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1. The Year 1 Year 2 Sales $1,200,000 $1,200,000 Charlotte Company produces a single product. The company had the following results for its first two years of operation: Cost of goods sold 800,000 680,000 Gross margin 400,000 520,000 Selling and administrative expenses 300,000 330,000 Net operating income (loss) $100,000 $220,000 Additional information about the company is as follows: In Year 1, the company produced and sold 40,000 units of its only product. In Year 2, the company again sold 40,000 units, but increased production to 50,000 units. The company' variable production cost is $5 per unit and its fixed manufacturing overhead cost is $600,000 per year. Fixed manufacturing overhead costs are applied to the product on the basis of each year's unit production (i.e. a new fixed overhead rate is computed each year). Variable selling and administrative expenses are $2 per units sold. Required : a. Compute the unit product cost for each year under absorption costing and under variable costing. b. Prepare an income statement for each year, using the contribution approach with variable costing. c. Reconcile the variable costing and absorption costing income figures for each year. d. Explain why the net operating income for Year 2 under absorption costing was higher than the net operating income for Year 1, although the same number of units were sold in each year.
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
The SEC's Enforcement Division investigates possible violations of securities laws, recommends SEC action when appropriate, either in a federal court or before an administrative law judge, and negotiates settlements.
Quiltworks company reported actual sales of $2,000,000, and fixed costs of $450,000. The contribution margin ratio is 30%.
complete the following 5 exercises below in either Excel or a word document (but must be single document).
Assuming that the appropriate rate of interest is 9%, to whom should Betta sell the land? Show calculations.
The company has sufficient capacity to produce the additional units. How much is the relevant income effect of accepting the special order?
Discuss the effect of any information presented in the case on the adequacy of the audit.
A firm issues $100,000 par value of bonds in which the coupon rate is 10% and the yield to maturity is 12%. Assume this firm has $20,000 in operating cash flow before the bond issue. Discuss the influence the bond issue would have on the balance s..
Research the economies and monetary policies of two countries.
Prepare a cash distribution plan as of September 30, 2009, showing how much cash each partner will receive if the offer to sell the assets is accepted.
Discuss your thoughts on whether the rigorous rules of accounting necessarily mean there is only one numerical answer. Explain.
On January 1, 2010, Gant Corporation had $1,500,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on July 1 and earned net income of $400,000 for the y..
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