Finch Company began its operations on March 31 of the current year. Finch has the following projected costs:May$198,000April$156,000a. $49,500b. $252,000c. $202,500d. $153,000Manufacturing costs*Insurance expense**Depreciation expenseProperty tax expense****Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month.**Insurance expense is $900 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July,and October).***Property tax is paid once a year in November.The cash payments for Finch Company expected in the month of June are9001,8505009001,850June500$204,0009001,850500PreviousNext

The expected cash payments means the amount of cash expected to be paid in a particular period for…

Answered: Finch Company began its operations on…

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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The fixed costs of operating the Srepta Corp. are $4,800,000 annually. Variable costs are incurred at the rate of $25 per maintenance-hour. On average, the company incurs 38,000 maintenance-hours per year. Budgeted and actual hours per user for 2019 are as follows: Budgeted hours Actual hours Building and grounds 10,000 9,800 Administration 2,500 1,600 Customer Service 18,000 22,500 IT support 7,500 7,800 Total 38,000 41,700 Assume that budgeted maintenance-hours are used to calculate the allocation rates. 1. Using a single-rate allocation and budgeted usage, how much will each department be allocated? 2. Using a dual-rate allocation with fixed costs allocated according to budgeted hours and variable costs allocated to actual hours, how much overhead will each department be allocated?
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June $155,600 $192,800 $213,600 Manufacturing costs* Insurance expense** 880 Depreciation expense 2,180 Property tax expense*** 590 *Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $880 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July, and October). ***Property tax is paid once a year in November. 880 2,180 590 880 2,180 590 The cash payments expected for Finch Company in the month of May are O a. $183,500 O b. $144,600 Oc. $38,900 O d. $222,400
Jenny Inc. has the following projected costs for the second quarter of 20YY: Projected Costs Expenses April May June Selling and marketing expenses (i) $200,000 $250,000 $300,000 Office insurance expense (ii) 800 800 800 Office depreciation expense 500 500 500 Property tax expense (iii) 700 700 700 Jenny’s payment policy for selling and administrative expenses is as follows: Of the selling and marketing expenses, 50% is paid in the month they are incurred; the remaining 50% to be paid in the following month. The selling and admin expense payable at the end of March was $70,000, which represents 50% of March’s selling expenses. Insurance expense is $800 a month; however, the insurance is paid quarterly in the first month of each quarter, (i.e., in January, April, July, and October). Property taxes are paid once a year in December. The projected total selling and admin expenses for April are: Group of answer choices None of the above $172,400 $202,000 $204,400
What are the expected average quarterly costs of running a consulting practice if fixed costs are expected to be $4,000 a month and variable costs are expected to be $100 per client for each quarter? Expected number of clients for the year are: Jan - March April - June July - Sep Oct - Dec 110 140 150 100 A. $12,500 B. $24, 500 C. $16, 500 D. $19,500
SC You have a lawn mowing business. You plan to work 250 hours per month and charge your customers $24 per hour. Your anticipated costs include: Advertising $25 per month Gas $1.30 per hour $25 per month $8.00 per hour $30 per month Depreciation on mowers Assistant's Wages Miscellaneous Expenses You plan on paying 60% of your monthly costs in the month incurred, 30% in the second month and the remainder in the following month. Calculate the amount of cash payments for operating activities in your second month of business. Click Save and Submit to save and submit. Click Save All Answers to save all answers. ! 1 Q IL A 2 W S # 3 E D $ 4 R % 5 F MacBook Pro T 6 G & Y 7 H * 00 8 U 9 T K J
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: June $201,000 Manufacturing costs" Insurance expense** April May $157,200 $197,600 970 970 2,200 420 2,200 420 970 Depreciation expense Property tax expense*** "Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $970 a month; however, the insurance is paid four times yearly in the first month of the quarter, (.e., January, April, July, and October). ***Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of May are O&$187.500 b. $39,300 Oe5148,200 Od $226,800 2,200 420
Oak Industrial has estimated that production for the next five quarters will be:. Production Information 1st quarter, 2020 44,100 units 2nd quarter, 2020 40,000 units 3rd quarter, 2020 48,200 units 4th quarter, 2020 37,600 units 1st quarter, 2021 45,700 units Finished units of production require 6 pounds of raw material per unit. The raw material cost is $7 per pound. There is $277,830 of raw material on hand at the beginning of the first quarter, 2020. Oak desires to have 15 percent of next quarter's material requirements on hand at the end of each quarter.Prepare quarterly direct materials purchases budgets for Oak Industrial for 2020.
Need help with this problem (number 27). Need help with the blank data. Thanks!
Jenny Inc. has the following projected costs for the second quarter of 20YY: Projected Costs Expenses April May June Selling and marketing expenses (i) $200,000 $250,000 $300,000 Office Insurance expense (ii) 800 800 800 Office depreciation expense 500 500 500 Property tax expense (iii) 700 700 700 Jenny’s payment policy for selling and administrative expenses is as follows: Of the selling and marketing expenses, 50% is paid in the month they are incurred; the remaining 50% to be paid in the following month. The selling and admin expense payable at the end of March was $70,000, which represents 50% of March’s selling expenses. Insurance expense is $800 a month; however, the insurance is paid quarterly in the first month of each quarter, (i.e., in January, April, July, and October). Property taxes are paid once a year in December. The cash payments for selling and admin expenses projected in the month of April are: Group of answer choices None of the above $202,000…

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