Yuli Lu works as a commission merchant who helps businesses sell their existing office equipment, except computers. For desks, tables, chairs, and filing cabinets, Yuli charges 18% of the sales price. For printers and copiers, she charges 30%. She also deducts any delivery charges. For Harris Corp, she sold assorted furniture at $7,860 and two large copiers for $2,450 each. The total delivery charges were $318. Compute the net proceeds that would be due to Harris Corp.
Q: Cash would be _____.
A: Explanation of Book Value:The book value of an asset represents its net value in the accounting…
Q: vi.3
A: 2024:June 1 - When notes are received instead of cash, we debit notes receivable. Notes Receivable…
Q: Financial Accounting
A: Step 1: Define Return on AssetsThe profit of the company in relation to the company's assets is a…
Q: What is the VC of Sales?
A: Step 1:High-low method of accounting is used to calculate costs at the maximum and minimum levels…
Q: Direct labor Tempo Company's fixed budget (based on sales of 18,000 units) folllows. Fixed Budget…
A: Requirement 1:The variable cost per unit is computed by dividing the variable cost by the budgeted…
Q: General Accounting
A: Step 1: Define Asset Turnover RatioAsset Turnover Ratio is a financial ratio which depicts the…
Q: General Accounting
A: Step 1: Define Straight-Line DepreciationThe straight-line depreciation expense remains constant…
Q: Step by step Answer
A: Explanation of Times Interest Earned: Times Interest Earned (TIE) is a financial ratio that measures…
Q: Give me answer accounting
A: Step 1: Define Operating ExpensesThe operating expenses are reduced from the net revenue to get…
Q: Please give me answer accounting....
A: Step 1: Define Equivalent Units of ProductionIn cost accounting, the equivalent units of production…
Q: Prepare the journal entries to record interest income and interest received and recognition of fair…
A: Step 1:Bond amortization schedule (partial) using effective interest method: Calculations: Interest…
Q: The accounting record is?
A: Explanation of Total Appraised ValueThe total appraised value is the sum of the estimated market…
Q: Fancial account give me answer.....
A: Step 1: Define Gross ProfitThe first computation of the income statement is the gross profit. We…
Q: Need answer the accounting question
A: Step 1: Define Current RatioIn accounting, current ratio is the ratio of a firm's current assets to…
Q: Do fast and step by step calculation for this accounting question not use ai
A: Step 1: Define Labor CostDirect labor refers to the direct production cost, which forms part of both…
Q: General Accounting 4.5
A: Explanation of Direct Materials: Direct materials are raw materials that become an integral part of…
Q: Total Assets = ?
A: Step 1: Find the net income. (Rearrange the profit margin formula to find it)Profit margin formula:…
Q: Woheno Limited
A: 1Marginal income per unit is = Selling price per unit - Variable manufacturing cost per unit…
Q: Give true answer this accounting question
A: Step 1: Define Bank ReconciliationA bank reconciliation is an internal working paper prepared to…
Q: Can you please give me correct answer for this accounting question?
A: Step 1: Define Accumulated DepreciationAt the end of each accounting period, the depreciation…
Q: Financial accounting: the payback period method
A: Explanation of Payback Period Method: The payback period method calculates the time required to…
Q: Can you please answer this accounting question do fast?
A: Step 1: Define Cost AllocationIn a cost allocation, the company would estimate the budgeted total…
Q: I want
A: Hello student! To determine the cost of goods sold, we need to first calculate the cost of goods…
Q: What is answer?
A: Problem Breakdown: Understanding Cash DiscountsStar Mobile Store purchased phones worth $40,000. The…
Q: On January 3, 2022, Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff,…
A: Consolidation WorksheetBelow is the consolidation worksheet incorporating the consolidation…
Q: Determine ending inventory under weighted average cost.
A: Hi Student, please note that I did not round the intermediate calculations below and I rounded the…
Q: Can you answer this accounting question?
