Morning Company reports the following information for March. Calculate the gross profit and operating income for March using absorption costing. Sales Revenue Variable Cost of Goods Sold $ 98,150 21,700 Fixed Cost of Goods Sold 14,200 Variable Selling and Administrative Costs 10,500 Fixed Selling and Administrative Cost 3,500
Q: Don't use Ai
A: Section 280F of the Internal Revenue Code governs the tax treatment and depreciation deductions for…
Q: I need typing clear urjent no chatgpt use i will give 5 upvotes full exolanation
A: Approach to solving the question: Time dilation:Time dilation is the phenomenon of time passing…
Q: (b) Your answer is partially correct. Flounder Co. sells $390,000 of 12% bonds on June 1, 2025. The…
A:
Q: Assume the following information for a company that produced 10,000 units and sold 9,000 units…
A: Step 1: Gross margin can be calculated by subtracting the Cost of goods sold (product cost) from the…
Q: not use ai please
A: sol)
Q: what is a good response to this post? Why must the eliminating entries be entered in the…
A: Eliminating entries are crucial in the consolidation worksheet because they ensure that any…
Q: The following financial statements are taken from the records of Karde Inc. Use horizontal analysis…
A: Given the information:Karde Inc.Balance SheetAs at April 30 20192018Current Assets…
Q: (b) Prepare the general journal entries, if any, the accountant should make at December 31, 2023.…
A: Step 1:Entries for A.DateParticularsDebitCreditDec 31 2023Retained Earnings ($1,290,000 / 15…
Q: Bank reconciliation and entriesThe cash account for Stone Systems at July 31, 20V5, indicated a…
A: 1) To prepare the bank reconciliation for Stone Systems as of July 31, 20V5: Step 1: Adjust the bank…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: The Temporal Lobe and Memory:The temporal lobe, located on the sides of the brain near the ears, is…
Q: Please provide Solutions with explanation of the question is correct option and please don't use AI…
A: Problem 1: Total Amount of Property, Plant, and Equipment on the Balance SheetThe question asks for…
Q: None
A:
Q: You work in the mergers and acquisitions department of a large conglomerate who is looking to invest…
A: First, we need to calculate the ratios for each company. The formulas for the ratios are as…
Q: Please solve this question
A: If you have any problem let me know in comment box.
Q: None
A: Step 1: Define Salary Payable:Salary payable is a current liability account that records the total…
Q: None
A: Treasury stocks are stocks that were previously issued by the company and are now being repurchased…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: For the Bayer Company:The average age of accounts receivable is 60 days.The average age of accounts…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: The Dividend Growth Model is a valuation model that calculates the fair value of a stock by assuming…
Q: None
A: Explanation of Unlevered Firm:An unlevered firm is a company that does not have any debt in its…
Q: am.100.
