Bad Boy Sporting Goods sells sports equipment retail. Item Amount Inventory, April 1st 7500 Inventory, April 30th 6000 Purchases during April 12000 Sales Revenue 35000 Based upon the inventory, purchase and Sales Revenue, what was the store's gross profit percentage? Please describe the answer in detai
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Total Company G Division R Division Sales 850,000 250,000 600,000 Less variable expenses 505,000 145,000 360,000 Contribution margin 345,000 105,000 240,000 Less traceable fixed costs 145,000 45,000 100,000 Division segment margin 200,000 60,000 140,000 Less common fixed cost 130,000 Net income 70,000 a.
See attached file. Please show all steps and reasoning behind selected answers for problems 11 thru 14. 1. Wages paid to a timekeeper in a factory are a: Prime Cost YES.....Conversion Cost NO Prime Cost YES.....Conversion Cost YES Prime Cost NO....Conversion Cost NO Prime Cost NO.....C
Before entering graduate school, a student estimated the value of earning an MBA at $300,000. Based on that analysis, the student decided to go back to school. After completing the first year, the student ran the NPV calculations again. How would you expect the NPV to look after the student has completed one year of the program?
Stickley Furniture 1. Which type of production processing-job shop, batch, repetitive, or continuous --- is the primary mode of operation at Stickley Furniture? Why? What other type of processing is used to a lesser extent? Explain. 2. How does management keep track of job status and location during production? 3. Su
Have yet to understand how to compute throughput. I can calculate the MCE, but I do not know what to do with it once I have calculated the information. units started in production 300 total defect-free units complete 294 total hrs of value-added production time 191,100 total hrs of divisio
54. Adler Industries is a vertically integrated firm with several divisions that operate as decentralized profit centers. Adler's Systems Division manufactures scientific instruments and uses the products of two other Adler divisions. The Board Division manufactures printed circuit boards (PCBs). One PCB model is made exclusivel
Lowwater Sailmakers manufactures sails for sailboats. The company has the capacity to produce 25,000 sails per year, and is currently producing and selling 20,000 sails per year. The following information relates to current production: Sale price per unit $150 Variable costs per unit: Manuf
Morton Corp. purchased equipment for 46000. they also paid 1200 for freight insurance while in transit, sales tax 850, insurance taxes maintenance for the first year of use was 1000. How much should Morton capitalize as the cost of the equipment? A. 46000 B. 46850 C. 48050 D. 49050
"A Look at Each Side of the Ongoing Debate on Whether Fair Value Accounting Rules should have been Modified?" -
"A Look at Each Side of the Ongoing Debate on Whether Fair Value Accounting Rules should have been Modified?" - Arguments in favor & against of the changes - What is your opinion? Do you believe the FABS should have made the changes on 4/2/09 resulting in a probable decrease in asset write-downs? - What d
47. Simon Hinson Company operates two divisions: Gordon and Ronin. A segmented income statement for the company's most recent year is as follows: Total Company Gordon Division Ronin Division Sales $850,000 $250,000 $600,000 Less variable expenses 505,000 145,000 360,000
55. Corinne's Country Rockers uses flexible budgeting. The company's budget for variable overhead is $24,000 and for fixed overhead is $15,000. When Corinne's analyzes this overhead using activity-based costing, the budgeted overhead of $39,000 is traced to six activities: materials handling, machinery setup, assembly, finishing
Keith's sole proprietorship holds assets that, if sold, would yield a gain of $100,000. It also owns assets that would yield a loss of $30,000. Keith incorporates his business using only gain assets. Two days later, Keith sells the loss assets to the newly formed corporation. What was Keith trying to accomplish? Will he be
The Kellys are planning for a retirement home. They estimate they will need $200,000 4 years from now to purchase this home. Assuming an interest rate of 10%, what amount must be deposited at the end of each of the 4 years to fund the home price? (Round to two decimal places.)
