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1.
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%
A recent income statement of McClennon Corporation reported the following data:
Units sold
7,500
Sales revenue
$ 8,812,500
Variable costs
4,500,000
Fixed costs
2,840,000
If the company desired to earn a target profit of $1,875,000, it would have to sell:
5,378 units.
8,200 units.
9,760 units.
11,508 units.
None of the answers is correct.
Contribution margin per unit = (Total Sales −
Total Variable costs) ÷ Number of Units; ($8,812,500 −
$4,500,000) ÷ 7,500 = $575 per unit; (Total Fixed cost + Target profit) ÷ Contribution Margin per unit =
Total Sales Dollars; ($1,875,000 + $2,840,000) ÷ $575 = 8,200 units.
✓
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3.
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Bargain Town reported sales revenues of $1,008,000, a total contribution margin of $348,000, and
fixed costs of $250,000. If sales volume amounted to 12,000 units, the company's variable cost per unit
must have been:
$17.
$37.
$55.
$97.
None of the answers is correct.
Total Sales −
Total Contribution Margin = Total Variable costs; Total Variable costs ÷ Number of units =
Variable cost per unit; ($1,008,000 −
$348,000) ÷ 12,000 = $55.
Narchie sells a single product for $60. Variable costs are 70% of the selling price, and the company has
fixed costs that amount to $630,000. Current sales total 26,000 units.
In order to produce a target profit of $32,400, Narchie's dollar sales must total:
$11,040.
$36,944.
$2,100,000.
$2,208,000.
None of the answers is correct.
(Total Fixed cost + Target profit) ÷ Margin percentage = Total Sales Dollars; ($630,000 + $32,400) ÷ ($18
/ $60) = $2,208,000.
✓
✓
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Narchie sells a single product for $60. Variable costs are 70% of the selling price, and the company has
fixed costs that amount to $437,400. Current sales total 23,000 units.
Narchie:
will break-even by selling 7,290 units.
will break-even by selling 19,714 units.
will break-even by selling 24,300 units.
will break-even by selling 1,458,000 units.
cannot break-even because it loses money on every unit sold.
Break-even in units = Total Fixed costs ÷ Fixed cost per unit; $437,400 ÷ [$60 −
($60 × 70%)] = 24,300
units
✓
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09 Operational and Legal Considerations -
>
Calculating Capacity
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Chapter 4 Assignment
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On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,
exchange for its common stock to launch the business. On December 31, the company's records show
and amounts.
3
Cash
$1,120
12, 940
Accounts receivable.
office supplies
2,640
$14,550 Cash dividends
12,940 Consulting revenue
2,400 Rent expense
17,020 Salaries expense
45,860 Telephone expense
7,820 Miscellaneous expenses
83, 110
office equipment
Land
5,920
800
620
Accounts payable
Common stock
ed
k
Exercise 1-20 (Algo) Preparing a balance sheet LO P2
Use the above information to prepare a December 31 balance sheet for Ernst Consulting.
ERNST CONSULTING
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QUESTION 6
Logan Electrics Inc. has fixed operating costs of $370,000, variable costs of $1.75 per unit produced,
and its product sells for $3.00 per unit. What is the company's break-even point, i.e., at what unit sales
volume would income equal costs?
O 211,000 units
O 296,000 units
O 200,000 units
250,000 units
QUESTION 7
Last year Golden Corp. had $410 million in sales, and it had $95 million of fixed assets that were being operated at 8096
capacity. In millions, how large could sales have been if the company had operated at full capacity?
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Journal entry worksheet
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On December 31 Wintergreen, Inc., issued $150,000 of 7 percent, 10-year
bonds at a price of 93.25.
Note: Enter debits before credits.
Date
Dec. 31
General Journal
Cash
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Bonds payable
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apter Nine
Determine Due Date and Interest on Notes
.09-03.BLANKSHEET
Determine the due date and the amount of interest due at maturity on the following notes:
L09-04.BLANKSHEET
Date of Note
Face Amount
Interest Rate
Term of Note
09-03.ALGO
January 10*
$40,000
90 days
a.
b.
