City Shoe's custodial expense for the year totaled $10,400 andis to be allocated on the basis of the floor space occupied byeach department. Using the financial data given below:Floor space occupied:1) Women's Shoes - 8,625 sq. ft.2) Men's Shoes - 5,865 sq. ft.3) Children's Shoes - 2,760 sq. ft.Compute the amount allocated to the women's shoes, men'sshoes, and children's shoes department.

Step 1:Computation of the aggregate of the floor space occupied by all departments:Aggregate of the…

Answered: City Shoe's custodial expense for the…

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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Jake's Roof Repair has provided the following data concerning its costs: Wages and salaries Parts and supplies Fixed Cost per Month $20,600 Cost per Repair-Hour $15.00 $ 7.30 Equipment depreciation $ 2,750 $ 0.35 Truck operating expenses $ 5,710 $ 1.70 Rent $ 4,670 Administrative expenses $ 3,820 $ 0.50 For example, wages and salaries should be $20,600 plus $15.00 per repair-hour. The company expected to work 3,000 repair-hours in May, but actually worked 2,900 repair-hours. The company expects its sales to be $49.00 per repair-hour. Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net…
Carlson City’s fiscal year ends December 31. On August 1, the city issued a purchase order for 18 new vehicles. Twelve vehicles were delivered as scheduled and payments of $264,000 were made upon delivery. Encumbered costs equaled actual costs for these 12 vehicles. The purchase order for the other 6 vehicles, encumbered at $132,000, remains outstanding as of December 31st. Encumbrances outstanding at year-end are considered part of "assigned" fund balance. Additionally, actual revenue for the year was $600,000. If these were the only transactions made by the city and the beginning fund balance was $0, what is the balance in Unassigned Fund Balance on the general fund’s balance sheet as of December 31?
1. Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the following information Ministry of Finance made an appropriation of OMRIS00,000 to College of Medicine. Jan I Jan 10 The College issued a purchase order, for medieal supplies (OMR80,000) and two latest machineries for the Surgical department (OMRI 50,000 each) Feb 1 General operating expenditure incurred and paid OMR15,000 The college received 40% of the supplies along with a voucher of OMR30,000. March 1 The supplier delivery one machinery along with a voucher OMRI SO,000 March 1S The college entered into a contract with MHD Consulting for constructing a recreational center in the college. An amount ofr OMR500,000 is allocated towards the contract. The work is expected to be completed by the end of the year. April Construction is certified to complete 10% and the contractor has submited a voucher for OMRS0,o00. Payment is made based on the voucher. May 10 June 1 50% of the supplies ordered on January…
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Jackson County Senior Services is a nonprofit organization devoted to providing essential services to seniors who live in their own homes within the Jackson County area. Three services are provided for seniors-home nursing, Meals On Wheels, and housekeeping. Data on revenue and expenses for the past year follow: Revenues Variable expenses Contribution margin Fixed expenses: Depreciation Liability insurance Program administrators' salaries General administrative overhead* Total fixed expenses Net operating income (loss) Req 1A Total $ 930,000 481,000 449,000 Req 1B 69,800 42,700 Req 2A 113,800 186,000 412,300 $ 36,700 Req 2B Home Nursing $ 266,000 120,000 146,000 Complete this question by entering your answers in the tabs below. 8,500 20,300 40,100 53,200 122, 100 $ 23,900 Req 1A *Allocated on the basis of program revenues. The head administrator of Jackson County Senior Services, Judith Miyama, considers last year's net operating income of $36,700 to be unsatisfactory; therefore, she…
Brookbury Accounting completed 150 tax returns in the month of March. Its Effective Capacity is 170 tax returns and its Design Capacity is 175 tax returns. Calculate the Efficiency and Utilization for Brookbury Accounting. What do these two numbers tell you?
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Cheyenne's Medical operates three support departments and two operating units, Surgery and ER. The support departments are allocated based on the hours used. The cost of operating the accounting (acct), administration (admin), and human resources (HR) departments is $271000, $158300, and $68800, respectively. Information on the hours used are as follows: Hours in Acct Hours in Admin Hours in HR Acct O $0. O $91022. O $87397. O $96079. 16 8 Admin 20 4 HR 48 8 Surgery 360 120 65 ER 220 80 130 What are the total costs allocated from the HR department to the operating units? (Round intermediate calculations to 2 decimal places, e.g. 52.75.)

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