3 Simplifying the ABC System: TDABCGolding Bank provided the following data about its resources and activities for its checking account process:Time per Unitof ActivityResourcesSupervisionPhone and suppliesSalariesComputerTotalRequired:$70,000 Processing accounts90,000 Issuing statements275,000 Processing transactions25,000 Answering customer inquiries$460,000At practical capacity, Golding uses 25,000 check processing hours.$XActivities3.681.840.92Calculate the activity rates for the four activities. Round your answers to the nearest cent.Processing accountsIssuing statements2.76Driverper accountNo. of accountsper statementNo. of statementsNo. of transactionsNo. of inquiries1. Calculate the capacity cost rate for the checking account process. Round your answers to the nearest cent.per hour18.40.20 hr.0.10 hr.0.05 hr.0.15 hr.TraditionalAccount2,00060,000160,0001,500Interest-BearingAccount1,00010,000120,000Processing transactionsper transactionAnswering inquiriesper inquiry2. Assuming there are 2,000 interest-bearing checking accounts, calculate the cost per account using the activity rates from Requirement 1. Round your answers to the nearestcent.Unit cost $1,500

ABC System -ABC system refers to the cost allocation to cost units based on benefits obtained from…

Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Resources Supervision Phone and supplies Salaries Computer Total Activities $70,000 Processing accounts 90,000 Issuing statements 275,000 Processing transactions 25,000 Answering customer inquiries $460,000 At practical capacity, Golding uses 25,000 check processing hours. Driver No. of accounts No. of statements No. of transactions No. of inquiries Time per Unit Traditional Interest-Bearing of Activity Account Account 0.20 hr. 0.10 hr. 0.05 hr. 0.15 hr. 2,000 60,000 160,000 1,500 1,000 10,000 120,000 1,500

Simplifying the ABC System: TDABC Golding Bank provided the following data about its resources and activities for its checking account process: Resources Supervision Phone and supplies Salaries Computer Total Activities $70,000 Processing accounts 90,000 Issuing statements 275,000 Processing transactions 25,000 Answering customer inquiries $460,000 At practical capacity, Golding uses 25,000 check processing hours. Driver No. of accounts No. of statements No. of transactions No. of inquiries Time per Unit Traditional Interest-Bearing of Activity Account Account 0.20 hr. 0.10 hr. 0.05 hr. 0.15 hr. 2,000 60,000 160,000 1,500 1,000 10,000 120,000 1,500

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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Use the following information for questions 2-9 Category 2016 2017 34,500 37,500 96,000 102,000 13,500 11,250 187,500 204,000 6,000 16,800 10,500 11,550 109,500 144,000 18,000 19,500 13,500 13,800 93,000 96,000 112,500 116,250 315,000 ??? 49,500 54,000 42,000 52,500 102,000 114,000 213,000 282,000 8,250 15,750 Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock @ par value COGS Depreciation expense Interest expense Inventories Long-term debt Net fixed assets Notes payable Operating expenses (excl. depr.) Retained earnings Sales Taxes Gross fixed assets in 2017 1) increased by $38,250 O2) decreased by $52,650 3) increased by $50,250 4) increased by $49,250 5) decreased by $72,650 compared to 2016.