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Coffee Cart sells a variety of hot and cold coffee beverages. Data for a recent month appear below:
Revenue $20,000
Costs:
Ingredients $7,800
Miscellaneous supplies (napkins, etc.) 1,200
Rent 1,000
Wages for part time employees 3,000
Cart attendant salary 5,000
Total costs 18,000
Profit $ 2,000
Part time employees are scheduled for busy times, but are sent home as soon as volumes drop enough to warrant it.
a. Categorize each cost as fixed or variable and explain your choice.
b. Create a cost function.
Describe the city and guest ledgers; give an example of something included in each. Explain why these ledgers are considered temporary – and where the records are permanently maintained. Discuss the trial balance and the information it provides. How ..
the amount of income taxes paid would be $300 greater if the average cost assumption were used, what would be the amount of income before taxes under the average cost assumption?
Determine the depreciation rates per mile and the amount to be credited to the accumulated depreciation section of each of the subsidiary accounts for the miles operated during the current year.
The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.
During 2011, Becky loans her brother Ken 5000, which he intends to use to establish a small business. Because Ken has no other assets and needs the cash to expand the business, the agreement provides that Ken will repay the debt if (and when) suffici..
The Engine Division provides engines for the Tractor Division of a company. The standard unit costs for Engine Division are as follows: Refer to the Engine Division. What is the transfer price based on variable product costs plus a fixed fee of $210?
describe how to avoid making suboptimal decisions. Your discussion should be supported by research and real world examples.
question q1. willkom corporation bought 100 percent of szabo inc. on 1st january 2011. on that date willkoms equipment
Prepare the financial statements for the year for Stellar Corporation--a multi-step income statement, a statement of retained earnings, and a classified balance sheet.
Do you recommend that the organization advise Mr. Olsen to make the gift unrestricted or restricted? Give your reasons.
The Coca-Cola Company owns 40 percent of the voting stock of Coca-Cola FEMSA, acquired at book value. Assume that Coca-Cola FEMSA reports income of $6 million for 2013. Coca-Cola FEMSA regularly sells canned beverages to Coca-Cola at a markup of 42 p..
Jordan, Inc., holds 75 percent of the outstanding stock of Paxson Corporation. Paxson currently owes Jordan $597,500 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be e..
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