2022 Products Units Sales Cost of Sales Gross Profit Sky 900 P6,300 P5,400 P900 Royal 700 2,100 1,400 700 Navy 100 1,200 900 300 1,700 P9,600 P7,700 P1,900 2021 Products Units Sales Cost of Sales Gross Profit 800 P7,200 P4,000 P3,200 Sky Royal 900 6,300 5,400 900 Navy 200 1,000 800 200 1,900 P14,500 P10,200 P4,300

2022 Products Units Sales Cost of Sales Gross Profit Sky 900 P6,300 P5,400 P900 Royal 700 2,100 1,400 700 Navy 100 1,200 900 300 1,700 P9,600 P7,700 P1,900 2021 Products Units Sales Cost of Sales Gross Profit 800 P7,200 P4,000 P3,200 Sky Royal 900 6,300 5,400 900 Navy 200 1,000 800 200 1,900 P14,500 P10,200 P4,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Need detail explanation Q. Find the breakeven point and provide the income statement at break even. ** attached image
According to the producer price index database maintained by the Bureau of Labor Statistics, the average cost of computer equipment fell 3.8 percent between January and December 2018. Let's see whether these changes are reflected in the income statement of Gonzalez Industries for the year ended December 31, 2018. Sales Revenue Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Interest Expense Income before Income Tax Expense Income Tax Expense Net Income Required 1 Required 2 2018 $ 117,000 68,500 48,500 37,700 Year 670 10, 130 2,500 $ 7,630 2017 2018 2017 $ 145,500 Required: 1. Compute the times interest earned ratios for 2018 and 2017. 2. Does Gonzalez generate sufficient net income in both years (before taxes and interest) to cover the cost of debt financing? 78,300 67,200 40,400 Complete this question by entering your answers in the tabs below. 560 26,240 6,700 $ 19,540 Compute the times interest earned ratios for 2018 and 2017. (Round your answers to 1…
Magic Me is a manufacturer of magic kits. It uses absorption costing based on standard costs and reports the following data for 2017: There are no price, spending, or efficiency variances. Actual operating costs equal budgeted operating costs. The production-volume variance is written off to cost of goods sold. For each choice of denominator level, the budgeted production cost per unit is also the cost per unit of beginning inventory Q. Reconcile the difference in operating income based on theoretical capacity and practical capacity with the difference in fixed manufacturing overhead included in inventory.
The contribution margin income statement of Unique Donuts for August 2024 follows: (Click the icon to view the contribution margin income statement.) Data table Unique Donuts Contribution Margin Income Statement Month Ended August 31, 2024 Net Sales Revenue Variable Costs: Cost of Goods Sold Selling Costs Administrative Costs Contribution Margin Fixed Costs: Selling Costs Administrative Costs Operating Income $ 32,300 17,200 1,300 42,210 14,070 $ $ - 127,000 50,800 76,200 56,280 19,920 Requirements Unique sells two dozen plain donuts for every dozen custard-filled donuts. A dozen plain donuts sells for $3.10, with total variable cost of $1.24 per dozen. A dozen custard-filled donuts sells for $7.20, with total variable cost of $2.88 per dozen. d-filled donuts 1. Calculate the weighted-average contribution margin. 2. Determine Unique's monthly breakeven point in dozens of plain donuts and custard-filled donuts. Prove your answer by preparing a summary contribution margin income…
Please Complete the last subpart
Hudson Co. reports the contribution margin income statement for 2019 below. Using this information, compute Hudson Co.’s (1) break-even point in units and (2) break-even point in sales dollars. Contribution Margin Income Statement For Year Ended December 31, 2019 Sales (9,600 units at $225 each) . . . . . . . . . . . . . . . . . . . . $2,160,000 Variable costs (9,600 units at $180 each) . . . . . . . . . . . . . 1,728,000 Contribution margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,000 Fixed costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324,000 Pretax income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 108,000
The May 2024 revenue and cost information for Boise Outfitters, Inc. follows: 1(Click the icon to view the revenue and cost information.) Prepare a standard cost income statement for management through gross profit. Report all standard cost variances for management's use. Has management done a good or poor job of controlling costs? Explain. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) Boise Outfitters, Inc. Standard Cost Income Statement For the Month Ended May 31, 2024 (1) Sales Revenue $540,000 (2) Cost of Goods Sold at standard $344,000 (3) Manufacturing Cost Variances: (4) Direct Materials Cost Variance (5) Direct Materials Efficiency Variance (6) Direct Labor Cost Variance 4,800 (7) Direct Labor Efficiency Variance (8) Variable…
Presented here is the income statement for Big Sky Incorporated for the month of February: Sales $ 60,000 Cost of goods sold 51,900 Gross profit $ 8, 100 Operating expenses 15,200 Operating loss $ (7,100) Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 19%. Required: Rearrange the preceding income statement to the contribution margin format. If sales increase by 10%, what will be the firm's operating income (or loss)? Calculate the amount of revenue required for Big Sky to break even.
Help determine the selling price to retailers in 2020. And answer the more info section after finding the selling price please.
According to the producer price index database maintained by the Bureau of Labor Statistics, the average cost of computer equipment fell 3.8 percent between January and December 2016. Required: ts 1. Conduct a horizontal analysis by calculating the year-over-year changes in each line item, expressed in dollars and in percentages for the income statement of Computer Tycoon Inc. for the year ended December 31, 2016. 2-a. Conduct a vertical analysis by expressing each line as a percentage of total revenues. 2-b. Excluding income tax, interest, and operating expenses, did Computer Tycoon earn more profit per dollar of sales in 2016 compared to 2015? еВook Hint Print Complete this question by entering your answers in the tabs below. eferences Req 1 Reg 2A Reg 2B Conduct a horizontal analysis by calculating the year-over-year changes in each line item, expressed in dollars and in percentages for the income statement of Computer Tycoon Inc. for the year ended December 31, 2016. (Decreases…
According to the producer price index database maintained by the Bureau of Labor Statistics, the average cost of computer equipment fell 3.8 percent between January and December 2018. Let's see whether these changes are reflected in the income statement of Wizard Computers for the year ended December 31, 2018. 2018 2017 Sales Revenue $ 118,000 $ 147,000 Cost of Goods Sold 69,000 78,700 Gross Profit 49,000 68,300 Selling, General, and Administrative Expenses 37,800 40,600 Interest Expense 680 565 Income before Income Tax Expense 10,520 27,135 Income Tax Expense 2,500 6,800 Net Income $ 8,020 $ 20,335 Required: Compute the times interest earned ratios for 2018 and 2017. Does Wizard generate sufficient net income in both years (before taxes and interest) to cover the cost of debt financing? yes or no
Marlin Company has the following projected costs for manufacturing and selling and administrative expenses: (Click the icon to view the projected costs.) Prepare a schedule of cash payments for Marlin for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assume the company started operations in January. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor January February March Total Data table Direct materials purchases Direct labor costs Depreciation on plant Utilities for plant Property taxes on plant Depreciation on office Utilities for office Property taxes on office Office salaries Print January February…