Data Section: Fixed Variable Production costs: Direct materials $2.30 Direct labor 4.70 $225,000 Factory overhead Selling expenses: Sales salaries & commissions 3.00 97,000 0.75 Advertising Miscellaneous selling expense General expenses: Office salaries Supplies Miscellaneous general expense 47,500 16,200 92,000 12,300 0.25 15,000 Total $505,000.00 $11.00 Additional information: Selling price per unit Expected unit sales Target profit $16.00 120,000 $20,000 Answer Section: Contribution margin per unit Contribution margin (Total) Contribution margin ratio Break-even point in units Break-even point in sales dollars Target profit (Unit sales needed) Target profit (Dollar sales needed) $5.00 $600,000.00 31.25% FORMULAG FORMULAT FORMULAB FORMULAS Total revenue at expected unit sales FORMULA10 Net income at expected unit sales FORMULA11 Margin of safety as a percentage of sales FORMULA12 Sheet1
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Accounting practice problem (first three sub parts have been answered , just need remaining sub parts answered)- I attached a picture of the instructions and I attached a picture of the excel spreadsheet. Anywhere it says "formula" on the excel spreadsheet, needs the formulas (answers).
![20211_ACG2071_Module 5 CVP NEW (1) - Excel
alexandra
困
A
File
Home
Insert
Page Layout
Formulas
Data
Review
View
Help
Tell me what you want to do
& Share
X Cut
E AutoSum
Arial Rounded MT - 10
A A
ab Wrap Text
Number
e Copy
V Fill
Paste
B IU -
$ • %
Conditional Format as
Cell
Insert Delete Format
Sort & Find &
00
E Merge & Center
00
V Format Painter
Formatting
Table
Styles
O Clear
Filter - Select -
Clipboard
Font
Alignment
Number
Styles
Cells
Editing
D39
fx
FORMULA6
A.
В
E
F
G
K
L.
M
N
Q
R
8
9
Data Section:
Fixed
Variable
10
11
Production costs:
12
Direct materials
$2.30
13
Direct labor
4.70
14
Factory overhead
$225,000
3.00
15
Selling expenses:
16
Sales salaries & commissions
97,000
0.75
17
Advertising
Miscellaneous selling expense
47,500
18
16,200
19
General expenses:
20
Office salaries
92,000
21
Supplies
Miscellaneous general expense
12,300
0.25
22
15,000
23
24
Total
$505,000.00
$11.00
25
=====%3D
26
27
Additional information:
Selling price per unit
Expected unit sales
Target profit
28
$16.00
29
120,000
30
$20,000
31
32
33
34
Answer Section:
35
Contribution margin per unit
$5.00
$600,000.00
36
Contribution margin (Total)
Contribution margin ratio
37
38
31.25%
39
Break-even point in units
Break-even point in sales dollars
FORMULA6
FORMULA7
40
41
Target profit (Unit sales needed)
Target profit (Dollar sales needed)
FORMULA8
42
FORMULA9
43
44
Total revenue at expected unit sales
FORMULA10
45
Net income at expected unit sales
Margin of safety as a percentage of sales
FORMULA11
46
FORMULA12
Sheet1
75%
8:51 PM
O Type here to search
99+
5/25/2021](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe1336aa0-e91b-4a1a-a973-d70bd54c1ee9%2F829db12b-39d7-4aaa-b618-31483b6ec012%2Fuqe5is_processed.png&w=3840&q=75)
![20211 ACG2071_Module 5 Excel Spreadsheet Instructions - Word
alexandra
困
A
File
Home
Insert
Design
Layout
References
Mailings
Review
View
Help
Tell me what you want to do
유 Share
% Cut
Arial
A A
:E - E -
O Find -
- 12
Aa v
AaBbCcDd AaBbCcDd AaBbC AABBCCD AaB AaBbCcD AaBbCcDd AaBbCcDd AaBbCcDd
E Copy
dac Replace
Paste
В I
U v abe x, X
aby v
1 Normal
1 No Spac. Heading 1
Heading 2
Title
Subtitle
Subtle Em.. Emphasis
Intense E.
V Format Painter
A Select -
Clipboard
Font
Paragraph
Styles
Editing
Inputs:
Data set #3
Below you will see three sets of inputs. After inputting all of your formulas, you should
Data Section:
Variable
Inputs:
Fixed
be able to use any of these sets of data and have the answers automatically update.
Data Section:
Fixed
Variable
Production costs:
Please choose one of the data sets above and input all of the necessary formulas to
find the answers. Once you are done, choose a different dats set, enter it into your
spreadsheet, and check the updated answers to ensure that everything is flowing
through the formulas appropriately. A check answer for each one has been provided.
Direct materials
$2.30
Production costs:
Direct labor
4.70
Direct materials
$2.30
$300,000
Factory overhead
Selling expenses:
Direct labor
Factory overhead
$300,000
5.50
Sales salaries & commissions
97,000
Advertising
Miscellaneous selling expense
Selling expenses:
Sales salaries & commissions
Data set #1
16,200
97,000
Advertising
Miscellaneous selling expense
47,500
General expenses:
Inputs:
16,200
Office salaries
92,000
General expenses:
Data Section:
Fixed
Variable
Supplies
12,300
0.50
Miscellaneous general expense
Ofice salaries
92,000
12,300
Supplies
Miscellaneous general expense
Production costs:
20,000
Total
Direct materials
$2.30
Direct labor
4.70
Total
Factory overhead
$225,000
3.00
E===
Additional information:
Selling expenses:
$18.00
Selling price per unit
Expected unit sales
Sales salaries & commissions
97,000
Additional information:
150,000
Advertising
47,500
Selling price per unit
$24.00
Miscellaneous selling expense
Target profit
$50,000
16,200
Expected unit sales
150,000
General expenses:
Office salaries
Check figure (Target profit – Dollar sales needed):
Target profit
$50,000
92,000
Supplies
12.300
0.25
$1,828,800.00
Check figure (Target profit – Dollar sales needed):
Miscellaneous general expense
$1,612,698.41
Total
=====
Additional information:
Selling price per unit
$16.00
Expected unit sales
120,000
Target profit
$20,000
Check figure (Target profit - Dollar sales needed):
$1,680,000.00
Data set #2
Page 1 of 3
122 words
50%
8:52 PM
O Type here to search
(99+
5/25/2021](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe1336aa0-e91b-4a1a-a973-d70bd54c1ee9%2F829db12b-39d7-4aaa-b618-31483b6ec012%2F1en5on7_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
what is margin of safety as a percentage of sales
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)