Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue Marketing and administration In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.09 million. Marketing and administrative costs rose to $1,440,000. Middle Preschool School High School Total $ 1,690 $ 1,990 $ 2,390 $ 6,070 370 420 495 1,285 Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.) Cost allocation Preschool Middle School High School $ Total 0

Chilton Day School allocates marketing and administrative costs to its three schools on the basis of each school's annual tuition revenue (as a percentage of the total). Last year the allocations (000s omitted) were as follows: Tuition revenue Marketing and administration In the current year, the middle and high schools experienced no change in revenues, but the preschool's tuition revenue increased to $2.09 million. Marketing and administrative costs rose to $1,440,000. Middle Preschool School High School Total $ 1,690 $ 1,990 $ 2,390 $ 6,070 370 420 495 1,285 Required: 1. Using revenue as an allocation base, how much current year cost will be allocated to the: (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amounts. Similar to the given information, omit 000s from your answer.) Cost allocation Preschool Middle School High School $ Total 0

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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As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands attacks increase will be necessary next year. The total market value of the property in the county is $800,000,000. Currently the assessment rate is 35% and the tax rate is 30 mills. The county commission increases the assessment rate to 55% in the tax rate to 35 mills. A-how much property tax and dollars was collected under the old rates? B-how much more tax in dollars revenue will be collected under the new rates?
Tuition and fees for Northern University were assessed at $22,000,000 $1,600,000 of the amount due from students was later reduced by need based scholarships. Graduate assistantships and work-study stipends reduced the amounts collectible from student by an additional $1,000,000. What is the journal entry to record the scholarship allowances? Multiple Choice Not recorded because it was deducted from tuition revenue before revenue it was recorded. Operating Revenue Deduction-Scholarship Allowances Accounts Receivable. Operating Revenue Deduction-Scholarship Allowances Deferred Revenues Scholarships and Fellowships Expense Accounts Receivable 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000
T, and U, and pays for general advertising that benefits all departments. Advertising expense totaled $82,000 for the year, and departmental sales were as follows. Allocate advertising expense to Department T based on departmental sales. (Do not round your intermediate calculations. Round the answer to the nearest whole dollar, i.e. 17,525.69 would be 17,526): Sales per department Department Sales S $ 106,000 T 215,250 U 149,150 Total $ 470,400
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A retailer pays $120,000 rent each year for its two-story building. Space in this building is occupied by five departments as shown here. Department Jewelry Cosmetics Department Housewares Tools Shoes The company allocates $78,000 of total rent expense to the first floor and $42,000 to the second floor. It then allocates rent expense for each floor to the departments on that floor based on square feet occupied. First Floor Jewelry Department Cosmetics Department Totals Square feet occupied 1,750 (first-floor) 3,250 (first-floor) Determine the rent expense to be allocated to each department. Allocate these portions of total rent expense across the departments occupying each floor. Square Feet Second Floor Housewares Department Square feet occupied 2,200 (second-floor) 950 (second-floor) 1,850 (second-floor) Tools Department Shoes Department Totals Square Feet 0 0 Percent of Total % % 0% Percent of Total Cost Allocated $ Cost Allocated % % % 0% S 0 0
The Happy Toddlers (THT) is a preparatory school for children three to five years old. There are ten teachers employed by THT: five senior teachers with a salary of P30,000 a month and five junior teachers at P18,000 a month. There are also four administrators with average monthly salary of P35,000. Annual depreciation for furniture and fixtures amounted to P100,000. Utilities starting operation totals P200,000.Required:Examine and list down the expenses of THT as of December 31 by nature. Which type of expense is the highest and lowest?If the owner of THT consulted you on minimizing expenses and maximizing profit, what would you recommend?
USEK Medical School manufactures the COVID19 Vaccines that are sold through contracted distributors. Those distributors are paid a commission of 18% of revenues. USEK Medical School is considering replacing the contracted distributors with its own group of students, who would be paid a commission of 12% of revenues and total salaries of $7,950,000. The income statement for the year ending December 31, 2020, under the two scenarios is shown here. USEK Medical School Income Statement For the Year Ended December 31, 2020 Using contracted Distributors Using Own Group of students Revenues $45,000,000 $45,000,000 Cost of Goods Sold Variable $15,750,000 $15,750,000 $5,425,000 Fixed $5,425,000 $21,175,000 $21,175,000 Gross Margin Marketing Costs $23,825,000 $23,825,000 Commissions $8,100,000 $5,400,000 Fixed Costs Operating Income $5,250,000 $13,350,000 S7,950,000 $13,350,000 $10,475,000 $10,475,000 Required: 1. Calculate USEK Medical School's 2020 contribution margin percentage, breakeven…
Bemidji, Minnesota, needs $3,055,000 for its 2019 budget. Total assessed value of property in Bemidji is $254,583,333. What is the tax rate expressed as a percent, per $100, per $1,000, and in mills?
Projected revenue for year 20X1 is as follows: $823,155 in January, $685,546 in February, $454,050 in March, and $811,904 in April. Historical net revenues categorized by payer: Payer Revenue Percent Medicare 8,931,228 Medicaid 11,906,868 Blue Cross 10,159,306 Private 5,082,192 Total ? Collection patterns by payer: Payer Within 1 Month Within 2 Months Within 3 Months Within 4 Months Total Medicare 18% 26% 28% ? 100% Medicaid 6% 20% 49% ? 100% Blue Cross 11% 43% 26% ? 100% Private 59% 28% 6% ? 100% How much revenue do we expect to collect in total in March? (Do not round intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign and commas in your response. For example, $12.3456 should be entered as 12.35.)
Prepare Journal entries in the General Fund of Brownsville School District. a. The district had outstanding encumbrances of $9,200 for band instramentsfrom the previous year. It is the district's policy to re-establish those encumbrances in the sunsequent year. b. The district ordered textbooks at an estimated cost of $57,000. c. The band instraments arrived at an invoice price of $8,800 olus $290 shipping. d. Textbooks originally estimated to cost $49,000 were received with an invoice price of $48,500. The remaining portion of the order is back-ordered. e. A contract was signed with a CPA to provide the annual audit in the amount of $5,200.