March 19
180 days
000
8.
09-04.ALGO
June 5
30 days
000'06
d.
September 8
90 days
90-60
3.
000'9E
e.
November 20
60 days
9-11
4.
000'
*Assume that February has 28 days.
9-12
Assume 360-days in a year when computing the interest.
-19
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Question 23 of 25
You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
Purchase
135
37
June
10
Sale
110
64
June
11
Sale return
15
64
June
18
Purchase
55
40
June
18
Purchase return
10
40
June
25
Sale
65
70
June
28
Purchase
35
44
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Naidu Companies is the world's leading express-distribution company. In addition to its 643 aircraft, the company has
more than 57,000 ground vehicles that pick up and deliver packages. Assume that Naidu sold a delivery truck for $14,000.
Naidu had originally purchased the vehicle and recorded it in the Truck account for $23,000 and had recorded
depreciation for three years.
Required:
1. Calculate the amount of gain or loss on disposal, assuming that Accumulated Depreciation-Truck was (a) $9,000, (b) $7,000, and (c)
$15,000. (Select "None" if there is no Gain or Loss.)
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Exercise 17-42 (Algo) Taguchi Quality Loss Function (QLF) Analysis [LO 17-4]
Flextronchip, an OEM manufacturer, has a fifth-generation chip for cell phones, with chip specification of 0.2 ± 0.0002 mm for the
distance between two adjacent pins. The loss due to a defective chip has been estimated as $20.
Required:
1. Compute the value of k, the cost coefficient in the Taguchi quality loss function (QLF), L(x) = (x-7)².
2. Assume that the quality control manager takes a sample of 100 chips from the production process. The results are as follows:
Measurement
Frequency
3
0.1996
0.1997
5
0.1998
15
0.1999
14
0.2000
35
0.2001
14
0.2002
6
0.2003
5
0.2004
3
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O Question 9- CH 3 Exercises - Cor X
G pablo managernent has five emp x +
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Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday
through Friday of the same week. Near year-end, the five employees worked Monday, December 31, and Wednesday, Thursday, and
Friday, January 2, 3, and 4. New Year's Day (January 1) was an unpaid holiday.
Prepare the December 31 year-end adjusting entry for wages expense and record payment of the employees' wages on Friday,
January 4.
ts
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Debit
Credit
erences
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Wages expense…
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On January 1, 2018, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a five-year period ending December 31,
2021, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $429,029 and has an expected
economic life of six years. Aqua expects the residual value at December 31, 2021, to be $65,000. Negotiations led to Maywood
guaranteeing a $92,500 residual value.
Equal payments under the lease are $130,000 and are due on December 31 of each year with the first payment being made on…
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Chapter 17 Financial Statement Analysis
Problems Series B
PR 17-1B Horizontal analysis of income statement
ов. 1
V 1. Net sales,
30.0% increase
For 2014, Macklin Inc. reported its most significant increase in net income in years. At
the end of the year, John Mayer, the president, is presented with the following condensed
comparative income statement:
1
SPREADSHEET
Macklin Inc.
Comparative Income Statement
2itilid For the Years Ended December 31, 2014 and 2013
GENERALLEDGER
2014
2013
Sales .....
$936,000
$720,000
Sales returns and allowances
26,000
20,000
Net sales.....
$910,000
$700,000
350,000
441,000
Cost…
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rience - The Un x DIL Ch 5: Assignment - Essentials x
Question 2-Ch 5: Assignment X b Answered: Required informatic x +
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Required information
Use the following information for the Quick Study below. (Algo) (5-7)
[The following information applies to the questions displayed below.]
Beginning inventory on January 1
Purchase on January 9
Purchase on January 25
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the
company sells 350 units. Ending inventory at January 31 totals 150 units.
