Homework Help is Here – Start Your Trial Now!
Business
Accounting
Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=B4" was entered, the formula would output the result from cell B4. or 17,000 in this example. • Besic Meth funetlons: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: (plus sign to add). - (minus sign to subtract). * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =B19-820" was entered, the formula would add the values from those cells and output the result, or 183.800 in this example. If using the other math symbols the result would output an appropriate answer for its function. • SUM functlon: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM(C18.C19.C20)" was entered, the formula would output the result of adding those three separate cells, or 47,300 in this example. Similarly, if in a blank cell "=SUM(C18:C20)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 47,300 in this example.

Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=B4" was entered, the formula would output the result from cell B4. or 17,000 in this example. • Besic Meth funetlons: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: (plus sign to add). - (minus sign to subtract). * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =B19-820" was entered, the formula would add the values from those cells and output the result, or 183.800 in this example. If using the other math symbols the result would output an appropriate answer for its function. • SUM functlon: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM(C18.C19.C20)" was entered, the formula would output the result of adding those three separate cells, or 47,300 in this example. Similarly, if in a blank cell "=SUM(C18:C20)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 47,300 in this example.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=B4" was entered, the formula would output the result from cell B4, or 17,000 in this example. • Basle Meth funetlons: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: (plus sign to add). - (minus sign to subtract). * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =B19+820" was entered, the formula would add the values from those cells and output the result, or 183,800 in this example. If using the other math symbols the result would output an appropriate answer for its function. • SUM functlon: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM(C18.C19.C20)" was entered, the formula would output the result of adding those three separate cells, or 47,300 in this example. Similarly, if in a blank cell "=SUM(C18:C20)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 47,300 in this example. High-Low Method; Contribution Format Income Statement - Excel Sign In FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 Alignment Number Conditional Format as Formatting Table Styles Paste BIU- Cell Cells Editing Clipboard Font Styles A1 To aid in planning, Jay Corporation is preparing a contribution format income D F G H Total Shipping Cost 32 Units 33 High level of activity 34 Low level of activity 35 Change in activity 36 37 Variable cost per unit 38 19 Compute the fixed cost portion using the high level of activity. 40 Total cost at high level of activity 41 42 Total fixed cost Less: Variable cost element 43 44 2. Prepare a contribution format income statement for Quarter 1 of Year 3. 45 46 Jay Corporation Budgeted Contribution Format Income Statement 47 48 For Year 3, Quarter 1 49 50 Sales 51 Variable expenses: 52 Cost of goods sald 53 Sales commissions 54 Shipping expense 55 Total variable expenses 56 Contribution margin 57 Fixed expenses: 58 Administrative salaries 59 Rent expense 60 Shipping expense Depreciation expense 62 Total fixed expenses 61 63 Net operating income
Transcribed Image Text:Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=B4" was entered, the formula would output the result from cell B4, or 17,000 in this example. • Basle Meth funetlons: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: (plus sign to add). - (minus sign to subtract). * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =B19+820" was entered, the formula would add the values from those cells and output the result, or 183,800 in this example. If using the other math symbols the result would output an appropriate answer for its function. • SUM functlon: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM(C18.C19.C20)" was entered, the formula would output the result of adding those three separate cells, or 47,300 in this example. Similarly, if in a blank cell "=SUM(C18:C20)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 47,300 in this example. High-Low Method; Contribution Format Income Statement - Excel Sign In FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri 11 Alignment Number Conditional Format as Formatting Table Styles Paste BIU- Cell Cells Editing Clipboard Font Styles A1 To aid in planning, Jay Corporation is preparing a contribution format income D F G H Total Shipping Cost 32 Units 33 High level of activity 34 Low level of activity 35 Change in activity 36 37 Variable cost per unit 38 19 Compute the fixed cost portion using the high level of activity. 40 Total cost at high level of activity 41 42 Total fixed cost Less: Variable cost element 43 44 2. Prepare a contribution format income statement for Quarter 1 of Year 3. 45 46 Jay Corporation Budgeted Contribution Format Income Statement 47 48 For Year 3, Quarter 1 49 50 Sales 51 Variable expenses: 52 Cost of goods sald 53 Sales commissions 54 Shipping expense 55 Total variable expenses 56 Contribution margin 57 Fixed expenses: 58 Administrative salaries 59 Rent expense 60 Shipping expense Depreciation expense 62 Total fixed expenses 61 63 Net operating income
Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=84" was entered, the formula would output the result from cell B4. or 17.000 in this example. • Basle Math funetlons: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: (plus sign to add). - (minus sign to subtract). * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell "=B19+B20" was entered, the formula would add the values from those cells and output the result, or 183,.800 in this example. If using the other math symbols the result would output an appropriate answer for its function. • SUM functlon: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM(C18.C19.C20)" was entered, the formula would output the result of adding those three separate cells, or 47,300 in this example. Similarly, if in a blank cell "=SUM(C18:C20)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 47,300 in this example. 国日。 High-Low Method; Contribution Format Income Statement - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri -11 -A A Paste BIU- Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Font Styles A1 fe To aid in planning, Jay Corporation is preparing a contribution format income D G H To aid in planning, Jay Corporatian is preparinga contribution format income statement. 2 3 Budgeted information for Quarter 1 of Year 3: 4 Sales in units 17,000 5 Sales price per unit 48.00 7 After analyzing expenses, the company has determined the following cost patterns. Cast of gaads sald 29.00 per unit Sales commissions 9.50% per dollar of sales 10 11 Administrative salaries 45,000.00 per quarter 12 Rent expense 27,000.00 per quarter 13 Depreciation expense 36,000.00 per quarter 14 15 Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost aver the last eight quarters are: 16 Tatal Shipping Cost 67,000.00 94,000.00 17 fear 1 Units 12,500 21,000 18 Quarter 1 Quarter2 19 Quarter 3 Quarter 4 20 89,800.00 13.800 21 92,600.00 20,000 22 fear 2 Quarter 1 72,500.00 13,700 23 24 Quarter2 80,000.00 14,000 25 Quarter 3 84,000.00 14,300 26 Quarter 4 100,000.00 22,500 27 28 Jse the data to answer the following. 29 30 L. Using the high-low methad, determine a cost formula for shipping expenses. 31
Transcribed Image Text:Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "=84" was entered, the formula would output the result from cell B4. or 17.000 in this example. • Basle Math funetlons: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: (plus sign to add). - (minus sign to subtract). * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell "=B19+B20" was entered, the formula would add the values from those cells and output the result, or 183,.800 in this example. If using the other math symbols the result would output an appropriate answer for its function. • SUM functlon: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell "=SUM(C18.C19.C20)" was entered, the formula would output the result of adding those three separate cells, or 47,300 in this example. Similarly, if in a blank cell "=SUM(C18:C20)" was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 47,300 in this example. 国日。 High-Low Method; Contribution Format Income Statement - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri -11 -A A Paste BIU- Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Clipboard Font Styles A1 fe To aid in planning, Jay Corporation is preparing a contribution format income D G H To aid in planning, Jay Corporatian is preparinga contribution format income statement. 2 3 Budgeted information for Quarter 1 of Year 3: 4 Sales in units 17,000 5 Sales price per unit 48.00 7 After analyzing expenses, the company has determined the following cost patterns. Cast of gaads sald 29.00 per unit Sales commissions 9.50% per dollar of sales 10 11 Administrative salaries 45,000.00 per quarter 12 Rent expense 27,000.00 per quarter 13 Depreciation expense 36,000.00 per quarter 14 15 Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost aver the last eight quarters are: 16 Tatal Shipping Cost 67,000.00 94,000.00 17 fear 1 Units 12,500 21,000 18 Quarter 1 Quarter2 19 Quarter 3 Quarter 4 20 89,800.00 13.800 21 92,600.00 20,000 22 fear 2 Quarter 1 72,500.00 13,700 23 24 Quarter2 80,000.00 14,000 25 Quarter 3 84,000.00 14,300 26 Quarter 4 100,000.00 22,500 27 28 Jse the data to answer the following. 29 30 L. Using the high-low methad, determine a cost formula for shipping expenses. 31
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost estimation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS