$9345 is incorrect. The Lakeshore Hotel's occupancy-days and custodial supplies expense over the last seven monthswere as follows:CustodialSuppliesExpense$ 14,43014,18019,42023,95027,45020,71019,450Occupancy-Days6,900MonthMarchAprilMay7,90013,60020,50025,50017,80015,000JuneJulyAugustSeptemberOccupancy-days are a measure of the overall activity at the hotel. For example, when a guest stays atthe hotel for three days, it is counted as three occupancy-days.Required:1. Using least-squares regression (you may use a spreadsheet to compute the fixed and variable costs),estimate a cost formula for custodial supplies expense. (Round the "Fixed cost" to the nearest dollaramount and "Variable cost" to 2 decimal places.)Y =9,345 +$0.71 X2. Using the cost formula you derived above, what amount of custodial supplies expense would youexpect to be incurred at an occupancy level of 12,000 occupancy-days? (Round the "Fixed cost" to thenearest dollar amount.)Variable costFixed costTotal cost8,520$8,520

Least squares regression is the method of determining about how much is the variable cost per unit…

1. Using least-squares regression (you may use a spreadsheet to compute the fixed and variable costs), estimate a cost formula for custodial supplies expense. (Round the "Fixed cost" to the nearest dollar amount and "Variable cost" to 2 decimal places.) Y = 9,345 + $ 0.71 X 2. Using the cost formula you derived above, what amount of custodial supplies expense would you expect to be incurred at an occupancy level of 12,000 occupancy-days? (Round the "Fixed cost" to the nearest dollar amount.)

1. Using least-squares regression (you may use a spreadsheet to compute the fixed and variable costs), estimate a cost formula for custodial supplies expense. (Round the "Fixed cost" to the nearest dollar amount and "Variable cost" to 2 decimal places.) Y = 9,345 + $ 0.71 X 2. Using the cost formula you derived above, what amount of custodial supplies expense would you expect to be incurred at an occupancy level of 12,000 occupancy-days? (Round the "Fixed cost" to the nearest dollar amount.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ma4. Taxpayers may receive one or more of these forms: W-2, 1098-T, 1099=INT, 1099-DIV, 1099-G, 1099-MISC, 1099-R, SSA-1099. For each of the above forms, explain what each one reports. Do not just list the items on the forms; give a brief explanation for each one.
What are the different forms of escaping taxation? (Please include the references, I really need it, thank you)
I need the answer as soon as possible
Question 8: Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. Answer: A. O True В. O False
The deductibility of interest on borrowed money is limited to the extent that it was invested to generate an income that is not tax exempt. Question 10 options: True False
Personal expenses are deductions: a. for AGI b. always deductible. c. Deductions from AGI d. non of the above.
Federal income taxes are allowed as an itemized deduction but are limited to $10,000? Ture or false
E12.6 (LO 1) (Payroll Tax Entries) The payroll of YellowCard Company for September 2025 is as follows. Total payroll was $480,000, of which $110,000 is exempt from Social Security tax because it represented amounts paid in excess of $142,800 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment taxes) was $400,000. Income taxes in the amount of $80,000 were withheld, as was $9,000 in union dues. The state unemployment tax is 3.5%, but YellowCard Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $142,800 and 1.45% in excess of $142,800. The federal unemployment tax rate is 0.8% after state credit. Instructions Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.
A friend says to you, “I don’t understand how taxable temporary differences can be ‘liabilities’ and how deductible temporary differences can be ‘assets.’ It seems to me that these temporary differences relate only to the future and that accounting is based on ‘historical cost.’ In addition, the government frequently changes the tax laws, so no one knows what the future tax laws will be.” Required: Prepare a written response for your friend that explains why deferred tax assets and deferred tax liabilities are recognized and reported on a corporation’s balance sheet. Include a discussion of a valuation allowance.
Hw.39. Insurance payment includes an advance payment of $12,925 for the next year. Is it tax deductible?
None
CT18.1 (LO 1) Writing (Objectives and Principles for Accounting for Income Taxes) The amount of income taxes due to the government for a period of time is rarely the amount reported on the income statement for that period as income tax expense. Instructions a. Explain the objectives of accounting for income taxes in general-purpose financial statements. b. Explain the basic principles that are applied in accounting for income taxes at the date of the finan- cial statements to meet the objectives discussed in (a). c. List the steps in the annual computation of deferred tax liabilities and assets.