Consider the following Information for the business Harry's Vintage Records. Actuals from the year ended 31st December 2021; Total Sales Revenue Total Fixed Costs $380,000 $90,000 0.20 Contribution Margin Ratio Calculate Harry's profit or loss in 2021 Select one: O a. (13,000) O b. 11,000 O c. 12,000 O d. (14,000)

Consider the following Information for the business Harry's Vintage Records. Actuals from the year ended 31st December 2021; Total Sales Revenue Total Fixed Costs $380,000 $90,000 0.20 Contribution Margin Ratio Calculate Harry's profit or loss in 2021 Select one: O a. (13,000) O b. 11,000 O c. 12,000 O d. (14,000)

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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B. Considering the following information, please prepare income statements using both traditional and contribution formats Items Amount (Tk.) Sales 7,50,000.00 Direct materials 2,47,000.00 Direct wages 87,000.00 Salary 36,000.00 Factory Rent 40,000.00 Electricity 12,600.00 Depreciation 28,000.00 Insurance 22,000.00 Utilities 27,000.00 Conveyance 24,000.00
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Background Consider the following information for the company Freddie's Furniture Supplies, who manufacture outdoor furniture: Income Statement Freddie's Furniture Supplies Year Ended 31st December 2020 Net Sales Revenue $290,350 less: COGS $132,560 = Gross Profit $157,790 less: Operating (Non Product) Expenses $85,900 equals: Net Profit $71,890 Beginning and Ending Finished Goods, of the year, were $32,000 and $14,600 respectively. Question What was the COGM (Costs of Goods Manufactured) for Freddie's company for the year ended 31st December 2020? Select one: a. Cannot be calculated with the information provided. O b. COGM = $147,160 O c. COGM = $115,160 O d. COGM = $129,760
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20. The following is a summarized income statement of CoolKid Co.'s profit center No. 44 for March: Contribution margin Period expenses: P70,000 Manager's salary Facility depreciation Corporate expense allocation Profit center income P20,000 8,000 (33,000) P37.000 5,000 Which of the following amounts is most likely subject to the control of the profit center's manager? А. P70.000 P50,000 C. P37,000 D. P33,000 B,
02. Consider the following information about a business Robin opened last year: price - $5: quantity sold - 15,233: Implicit cost $18,000; explicit cost - $33.000. What was Robin's accounting profit? $50,165 $61,165 $51,000 $43,165 $25,165 O O
The following data relates to Campus Goods Inc: Amount in $ Revenue 400000 Operating Profit 20% cost of good sold 55% Operating Expense ( as % of revenue ) 25% Required: Based on the above data determine the following: 8A. Cost of Goods Sold in $ is ___________. 250,000 100,000 150,000 220,000 8B. Gross Profit in $ and % is ___________ and ___________ respectively. 250,000 and 20% 180,0000 and 40% 180,000 and 45% 220,000 and 45% 8C. Operating expenses is ___________. 100,000 150,000 200,000 120,000 8D. Operating profit in $ is ___________. 55,000 65,000 80,000 70,000
igmeniMalh.do?invoker=&takeAssignmentSessionLocator=&inprogress%3Dfalse Show Me How Print Item eBook Contribution Margin and Contribution Margin Ratio For a recent year, McDonald's (MCD) company-owned restaurants had the following sales and expenses (in millions): Sales $15,295.0 Food and packaging $(4,896.9) Payroll (4,134.2) Occupancy (rent, depreciation, etc.) (3,667.7) General, selling, and administrative expenses (2,384.5) $(15,083.3) Operating income $211.7 Assume that the variable costs consist of food and packaging, payroll, and 40% of the general, selling, and administrative expenses. a. What is McDonald's contribution margin? Round to the nearest tenth of a million (one decimal place). million b. What is McDonald's contribution margin ratio? Round to one decimal place. % c. How much would operating income increase if same-store sales increased by $800 million for the coming year, with no change in the contribution margin ratio or fixed costs? Round your answer to the nearest…
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Problem #2: On June 30, 2020, PSA Trading Co. has the following information: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost P 14,600; rent is P8,000; light and water expenses are P7,550 and miscellaneous expenses are P9,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss