Exercise 9-7 (Algo) Planning Budget [LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost Cost per Car per Month Washed $ 0.60 $ 1,200 $ 0.05 $ 0.25 $ 4,700 $ 0.40 $ 8,500 $ 2,100 $ 1,600 $ 0.01 For example, electricity costs are $1,200 per month plus $0.05 per car washed. The company expects to wash 8,100 cars in August and to collect an average of $6.80 per car washed. Required: Prepare the company's planning budget for August Lavage Rapide Planning Budget For the Month Ended August 31 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 0 $ 0

Exercise 9-7 (Algo) Planning Budget [LO9-1] Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company's costs: Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Fixed Cost Cost per Car per Month Washed $ 0.60 $ 1,200 $ 0.05 $ 0.25 $ 4,700 $ 0.40 $ 8,500 $ 2,100 $ 1,600 $ 0.01 For example, electricity costs are $1,200 per month plus $0.05 per car washed. The company expects to wash 8,100 cars in August and to collect an average of $6.80 per car washed. Required: Prepare the company's planning budget for August Lavage Rapide Planning Budget For the Month Ended August 31 Revenue Expenses Cleaning supplies Electricity Maintenance Wages and salaries Depreciation Rent Administrative expenses Total expense Net operating income 0 $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Only typed solution
Question 30: Match each form to its purpose. SS-4 Used to obtain a Social Security number DROP HERE W-4 Provides information to calculate income tax withholding DROP HERE SS-5 Used to obtain an Employer Identification Number DROP HERE 1-9 Verifies employment eligibility DROP HERE Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this week, Stanley works 4 hours and 9 minutes in the morning and 3 hours and 11 minutes in the afternoon. How does Alejandra record Stanley's time? Answer: A. O 7 hours B. O 7 hours and 15 minutes C. O 7 hours and 20 minutes D. O 7 hours and 30…
None
Exercise 9-3 (Algo) Revenue and Spending Varlances [LO9-3] Quilcene Oysterla farms and sells oysters In the Pacific Northwest. The company harvested and sold 7,500 pounds of oysters In August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (9) 7,500 $ 30,75e Revenue ($4.10g) Expenses: Packing supplies ($0.25q) Oyster bed naintenance ($3,000) Wages and salaries ($2,6G00 + se.309) Shipping ($e.55g) Utilities ($1,270) other ($460 + se.014) Total expernse 1,875 3,000 4,85e 4,125 1,270 535 15,655 $ 15,095 Net operating income The actual results for August were as follows: Quilcene Oysteria Income Statenent For the Month Ended August 31 Actual pournds 7.500 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Uulities $27,400 2, 045 2,860 5,260 3,855 1, 080 1,155 16, 255 other Total expense Net operating incone $ 11,145 Required: Calculate the company's revenue and spending…
Exercise 11-4 (Algo) Service Department Charges [LO11-4] Hannibal Steel Company has a Transport Services Department that provides trucks to haul ore from the company’s mine to its two steel mills—the Northern Plant and the Southern Plant. Budgeted costs for the Transport Services Department total $168,700 per year, consisting of $0.17 per ton variable cost and $118,700 fixed cost. The level of fixed cost is determined by peak-period requirements. During the peak period, the Northern Plant requires 57% of the Transport Services Department’s capacity and the Southern Plant requires 43%. During the year, the Transport Services Department actually hauled 116,000 tons of ore to the Northern Plant and 51,500 tons to the Southern Plant. The Transport Services Department incurred $370,000 in cost during the year, of which $53,000 was variable cost and $317,000 was fixed cost. Required: 1. How much of the Transport Services Department’s variable costs should be charged to each plant? 2.…
Please do not give solution in image format thanku
Exercise 9-2 (Algo) Activity Varlances [LO9-2] Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company's planning budget for July appears below: Flight Café Planning Budget For the Month Ended July 31 Budgeted meals (q) Revenue ($4.40q) Expenses: Raw materials ($2.309) Wages and salaries ($6,200 + $0.289) Utilities ($2,100 + $0.059) Facility rent ($3,100) Insurance ($2,400) Miscellaneous ($900 +$0.109) Total expense Net operating income 21,000 $ 92,400 48,300 10,400 3,150 3,100 2,400 3,000 70,350 $ 22,050 In July, 22,000 meals were actually served. The company's flexible budget for this level of activity appears below: Budgeted meals (q) Revenue ($4.409) Expenses: Raw materials ($2.309) Flight Café Flexible Budget For the Month Ended July 31 22,000 $ 96,800 50,600 10,600 3,200 3,100 2,400 3,100 73,000 $ 23,800 Wages and salaries ($6,200+ $0.209) Utilities ($2,100 + $0.059) Facility rent ($3,100) Insurance ($2,400) Miscellaneous…
Selected data concerning the past year’s operations of the Altek Manufacturing Company are as follows:Inventories ($) Beginning EndingRaw materials 71,000 81,000Work in Process 80,000 30,000Finished Goods 90,000 110,000Other Data:Direct Materials Used ---------------------------------------------- $ 326,000Total Manufacturing Costs Charged to productionduring the year (includes direct material, direct labour,and manufacturing overhead applied at arate of 60% of direct-labour cost) ----------------------------------$ 686,000Cost of Goods Available for Sale ----------------------------------$ 826,000Selling and Administration Expenses ----------------------------- $ 31,500 Required: What was the cost of goods sold during the year?
Rahul
Please do not give solution in image format thanku
Please do not give solution in image format thanku