Date
January 1
QS 5-5 (Algo) Perpetual: Inventory costing with FIFO LO P1
January 9
Required:
Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on
the FIFO…
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9. MC.12.09
Research and Development
10. MC.12.10
Instructions
Chart Of Accounts
General Journal
11. RE.12.01.BLANKSHEET
Instructions
12. RE.12.02
Notting Hill Company incurred the following costs for R&D activities:
13. RE.12.03.BLANKSHEET
Material used from inventory
$15,000
14. RE.12.04.BLANKSHEET
Equipment purchased (with cash) for R&D with no other use
85,000
Depreciation on building housing multiple R&D activities
10,000
15. RE.12.05.BLANKSHEET
Wages and salaries paid to R&D employees
38,500
16. RE.12.06.BLANKSHEET
Required:
17. RE.12.07.BLANKSHEET
Prepare Notting Hill's journal entry(ies) to record its R&D.
18. RE.12.08
19. RE.12.09.BLANKSHEET
20. RE.12.10.BLANKSHEET
21. EX.12.01
22. EX.12.02.BLANKSHEET
O…
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You have a portfolio with the following:
Expected
Return
Stock
Number of Shares
Price
W
825
$ 50
12%
725
27
16
Y
475
63
14
700
48
15
What is the expected return of your portfolio? (Do not round intermediate calculations
and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Expected return
%
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signments: ACC 111 Financ X
Question 3 - Exam 1- Chapter X +
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The following is the adjusted trial balance of Sierra Company.
3
Account Title
Cash
Prepaid insurance
Notes receivable (due in 5 years)
Buildings
Accumulated depreciation-Buildings
Accounts payable
Notes payable (due in 3 years).
Common stock
Retained earnings
Dividends
Consulting revenue
Wages expense
Depreciation expense-Buildings
Insurance expense
Totals
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Sierra Company
Adjusted Trial Balance
December 31
8,798
D
$
4
(1) Prepare an income statement for the year ended December 31.
(2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $13,500 on
December 31 of the prior year.
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A stock has had the following year-end prices and dividends:
9.
Year
Price
Dividend
$ 64.33
71.20
$.60
3.
77.00
65
4
63.27
71
00:47:59
73.11
.80
79.75
.87
What are the arithmetic and geometric returns for the stock? (Do not round
intermediate calculations and enter your answers as a percent rounded to 2
decimal places, e.g., 32.16.)
Arithmetic average return
%
Geometric average return
%
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Question 1- Ch 02 GL 2-13-Con X
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Where can you go to find each of your answers?
January 1-D. Hall, owner, invested $142,750 cash in
the company in exchange for common stock.
January 2- The company purchased supplies for
$2,650 cash.
January 3- The company purchased $14,050 of
equipment on credit.
January 4 - The company received $18,300 cash for
services provided to a customer.
Analyzing and Processing Trans x
January 5- The company paid $14,050 cash to settle
the payable for the equipment purchased on January 3.
January 6- The company billed a customer $4,100 for
services provided.
Jan. 7- The company paid $2,625 cash for the monthly
rent.
January 8- The company collected $2,175 cash as
partial payment for the account receivable created on
January 6.
January 9- The company paid $11,700 cash in
dividends to the owner (sole…
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Direct labor costs
Machine hours
Setup hours
Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on
direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were
used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company's
operations.
(a)
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$50,000 $100,000
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Analysis of Receivables Method
LANKSHEET
At the end of the current year, Accounts Receivable has a balance of $810,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year
total $3,650,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $39,000.
SLANKSHEET
ALGO
a. Determine the amount of the adjusting entry for uncollectible accounts.
ALGO
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
A 000'0 $
Allowance for Doubtful Accounts
X 00s
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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7. Uneven cash flows
A series of cash flows may not always necessarily be an annuity. Cash flows can also be uneven and variable in amount, but the concept of the time
value of money will continue to apply.
