Explain Selling,Aerial expenses,Scheduled markdowns and Planned profits.
Explain Selling,Aerial expenses,Scheduled markdowns and Planned profits.
Homework Answers
Selling - It refers to giving away or handing over a commodity or service to other person in exchange of consideration.
Arrear Expenses - Expenses which are incurred but not yet paid for are known as arrear expenses.
Scheduled markdowns- Markdown is basically the difference between retail price and actual price charged to the customer. Scheduled markdowns are the one which are planned as per the seasonal sale and are allocated to such months in where it is necessary to achieve the target.
Planned profits - Planned profits are in other words the budgeted profits which are arrived after estimating expected revenue and expenses on the basis of trends and other relevant factors.
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Explain Selling,Aerial expenses,Scheduled markdowns and Planned
profits.
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses...
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses Lease expenses Depreciation expense total operating expenses 100,000 50,000 10,000 40,000 Operating profits Interest 20,000 Net profits before taxes Taxes Net profits after taxes Preferred dividends 10,000 Earnings available for common stockholders Tax table Range of taxable income 100,000-335,000 335,000-10,000,000 Tax calculation 22,250 + (39% x amount over 100,000) 113,900 + ( 34% x amount over 335,000)
Sales in units: planned 1,000, actual 1020. Selling price per unit: planned $7. actual $6.9. Variable...
Sales in units: planned 1,000, actual 1020. Selling price per unit: planned $7. actual $6.9. Variable cost per unit $4.5 for planned and actual. Is the price variance Favorable or unfavorable variance? a. Favorable b. Unfavorable c. Neutral d. 0 e. Significante
Define Cumulative Markup: Determine the initial markup % that should be planned based on the following...
Define Cumulative Markup: Determine the initial markup % that should be planned based on the following information: net sales $45,000.00 markdowns profit $4,500.00 alterations costs expenses $17,000.00 cash discounts shortages $900.00 employee discounts $1,300.00 $12,000.00 $500.00 $2,500.00 On January 1, the contemporary sportswear department had an opening inventory of $225,000.00 at retail with a 55% markup. During the month of January merchandise costing $65,000.00 with a 60% markup was received in the department. What was the cumulative markup % for...
Today, a scheduled airline flight on a planned non-stop trip from Berlin, Germany to Calcutta, India...
Today, a scheduled airline flight on a planned non-stop trip from Berlin, Germany to Calcutta, India crashed while crossing the Himalayas and penetrating a storm meteorologists called the most severe ever recorded in the area. There were no survivors. All nations having any connection to the airline and these passengers have ratified the Montreal Convention. Analyze the complete extent of the airline's liability, if any, for the passenger deaths, explaining your decision process clearly.
variable selling and ausura Live expenses 32 pa unit) Fixed selling and administrative expenses Total selling...
variable selling and ausura Live expenses 32 pa unit) Fixed selling and administrative expenses Total selling and administrative expenses $ 46,000 $ 86,000 245,000 245,000 $291,000 $331,000 2. Prepare a table as in Exhibit 19.12 to convert variable costing income to absorption costing income for both 201 amounts should be entered with a minus sign.) 2019 DOWELL COMPANY Reconciliation of Variable Costing Income to Absorption Costing Income 2018 Variable costing income (loss) Add: Fixed overhead in ending inventory 100,000 Less:...
For a project, in X day, planned value, earned value and actual cost of the tasks...
For a project, in X day, planned value, earned value and actual cost of the tasks are given in dollar in the table below. Planned $1000 to complete project. Task Actual Cost Work Performed Budgeted Cost Work Scheduled 50 70 30 100 50 2 3 4 5 Budgeted Cost Work Performed 50 70 30 50 0 Total: 250 a. Find schedule and cost variance. Explain what it means? b. Find schedule and cost performance index. c. Find estimate to complete...
Assume that you are interested in identifying reasons for the changes in selling and administrative expenses...
Assume that you are interested in identifying reasons for the changes in selling and administrative expenses and income tax expense. Explain where you would look to find additional information about the change
You are managing your own consulting business. You planned to generate $15,000,000 in profits for the...
You are managing your own consulting business. You planned to generate $15,000,000 in profits for the fiscal year ended January 31, 20X1. If you want to know the actual amount of profit for the fiscal year ended 01/31/20X1, which of the following is the best question to ask your accountant? a. What was the balance of retained earnings as of 01/31/20X1? b. What were sales for the accounting period ending 01/31/20X1? c. What was net income for the year ending...
Which of the following best describes a common-sized income statement? A) Hypothetical expenses and profits if...
Which of the following best describes a common-sized income statement? A) Hypothetical expenses and profits if sales did not change B) Expenses and profit as percentages of net sales C) Expenses and profit as percentages of gross sales D) Expenses and profit as percentages of total assets
QUESTION 41 Which of the following incorrectly describes short selling? a. Short selling profits the investor who create...
QUESTION 41 Which of the following incorrectly describes short selling? a. Short selling profits the investor who created the position if the price of the asset increases b. Interest and dividends from the asset borrowed are given to the lender. c. Short sales happen when investors short assets, or contract, that they do not own.
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses Lease expenses Depreciation expense total operating expenses 100,000 50,000 10,000 40,000 Operating profits Interest 20,000 Net profits before taxes Taxes Net profits after taxes Preferred dividends 10,000 Earnings available for common stockholders Tax table Range of taxable income 100,000-335,000 335,000-10,000,000 Tax calculation 22,250 + (39% x amount over 100,000) 113,900 + ( 34% x amount over 335,000)
Define Cumulative Markup: Determine the initial markup % that should be planned based on the following information: net sales $45,000.00 markdowns profit $4,500.00 alterations costs expenses $17,000.00 cash discounts shortages $900.00 employee discounts $1,300.00 $12,000.00 $500.00 $2,500.00 On January 1, the contemporary sportswear department had an opening inventory of $225,000.00 at retail with a 55% markup. During the month of January merchandise costing $65,000.00 with a 60% markup was received in the department. What was the cumulative markup % for...
variable selling and ausura Live expenses 32 pa unit) Fixed selling and administrative expenses Total selling and administrative expenses $ 46,000 $ 86,000 245,000 245,000 $291,000 $331,000 2. Prepare a table as in Exhibit 19.12 to convert variable costing income to absorption costing income for both 201 amounts should be entered with a minus sign.) 2019 DOWELL COMPANY Reconciliation of Variable Costing Income to Absorption Costing Income 2018 Variable costing income (loss) Add: Fixed overhead in ending inventory 100,000 Less:...
For a project, in X day, planned value, earned value and actual cost of the tasks are given in dollar in the table below. Planned $1000 to complete project. Task Actual Cost Work Performed Budgeted Cost Work Scheduled 50 70 30 100 50 2 3 4 5 Budgeted Cost Work Performed 50 70 30 50 0 Total: 250 a. Find schedule and cost variance. Explain what it means? b. Find schedule and cost performance index. c. Find estimate to complete...
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