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The Justin Comp revenues and expenses for the last two months are presented below November December...
Income Statement- December 31, 2014 to December 31, 2015 Operating Revenues and Expenses Operating Revenues $1,000...
Income Statement- December 31, 2014 to December 31, 2015 Operating Revenues and Expenses Operating Revenues $1,000 Sales Returns 22,400 250 22,150 Total Operating Revenues Operating Expenses Cost of goods and services sold 6,000 3,000 6,000 900 250 6,000 600 22,750 Labor Materials Indirect cost Selling and promotion Depreciation General and administrative Lease payment Total Operating Expense Total Operating Income -600 Nonoperating Revenues and Expenses Rents Interest receipts Interest payments 30 200 -80 150 Total nonoperating Income Net Income before Tax...
Lurvey Men's Clothing's revenues and cost data for 2017 are as follows: LOADING...(Click the icon to...
Lurvey Men's Clothing's revenues and cost data for 2017 are as follows: LOADING...(Click the icon to view the data.) Mr. Lurvey, the owner of the store, is unhappy with the operating results. An analysis of other operating costs reveals that it includes $ 25 comma 000 variable costs, which vary with sales volume, and $ 5 comma 000 (fixed) costs Revenue 500,000 cost of goods sold 250,000 gross margin 250,000 operating cost salaries fixed 130,000 sales commissions (10% of sales)...
II. Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash Merchandise...
II. Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash Merchandise inventory Sales Advances from customers Purchases Sales discounts Purchase discounts Sales salaries Office salaries Purchase returns Sales returns Transportation-in Accounts receivable Sales commissions (paid) 185,000 | Travel and entertainment 535,000 Accounting services 4,275,000 Insurance expense 117,000 Advertising 2,786,000 Prepaid income tax 34,000 Depreciation of office equipment 27,000 Depreciation of sales equipment 284,000 Telephone - sales 346,000 | Utilities - office 15,000 Unearned rent 79,000...
Using the information below, calculate cost of goods sold for the period: Sales revenues for the...
Using the information below, calculate cost of goods sold for the period: Sales revenues for the period Operating expenses for the period Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Cost of goods manufactured for the period $1,320,000 255,000 52,000 57,000 556,000 Multiple Choice $801,000 $806,000 $514,000 O $551,000
Brett's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming...
Brett's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: (Click the icon to view the information.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show amounts for each month and totals for January and February. 2. Prepare a combined cash budget. If no financing...
Check m Utilities ($3e, eee is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping...
Check m Utilities ($3e, eee is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries 195,000 210,000 1,950,e00 1,2e0,000 75,000, 90,000 235,e00 460, ee0 100,000 230,000 8e,000 Entertainment expense 410,000 Income from operations $ 390,000 4. An unfavorable change in business is remotely possible; in this case, production and sales volume for the year could fall to 12,000 units. How much income (or loss) from operations would...
9. Xavier Medical Supply is a retailer of home medical equipment. Last year, Xavier's sales revenues...
9. Xavier Medical Supply is a retailer of home medical equipment. Last year, Xavier's sales revenues totaled $6,000,000. Total expenses were $2,100,000. Of this amount, approximately $1,500,000 were variable, while the remainder were fixed. Since Xavier's offers thousands of different products, its managers prefer to calculate the breakeven point in terms of sales dollars rather than units. Read the requirements Requirement 1. What is Xavier's current operating income? Begin by identifying the formula to compute the operating income. (1) -...
-Page Break Ex. 174 Henderson Farms reports the following results for the month of November: Sales (10,000 units...
-Page Break Ex. 174 Henderson Farms reports the following results for the month of November: Sales (10,000 units) $600,000 Variable costs 420,000 Contribution margin 180,000 Fixed costs 110,000 Net income $ 70.000 Management is considering the following independent courses of action to increase net income. 1. Increase selling price by 5% with no change in total variable costs. 2. Reduce variable costs to 66 % of sales. 3. Reduce fixed costs by $10,000. Instructions If maximizing net income is the...
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured...
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured for the period WIP Inventory, beginning WIP Inventory, ending Direct materials used: Manufacturing overhead allocated: $100,000 $120,000 $50,000 at 70% of the direct labor cost What was the amount of direct labor costs? O $229,412 $224,500 O $330,126 O $243,750 Question 23 2 pts Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development...
• Average dinner sale price - $40 Income statement - La Brasserie restaurant Revenues $2,098,400 •...
