The Payroll Department provides services for several plants in the city of Yee Haw Junction. The PayrollDepartment's budget is $44,000, and it issues 4,400 checks every other week. The lighting plant has1,400 employees. How much should be applied to the lighting plant from the Payroll Department forits services?a. $14,000b. $9,000c. Cannot be determined with the information given.d. $4,400Which of the following describes responsibility accounting?1000a. The process of measuring and reporting financial data by responsibility centerb. The process of measuring and reporting operating data by responsibility centerd bluesofc. The process of measuring and reporting customer data by responsibility centerd. The process of measuring and reporting operating data by manager's area of expertise02A manager in a profit center has responsibility for all of the following EXCEPTa. salaries expense.b. fixed assets.c. revenues.d. materials.cot validien ogas and 12019AA cost center manager would only make decisions about which of the following?a. The amount of fixed assetsb. Salesc. Investments for the centerd. The costs of improperly trained employeesI bozu ad aziz gnl olla selj to doidw1931100 916A

1. Allocation to the Lighting Plant:The Payroll Department's budget is $44,000, and it issues 4,400…

Answered: The Payroll Department provides…

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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Imagine you have purchased an equipment today for P price. After N years of service you put it on Kijiji to be taken for free. Based on this scenario, which depreciation model shows 100% depreciation in the first year of the service life of this equipment? O Declining Balance O Double Declining Balance O SOYD O 150% Declining Balance O None of the given answers
Banc Corporation Trust is considering either a bank-wide overhead rate or department overhead rates to allocate $396,000 of indirect costs. The bank-wide rate could be based on either direct labor-hours (DLH) or the number of loans processed. The departmental rates would be based on direct labor-hours for Consumer Loans and a dual rate based on direct labor-hours and the number of loans processed for Commercial Loans. The following information was gathered for the upcoming period: Department Consumer DLH 16,000 9,000 Loans Processed Direct Costs 700 300 $ 280,000 $ 180,000 Commercial If Banc Corporation Trust uses a bank-wide rate based on the number of loans processed, what would be the total costs for the Consumer Department? Multiple Choice О $254,000 О $280,000 O O $576,000 $557,200 G A
Munoz Air is a large airline company that pays a customer relations representative $3,900 per month. The representative, who processed 1,180 customer complaints in January and 1,370 complaints in February, is expected to process 23,400 customer complaints during the year.Required Determine the total cost of processing customer complaints in January and in February.
6.Cabinaire Inc. is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it assembles filing cabinets in an Assembly Department. Assume the following information for the Assembly Department: Direct labor per filing cabinet 30 minutes Supervisor salaries $111,000 per month Depreciation $24,000 per month Direct labor rate $12 per hour Prepare a flexible budget for 10,000, 13,000, and 15,000 filing cabinets for the month ending February 28 in the Assembly Department similar to Exhibit 5. Round your final answers to the whole dollar, if required. Cabinaire Inc. Assembly Department Budget For the Month Ending February 28 (assumed data) Units of production 10,000 13,000 15,000 Variable cost: Direct labor $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 Total variable cost $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 Fixed cost: Supervisor salaries $fill in the…
PwC, a local accounting firm, employs 25 full-time tax professionals. The budgeted annual compensation per employee is $50,000. The average chargeable time per client annually is 380 hours. Indirect costs are allocated according to professional labor-hours. Budgeted indirect costs for the year are $521,000 and the firm expects to have 80 clients during the coming year. Required: a) What is the budgeted indirect cost rate per hour? b) If 8 clients leave and the workforce stays at 25 employees, what is PwC's new indirect cost rate per hour?
Express Delivery Company (EDC) is considering outsourcing its Payroll Department to a payroll processing company for an annual fee of $223,200. An internally prepared report summarizes the Payroll Department’s annual operating costs as follows: Supplies $ 33,200 Payroll clerks’ salaries 123,200 Payroll supervisor’s salary 61,200 Payroll employee training expenses 13,200 Depreciation of equipment 23,200 Allocated share of common building operating costs 18,200 Allocated share of common administrative overhead 31,200 Total annual operating cost $ 303,400 EDC currently rents overflow office space for $39,200 per year. If the company closes its Payroll Department, the employees occupying the rented office space could be brought in-house and the lease agreement on the rented space could be terminated with no penalty. If the Payroll Department is outsourced the payroll clerks will not be retained; however, the supervisor would be transferred to the company’s Human…
Kirnon Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $300 per month plus $114 per job plus $16 per meal. A typical job involves serving a number of meals to guests at a corporate function or at a host's home. The company expected its activity in October to be 27 jobs and 224 meals, but the actual activity was 29 jobs and 227 meals. The actual cost for catering supplies in October was $7,500. The activity variance for catering supplies in October would be closest to: Multiple Choice A. $276 F B. $276 U C. $538 U D. $538 F
Merton Electronics operates two retail outlets in Port Wren, one downtown and the other in Docklands. The stores share the use of a corporate staff responsible for functions such as personnel, IT, marketing, purchasing, and so on. The cost of the corporate activities for last year was $162,000. The following are the operating results for the two stores for the year: Downtown Docklands Sales revenue $ 720,000 $ 900,000 Number of employees 45 30 Required: Allocate the cost of the corporate activities to the two stores based on: Number of employees. store revenue.
Firm XYZ sells calculators. It operates in a plant worth $1,000,000 and maintains production equipment worth $3,000,000. Currently, it has 225,000 calculators in reserved inventory that it plans to sell next month to retail stores for $50 each. Its board of directors has $1.62 million in government bonds and $105,000 in savings for use as payroll and emergency funds. In addition, XYZ employs several workers whose collective worth in terms of skill and knowledge is equal to $305,000. The capital stock of firm XYZ is S. (Enter your response rounded to the nearest dollar.)
Hughes Payroll and Clerical Services (HPCS) provides payroll, bookkeeping, and other services to small businesses. HPCS financial records show the following costs for last quarter (QTR 1): Supplies Employee costs Total administration $ 14,000 1,015,000 455,000 HPCS recorded 4,375 billable hours in QTR 1 and fixed administrative cost was $245,000. Assuming no change in billable hours in the next quarter (QTR 2), supplies costs are expected to increase by 5 percent. Direct labor costs are expected to increase by 12 percent. Variable administration per billable hour is expected to remain the same, but fixed administration cost is expected to decrease by 7 percent. Required: a. HPCS expects to bill 5,425 hours next quarter. What are the estimated direct materials, direct labor, variable overhead, and fixed overhead costs for next quarter (QTR 2)? b. Determine the total costs per billable hour for QTR 1 and QTR 2. Complete this question by entering your answers in the tabs below. Required A…
Banc Corporation Trust is considering either a bank-wide overhead rate or department overhead rates to allocate $398,000 of indirect costs. The bank-wide rate could be based on either direct labor-hours (DLH) or the number of loans processed. The departmental rates would be based on direct labor-hours for Consumer Loans and a dual rate based on direct labor-hours and the number of loans processed for Commercial Loans. The following information was gathered for the upcoming period: Department Consumer Commercial Multiple Choice O How much of the $398,000 indirect costs should be allocated to the Consumer Department, if Banc Corporation Trust uses a bank-wide rate based on the number of loans processed? Note: Round the bank-wide rate to the nearest dollar. O O $298,000 $298.500 $290,000 DLH 18,000 6,000 $108,000 Loans Processed 750 250 Direct Costs $ 290,000 $ 170,000

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