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In the month of June, Paula's Beauty Salon gave 3,500 haircuts, shampoos, and permanents at an average price of $30. During the month, fixed costs were $16,800 and variable costs were 80% of sales.
Instructions
a) Determine the contribution margin in dollars, per unit and as a ratio.
b) Using the contribution margin technique, compute the break-even point in dollars and in units.
c) Compute the margin of safety in dollars and as a ratio.
Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. Wilton estimates that ..
In a recently administered IQ test, the scores were distributed normally, with mean 100 and standard deviation 15. What portion of the test takers scored between 70 and 130?
Under a plan of complete liquidation, Coast Corporation distributes land with a $300,000 adjusted basis and a $400,000 FMV to William, a 25% shareholder. William has a $200,000 basis in his Coast stock. The land is inventory in the hands of Coast ..
The expected, undiscounted, net cash flows from the use of the asset and the eventual disposition are determined to be $760,000, and it has a current market value of $710,000. What is the amount of the impairment, if any, that should be recorded b..
TD Industries has a piece of equipment that has a cost of $400,000. The equipment has accumulated depreciation of $305,000.
Crown Industries has the following information about its standards and production activity for December-Assume the allocation base for fixed overhead costs is the number of units to be produced.
Assume a 5 year useful life with a residual value of $50,000, how much depreciation expense should the company record on its books each year using the double declining balance method of depreciation?
A company purchased an aircraft for $400,000 and leased it for 20 years. If the company wants to earn an annual return of 10% what will be the annual rental.
Without prejudice to your solution in part a, assume that the issue price was $884,000. Prepare the amortization table for 2008, assuming that amortization is recorded on interest payment dates.
How much gain or loss does Sam recognize; what is his basis in the property he received; and what is his remaining basis in the partnership interest?
Garcia Company began 2010 with net assets of $80,000. Net income calculated by using the capital maintenance concept was $21,000. During 2010 owners contributed $26,000 of new capital. By year-end, the net assets totaled $78,000. Dividends to the own..
On that date the market price of the bonds was 105 and the market price of the common stock was $36. The total unamortized bond premium at the date of conversion was $175,000. Jenks should record, as a result of this conversion
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