Which enhancing quality best describes the business scenario below? Target Corporation issues its quarterly (10Q) report immediately after each quarter ends. Home Depot has used straight-line depreciation since it began operations General Mills and Kellogg’s both use the FIFO cost flow assumption Ford Motor Company’s annual reports are audited by certified public accountants.
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- Which enhancing quality best describes the business scenario below?
- Target Corporation issues its quarterly (10Q) report immediately after each quarter ends.
- Home Depot has used straight-line
depreciation since it began operations
- General Mills and Kellogg’s both use the FIFO cost flow assumption
- Ford Motor Company’s annual reports are audited by certified public accountants.
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- AJ Manufacturing Company incurred $58,000 of fixed product cost and $46,400 of variable product cost during its first year of operation. Also during its first year, AJ incurred $18,400 of fixed and $14,600 of variable selling and administrative costs. The company sold all of the units it produced for $192,000. Required a. Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). b. Prepare an income statement using the contribution margin approach. Complete this question by entering your answers in the tabs below. Required A Required B Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). AJ MANUFACTURING COMPANY Income Statement Required A Required B >As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant. Henderson Manufacturing CompanyBalance SheetAt December 31, 2021($ in 000s) Assets Current assets: Cash $ 1,600 Accounts receivable 4,200 Allowance for uncollectible accounts (700 ) Finished goods inventory 6,000 Prepaid expenses 2,900 Total current assets 14,000 Long-term assets: Investments 2,500 Raw materials and work in process inventory 3,400 Equipment 17,000 Accumulated depreciation—equipment (8,500 ) Franchise ? Total assets $ ? Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 6,700 Notes payable 13,000 Interest payable—note 300 Deferred revenue 3,000 Total current liabilities 23,000 Long-term liabilities:…Biddle Company uses EVA to evaluate the performance of division managers. For the Wallace Division, after-tax divisional income was $635,000 in year 3. The company adjusts the after-tax income for advertising expenses. First, it adds the annual advertising expenses back to after-tax divisional income. Second, the company managers believe that advertising has a three-year positive effect on the sale of the company's products, so it amortizes advertising over three years. Advertising expenses in year 1 will be expensed 50 percent, 35 percent in year 2, and 15 percent in year 3. Advertising expenses in year 2 will be expensed 50 percent, 35 percent in year 3, and 15 percent in year 4. Advertising expenses in year 3 will be amortized 50 percent, 35 percent in year 4, and 15 percent in year 5. Third, unamortized advertising expenses become part of the divisional investment in the EVA calculations. Wallace Division incurred advertising expenses of $164,000 in year 1 and $314,000 in year 2.…
- For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. At the end of the year, Willie Green, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income Required: 2012 $1,500,000 510,000 $990,000 $270,000 180,000 $450,000 $540,000 60,000 $600,000 450,000 $150,000 20Y1 $1,250,000 475,000 $775,000 $200,000 156,250 $356,250 $418,750 50,000 $468,750 375,000 $93,750 Required: Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round to one decimal place. Enter all amounts as positive numbers.Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an accounting intern, who has asked for your guidance on how to prepare an income statement format that will be distributed to management. Subtotals and totals are included in the information, but you will need to calculate the values. Pretax income ? Gross profit ? Allocated costs (uncontrollable) $2,040 Labor expense 41,580 Sales 190,000 Research and development (uncontrollable) 310 Depreciation expense 17,000 Net income/(loss) ? Cost of goods sold 119,700 Selling expense 1,260 Total expenses ? Marketing costs (uncontrollable) 790 Administrative expense 690 Income tax expense (21% of pretax income) ? Other expenses 330 A. Prepare the income statement to include all costs, but separate out uncontrollable costs using the above information. Round your answers to the nearest dollar. BDS Enterprises Income Statement For the Year Ended December…Please help me
