Demonstration models given outSales in unitsVariable expensesSales commissionsAdvertising expenseTravel expenseJennings Outdoor CompanyWinter Sports DepartmentResultsFor the Month Ended December 31, 20205,500$164,00042,000247,000116,000Total variable569,000Fixed expensesRent7,500Sales salaries60,000Office salaries40,000Depreciation - vans (sales staff)3,000Total fixed110,500$679,500Total expensesPrepare a budget report for December based on flexible budget data. The new depreciationamount should be included in the budgeted fixed costs. Do you think the new plan is valid?Explain.

According to the financial information provided, a December 2020 budget report of the Winter Sports…

Answered: Demonstration models given out Sales in…

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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Activity-Based Costing for a Service Company Five-Stars Insurance Company carries three major lines of insurance: auto, workers' compensation, and homeowners. The company has prepared the following report: Five-Stars Insurance Company Product Profitability Report For the Year Ended December 31 Premium revenue Estimated claims Underwriting income Underwriting income as a percent of premium revenue Workers' Auto Compensation Homeowners $5,800,000 $6,250,000 $8,200,000 (4,060,000) (4,375,000) (5,740,000) $1,740,000 $1,875,000 $2,460,000 30% 30% 30% Management is concerned that the administrative expenses may make some of the insurance lines unprofitable. However, the administrative expenses have not been allocated to the insurance lines. The controller has suggested that the administrative expenses could be assigned to the insurance lines using activity-based costing. The administrative expenses are comprised of five activities. The activities and their rates are as follows: Activity New…
Using the following information, determine the activity rate for the purchasing activity. Activity Estimated Activity Cost Estimated Activity-Base Usage Setup $80,000 1,000 Purchasing 130,000 10,000 Inspecting 50,000 2,000 a.$2.00 b.$8.00 c.$130.00 d.$13.00
Assigning Traceable Fixed Expenses Selected data for Colony Company, which operates three departments, follow: Department A Department B Department C Inventory $100,000 $360,000 $140,000 Equipment (average cost) $900,000 $540,000 $360,000 Payroll $607,500 $540,000 $202,500 Square feet of floor space 27,000 13,500 4,500 During the year, the company's fixed expenses included the following: Depreciation on equipment $150,000 Real estate taxes 45,000 Personal property taxes (on inventory and equipment) 72,000 Personnel department expenses 75,000 Assume that the property tax rate is the same for both inventory and equipment. Using the most causally related bases, prepare a schedule assigning the fixed expenses to the three departments. Hint: Not all fixed exper traceable to the three departments. One of these fixed costs should be considered a common cost and not traceable to the departments. Do not round until your final answer. Round final answer to the nearest whole number. Department A…
Exercise E Two segments (Mountain Bike and Road Bike) showed the following data for the most recent year: Mountain bike Road bike Contribution to indirect expenses $ 840,000 $ 504,000 Assets directly used by and identified with the segment 2,520,000 2,184,000 Sales 3,360,000 6,720,000 rs/hannah/Downloads/Managerial-Accounting-1506381825_regexified.html Managerial Accounting a. Calculate return on investment for each segment in the most direct manner. b. Calculate return on investment using the margin and turnover components.
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Sales revenue Rent revenue Raw material purchases Energy consumption in production Energy consumption in headquarters depreciation Factory/machinery Direct labor costs Indirect labor costs Salaries for headquarters personnel Raw materials (opening yearly balance-500.000) Work-in process Finished goods Cost of goods sold a. 562.000, 162.000 Beginning Within Ending 4,000,000.00 500,000.00 4,500,000.00 220,000.00 20,000.00 240,000.00 2,000,000.00 200,000.00 2,200,000.00 400,000.00 40,000.00 440,000.00 55,000.00 5,000.00 60,000.00 28,000.00 2,000.00 30,000.00 880,000.00 120,000.00 1,000,000.00 600,000.00 100,000.00 700,000.00 800,000.00 90,000.00 890,000.00 300,000.00 400,000.00 1,200,000.00 1,000,000.00 900,000.00 ? O b. 362.000, 562.000 O c. 362.000, 162.000 O d. 562.000, 362.000 500,000.00 1,900,000.00 Suppose that the table belongs to a firm's December transactions. What are the Cost of Goods Manufactured and Cost of Goods Sold? ?
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E F G H H. Start Stop Corporation Comparative Income Statement Three Months Ended December 31, 2018 21 Low 22 Change 2. 23 4. Sales in Units Sales Revenue 8,000 $800,000 24 Shipping Expense 25 Sal & Comm Exp Varlable Cost per Unit Varlable Cost per Unit 10,000 $1,000,000 $650,000 $350,000 12,000 $1,200,000 $780,000 $420,000 6. 26 27 Flxed Costs 28 Flxed Costs 7 Cost of Goods Sold 8 Gross Margin o Selling & Admin Expenses: 10 Shipping Expense 11 Advertising Expense 12 Salaries & Commissions Expense 13 Insurance Expense 14 Depreciation Expense Total Selling & Admin Expenses 16 Net Operating Income $520,000 $280,000 Shipping Expense Salarles & Commissions Expense $35,000 $70,000 $43,000 $70,000 $52,000 $70,000 $165,000 29 30 Mixed Cost Function(Shipping Expense) 31 Mixed Cost Function(Sal & Comm Expense = 32 $122,000 $24,000 $130,000 $24,000 33 $24.000 34 Slart Stop Corporation $4,000 $255,000 $25,000 $4.000 $4,000 $315,000 $105,000 35 Income Staternent-Contribution Format 15 $271.000 36…
Subject: accounting
Requlred Informetion The following information applies to the questions displayed below] Westerville Company reported the following results from last year's operations: $ 2,300,000 Variable expenses Contribution margin Fixed expenses 1,170,000 Net operating income 460,000 Average operating assets $ 1,437,500 At the beginning of this year, the company has a $287,500 investment opportunity with the following cost and revenue characteristics: Contribution margin ratio Fixed expenses $ 460,000 50% of sales The company's minimum required rate of return is 15%. 12. What is the residual income of this year's investment opportunity? ere to search 近。 F4 F5 F7 Eゴ 8日て」 %23 #3 $ 4. 5. 7.
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