Consider the following case:
The Purple Lion Beverage Company expects the following cash flows from its manufacturing plant in Palau over the next five years:
Annual Cash Flows
Year 2
Year 3
Year 4
Year 5
Year 1
$100,000
$20,000
$330,000
$450,000
$750,000
this investment is 4%. What is the present value of this uneven cash flow
The CFO of the company believes that an appropriate annual interest rate
stream, rounded to the nearest whole dollar?
O $450,000
O $2,025,000
O $1,675,000
O $1,409,121
flows or annuity payments:
Identify whether the situations described in the following table are examples of uneven
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Question 9 of 10
-/1
Cullumber Consulting Company is headquartered in Atlanta and has branch offices in Nashville and Birmingham. Cullumber uses an
activity-based costing system. The Atlanta office has its costs for Administration and Legal allocated to the two branch offices.
Cullumber has provided the following information:
Activity Cost Pool
Cost Driver
Costs
Administration
% of time devoted to branch
$703000
Legal
Hours spent on legal research
$141000
Hours
% of time
spend
devoted to branch
on legal
research
Nashville
000
Birmingham
How much of Atlanta's cost will be allocated to Nashville? (round to nearest dollar)
O $632900
O $670862
O $672962
O $675200
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EXAM 2 - Chapters 14, 15, and 17 6
Saved
Using the information below, compute the raw materials inventory turnover:
Raw Materials Used
$127,600
Beginning Raw Materials Inventory
Ending Raw Materials Inventory
18,300
20,500
D:41
Multiple Choice
6.58.
58.60.
6.22.
52.30.
15 of 30
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- ano X M Gmail .wiley.com/was/ui/v2/assessment-player/index.html?launchld=96bacef2-13fb-44ea-b6d0-66f66b100cbd#/question/3 O search WP SCS0984 Midterm Hudovernik m Hudovernik $2 W YouTube 13 3 Maps W NWP Assessment Player Ul Appli X X View Policies E Question 4 of 11 Index of /software New Tab requires an understanding of the company's operations and the inter-relationship of accounts. is only required for accounts that do not have a normal balance. is optional when financial statements are prepared. is straight-forward because the accounts that need adjustment will be out of balance. 55 % f6 D T https://checkout.wileyplus.com/cx Immigration and Ci... 6 f7 Y Ps W & 7 hp f8 7 D U f9 * 8 + 00 f10 9 9 2 ☆ f11 .../5 > [P→ Attempts: 1 of 1 used O = : M f12 Activate W Go to Settings -1°C Mostly clear A 30arrow_forward.com/was/ui/v2/assessment-player/index.html?launchld%3D4a3ceb21-9e9f-4164-99bf-b3475f8851ea#/question/7 W Desmos Goldlink Google Keep O Dashboard E Welcome - Liferay 9 MLA Citation Gener. w ACC201-01 Music 101-06 uestion 8 of 30 > -/2 iew Policies Current Attempt in Progress Cheyenne Corp. purchased equipment for $13200 on December 1. It is estimated that annual depreciation on the computer will be $2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: O debit Depreciation Expense, $10560; credit Accumulated Depreciation, $10560. O debit Equipment, $13200; credit Accumulated Depreciation, $13200. O debit Depreciation Expense, $2640; credit Accumulated Depreciation, $2640. O debit Depreciation Expense, $220; credit Accumulated Depreciation, $220. Attempts: 0 of 1 used Submit Answer Save for Later %24 8. 3. y Warrow_forwardEdit Viem Hstory Bookmarks Profle Window He p Thu 1045 A a 1 -ahanaany.adee xM Inbea 11 - aturakay aukar x a Choanork ur intav la kccauni classroom.google.comu/l/mMzzNDgEMTE1ODg2t/al O mpert nlea V Anely - Teach Far. Adniniet. EDF to DOC-Can Mra Felder * IL Coreunes . Accounts 30 Classify the following into assets and liabilities a) Building b) Machinery c) Creditor d) Debtor e) Cash in hand fi Rent owingarrow_forward
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