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Cost-Volume-Profit AnalysisMitchell Corp. expects to sell all the goods manufactured this year and has no beginning inventory of its one product. The estimated fixed costs for the year are $288,000; and estimated variable costs per unit are $14.00. It is expected that 60,000 units will be manufactured and sold at a price of $20 per unit. The income tax rate is 20%. Management wants the answer to these questions. 1. What is the contribution margin?2. What is the contribution margin ratio?3. What is the breakeven point in units?4. What is the breakeven point in dollars?5. What is the pre-tax income or loss if 40,000 are sold?6. What is the after-tax income (net income) if Sales amount to $1,200,000?7. What is the margin of safety in units if 57,000 units are sold?8. Prepare (a) seven-line contribution margin format income statement for sales at the breakeven point and (b) a seven-line contribution margin format income statement assuming 54,000 units are sold.
MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA taxes are 2.9% of the first $7,000 paid to its ..
The Cruise Salad Company began March with zero cases of its Thousand Island dressing in work-in-process inventory. During March, Cruise started 125,000 cases into production.
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. Prepare the entries to record the sales transactions and related taxes for (a) Grainger Company and (b) Darby Company.
Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.
What are the standard hours allowed for the output? What was the variable overhead rate variance? What was the variable overhead efficiency variance? What was the fixed manufacturing overhead budget variance?
The scenario is designed to help you determine and evaluate the payment amount of a car loan and a mortgage, based on the assumption that your household income is $36,000 per year or $3,000 per month.
Good Co. had a net loss of $75,000 from merchandising operations in 2007. Jane owns Good Co. and works 20 hours a week in the business.
A physical inventory taken on December 31, 2010, resulted in an ending inventory of $700,000. Keen"s gross profit on sales has remained constant at 25% in recent years. Keen suspects some inventory may have been taken by a new employee. At Decembe..
A firm will only earn normal profit in the long run: a) if firms can freely enter or leave the market b) if firms do not try to maximize profit c) only if the industry is perfectly competitive d) whenever products are not differentiated
What amount of dividend income does Ted report as a result of the distribution and what is Ted's income tax basis in the land received from Sherburne?
At the beginning of 2007, Emily Corporation issued 10,000 shares of $100 par, 5%, cumulative, preferred stock for $110 per share. No dividends have been paid to preferred shareholders. What amount of dividends will a shareholder owning 100 shares ..
On March 1, 2015, when the market price of Wilson's stock was $14 per share, 3 million of the options were exercised. The journal entry to record this would include:
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