Homework Answers
a) Total variable cost:
Total variable cost= cost of goods sold+ sales commission
Total variable cost= 12000000+200000= $12200000
Total variable cost= $12200000
b) Total fixed cost
Total fixed cost= warehousing+interest+salaries
Total fixed cost= 400000+2000000+50000= 2450000
Total fixed cost= $2450000
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PROBLEM 7 (3 pts) You incur the following expenses in a year: Warehousing ($400,000); Salaries ($2,000,000);...
Exercise 1 Faulty Products Inc. expects to incur into the following expenses in 2018: Direct materials...
Exercise 1 Faulty Products Inc. expects to incur into the following expenses in 2018: Direct materials (variable) Direct labor (variable) Manufacturing overhead (fixed) 12,400 9,800 C 36,600 . Selling and advertising costs (variable) 6,900 Selling and marketing costs (fixed) 12,000 Other operating expenses (fixed) 140,000 6,000 . Income tax expense 30% of pre-tax income . . Interest expenses During the year, the company plans to manufacture 2,450 units of finished goods and to sell 2,315 units at 95 each, The...
P6.1A (LO 1), AN Midlands Inc. had a bad year in 2019. For the first time...
P6.1A (LO 1), AN Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net sales $2,000,000; total costs and expenses $2.235,000; and net loss $235,000. Costs and expenses consisted of the following. Total Variable Fixed Cost of goods sold Selling expenses Administrative expenses $1,568,000 517,000 150,000 $2,235,000 $1.050,000 92,000 58,000 1,200,000 $ 518,000 425,000 92,000...
P6.1A (LO 1), AN Midlands Inc. had a bad year in 2019. For the first time...
P6.1A (LO 1), AN Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net sales $2,000,000; total costs and expenses $2.235,000; and net loss $235,000. Costs and expenses consisted of the following. Total Variable Fixed Cost of goods sold Selling expenses Administrative expenses $1,568,000 517,000 150,000 $2,235,000 $1.050,000 92,000 58,000 1,200,000 $ 518,000 425,000 92,000...
D Question 5 2 pts The Rose Cereal Company shows the following for the year ended...
D Question 5 2 pts The Rose Cereal Company shows the following for the year ended December 31, 2013: Net sales $1,300,000 Net income $500,000 Net accounts receivable 1/1 $250,000 Net accounts receivable 12/31 $ 150,000 What is the average collection period? 56 days 70 days 42 days 146 days D Question 6 2 pts You are given the following information: 30 2 pts Question 6 You are given the following information: $600,000 Income before interest and taxes (45.000) Less:...
prepaid expenses = $50,000 Problem 3 Calculate the following information: 1. Quick ratio 2. Accounts receivable...
prepaid expenses = $50,000
Problem 3 Calculate the following information: 1. Quick ratio 2. Accounts receivable turnover ratio 3. Net return on total assets 4. Total liabilities to total assets ratio 5. Times interest earned ratio 6. Return on sales 7. Return on equity Sales: $750,000 Cash: $50,000 Inventory: $150,000 Common Stock: $100,000 Accounts Payable: $100,000 Prepaid expenses: $50,000 Long term debt: $200,000 Land and Building: $500,000 Operating Income: $450,000 Taxes: $200,000 Accounts Receivable: $70,000 Retained Earnings: $400,000 Cost of...
(prepaid expenses are $50,000) Problem 3 Calculate the following information: 1. Quick ratio 2. Accounts receivable...
(prepaid expenses are $50,000)
Problem 3 Calculate the following information: 1. Quick ratio 2. Accounts receivable turnover ratio 3. Net return on total assets 4. Total liabilities to total assets ratio 5. Times interest earned ratio 6. Return on sales 7. Return on equity Sales: $750,000 Cash: $50,000 Inventory: $150,000 Common Stock: $100,000 Accounts Payable: $100,000 Prepaid expenses: $50,000 Long term debt: $200,000 Land and Building: $500,000 Operating Income: $450,000 Taxes: $200,000 Accounts Receivable: $70,000 Retained Earnings: $400,000 Cost of...
Discontinue a Segment Esther Corporation has the following three divisions, Alpha, Bravo and Charlie. Determine whether...
Discontinue a Segment Esther Corporation has the following three divisions, Alpha, Bravo and Charlie. Determine whether or not Charlie Division should be discontinued. All fixed costs are unavoidable. Alpha Bravo Charlie Total Sales 500,000 450,000 600,000 1,550,000 Cost of Goods Sold Variable 200,000 150,000 300,000 650,000 Fixed 50,000 50,000 100,000 200,000 Total CGS 250,000 200,000 400,000 850,000 Gross Margin 250,000 250,000 200,000 700,000 Operating Expenses Variable 175,000 200,000 200,000 575,000 Fixed 25,000 25,000 25,000 75,000 Total Operating Expenses 200,000 225,000 225,000...
Compute break-even point under alternative courses of action. P6.1A (LO 1), AN Midlands Inc. had a...
Compute break-even point under alternative courses of action. P6.1A (LO 1), AN Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net sales $2,000,000; total costs and expenses $2,235,000; and net loss $235,000. Costs and expenses consisted of the following. Cost of goods sold Selling expenses Administrative expenses Total $1,568,000 517,000 150,000 $2,235,000 Variable $1,050,000...