• Average dinner sale price - $40 Income statement - La Brasserie restaurant Revenues $2,098,400 • Average lunch sale price - $20 Cost of sales, all variable 1.246,500 • Assume that the variable cost of preparing and Gross profit 851,900 serving dinner is also twice that of a lunch Operating expenses • The restaurant serves twice as many lunches Variable 222,380 as dinners Fixed 170,940 Administrative expenses, all fixed 451,500 • Assume - restaurant open for 305 days Net income...
Income Statement- December 31, 2014 to December 31, 2015 Operating Revenues and Expenses Operating Revenues $1,000 Sales Returns 22,400 250 22,150 Total Operating Revenues Operating Expenses Cost of goods and services sold 6,000 3,000 6,000 900 250 6,000 600 22,750 Labor Materials Indirect cost Selling and promotion Depreciation General and administrative Lease payment Total Operating Expense Total Operating Income -600 Nonoperating Revenues and Expenses Rents Interest receipts Interest payments 30 200 -80 150 Total nonoperating Income Net Income before Tax...
II. Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash Merchandise inventory Sales Advances from customers Purchases Sales discounts Purchase discounts Sales salaries Office salaries Purchase returns Sales returns Transportation-in Accounts receivable Sales commissions (paid) 185,000 | Travel and entertainment 535,000 Accounting services 4,275,000 Insurance expense 117,000 Advertising 2,786,000 Prepaid income tax 34,000 Depreciation of office equipment 27,000 Depreciation of sales equipment 284,000 Telephone - sales 346,000 | Utilities - office 15,000 Unearned rent 79,000...
Using the information below, calculate cost of goods sold for the period: Sales revenues for the period Operating expenses for the period Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Cost of goods manufactured for the period $1,320,000 255,000 52,000 57,000 556,000 Multiple Choice $801,000 $806,000 $514,000 O $551,000
Brett's Restaurant Supply is preparing its cash budgets for the first two months of the upcoming year. Here is the information about the company's upcoming cash receipts and cash disbursements: (Click the icon to view the information.) Requirements 1. Prepare schedules of (a) budgeted cash collections, (b) budgeted cash payments for purchases, and (c) budgeted cash payments for operating expenses. Show amounts for each month and totals for January and February. 2. Prepare a combined cash budget. If no financing...
Check m Utilities ($3e, eee is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries 195,000 210,000 1,950,e00 1,2e0,000 75,000, 90,000 235,e00 460, ee0 100,000 230,000 8e,000 Entertainment expense 410,000 Income from operations $ 390,000 4. An unfavorable change in business is remotely possible; in this case, production and sales volume for the year could fall to 12,000 units. How much income (or loss) from operations would...
9. Xavier Medical Supply is a retailer of home medical equipment. Last year, Xavier's sales revenues totaled $6,000,000. Total expenses were $2,100,000. Of this amount, approximately $1,500,000 were variable, while the remainder were fixed. Since Xavier's offers thousands of different products, its managers prefer to calculate the breakeven point in terms of sales dollars rather than units. Read the requirements Requirement 1. What is Xavier's current operating income? Begin by identifying the formula to compute the operating income. (1) -...
-Page Break Ex. 174 Henderson Farms reports the following results for the month of November: Sales (10,000 units) $600,000 Variable costs 420,000 Contribution margin 180,000 Fixed costs 110,000 Net income $ 70.000 Management is considering the following independent courses of action to increase net income. 1. Increase selling price by 5% with no change in total variable costs. 2. Reduce variable costs to 66 % of sales. 3. Reduce fixed costs by $10,000. Instructions If maximizing net income is the...
2 pts X Here is some basic data for Company A: $420,000 Cost of goods manufactured for the period WIP Inventory, beginning WIP Inventory, ending Direct materials used: Manufacturing overhead allocated: $100,000 $120,000 $50,000 at 70% of the direct labor cost What was the amount of direct labor costs? O $229,412 $224,500 O $330,126 O $243,750 Question 23 2 pts Pink Ribbon Shoppe, a clothing retailer, had the following total costs as grouped by value chain element: Research and development...
• Average dinner sale price - $40 Income statement - La Brasserie restaurant Revenues $2,098,400 • Average lunch sale price - $20 Cost of sales, all variable 1.246,500 • Assume that the variable cost of preparing and Gross profit 851,900 serving dinner is also twice that of a lunch Operating expenses • The restaurant serves twice as many lunches Variable 222,380 as dinners Fixed 170,940 Administrative expenses, all fixed 451,500 • Assume - restaurant open for 305 days Net income...
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