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In the fourth quarter of 2011, Eurofit Cycling, a bike shop, had the following net income:
Sales .................$350,000Less cost of sales ............$140,000Gross margin ..............$210,000Selling and administration .........$65,000Income before taxes ............$145,000Income taxes ..............$50,750Net income ..............$ 94,250Purchases in the fourth quarter amounted to $180,000.Estimated data for Eurofit Cycling for 2012 are as follows:
Taxes are 35 percent of pretax income. Fifty percent of sales are collected in the quarter of sale and 50 percent are collected in the next quarter. Eighty percent of purchases are paid in the quarter of purchase and 20 percent are paid in the next quarter. Selling and administrative expenses are paid in the quarter incurred except for $7,000 of depreciation included in selling and administrative expense. A capital expenditure for $20,000 is planned for the fourth quarter of 2012.
Required:
Prepare a cash budget for each quarter of 2012.
Explain why the ending inventory balance (assuming it is not zero) computed under full costing will always be greater than the ending inventory balance computed under variable costing.
How much of the total sales revenue is expected to be paid with cash and how many customer transaction does the company expect in January?
MS Enterprises produces three products X1, X2, and X3 from a joint production process. Data on the process are as follows:
Prepare a table that shows the total cost of forming equipment rental and unit cost for units ranging from 0 to 50,000, using increments of 10,000 units.
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Calculate the number of tickets Sunshine must sell each month to (a) break even and (b) make a target operating income of $10,000 per month in each of the following independent cases.
Actual production and sales were 62,900 coffee mugs, actual direct materials usage was 10,000 lbs. at an actual price of $0.17 per lb., actual direct labor usage was 202,000 minutes at a total cost of $30,300
What are the objectives of excellence teams and minicompanies? Did the companies achieve these objectives? Do you think that employee empowerment is a good idea? Explain your answer. If yes, do you see any disadvantages? Explain.
Diego Motors is a small car dealership. On average it sells the car for $25,000 which it buys from the manufacturer for $22,000. Each month, Diego Motors pays $50,000 in rent and utilities and $60,000 for salespeople's salaries.
Calculate the total cost for the knee surgery.
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Prepare a journal entry to close the variance accounts at Bell Computers .Assume that the total variance is not material and is closed to cost of goods sold.
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