Financial & Managerial Accounting
Financial & Managerial Accounting
18th Edition
ISBN: 9781259692406
Author: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello
Publisher: McGraw-Hill Education
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Chapter B, Problem 3DQ
To determine

Identify the two factors that ascertain the difference between the present value and the future amount of an investment.

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Compute the fixed cost elements using the high-low method.
On June 1, 2017, Waterway Industries was started with an initial investment in the company of $25,200 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash   $ 5,500   Notes payable   $13,800 Accounts receivable   4,490   Accounts payable   990 Service revenue   8,400   Supplies expense   960 Supplies   2,428   Maintenance and repairs expense   660 Advertising expense   400   Utilities expense   240 Equipment   31,100   Salaries and wages expense   1,100 Common stock   25,200         In June, the company issued no additional stock but paid dividends of $1,512.   I need help turning this into a retained earning statement.
Thompson Industries manufactures a product with the following standard costs: • . Direct materials: 3.8 grams per unit at $7.50 per gram Direct labor: 0.5 hours per unit at $14.50 per hour • Variable overhead: 0.5 hours per unit at $3.50 per hour In August, the company produced 6,000 units, using 23,400 grams of direct material and 3,100 direct labor hours. During the month, the company purchased 23,000 grams of direct material at $7.30 per gram. The direct materials price variance is computed when materials are purchased, and variable overhead is applied based on direct labor hours. Compute the Direct Materials Quantity Variance.
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