A: Step 1: Define Reconciled Balance for CashA company's reconciled balance for cash is the amount…
Q: Hi expart Provide solution these accounting question
A: Step 1: Define Average Collection PeriodThe average collection period (ACP) is also called days…
Q: Financial Accounting
A: The CAPM formula will be used here. The formula is: Expected return = risk free rate + beta*(market…
Q: General accounting Question 4 points
A: contribution is the difference between the sales price and variable costs for a specific product or…
Q: Please assistance to give step by step guidiance with explnation. QN 3 & 4
A: Question 4: MRP and Inventory ManagementThis question focuses on Material Requirements Planning…
Q: I need answer of this question general accounting
A: Step 1: Define Variance AnalysisCompanies perform variance analysis to determine the source of…
Q: Get correct answer accounting
A: The yield to maturity (YTM) for Spike's car loan was calculated based on the loan details: a $5,000…
Q: In 2024, Bratten Fitness Company made the following cash purchases: 1. The exclusive right to…
A: Step 1: Analyze Each TransactionTransaction 1:Details: Bratten Fitness purchased the exclusive right…
Q: What would the price of the stock be for black adam enterprise on these financial accounting…
A: Step 1: Define Price-Earnings RatioThe company uses the price-earnings ratio to calculate the value…
Q: I need answer of this question general accounting
A: Step 1: Define Equivalent productionIt signifies the production of a process in units completed. At…
Q: Need help with this accounting question not use chatgpt
A: Step 1: Define Long Term LiabilityLong-term liabilities are those liabilities that a company is…
Q: Give me Answer of this Question.. need correct option
A: Step 1: Detailed Definition of Gain or Loss on Disposal of an AssetThe gain or loss on disposal of…
Q: In group
A: Explanation of Book Value Accounting: Book value accounting records assets and liabilities based on…
Q: Can you please answer the financial accounting question?
A: Step 1: Define AGIIt stands for the Adjusted Gross Income.As per the Internal Revenue Service it can…
Q: What is answer to this Question
A: Explanation of Capitalized Cost: Capitalized cost represents all costs incurred to bring an asset to…
Q: What is the full cost per unit?
A: Explanation of Full Cost: Full cost represents the total expense of producing and selling a unit,…
Q: Please provide step by step solution with answers and provide an excel solution.
A: The Economic Order Quantity (EOQ) is the number of units that a company should add to inventory with…
Q: Flexible budgets have the characteristics of what?
A: Step 1:Flexible budget:It is a budget that adjusts for volume changes. It separates variable costs…
Q: Solve these general accounting issue
A: Step 1: Define Assets Turnover RatioThe return on investment for a firm can be determined by using…
Q: Use table information to answer
A: Explanation of Variable Cost: Variable cost is an expense that changes in proportion to the level of…
Q: SmartTech Electronics sells wireless earbuds at $80 per unit. The variable cost per unit is $35, and…
A: To determine the sales volume needed to achieve a target profit of $60,000 for SmartTech…
Q: Need answer the accounting question
A: Step 1: Define DuPont AnalysisAs per the DuPont analysis, the return on equity is impacted by the…
Q: Please give me answer general accounting
A: Calculations:Beta:We can use the Capital Asset Pricing Model (CAPM) to calculate the beta:Expected…
Q: Please solve these accounting problem
A: Step 1: Define Reported ratiosReported ratios can be summarized as the ratios that an entity reports…
Provide this question solution general finance
Step by step
Solved in 2 steps
- Westover Motors is a small car dealership. On average, it sells a car for $32,000, which it purchases from the manufacturer for $28,000. Each month, Westover Motors pays $53,700 in rent and utilities and $69,000 for salespeople’s salaries. In addition to their salaries, salespeople are paid a commission of $400 for each car they sell. Westover Motors also spends $10,500 each month for local advertisements. Its tax rate is 40%. Q1. How many cars must Westover Motors sell each month to break even? Q2. Westover Motors has a target monthly net income of $69,120. What is its target monthly operating income? How many cars must be sold each month to reach the target monthly net income of $69,120?Patricia's Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $220 each, and her shop sells them for $370 each. She also pays a sales commission of 4% of sales revenue to her sales staff. Patricia leases her country-style shop for $800 per month and pays $1,600 per month in payroll costs in addition to the sales commissions. Patricia sold 95 quilts in February. Prepare Patricia's traditional income statement and contribution margin income statement for the month. Prepare the traditional income statement for the month. Patricia's Quilt Shoppe Income Statement For the Month Ended February 28 Less: Less: ASuppose Frances earns $825 per week working as a programmer for PC Pros. She uses $9 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Dmitri $450 per week to work the cash register. Dmitri uses $175 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Frances spends $9 to buy a box of aspirin. Frances earns $825 per week working for PC Pros. Dmitri spends $175 to purchase software from PC Pros. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. a. Frances's labor b. The $450 per week Dmitri earns working for Pillmart Pharmacy c. The aspirin Frances receives d. The $175 Dmitri spends to purchase software from PC Pros
- Schoenen Motors is a small car dealership. On average it sells a car for $33,000, which it purchases from the manufacturer for $29,000. Each month, Schoenen Motors pays $66,000 in rent and utilities and $73,000 for salespeople's salaries. In addition to their salaries, salespeople are paid a commission of $700 for each car they sell. Schoenen Motors also spends $12,000 each month for local advertisements. Its tax rate is 40%. Required 1. How many cars must Schoenen Motors sell each month to break even? 2. Schoenen Motors has a target monthly net income of $64,500. What is its target operating income? How many cars must be sold each month to reach the target monthly net income of $64,500? Requirement 1. How many cars must Schoenen Motors sell each month to break even? Schoenen Motors must sell cars each month to break even. (Round the number of cars up to the nearest whole number.) Requirement 2. Schoenen Motors has a target monthly net income of $64,500, What is its target operating…Elliott, Inc., has four salaried clerks to process purchase orders. Each clerk is paid a salary of 25,750 and is capable of processing as many as 6,500 purchase orders per year. Each clerk uses a PC and laser printer in processing orders. Time available on each PC system is sufficient to process 6,500 orders per year. The cost of each PC system is 1,100 per year. In addition to the salaries, Elliott spends 27,560 for forms, postage, and other supplies (assuming 26,000 purchase orders are processed). During the year, 25,350 orders were processed. Required: 1. Classify the resources associated with purchasing as (1) flexible or (2) committed. 2. Compute the total activity availability, and break this into activity usage and unused activity. 3. Calculate the total cost of resources supplied (activity cost), and break this into the cost of activity used and the cost of unused activity. 4. (a) Suppose that a large special order will cause an additional 500 purchase orders. What purchasing costs are relevant? By how much will purchasing costs increase if the order is accepted? (b) Suppose that the special order causes 700 additional purchase orders. How will your answer to (a) change?Can you please solve this accounting question ?
