02:20:54eBook2-a. Using the high-low method, separate each mixed expense into variable and fixed elements.Variable CostFixed CostA$A$A$A$A$A$2-b. Using the high-low method, state the cost formula for each mixed expense.Y= A$+ A$Y= A$+ A$Y= A$+ A$2per unitper unitper unitXXX Morrisey & Brown, Ltd., of Sydney, Australia, is a merchandising firm that is the sole distributor of a product that is increasing inpopularity among Australian consumers. The company's income statements for the three most recent months follow:MORRISEY & BROWN, LTD.Income Statements.For the Four Quarters Ending December 31Quarter 1 Quarter 24,7004,20021:06Sales in unitsQuarter 35,240A$524,000314,400Sales revenueA$470,000 A$420,000Quarter 44,800A$480,000288,000192,000Less: Cost of goods sold282,000252,000Gross margin188,000168,000209,600Less: Operating expenses:okAdvertising expense21,20021, 20021, 20021, 200Shipping expense34,80936,80040,96036,760Salaries and commissions79,20078,40090,88086,160Insurance expense6,2006,2006,2006,200Depreciation expense15,200 15, 200156,600 157,800A$ 31,400 A$ 10,200 A$ 35,16015, 200174,44015, 200165,520Total operating expensesNet incomeA$ 26,480(Note: Morrisey & Brown, Ltd.'s Australian-formatted income statement has been recast into the format common in Canada. TheAustralian dollar is denoted by A$.)Required:1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed.ExpensesClassificationCost of goods soldAdvertising expenseShipping expenseSalaries and commissionsInsurance expenseDepreciation expense

There are two type of costs being incurred in business. Fixed costs are costs that do not change…

Depreciation expense 15,200 15,200 15,200 15, 200 156,600 157,800 Total operating expenses 174,440 165,520 Net income A$ 31,400 A$ 10,200 A$ 35,160 A$ 26,480 (Note: Morrisey & Brown, Ltd.'s Australian-formatted income statement has been recast into the format common in Canada. The Australian dollar is denoted by A$.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed. Expenses Classification Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense

Depreciation expense 15,200 15,200 15,200 15, 200 156,600 157,800 Total operating expenses 174,440 165,520 Net income A$ 31,400 A$ 10,200 A$ 35,160 A$ 26,480 (Note: Morrisey & Brown, Ltd.'s Australian-formatted income statement has been recast into the format common in Canada. The Australian dollar is denoted by A$.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed. Expenses Classification Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense

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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K L C D E Statement of Financial Postionas at December 31 (in millions of Canadian dollars) A В G H J P Q R V Y AA AB AC AD AE AF AG AH Statement ofComprhensive Income for Year Ended Dec. 31 (in millions of Canadian dollars) 20x3 20x2 20x1 20x3 20x2 20x1 7 Cash and cash equivalents 293 398 762 Totalnet sales 4360 4346 2715 Accounts receivable e Inventory O Prepaid Expenses Total Operating expenses Operating costs Distribution costs 572 522 309 493 699 312 1682 1754 942 85 27 17 403 402 318 1400 Royalty costs Depreciation Totaloperating costs (COGS) Profit from mining operations Other expenses General and Administrative 1443 1646 265 291 232 2 Property, plant and equipment 3 Mineral property costs 4 Total Assets 5 Liabilities 6 Accounts payable and accrued liabilities 7 Taxes payable 8 Total Current Liabilities 9 Long-term debt 0 Deferred income taxes E1 Asset retirement obligations 2 Totalliabiltiies Shareholders Equity 4 Share capital -5 Retained Earnings -6 Total shareholder's equity…
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