to call

A 12-year bond with a 10 percent semiannual coupon and a $1,000par value has a nominal yield to maturity of 9 percent. What is the bond nominal yield to call

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