Required information Problem 21-1A Preparation and analysis of a flexible budget LO P1 [The following information...
Required information Problem 21-1A Preparation and analysis of a flexible budget LO P1 [The following information applies to the questions displayed below.) Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,150,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management...
Need help finding Total Variable Expense and Contribution Margin. Please explain how to find, Thank you!...
Need help finding Total Variable Expense and
Contribution Margin. Please explain how to find, Thank
you!
Restate the following income statement for a retailer in contribution format. $ 93,000 53,940 39,060 Sales revenue ($100 per unit) Less cost of goods sold ($58 per unit) Gross margin Less operating costs: Commissions expense ($7 per unit) $ 6,510 Salaries expense 7,900 Advertising expense 6,000 Shipping expense ($3 per unit) 2,790 Operating income 23,200 $ 15,860 Sales Revenue 93000 100 Variable Expenses Cost...
Exercise 1 Faulty Products Inc. expects to incur into the following expenses in 2018: Direct materials (variable) Direct labor (variable) Manufacturing overhead (fixed) 12,400 9,800 C 36,600 . Selling and advertising costs (variable) 6,900 Selling and marketing costs (fixed) 12,000 Other operating expenses (fixed) 140,000 6,000 . Income tax expense 30% of pre-tax income . . Interest expenses During the year, the company plans to manufacture 2,450 units of finished goods and to sell 2,315 units at 95 each, The...
P6.1A (LO 1), AN Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net sales $2,000,000; total costs and expenses $2.235,000; and net loss $235,000. Costs and expenses consisted of the following. Total Variable Fixed Cost of goods sold Selling expenses Administrative expenses $1,568,000 517,000 150,000 $2,235,000 $1.050,000 92,000 58,000 1,200,000 $ 518,000 425,000 92,000...
P6.1A (LO 1), AN Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net sales $2,000,000; total costs and expenses $2.235,000; and net loss $235,000. Costs and expenses consisted of the following. Total Variable Fixed Cost of goods sold Selling expenses Administrative expenses $1,568,000 517,000 150,000 $2,235,000 $1.050,000 92,000 58,000 1,200,000 $ 518,000 425,000 92,000...
D Question 5 2 pts The Rose Cereal Company shows the following for the year ended December 31, 2013: Net sales $1,300,000 Net income $500,000 Net accounts receivable 1/1 $250,000 Net accounts receivable 12/31 $ 150,000 What is the average collection period? 56 days 70 days 42 days 146 days D Question 6 2 pts You are given the following information: 30 2 pts Question 6 You are given the following information: $600,000 Income before interest and taxes (45.000) Less:...
prepaid expenses = $50,000
Problem 3 Calculate the following information: 1. Quick ratio 2. Accounts receivable turnover ratio 3. Net return on total assets 4. Total liabilities to total assets ratio 5. Times interest earned ratio 6. Return on sales 7. Return on equity Sales: $750,000 Cash: $50,000 Inventory: $150,000 Common Stock: $100,000 Accounts Payable: $100,000 Prepaid expenses: $50,000 Long term debt: $200,000 Land and Building: $500,000 Operating Income: $450,000 Taxes: $200,000 Accounts Receivable: $70,000 Retained Earnings: $400,000 Cost of...
(prepaid expenses are $50,000)
Problem 3 Calculate the following information: 1. Quick ratio 2. Accounts receivable turnover ratio 3. Net return on total assets 4. Total liabilities to total assets ratio 5. Times interest earned ratio 6. Return on sales 7. Return on equity Sales: $750,000 Cash: $50,000 Inventory: $150,000 Common Stock: $100,000 Accounts Payable: $100,000 Prepaid expenses: $50,000 Long term debt: $200,000 Land and Building: $500,000 Operating Income: $450,000 Taxes: $200,000 Accounts Receivable: $70,000 Retained Earnings: $400,000 Cost of...
Compute break-even point under alternative courses of action. P6.1A (LO 1), AN Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The company's income statement showed the following results from selling 80,000 units of product: net sales $2,000,000; total costs and expenses $2,235,000; and net loss $235,000. Costs and expenses consisted of the following. Cost of goods sold Selling expenses Administrative expenses Total $1,568,000 517,000 150,000 $2,235,000 Variable $1,050,000...
Required information Problem 21-1A Preparation and analysis of a flexible budget LO P1 [The following information applies to the questions displayed below.) Phoenix Company's 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. $3,150,000 PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-Plant equipment (straight-line) Utilities ($45,000 is variable) Plant management...
Need help finding Total Variable Expense and
Contribution Margin. Please explain how to find, Thank
you!
Restate the following income statement for a retailer in contribution format. $ 93,000 53,940 39,060 Sales revenue ($100 per unit) Less cost of goods sold ($58 per unit) Gross margin Less operating costs: Commissions expense ($7 per unit) $ 6,510 Salaries expense 7,900 Advertising expense 6,000 Shipping expense ($3 per unit) 2,790 Operating income 23,200 $ 15,860 Sales Revenue 93000 100 Variable Expenses Cost...
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