What would be the likely result of management's analysis of the report? Month March CREDE COMPANY Selling Expense Report For the Quarter Ending March 31 By Month Budget January $30,000 $31,200 February $35,000 $34,525 $40,000 $46,000 Actual Difference Budget $1,200 U $30,000 $475 F $65,000 $6,000 U $105,000 Year-to-Date Actual $31,200 $65,725 $111,725 Difference $1,200 U $725 U $6,725 U

What would be the likely result of management's analysis of the report? Month March CREDE COMPANY Selling Expense Report For the Quarter Ending March 31 By Month Budget January $30,000 $31,200 February $35,000 $34,525 $40,000 $46,000 Actual Difference Budget $1,200 U $30,000 $475 F $65,000 $6,000 U $105,000 Year-to-Date Actual $31,200 $65,725 $111,725 Difference $1,200 U $725 U $6,725 U

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Description: Subject:- account What would be the likely result of management's analysis of the report?MonthCREDE COMPANYSelling Expense ReportFor the Quarter Ending March 31By MonthBudgetJanuary $30,000 $31,200February $35,000$34,525March$40,000$46,000ActualDiffe

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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Suresh Company reports the following segment (department) income results for the year. Department M Department N Department 0 Department P $ 82,000 $ 44,000 $ 78,000 $ 65,000 Sales Expenses Avoidable Unavoidable Total expenses Income (loss) Department Department M Department N Department O Department P Department T 17,300 45,400 57,800 21,600 75, 100 67,000 $ 6,900 $ (23,000) Decision 18,000 5,700 23,700 $ 54,300 21,500 54,300 75,800 $ (10,800) Department T $ 43,000 51,300 20,300 71, 600 $ (28,600) Total $ 312,000 a. If the company plans to eliminate departments that have sales less than avoidable costs, which department(s) would be eliminated? 153,500 159, 700 313, 200 $ (1,200)
The information provided below was taken from the records of Chotoo Projects for the financialyear ended 31 May 2020.Extract of statement of comprehensive income for the year ended 31 May 2020RRevenue 480 000Direct costs 240 000Rent income 150 000Advertising 4 800Salaries and wages 90 000Rates and taxes 1 200Other operating expenses 80 000Additional information1. Revenue is calculated as direct cost plus 25%.2. Revenue is divided equally each month. Revenue is expected to increase by 18% for thefinancial year ending 31 May 2021.POSTGRADUATE DIPLOMA IN PROJECT MANAGEMENT – ACADEMIC AND ASSESSMENT CALENDARREGENT BUSINESS SCHOOL (RBS) January 2021 173. Fifty percent (50%) of the revenue is for cash and the balance is on credit. Debtorsnormally pay their accounts as follows:• 40% in the month of the invoice, and these debtors are entitled toa 5% discount;• 55% one month after the invoice;The balance is usually written off as bad debts.4. Purchases for June and July are expected to be 30…
20. The following is a summarized income statement of CoolKid Co.'s profit center No. 44 for March: Contribution margin Period expenses: P70,000 Manager's salary Facility depreciation Corporate expense allocation Profit center income P20,000 8,000 (33,000) P37.000 5,000 Which of the following amounts is most likely subject to the control of the profit center's manager? А. P70.000 P50,000 C. P37,000 D. P33,000 B,
Question 2. Underwritten profit.From company records you ascertain that at the end of the year, you are given thefollowing data.1. the accounting department had unpaid claims amounting to K 4, 000.00,2. claims amounting to K 10,000.00 was paid the accounting department during theperiod.3. in the claims underwriting department, the monthly report for the final month of theaccounting period shows that the claims that were waiting for claims to be settledamounted to K 2,400.00 of which claims amounting to K 1,400 had not beenagreed with loss adjusters and clients.4. The Claims Manager had included a contingent amount of expected loss notbrought to the attention of the Insurer amounting to K 2, 100.00.5. You are further informed that underwriting expense reserves for unearnedpremium which stood at K6, 0006. Written premiums were 15% higher than Earned Premiums.7. Earned premiums (are those premiums for which the service for which thepremiums were paid (insurance protection) has been…
On January 1 2020, South by Southwest Company used least squares regression analysis to estimate the total monthly payroll department cost of the company in 2020. The followings are the output from the regression analysis based on the observation of the payroll department cost( dependent variable) and the labor hours worked ( independent variable) for the last 20 months: Constant $18,000 r2 0.8924 X coefficient(s) $ 2.55 Required: BASED ON THE OUTPUT FROM THE REGRESSION ANALYSIS a. What is the total estimated fixed payroll department cost? b. What is the variable payroll department cost per labor hour? c. What is the estimate cost function of the payroll department cost? d. What is the coefficient of determination? Comment on the goodness of fit of the cost function? Plzz give all the ans