- Umair Company is a manufacturing of computers. Its controller resigned in October 2019. An inexperienced assistant accountant has prepared the following income statement for the month of October 2019. UMAIR COMPANY Income statement For the Month Ended October 31,2019 Sales (net) $390,00 Less: Operating expenses Raw materials purchases $ 132,000 Direct labor cost 95,000 Advertising expense 45,000 Selling and administrative salaries 37,500 Rent on factory facilities 30,000 Depreciation on sales equipment 22,500 Depreciation on factory equipment 15,500 Indirect labor cost 14,000 Utilities expense 6,000 insurance expense 4,000 401,500 Net loss -$11,500 Prior to October 2019 the company had been profitable every month. The company’s president…Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an accounting intern, who has asked for your guidance on how to prepare an income statement format that will be distributed to management. Subtotals and totals are included in the information, but you will need to calculate the values. Pretax income ? Gross profit ? Allocated costs (uncontrollable) $2,030 Labor expense 41,580 Sales 190,000 Research and development (uncontrollable) 310 Depreciation expense 18,000 Net income/(loss) ? Cost of goods sold 119,700 Selling expense 1,260 Total expenses ? Marketing costs (uncontrollable) 800 Administrative expense 690 Income tax expense (21% of pretax income) ? Other expenses 330 Question Content Area A. Prepare the income statement using the above information. Round your answers to the nearest dollar. BDS EnterprisesIncome StatementFor the Year Ended Dec. 31, 20xx $Sales Cost of Goods Sold…Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an accounting intern, who has asked for your guidance on how to prepare an income statement format that will be distributed to management. Subtotals and totals are included in the information, but you will need to calculate the values. Pretax income ? Gross profit ? Allocated costs (uncontrollable) $2,040 Labor expense 41,570 Sales 188,000 Research and development (uncontrollable) 315 Depreciation expense 18,000 Net income/(loss) ? Cost of goods sold 118,440 Selling expense 1,250 Total expenses Marketing costs (uncontrollable) 780 Administrative expense 690 Income tax expense (21% of pretax income) ? Other expenses 320 A. Prepare the income statement to include all costs, but separate out uncontrollable costs using the above information. Round your answers to the nearest dollar. BDS Enterprises Income Statement For the Year Ended December 31, 20xx Controllable Expenses: Total Controllable…
- Charles Berkle is the manager of Nogain Manufacturing and is interested in doing a cost of quality analysis. The following cost and revenue data are available for the most recent year ended December 31: Sales revenue Cost of goods sold Warranty expense Inspection costs Scrap and rework Product returns due to defects Depreciation expense Machine maintenance expense Wage expense Machine breakdown costs Estimated lost sales due to poor quality $ 250,000 140,000 22,000 13,000 7,600 6,000 10,000 2,800 35,000 4,000 5,000 Required: a. Classify each of these costs into the four quality cost categories and prepare a cost of quality report for Nogain. b. What percentage of sales revenue is being spent on prevention and appraisal activities? c. What percentage of sales revenue is being spent on internal and external failure costs?Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an accounting intern, who has asked for your guidance on how to prepare an income statement format that will be distributed to management. Subtotals and totals are included in the information, but you will need to calculate the values. Pretax income ? Gross profit ? Allocated costs (uncontrollable) $2,040 Labor expense 41,580 Sales 190,000 Research and development (uncontrollable) 310 Depreciation expense 18,000 Net income/(loss) ? Cost of goods sold 119,700 Selling expense 1,260 Total expenses ? Marketing costs (uncontrollable) 780 Administrative expense 680 Income tax expense (21% of pretax income) ? Other expenses 320 A. Prepare the income statement using the above information. Round your answers to the nearest dollar. B.Calculate the profit margin, return on investment, and residual income. Assume an investment base of $100,000 and 6% cost of capital.…Tami Tyler opened Tami’s Creations, Incorporated, a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on Ms. Tyler’s personal finances. The following income statement for the first quarter was prepared by a friend who has just completed a course in managerial accounting at State University. Tami’s Creations, IncorporatedIncome StatementFor the Quarter Ended March 31 Sales (28,600 units) $ 1,144,000 Variable expenses: Variable cost of goods sold $ 437,580 Variable selling and administrative 194,480 632,060 Contribution margin 511,940 Fixed expenses: Fixed manufacturing overhead 252,800 Fixed selling and administrative 271,140 523,940 Net operating loss $ ( 12,000) Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support for a bank loan. Another friend, a CPA, insists…
