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- Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours 9.2 kilos Direct materials Direct labor. 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August Actual output Raw materials used in production Purchases of raw materials. Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost Multiple Choice Standard Price or Rate $ 6.70 per kilo $ 27.00 per hour $ 6.70 per hour 3,900 units 29,730 kilos 32,300 kilos 1,130 hours $ 202,920 $ 23,436 $ 8,240 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for August is:Irving Corporation makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit $14.00 per hour $ 5.00 per hour $ 4.20 $ 1.50 Direct labor 0.3 hours Variable overhead 0.3 hours In November the company's budgeted production was 5,300 units, but the actual production was 5,100 units. The company used 1,650 direct labor-hours to produce this output. The actual variable overhead cost was $7,590. The company applies variable overhead on the basis of direct labor-hours. The variable overhead rate variance for November is:The most recent financial statements for Live Co. are shown here: Income Statement Sales Costs Taxable $15,000 income 9,000 Current assets Fixed -assets $6,000 Total Taxes (33%) 1,980 Net income $4,020 Balance Sheet $32,345 Debt 22,633 Equity $31,878 23,100 $54,978 Total $54,978 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 percent dividend payout ratio. No external equity financing is possible. Required: What is the sustainable growth rate? (Do not round your intermediate calculations.)
- Multiple Choice 21,200. 22,200. 25,500. 26,500.Data for January for Bondi Corporation and its two major business segments, North and South, appear below: Sales revenues, North Variable expenses, North Traceable fixed expenses, North Sales revenues, South Variable expenses, South Traceable fixed expenses, South $ 673,000 $ 390,600 $ 80,600 $ 520,300 $ 296,900 $ 67,400 In addition, common fixed expenses totaled $182,700 and were allocated as follows: $94,900 to the North business segment and $87,800 to the South business segment. A properly constructed segmented income statement in a contribution format would show that the segment margin of the North business segment is:Multiple Choice $26.75 $12.80 $30.05 $24.50
- Clothing Company has two service departments-purchasing and maintenance, and two production departments-fabrication and assembly. The distribution of each service department's efforts to the other departments is shown below: FROM Purchasing Maintenance Purchasing Purchasing Maintenance Fabrication. Assembly TO ex Maintenance: 55% 0% Fabrication 30% 50% The direct operating costs of the departments (including both variable and fixed costs) were as follows: $ 126,000 48,000 102,000 78,000 Assembly 15% 15% The total cost accumulated in the fabrication department using the direct method is (calculate all ratios and percentages to 4 decimal places, for example 33,3333%, and round all dollar amounts to the nearest whole dollar):Fairmount Inc., uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $3,200 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, Year 1. This analysis disclosed the following information: Multiple Choice Not yet due 1-30 days past due 31-60 past due What is the appropriate balance for Fairmount's Allowance for Doubtful Accounts at December 31, Year 1? $5,160 Age Group Total $ 92,000 $ 40,000 $ 33,000 $3,560 Percentage Considered Uncollectible. 18 49 89Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail Мay 1 Beginning inventory 182 units @ $10 = $1,820 May 5 Purchase 252 units @ $12 = $3,024 Мay 10 Sales 172 units @ $20 May 15 May 24 Purchase 132 units @ $13 = $1,716 Sales 122 units @ $21
- Griffin's Goat Farm, Incorporated, has sales of $694,000, costs of $355,000, depreciation expense of $55,000, interest expense of $28,000, and a tax rate of 21 percent. What is the net income for this firm? Multiple Choice O $110,260 $230,240 $285,240 $202,240Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 6.00 per kilo $ 20.00 per hour $ 6.00 per hour Direct materials 8.5 kilos Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units Raw materials used in production 29,030 kilos Purchases of raw materials 31,600 kilos Actual direct labor-hours 1,160 hours $ 195,920 $ 22,736 $ 7,540 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for August is:The tax rates are as shown below: Taxable Income $0-50,000 50,00175,000 75,001 100,000 100,001 335,000 Tax Rate 158 25% 34% 39% Your firm currently has taxable income of $81,500. How much additional tax will you owe if you increase your taxable income by $22,700?