Solaris Corporation prepared the following estimates for the four quarters of the current year: Sales Accounts Cost of goods sold Administrative costs Advertising costs Executive bonuses Provision for bad debts Annual maintenance costs Additional Information • • • • First Quarter Second Quarter Third Quarter Fourth Quarter $ 1,275,000 $ 1,530,000 $ 1,785,000 $ 2,040,000 434,000 514,000 500,000 280,000 584,000 285,000 634,000 295,000 0 140,000 0 0 0 0 104,000 0 0 0 78,000 0 0 60,000 0 First-quarter administrative costs include the $180,000 annual insurance premium. Advertising costs paid in the second quarter relate to television advertisements that will be broadcast throughout the entire year. No special items affect income during the year. The company estimates an effective income tax rate for the year of 25 percent. Required: a. Assuming that actual results do not vary from the estimates provided, determine the amount of net income to be reported each quarter of the current year. b.…
Solaris Corporation prepared the following estimates for the four quarters of the current year: Second Quarter Third Quarter $ 2,100,000 600,000 210,000 Sales Cost of goods sold Administrative costs Advertising costs Executive bonuses Provision for bad debts Annual maintenance costs. Additional Information First Quarter $1,500,000 450,000 350,000 0 0 0 80,000 $ 1,800,000 530,000 205,000 180,000 0 0 0 0 0 0 0 Fourth Quarter $ 2,400,000 650,000 220,000 0 92,000 72,000 0 • First-quarter administrative costs include the $200,000 annual insurance premium. Advertising costs paid in the second quarter relate to television advertisements that will be broadcast throughout the entire year. • No special items affect income during the year. • The company estimates an effective income tax rate for the year of 25 percent. a. Assuming that actual results do not vary from the estimates provided, determine the amount of net income to be reported each quarter of the current year. b. Assume that actual…
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May $158,900 $194,300 a. $122,145 b. $158,900 c. $140,523 d. $119,175 Manufacturing costs* Insurance expense** Depreciation expense Property tax expense*** *Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $990 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July, and October). ***Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of April are 990 1,940 460 990 1,940 June 460 $208,700 990 1,940 460
Required information [The following information applies to the questions displayed below.] Suresh Company reports the following segment (department) Income results for the year. Department P $ 66,000 Sales Expenses Avoidable Unavoidable Total expenses Income (loss) Department Department M Department N Department O Department P Department T Department M Department N $ 85,000 $ 45,000 Decision 17,800 58,200 76,000 $ 9,000 46,000 22,200 68,200 $ (23,200) Department O $ 79,000 19,300 5,800 25,100 $ 53,900 a. If the company plans to eliminate departments that have sales less than avoidable costs. 22,000 53,900 75,900 $ (9,900) Department T $ 39,000 52,200 21,000 73,200 $ (34,200) Total $ 314,000 157,300 161,100 318,400 $ (4,400) department(s) would be eliminated?
Lanikai Company has the following projected account balances for June 30, 2023: Accounts payable $40,000 $800,000 Accounts receivable 100,000 400,000 24,000 180,000 200,000 80,000 4,000 On Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable Required: a. 140.000 160.000 Q Search Sales Common Shares Retained earnings Cash Equipment, net Buildings, net Utilities, factory Selling expenses Maintenance, factory Prepare a budgeted income statement for the month of June 2023. Prepare a budgeted balance sheet as of June 30, 2023. IA # 56,000 240,000 400,000 16,000 60,000 28,000 Focu
Requlred Informetion The following information applies to the questions displayed below] Westerville Company reported the following results from last year's operations: $ 2,300,000 Variable expenses Contribution margin Fixed expenses 1,170,000 Net operating income 460,000 Average operating assets $ 1,437,500 At the beginning of this year, the company has a $287,500 investment opportunity with the following cost and revenue characteristics: Contribution margin ratio Fixed expenses $ 460,000 50% of sales The company's minimum required rate of return is 15%. 12. What is the residual income of this year's investment opportunity? ere to search 近。 F4 F5 F7 Eゴ 8日て」 %23 #3 $ 4. 5. 7.
Customers balance December 31, 2023 om customers e balance, March 31, 2024: cted in 2nd Ot 2024 Data table Total sales Budgeted purchases of direct matenal Budgeted direct labor cost Budgeted manufacturing overhead costs Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance experese Depreciation experie Supples expense Print Done 208.000 40,900 37,500 1,100 1.200 6,700 4,000 1,000 1,400 6.240