) The following costs are all examples of committed fixed costs: depreciation on buildings of highly...
Homework Answers
TRUE
Committed fixed costs are the costs that support on the running of the business and these costs cannot be easily changed. Examples of committed fixed costs are depreciation of highly trained engineers, real estate taxes and insurance expenses.
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) The following costs are all examples of committed fixed
costs: depreciation on buildings of highly...
please provide formulas and answers Discretionary and Committed Fixed Costs Identify and compute total discretionary fixed...
please provide formulas and answers
Discretionary and Committed Fixed Costs Identify and compute total discretionary fixed costs and total committed fixed costs from the following list prepared by the accounting supervisor for Kitts Building Supply 521,200 Advertising Depreciation Health insurance for the company's employees Management salaries Payment on long-term debi Property tax Grounds maintenance Office remodeling Research and development 49,700 24.000 91.000 39,500 31.750 7.800 23,500 47,300 2. Accan Annie
3. Answer all three parts: Why can the distinction between fixed costs and variable costs be...
3. Answer all three parts: Why can the distinction between fixed costs and variable costs be made in the short run? Classify the following as fixed or variable costs: advertising expenditures fuel interest on company-issued bonds shipping charges payments for raw materials real estate taxes executive salaries insurance premiums wage payments depreciation and obsolescence charge sales taxes rental payments on leased office machinery. What happens to all costs of production in the long-run? 4. Government can use direct controls in...
Question 4 2 pts Which of the following are examples of fixed costs? Rent, insurance, and...
Question 4 2 pts Which of the following are examples of fixed costs? Rent, insurance, and production materials Supervisor salaries, production materials, and insurance Straight-line depreciation, rent, and Supervisor Salaries Straight-line depreciation, insurance, and factory worker wages
Which of the following statements is false with respect to committed fixed costs? Multiple Choice They...
Which of the following statements is false with respect to committed fixed costs? Multiple Choice They represent organizational investments with a multiyear planning horizon. They should not be reduced for short periods of time because the costs of restoring them later would most likely exceed any cost savings realized in the short term. They usually arise from annual decisions by management to spend on certain fixed cost items. They remain constant, in total, regardless of changes in the level of...
Variable Costs Fixed Costs Indirect materials Supervisory $11,600 salaries $35,700 Indirect 10,400 Depreciation 7,100 labor Property...
Variable Costs Fixed Costs Indirect materials Supervisory $11,600 salaries $35,700 Indirect 10,400 Depreciation 7,100 labor Property 7,500 taxes and insurance Utilities 7,300 Maintenance 5,600 Maintenance 5,700 Actual variable costs were indirect materials $14,900, indirect labor $9,500, utilities $9,000, and maintenance $5,200. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,300. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes...
Assigning Traceable Fixed Expenses Selected data for Colony Company, which operates three departments, follow: Department A...
Assigning Traceable Fixed Expenses Selected data for Colony Company, which operates three departments, follow: Department A Department B Department C Inventory $100,000 $360,000 $140,000 Equipment (average cost) $900,000 $540,000 $360,000 Payroll $607,500 $540,000 $202,500 Square feet of floor space 27,000 13,500 4,500 During the year, the company's fixed expenses included the following: Depreciation on equipment $150,000 Real estate taxes 45,000 Personal property taxes (on inventory and equipment) 72,000 Personnel department expenses 75,000 Assume that the property tax rate is the...
Family Furniture Corporation incurred the following costs. Identify the costs as variable, fixed, or mixed. Family...
Family Furniture Corporation incurred the following costs.
Identify the costs as variable, fixed, or mixed.
Family Furniture Corporation incurred the following costs. Identify the costs as variable, fixed, or mixed. Wood used in the production of furniture. 2. Fuel used in delivery trucks. 3. Straight-line depreciation on factory building 4. Screws used in the production of furniture 5. Sales staff salaries. 6. Sales commissions. 7. Property taxes. 8. Insurance on buildings. 9 Hourly wages of furniture craftsmen. 10. Salaries of...
Manufacturing overhead includes all of the following except: select from the below answers -wages paid for...
Manufacturing overhead includes all of the following except: select from the below answers -wages paid for forklift operators moving direct materials. -depreciation on salesroom fixtures. -real estate taxes on factory buildings. -utilities for factory buildings.
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use...
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses. (a) Money borrowed to pay building contractor (signed a note) $(286,200 ) (b) Payment for construction from note proceeds 286,200 (c) Cost of land fill and clearing 11,120 (d) Delinquent real estate taxes on property assumed by purchaser 9,070 (e) Premium on 6-month insurance policy during construction 10,020 (f) Refund of 1-month insurance premium...
7.Which of the following statements is true when referring to fixed costs? Multiple Choice Fixed costs...
7.Which of the following statements is true when referring to fixed costs? Multiple Choice Fixed costs increase in total throughout the relevant range. Committed fixed costs arise from the annual decisions by management. As volume increases, unit fixed cost and total fixed cost will change. Discretionary fixed costs can often be reduced to zero for short periods of time without seriously impairing the long-run goals of the company. 8 .Which of the following is an example of a period cost...
please provide formulas and answers
Discretionary and Committed Fixed Costs Identify and compute total discretionary fixed costs and total committed fixed costs from the following list prepared by the accounting supervisor for Kitts Building Supply 521,200 Advertising Depreciation Health insurance for the company's employees Management salaries Payment on long-term debi Property tax Grounds maintenance Office remodeling Research and development 49,700 24.000 91.000 39,500 31.750 7.800 23,500 47,300 2. Accan Annie
Question 4 2 pts Which of the following are examples of fixed costs? Rent, insurance, and production materials Supervisor salaries, production materials, and insurance Straight-line depreciation, rent, and Supervisor Salaries Straight-line depreciation, insurance, and factory worker wages
Variable Costs Fixed Costs Indirect materials Supervisory $11,600 salaries $35,700 Indirect 10,400 Depreciation 7,100 labor Property 7,500 taxes and insurance Utilities 7,300 Maintenance 5,600 Maintenance 5,700 Actual variable costs were indirect materials $14,900, indirect labor $9,500, utilities $9,000, and maintenance $5,200. Actual fixed costs equaled budgeted costs except for property taxes and insurance, which were $8,300. The actual activity level equaled the budgeted level. All costs are considered controllable by the production department manager except for depreciation, and property taxes...
Assigning Traceable Fixed Expenses Selected data for Colony Company, which operates three departments, follow: Department A Department B Department C Inventory $100,000 $360,000 $140,000 Equipment (average cost) $900,000 $540,000 $360,000 Payroll $607,500 $540,000 $202,500 Square feet of floor space 27,000 13,500 4,500 During the year, the company's fixed expenses included the following: Depreciation on equipment $150,000 Real estate taxes 45,000 Personal property taxes (on inventory and equipment) 72,000 Personnel department expenses 75,000 Assume that the property tax rate is the...
Family Furniture Corporation incurred the following costs.
Identify the costs as variable, fixed, or mixed.
Family Furniture Corporation incurred the following costs. Identify the costs as variable, fixed, or mixed. Wood used in the production of furniture. 2. Fuel used in delivery trucks. 3. Straight-line depreciation on factory building 4. Screws used in the production of furniture 5. Sales staff salaries. 6. Sales commissions. 7. Property taxes. 8. Insurance on buildings. 9 Hourly wages of furniture craftsmen. 10. Salaries of...
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