• debit to Allowance for Doubtful Accounts for $3,300. Multiple Choice Question 182 The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? • 60.8 • 96.1 • 36.5 • 48.7 Find the final exam answers here ACC 291 Final Exam Answers Multiple Choice Question 119 Stine Company purchased machinery with a list price of $64,000. They were given a 10% discount by the manufacturer.
What will be the new break-even point in passengers and in number of passenger train cars? Contribution Margin $160.00-$90.00=$70.00 Fixed operating cost $3,150,000/$70=45,000 passengers break-even point 45,000 passengers/63 average load factor=714 passenger train car break-even point. E. Springfield Express has experienced an increase in variable cost per passenger to $ 85 and an increase in total fixed cost to $ 3,600,000. The company has decided to raise the average fare to $ 205. If the tax rate is 30 percent, how many
(five points) Question 2: Determine the total costs of direct materials for August purchases. (five points) Problem 2 - Russell Company has the following projected account balances for June 30, 20X2: Accounts payable | $40,000 | Sales | $800,000 | Accounts receivable | 100,000 | Capital stock | 400,000 | Depreciation, factory | 24,000 | Retained earnings | ? | Inventories (5/31 & 6/30) | 180,000 | Cash | 56,000 | Direct materials used | 200,000 | Equipment, net | 240,000 | Office salaries | 80,000 | Buildings, net | 400,000 | Insurance, factory | 4,000 | Utilities, factory | 16,000 | Plant wages | 140,000 | Selling expenses | 60,000 | Bonds payable | 160,000 | Maintenance, factory | 28,000 | Question 1: Calculate the budgeted net income for June 20X2. (five points) Question 2: Calculate the budgeted total assets as of June 30, 20X2. (five points) Problem 3 - Tylon's Hardware uses a flexible budget to develop planning information for its warehouse operations.
Associate Program Material Appendix G Sequential and Selection Process Control Structure In the following example, the second line of the table specifies that tax due on a salary of $2,000.00 is $225.00 plus 16% of excess salary over $1,500.00 (that is, 16% of $500.00). Therefore, the total tax is $225.00 + $80.00, or $305.00. Salary Range in Dollars Base Tax in Dollars Percentage of Excess 1. 1 0.00-1,499.99 0.00 15 % 2. 2 1,500.00-2,999.99 225.00 16 % 3.
$ 783,500 * E. $ 385,543 Use the following information for the next 4 questions: Eric’s Enterprises, Inc. Income Statement For the Year Ended December 31, 2011 Sales $ 900,000 Cost of Goods Sold 400,000 Gross Margin 500,000 Operating Expenses Wage Expense $250,000 Rent Expense 36,000 Depreciation Expense 30,000 Utilities Expense 18,000 Total Operating Expenses 334,000 Operating Income 166,000 Other Revenues & <Expenses> Interest Expense < 16,000> Taxable Income 150,000 Tax Expense 45,000 Net Income $
The Unit Contribution Margin had to be figured out first: Unit CM = Selling Price per Unit – Variable Expenses per Unit Unit CM = 30.00 – 18.00 = 12.00 Then, Unit Sales to Attain the Target Profit = Target Profit + Fixed Expenses/Unit CM Target Profit = $0 because of break-even analysis Fixed Expenses = 150, 000 Unit CM = 12.00 Unit Sales to Attain the Target Profit = 0 + 150,000/12.00 = 12, 500 unit sales Then, Sales = Selling Price per Unit x Quantity Sold = P x Q = 30.00 x 12, 500 = $375,000 in dollar sales. If 12,000 pairs of shoes are sold within the year, Shop 48’s net loss would be $6000 due to the fact that the break-even point is having unit sales of 12, 500. The company is even considering paying the store manager an additional commission, an incentive commission of 75 cents. If this change is made, the new break-even point will be 13, 333 in unit sales and $399,990 in dollar sales. Another alternative being considered is paying the store manager a 50 cent commission on each shoe sold in excess of the break-even point.
Case 11-4 Enager Industries, Inc. 1. Why was McNeil’s new product proposal rejected? Should it have been? Explain. ROA CALCULATION FOR EACH NEW PRODUCT Product A Product B Unit Sales 100,000 75,000 Unit Price 18 21 Total Sales $1,800,000 $1,575,000 Variable Cost per Unit Variable Costs Fixed Costs Net Income Total Asset Investment Return on Assets 9 900,000 510,000 $390,000 $3,000,000 13.00% 9 675,000 510,000 $390,000 $3,000,000 13.00% Product C 60,000 24 $1,440,000 9 540,000 510,000 $390,000 $3,000,000 13.00% The McNeil’s new product proposal was rejected because it shows a return on assets less than the required by the president of 15%.
We are provided with company's back ground which includes its operating capacity (150,000). Other information that is provided is the monthly operating costs while operating at capacity. It is also given that the brochures are sold at $17 per 100. The first part details the offer for a special order of 25,000 brochures. The offer is to buy these at $10 instead of the $17, which is the normal price.
Using the following calculation, we find: z= x- μ σ -1.96 = 10,000 – 20,000 σ σ=5102 Standard deviation σ = 5,102 μ = 20,000 mean 2. Stock outs were calculated by the four management numbers. Equation is: z = (x – μ)/ σ 15,000: Z = (15,000-20,000)/5102 z = -0.98 Then, reference the cumulative probabilities for standard deviation table in the beginning of the book to identify what -0.98 represents, which is .1635. Since stock outs are any quantity greater than what management suggested, they need to be subtracted from 1. 1 - .1635 = .8365 which = 83.65% Same logic/steps for the rest of the values: 18,000 24,000 28,000 Z = (18,000-20,000)/5102 z=(24,000-20,000)/5102 z=(28,000-20,000)/5102 z = -.39 z=.78 z= 1.57 1 - .3483 = .6517 1 - .7823 = .2177 1 –.9418 = .0582 which = 65.17% which = 21.77% which = 5.82% 3.
The final exam will consist of approximately 50 of these questions Chapter 1 Which of the following organizations has the primary responsibility for formulating accounting standards? A) FASB C) AICPA B) CMA D) SEC Which of the following concepts (principles) would be most likely to require that an item be recorded at the amount actually paid? A) entity concept C) going-concern concept B) cost principle D) reliability concept Accounting is "the language of business." A) True B) False If Assets are $150,000 and Owners Equity is $60,000, Liabilities are ______________. A) 240,000 C) 150,000 B) 90,000 D) 210,000 In May a business had Revenue of $15,000, Accounts Receivable totaling $25,000.