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Andre has asked you to evaluate his business Andre's hair styling. Andre has five barbers working for him (Andre is not one of them) each barber is paid $9.50 per hour and works a 40 hour week and a 50 week year, regardless of the number of haircuts. Rent and other fixed expenses are $1750 per month. Hair shampoo used on clients is $.40 cents per client. Assume that the only service performed is the giving of haircuts (including shampoo) the unit price is $12. Andre has asked you to find the following information:
1- Find the contribution margin per hair cut assume the barber's compensation is a fixed cost.
2- Determine the annual break-even point, in number of haircuts.
3- What will the operating income if 20,000 haircuts are performed?
4- Suppose André revises the compensation method. The barbers will receive $4 per hour plus $6 for each haircut. What is the new contribution margin per haircut? What is the annual breakeven point (in number of haircuts)?
Kevin, a practising accountant,has been asked by an audit client to undertake an engagement involving implementing an IT information and control system.
Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.
Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.)
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2013, its fiscal-year end, based on a physical count, was determined to be $343,000. Determine the correct amounts for 2013 ending inventory, purchas..
a friend offers you a ticket to a chicago cubs baseball game for 50. you know you can sell the ticket to another friend
It is a common misconception that profit maximization is the key objective of most publicly owned companies. Discuss why this objective would be insufficient for investors.
Kevin bought a new car for $22,000. He made a down payment of $9,500 and has monthly payments of $308.10 for 4 years. He is able to pay off his loan at the end of 30 months.
Assuming the computer has an eleven-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John
how would you explain to a memeber of your board of directors the difference between the companys income tax and income
Determine the cost of goods sold and ending merchandise inventory using the FIFO inventory costing method
Modify the assumptions and perform sensitivity analysis to identify a set of cost reductions and/or payment deferrals that would allow Jordan to meet his goals. Leave all other assumptions unchanged.
Selected financial statement information is reported below for Cameron Corporation for the year ended December 31, 2012. Using the above data, determine the cash flow from operating activities for the year using the direct method. Show your work.
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