Required:Fill in the missing amounts, labeled (a) through (o), in the table.A hotel pays the phone company $100 per month plus S.25 for each call made. During January6,000 calls were made. In February 5,000 calls were made. Required:1. Calculate the hotel's phone bills for January and February.2. Calculate the cost per phone call inJanuary and in February.

The fashion of costing is employed by companies to calculate and assess the costs associated with…

Answered: Required:Fill in the missing amounts,…

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 phone bill for Company XYZ consists of two components . A fixed monthly subscription fee of $200 and a constant calling rate of $0.5 per minute. Assume that during February Company XYZ has a total call time of 10,200 minutes how much was the total phone bill ($) for the month of February?
Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $2,450 each from the manufacturer. Marwick's Pianos Inc, sells pianos to its customer at an average price of $3,125 each. The selling and administrative costs that the company incurs in a typical month are presented below:Costs Cost FormulaSelling:Advertising $700 per monthSales salaries asnd commissions $950 per month, plus 8% of salesDelivery of pianos to customers $30 per piano soldUtilities $350 per monthDepreciation of sales facilities $800 per monthAdministrative:Executive salaries $2,500 per monthInsurance $400 per monthClerical $1,000 per month, plus $20 per piano soldDepreciation of office equipment $300 per monthDuring August, Marwick's Pianos, Inc., sold and delivered 40 pianos.Required:1. Prepare an income statement for Marwick's Pianos, Inc. for August. Use the traditional format, with costs organized by function.2. Redo (1) above, this…
Hot Tub Builders sells to three retail dealers under an agreement wherein each dealer pays monthly. The average payments are $148,500, $162,900, and $74,500 from these dealers. Each payment has a collection delay of 1.5 days. What is the amount of the average daily receipts assuming each month has 30 days?
Betsy's Gift Baskets sells gift baskets, on average, for $125; each gift basket costs, on average, $60. Betsy pays salaries each month of $1,300 and her store rent is $1,000 per month. She also pays sales commissions of 5% of the sales price. In May, 140 gift baskets were sold. Required: a. Prepare a traditional income statement for the month of May. b. Prepare a contributio
The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented for one day. The hotel's business is highly seasonal, with peaks occurring during the ski season and in the summer. Month January February March April May June July August September October November December Occupancy- Days 2,630 3,130 3,640 1,090 1,770 1,730 4,440 3,860 2,170 1,210 1,790 2,930 Electrical Costs $ 10,783 $ 12,833 $ 13,583 $ 4,469 Variable cost of electricity Fixed cost of electricity $ 7,257 $ 7,093 $ 14,854 $ 13,815 $8,897 $ 4,961 $ 7,339 $ 12,013 Required: 1. Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. Do not round your intermediate calculations. Round your Variable cost answer to 2 decimal places and Fixed cost element answer to nearest whole dollar amount.) per occupancy-day per…
Sawchuk's Home and Garden Centre in Toronto files monthly HST returns. The purchases on which it paid the HST and the sales on which it collected the HST for the last four months were as follows: (assume HST in Toronto is 13%) Month Purchases ($) Sales ($) May 176,730 313,245 Based on an HST rate of 13%, calculate the HST remittance or refund due for each month Calculate the difference between GST Collected on Sales and GST Paid on Purchases?
QuikCard processes credit card receipts for local banks. QuikCard processed 1,300,000 receipts in October. All receipts are processed the same day they are received. October costs were labor of $14,000 and overhead of $25,000. What is the cost to process 1,800 receipts? Multiple Choice $54.00 O $19.38 $38.77 O $21.67
An online business pays a web-hosting company a monthly fixed fee of £141 and a fee of £0.51 per gigabyte of data used. During the last month, the total traffic in gigabytes was 2,884. What is the total cost for the month? Rounding to the nearest whole number A) 1612 B) 141 C) 1471 D) 2884
A restaurant has 145 seats needs $60,000 to earn the annual interest payment to the bank. Its monthly fixed labor cost is $7,800 along with other annual fixed cost of $270,000. It has a guest check average of $22 and per guest average cost of $15.50. What revenue is needed to cover all costs? What average daily seat turnover will be needed, assuming the operation is closed 3 days a year?
None
Adrian's Restaurant is a 66 -seat restaurant open every day for lunch and dinner. For the month of May, it plans to tum over the restaurant 1.5 times at lunch and 2.5 times at dinner. Each server can handle 22 guests at a time. Lunch shifts are typically 4 hours and dinner shifts are typically 6 hours. Servers earn $12 per hour. Calculate the cost of server labour for lunch, dinner and in total for the month of May. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Lunch Labour Cost =$ Dinner Labour Cost =$ Total Labour Cost =$
City Suites has 32 office suites each rented for $500/month with a 15% vacancy rate. The owner has the following expenses; heat $10,700, electric $7,300, water $3,700, marketing, advertising and salaries of $92,000, insurance $5,300, mortgage interest of $27,560, property taxes 13398, and maintenance 9227. What is the property's net operating income? round answer to the nearest dollar.

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