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For the past ten years, you've worked at a PETCO Salon as a dog groomer. You're thinking of starting your own dog grooming business. You found place you could rent that's right next to a popular shopping center, and two of your friends (who are also dog groomers) have agreed to work for you. The problem is that you need to borrow money to start the business and your banker has asked for a break-even analysis. You have prepared the following cost estimates of your first year of operations. Fixed Costs Salaries $105,000 Rent and Utilities $36,000 Advertising $2,000 Equipment $3,000 Variable Cost per Dog Shampoo $2.00 Coat conditioner $1.50 Pet cologne $0.75 Dog treats $1.25 Hair ribbons $0.50 You went online and researched grooming prices in your area. Based on your review, you have decided to charge $32 for each grooming. Part 1: What's the break even point in units--how many dogs will you need to groom in the first year to break even? If you and your two employees groomed dogs five days a week, seven hours a day, fifty weeks a year, how many dogs would each of you need to groom each day? Is this realistic given that it takes one hour to groom a dog? Part 2: If you raised your grooming fee to $38, how many dogs would you need to groom to break even? At this new price, how many dogs will each of you have to groom each day (assuming, again, that the three of you groom dogs fifty weeks a year, five days a week, seven hours a day? Part 3 Would you start this business? What price would you charge to groom a dog? How could you lower the break-even point and make the business more profitable?
preparation of necessary entries for declaration and payment of dividend.richman corporation has 120000 shares of 5 par
(Learning Objective 3: Adjust the accounts) Morton Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 2012, for each situation. Consider each fact separately.
Prepare the journal entry to write off those accounts and prepare the entries necessary to reinstate the account and to record the cash received.
The trial balance for Delainey Fitness, shown below, does not balance and prepare the corrected trial balance
Prepare a multiple-step income statement - Prepare a single-step income statement.
activity based costing.roche city has 2 major sources of revenues property tax and sales tax which are billed according
A $200,000, 4-year bond paying interest of 10% payable semiannually is issued on January 1, 19X1, at 104. Prepare the entries for the issuance, the interest and amortization for the first year, and there payment at maturity.
Dividend distributions by a corporation to its shareholders are deductible to the corporation to the extent of its earnings and profits.
The following amounts were taken from the accounting records of Bontancia Services, Inc., as of August 31, 2011. Bontancia Services began its operations on September 1, 2010.
Bracken Corporation budgets the following for 2015 operations: Budgeted Net Income for 2015 is? Budgeted Retained Earnings on 12/31/2015 is?
Calculate the cost of funds or WACC if the cost of equity is 20%, the cost of debt is 7%, and the capital is 50% equity and 50% debt. The tax rate is 40%
Discuss reasons why Jordan would want to treat the leases as a sales-type instead of operating leases.
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