- The Cycle Shoppe has decided to offer credit to its customers during the spring selling season. Sales are expected to be 330 bicycles. The average cost to the shop of a bicycle is $300. The owner knows that only 93 percent of the customers will be able to make their payments. To identify the remaining 7 percent, she is considering subscribing to a credit agency. The initial charge for this service is $540, with an additional charge of $6 per individual report. What is the amount of the net savings from subscribing to the credit agency? A. $3,790 B. $3,920 C. $4,080 D. $4,410 E. $4,950Rita Jekyll operates a sales booth in computer software trade shows, selling an accounting software package, Abacus. She purchases the package from a software company for $175 each. Booth space at the convention hall costs $13,000 per show. Required a. Sales at past trade shows have ranged between 300 and 500 software packages per show. Determine the average cost of sales per unit if Ms. Jekyll sells 300, 350, 400, 450, or 500 units of Abacus at a trade show. Use the following chart to organize your answer. Is the cost of booth space fixed or variable? b. If Ms. Jekyll wants to earn a $56 profit on each package of software she sells at a trade show, what price must she charge at sales volumes of 300, 350, 400, 450, or 500 units? c. Record the total cost of booth space if Ms. Jekyll attends four, five, six, seven, or eight trade shows. Is the cost of booth space fixed or variable relative to the number of shows attended? d. Ms. Jekyll provides decorative shopping bags to customers who…Rodney runs Handheld Hardware Inc. in Mississauga, Ontario. He purchases 490 phones from a distributor with trade discounts of 14% and 7% on the list price of $50 per phone. He sold 288 phones at the regular selling price of $82 each and offered a markdown of 20% on the next 59 phones. To ensure that he completes the stock, he sold the rest at break-even. The store's overhead expenses are 9% on cost. a. Calculate his total profit or loss made from the sale of the phones. Round to the nearest cent b. What is the rate of markdown from the original selling price for the remaining phones that are being sold at break even? % Round to two decimal places
- Schrute Farm Sales buys portable generators for $460 and sells them for $740. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $4,000 a month rent for his store, and also pays $2,200 a month to his staff in addition to the commissions Mr. Schrute sold 400 generators in June. If Mr. Schrute prepares a traditional income statement for the month of June, what would be his gross profit? $112,000 B. $480,000 $184,000 D. $296,000Sheridan Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a base rate of $ 1,570 per month. One of the barbers serves as the manager and receives an extra $ 500 per month. In addition to the base rate, each barber also receives a commission of $ 9.05 per haircut. Other costs are as follows. Advertising $ 270 per month Rent $ 1,060 per month Barber supplies $0.45 per haircut Utilities $ 195 per month plus $ 0.10 per haircut Magazines $ 15 per month Sheridan currently charges $ 16 per haircut. Determine the variable costs per haircut and the total monthly fixed costs. (Round variable costs to 2 decimal places, e.g. 2.25.) Total variable cost per haircut 2$ 9.6 Total fixed 24 8320 eTextbook and Media Compute the break-even point in units and dollars. Break-even point haircuts Break even sales 2$ eTextbook and Media Determine net income, assuming 1,590 haircuts are given in a month. Net income / (Loss) $Radien runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is $1,100. Raiden spends $2.50 on each hot dog sold, including bun and condiments. She sells each hot dog for $5.00. 1. What is the contribution margin per unit? 2. What is the contribution margin ratio? 3. Predict operating income for a month in which Raiden sells 1,300 hot dogs