A: Preparation of variance analysis report as follows:Resultant values:
Q: Calculate the net income and cash flows from operating activities and accruals for each of the…
A: In order to find the net income and cash flows from operating activities and accruals for the…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Step 1:Selling expenses are the expenses incurred in selling of goods. Selling expenses incurred…
Q: not use ai please
A: Importance of Workforce Engagement in Operations Management Workforce engagement is vital in…
Q: not use ai please
A: Answer:Req. A1 Req. A2 Step by step solution:
Q: ABC Healthcare purchases a long term asset for $750,000.00 with an estimated life of 7 years and a…
A: The formula for straight line depreciation is: (Cost of Asset - Scrap Value) / Useful Life of Asset.…
Q: 2 Identifying alternatives and selecting the best among them is part of which of the following…
A: Among the actions that are performed by managers in businesses, decision making is an essential…
Q: Minibikes, Inc. identified the following selected transactions that occurred during the year ended…
A: How to compute non-cash investing and financing activities for a company: Step 1: Identify non-cash…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Inventory and Purchases:Beginning Inventory: 305 units @ $85/unitFeb. 10: Purchased 220 units @…
Q: Stuart Corporation makes custom - order furniture to meet the needs of persons with disabilities. On…
A: let's break down the solution step-by-step to make it clear.Understanding the ProblemStuart…
Q: Need answer
A: Detailed explanation:Given : Sales $ 36,000,000Gross Profit Margin 30%Average Inventory $…
Q: not use ai please
A: To calculate the interest rate at which the investment would break even, we need to find the rate at…
Q: The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given…
A: Step 1:Computation of cash inflows from customers: ($ in thousands)*balancing figure Note: Assume…
Q: Tuke Enterprises provides you with the following information concerning their budget and actual…
A: table compares Tuke enterprises' static, flexible,and actual budgets. It highlights variances in…
Q: Need help with this Question please
A: a) Equity MultiplierThe equity multiplier is given by:= 1 + debt-equity ratio= 1 + 0.80= 1.80b)…
Q: Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the…
A: 1. Calculate the straight-line depreciation rate:The straight-line rate is 1/ Useful lifeThe useful…
Q: Out the Box (Pty) Ltd (Out the Box) specialises in eco-friendly packaging solutions and is not…
A: Starting Point: Initial Taxable IncomeInitial Taxable Income: R800,000 1. Leasehold ImprovementsOut…
Q: Pension data for Sterling Properties include the following: Service cost, 2024 Projected benefit…
A: Step 1: Understanding the Components Pension costs typically include several key components. For…
Q: None
A: Hello, Student. Below are the guidelines and formula in answering your requirement. Let me know if…
Q: The allowance for doubtful accounts is a contra - asset account that represents the estimated…
A: The allowance for doubtful accounts is indeed a contra-asset account used to estimate and account…
Q: Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its…
A: Step 1: Calculation of Ending Inventory at retail The formula in calculating ending inventory at…
Q: The condensed statements of Independent Auto Inc. follow: Independent Auto Inc. Income Statement…
A: Detailed explanation:Current ratio measures the company's ability to pay off its current liabilities…
Q: which of the following may be revoked by the board of directors after it has been declared? a) A…
A: Once a cash dividend is declared by the board of directors, it becomes a liability of the…
Q: Provide solution don't use AI
A:
Q: B2B Company is considering the purchase of equipment that would allow the company to add a new…
A: The Net Present Value (NPV) is a financial metric used to evaluate an investment's profitability. It…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: Net present value(NPV) of the investment is $216,727.41 ,indicating that the project's return…
Q: Bramble Company reported net income of $298,900 for 2022. Bramble sold equipment that cost $122,000…
A: Approach to solving the question: Detailed explanation: Examples: Key references:
Q: It takes Boeing 28,718 hours to produce the eighth 787 jet. The learning factor is 75%. Time…
A: Step 1: Step 2: Step 3: Step 4:
Q: The income statement for Google (ticker: GOOG) is provided below. Revenues Cost of revenues 66,001…
A: multiply income from operations by (1 -taxrate). Here ,NOPAT = 16,496 *(1- 0.37)= 10,392.48. given…
Q: A retailer pays $190,000 rent each year for its two-story building. Space in this building is…
A: To determine the rent expense allocated to each department based on the square footage occupied…
Q: I need answer typing clear urjent no chatgpt used i will give upvotes full explanation
A: The correct option is : b) fan coil Reason : This option is correct because a fan coil unit (FCU) is…
Step by step
Solved in 2 steps
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month: Last month, 4,000 units were produced and sold. Required: 1. Classify each of the costs as product cost or period cost. 2. What is the total product cost for last month? 3. What is the unit product cost for last month?Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: a. Prepare a cost of goods manufactured statement for March. b. Determine the cost of goods sold for March.
