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The following are different categories of costs: Variable, Fixed (committed), Fixed (discretionary), and Mixed.
Question 1: Identify what type of cost is best represented by the following examples of costs and briefly explain why.
The answer to the first one, Rent, is provided as an example: Rent is a fixed, committed cost because it does not change due to differences in activity levels. In other words, rent is always a cost that will be due regardless of the business activity level. It is generally considered a committed cost because once you sign the lease you are committed to pay rent for the life of the lease.
Rent: Answer explained aboveProperty taxes on land and buildingBillboard advertising campaignRaw materials used in the manufacturing processEmployee picnic with a band, food, and door prizes
What amount, if any, could be reported as a liability for this contingency as of 31st December, 2010 and How could the contingency be reported in the financial statements of Shinobi Inc
Earnings before interest and taxes Inventory Taxable Income
Kirkland Company manufactures a part for use in its production of hats. When 10,000 items are produced, the costs per unit are: Direct materials $0.60 direct manufacturing labor 3.00 Variable manufacturing overhead 1.20 Fixed manufacturing overhead 1..
Mantle Mfg. Co. issued a seven-year, non-interest bearing note with a face value of $800,000. Mantle received $361,900, resulting in an effective 12% interest rate. What is carrying value of the note at the end of the second year?
What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Seasons will recognize for the year ended December 31, 2020?
When the market rate of interest was 11%, Munson Corporation issued $1,000,000, 12%, 8-year bonds that pay interest semi annually. The selling price of this bond issue was?
When a corporation declares a property dividend, the corporation should: Divide the property equally among all stockholders. Record the dividend by debiting retained earnings for an amount equal to the fair value of the property to be distributed.
Three years ago, Adrian purchased 220 shares of stock in X Corp. for $29,480. On December 30 of year 4, Adrian sells the 220 shares for $22,000. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on he..
Evaluating the performance of the shoe department by examining the significant dif- ferences between its actual and planned expenses for the month.
Evaluate, as far as possible, Kanymoon University's benchmarked position. Define what you understand by the term, 'Strategic management accounting'; critically evaluate any academic literature and refer to recent developments on the subject.
Bowyer Driving School’s 2014 balance sheet showed net fixed assets of $3.4 million, and the 2015 balance sheet showed net fixed assets of $3.9 million. The company’s 2015 income statement showed a depreciation expense of $325,000. What was net capita..
Cass Corp.'s December 31, 2013, balance sheet reported current assets of $120,000 and current liabilities of $100,000. The current ratio increased by 25% one year later, on December 31, 2014. Current liabilities on this date were $140,000. Determine ..
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