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Show your calculation for the following questions on the spaceprovided. You can use additional paper if the space availableis not enough. Five points will be awarded for each correctanswer.
1. The followingis Allison Corporation's formal income statement for lastmonth:
Sales $800,000
Less VariableExpenses 300,000
ContributionMargin $500,000
Less FixedExpenses 400,000
NetIncome $100,000
The Company has no beginnings or ending inventories. TheCompany produced and sold 10,000 units last month. What is the Company's contribution margin ratio?
(a) 62.5%
(b) 160.0%
(c) 500%
(d) 20%
Driller who is 56 years old is provided with 120000 of group term life insurance by his employer. Based on the IRS uniform premium cost table the total annual cost of a policy of this type id 9.00 per 1000 of coverage.
The Ocean City water park is considering the purchase of a new log flume ride. The cost to purchase the equipment is 1,800,000, and it will cost an additional 180,000 to have it installed.
Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Rivers Associates' warehouse was $1,800. Rivers Associates insured the shipment at a cost of $300. Prior to putting the goods up for sale, they cleaned and re..
The Piedmont School of Music has hired you as a consultant to help in analyzing the behavior of the school's costs.
Suppose the opportunity cost of capital is 10 percent and you have just won a $1 million lottery that entitles you to $100,000 at the end of each of the next ten years.
Noting that depreciation can be taken only on the building, Carter favors placing a very high proportion of the cost on the warehouse itself, thus reducing taxable income and income taxes. Ankara, his supervisor, argues that the allocation should ..
During the first year of partnership operations, JK had net taxable income of $50,000. The partnership distributed $20,000 cash to Julie. Julie's adjusted basis (outside basis) for her partnership interest at year-end is:
What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?
Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $26,580 which was paid in the current year.
Create a chart of accounts for a small business. If you are currently working in the accounting field, you may use the chart of accounts from your business as the basis of your work. Include your explanation of the structure.
Messier Inc. manufactures cycling equipment. Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes.
Give the journal entries to record the payment of interest on December 31, 2009 and 2010..
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