- Salespersons report and analysis Walthman Industries Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons during the year ended December 31 are as follows: Instructions 1. Prepare a table indicating contribution margin, variable cost of goods sold as a percent of sales, variable selling expenses as a percent of sales, and contribution margin ratio by salesperson. (Round whole percent to one digit after decimal point.) 2. Which salesperson generated the highest contribution margin ratio for the year and why? 3. Briefly list factors other than contribution margin that should be considered in evaluating the performance of salespersons.Using the information in the previous exercises about Marleys Manufacturing, determine the operating income for department B, assuming department A sold department B 1,000 units during the month and department A reduces the selling price to the market price.Income Statements under Absorption and Variable Costing In the coming year, Kalling Company expects to sell 28,700 units at 32 each. Kallings controller provided the following information for the coming year: Required: 1. Calculate the cost of one unit of product under absorption costing. 2. Calculate the cost of one unit of product under variable costing. 3. Calculate operating income under absorption costing for next year. 4. Calculate operating income under variable costing for next year.
- On March 31, the end of the first month of operations, Barnard Inc. manufactured 15,000 units and sold 12,000 units. The following income statement was prepared, based on the variable costing concept: Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the absorption costing concept.Cost of goods sold, profit margin, and net income for a manufacturing company The following information is available for Bandera Manufacturing Company for the month ending January 31: For the month ended January 31, determine Bandera Manufacturings (A) cost of goods sold, (B) gross profit, and (C) net income.West Island distributes a single product. The companys sales and expenses for the month of June are shown. Using the information presented, answer these questions: A. What is the break-even point in units sold and dollar sales? B. What is the total contribution margin at the break-even point? C. If West Island wants to earn a profit of $21,000, how many units would they have to sell? D. Prepare a contribution margin income statement that reflects sales necessary to achieve the target profit.
- The following data were adapted from a recent income statement of Caterpillar Inc. (CAT) for the year ended December 31: Assume that 8,500 million of cost of goods sold and 4,000 million of selling, administrative, and other expenses were fixed costs. Inventories at the beginning and end of the year were as follows: Also, assume that 30% of the beginning and ending inventories were fixed costs. a. Prepare an income statement according to the variable costing concept for Caterpillar Inc. Round numbers to nearest million. b. Explain the difference between the amount of operating income reported under the absorption costing and variable costing concepts. Round numbers to nearest million.Customers as a Cost Object Morrisom National Bank has requested an analysis of checking account profitability by customer type. Customers are categorized according to the size of their account: low balances, medium balances, and high balances. The activities associated with the three different customer categories and their associated annual costs are as follows: Additional data concerning the usage of the activities by the various customers are also provided: Required: (Note: Round answers to two decimal places.) 1. Calculate a cost per account per year by dividing the total cost of processing and maintaining checking accounts by the total number of accounts. What is the average fee per month that the bank should charge to cover the costs incurred because of checking accounts? 2. Calculate a cost per account by customer category by using activity rates. 3. Currently, the bank offers free checking to all of its customers. The interest revenues average 90 per account; however, the interest revenues earned per account by category are 80, 100, and 165 for the low-, medium-, and high-balance accounts, respectively. Calculate the average profit per account (average revenue minus average cost from Requirement 1). Then calculate the profit per account by using the revenue per customer type and the unit cost per customer type calculated in Requirement 2. 4. CONCEPTUAL CONNECTION After the analysis in Requirement 3, a vice president recommended eliminating the free checking feature for low-balance customers. The bank president expressed reluctance to do so, arguing that the low-balance customers more than made up for the loss through cross-sales. He presented a survey that showed that 50% of the customers would switch banks if a checking fee were imposed. Explain how you could verify the presidents argument by using ABC.Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: The costs that Byford had to account for during the month of November were as follows: Required: 1. Using the weighted average method, determine unit cost. 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? 3. CONCEPTUAL CONNECTION Bill Johnson, the manager of Byford, is considering switching from weighted average to FIFO. Explain the key differences between the two approaches and make a recommendation to Bill about which method should be used.