1) CPA Manufacturing produces electronic storage devices, and uses the following three-part classification for its manufacturing costs: direct materials, direct manufacturing labor, and indirect manufacturing costs. Total indirect manufacturing costs for January were $300 million, and were allocated to each product on the basi
Problem 16-3 Mike Solid started a pizzeria in 1999. For this purpose he rented a building for $1,800 per month. Two persons were hired to work full time at the restaurant and six college students were hired at work 30 hours per week delivering pizza. An outside accountant was hired for tax and bookkeeping purposes at a cost
Scenario: Northwest Hospital is a full service hospital that provides everything from major surgery and emergency room care to outpatient clinics. The hospital's Radiology Department is considering replacing an old inefficient X-ray machine with a state of the art digital X-ray machine. The new machine would provide higher quali
Quill Corporation acquired 70 percent of North Company's stock on January 1, 20X9, for $105,000. At that date, the fair value of the non-controlling interest was equal to 30 percent of the book value of North Company. The companies reported the following stockholders' equity balances immediately after the acquisition:
Identify the deductions allowed when computing Adjusted Gross Income. Select at least two items from this list and explain how you qualify for the deduction including any additional details that you feel is relevant.
Scenario A You're applying for a new job as a database administrator. You're currently a software engineer, but due to layoffs, you've been performing most of your department's database-related projects for almost a year now. You want your resume to be taken seriously for the database administrator position. What Do You Do
See attached file. Problem P20-9 Prepare worksheet and journal entries for pension plans. Problem P22-2 How to create a comparative income statement. P20-9 (Comprehensive 2 year Worksheet) Mount Co. has the following defined benefit pension plan balances on January 1, 2006 Project benefit obligati
Accounting what the numbers mean 9th edition. Chapter 6 Exercise 6.12 Goodwill- effect on ROI and operating income Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair market value. Suppose that Target Co. had operating income of $90,000 and net a
1. Over the past few decades, the cost structure of manufacturing companies has shifted. In the early 1900s, direct material costs were substantial while fixed costs represented a small fraction of total manufacturing costs. However, the cost structure has reversed and now fixed costs make up the majority of total manufacturing
What differentiates a parent company from a subsidiary company? What are the relationships between the two? How does that affect reporting?
(Two Temporary Differences, One Rate, Beginning Deferred Taxes) The following facts related to Krung The Corporation. 1) Deferred tax liability, January 1, 2007, $40,000 2) Deferred tax asset, January 1, 2007, $0 3) Taxable income for 2007, $95,000 4) Pretax financial income for 2007, $200,000 5) Cumulative tempor
P19-10 (Two NOL's, No Temporary Differences, No Valuation Account, Entries and Income Statement) Felicia Rashad Corp. has pretax financial income(or loss) equal to taxable income(or loss) from 1999 through 2007 as follows. Income Loss Tax Rate 1999 $29,000 30% 2000 40,000 30% 2001 17,0
Please describe how the following transactions affect the accounting equation: 1- Provide services on account 2- Purchase Inventory for Cash 3- Use Cash to pay down Accounts Payable For each, please tell me if the following account increase, decrease or no change: Assets, Liability and Owners Equity
52. Casagrande Company is currently operating at 80 percent capacity. Worried about the company's performance, Mike, the general manager, reviewed the company's operating performance. (The sales and related cost information provided below are in millions of dollars.) Segment North South East West Sales
Jim's Landscaping is the business of maintaining and improving yards in surrounding areas. The company bases its overhead cost budgets on the following data: Variable overhead costs: Supplies $4 per yard Machine maintenance $2 per yard Chemicals $6 per yard Fixed overhead costs: Salaries and wages $2300 per
As the management accountant preparing the budget for the upcoming year, you know how important it is to properly classify costs as being fixed, variable, or mixed. As you are expecting to be promoted to headquarters soon, you want to leave a procedure manual for your junior accountants to have handy for future reference. Whi