The Lakeshore Hotel's occupancy-days and custodial supplies expense over the last seven months were as follows: Occupancy- Days 18,500 12,900 15,600 зе, еее 27,000 18,800 15,500 Custodial Supplies Expense $ 14,220 15,500 18,280 23,900 29,100 21,190 19,250 Month March April May June July August September Occupancy-days are a measure of the overall activity at the hotel. For example, when a guest stays at the hotel for three days, it is counted as three occupancy-days. Required: 1. Using the high-low method, estimate a cost formula for custodial supplies expense. (Round the "Fixed cost" to the nearest dollar amount and "Variable cost" to 2 decimal places.) Y =

The Lakeshore Hotel's occupancy-days and custodial supplies expense over the last seven months were as follows: Occupancy- Days 18,500 12,900 15,600 зе, еее 27,000 18,800 15,500 Custodial Supplies Expense $ 14,220 15,500 18,280 23,900 29,100 21,190 19,250 Month March April May June July August September Occupancy-days are a measure of the overall activity at the hotel. For example, when a guest stays at the hotel for three days, it is counted as three occupancy-days. Required: 1. Using the high-low method, estimate a cost formula for custodial supplies expense. (Round the "Fixed cost" to the nearest dollar amount and "Variable cost" to 2 decimal places.) Y =

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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You are reviewing all customer complaints received in any one of your stores in a 12 month period. You want to know if there is a certain time of the working week in which you receive more complaints. please RANK the weekdays from the HIGHEST complaints reported to the LOWEST complaints reported for the last 8 months of the year.
Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,990. June 11 Paid $1,455 for installation of a hydraulic lift. Nov. 30 Paid $57 to change the oil and air filter. Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner's…
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The Department of Roads for a large Canadian city has several depots throughout the city where they store rock- salt. The rock-salt is used during the winter. The fiscal year starts on April 1 and ends on the following March 31. At April 1 2021, they had an inventory of 2,000 tons of rock-salt worth $800,000. The following are transactions occurred during the fiscal year:< Summer and Fall 2021: Purchased 68,000 tons at an average price of $300/ton< Months of December 2021 and January 2022: used 62,000 tons February 1 2022: purchased 40,000 tons at $505/ton Month of February 2022: used 20,000 tons March 12 2022: helped a neighbouring city that had run out of salt by giving them 20,000 tons in exchange for equipment worth $12.2 million Required: 1. Calculate the value of the rock salt in the remaining inventory at March 31 2022 based on: FIFO • Weighted average - Periodic 2. Which method of inventory valuation do you recommend they use? Explain your response.<
ded Carnegie Corp. commissions, produces, and sells books through faith-based nonprofit organizations. The books are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. Carnegie has a good historical record of the proportion of books returned, on average. On 1 June, Carnegie sold $86,000 worth of books. On 15 August, $8,600 were returned, and on 3 October, an additional $17,200 were returned. The payment for the balance owing was received on 20 December. The cost of the books is 55% of the selling price. All of the returns are put back into inventory and can be resold. Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare the appropriate journal entries that are required for the described transactions. (If no entry is required for a…
es Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $2,500. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January. Required: 1. & 2. Record (in summary form) the $2,500 in gift cards sold (keeping in mind that, in actuality, the company would record each sale of a gift card individually) and the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.) 3. Determine the balance in the Deferred Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet. Complete this question by entering your answers in the…
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am. 123.