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Lantto Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports. The cost formula for plane operating costs is $34,810 per month plus $2,850 per flight plus $12 per passenger. The company expected its activity in June to be 70 flights and 292 passengers, but the actual activity was 69 flights and 291 passengers. The actual cost for plane operating costs in June was $236,550.
What is "Activity Based Costing" and how does it work? What does it do for a firm employing such a system? How do you go about developing such a system in a firm? What are the steps? What would an example look like?
Briefly explain why the owners investment and revenuesincreased owner's equity, while withdrawals and expenses decreasedowner's equity.
How many hammers will have to be sold in June to maintain the same level of net income?
A company expects to begin the coming year with 6,000 ceramic pots in finished goods inventory. It expects to sell 85,000 ceramic pots and end the year with 8,000 pots in the finished goods inventory. Four pounds of clay go into each ceramic pot. The..
Sale of Property Acquired by Gift. In 2008 F gave his son S, 100 shares of IBM stock which at that time were worth $30,000. F paid a gift tax on the transfer of $5,000. Assuming F had purchased stock in 2004 for $40,000 what are the tax consequenc..
mitchell company had the following budgeted sales for the last half of last yearcash salescredit salesnbspnbspjuly70000
for each of the following ratios provide a definition a calculation and a discussion of how the ratio is used in
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the journal entry to record the purchase of equipment for a 100 cash down payment and a balance of 400 due in 30 days
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the phelps company applies overhead costs to products on the basis of standard direct labor-hours. the standard cost
Putting yourself in the role of an investor or creditor, suggest the ratios that you believe would provide you with the most important information needed to make accurate predictions about the company's financial condition. Provide a rationale..
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