Make recommendations on what Tim should do

Assignment Help Accounting Basics
Reference no: EM132696359

Question - Tim, a business owner with about $100,000 in annual sales and $5,000 net profit last year, notices some variances (see below) when comparing his actual annual numbers to budgeted numbers this year. Analyze these variances and comment on what likely happened over the past year. Also, make recommendations on what Tim should do with budgeting and operations next year.

Sales $880 unfavourable

Cost of Goods Sold $760 favourable

Variable selling expenses $280 favourable

Fixed selling expenses $200 favourable

Fixed administrative expenses $600 favourable

Reference no: EM132696359

Questions Cloud

Case study - the pearl industry : Case study THE PEARL INDUSTRY: IS THERE A MARKET OPPORTUNITY - Need to answer the template
Should Knorr accept the order : Ms. Knorr has just received a special order from Uganda Home Supplies to produce an extra 500 knobs for $2,200. Should Knorr accept the order
What amount of the impairment loss is allocated to goodwill : What amount of the impairment loss is allocated to the goodwill? SC Corporation plans to dispose of a group of net assets that form part of a disposal group.
Testing for vulnerabilities is critical to ensuring : Testing for vulnerabilities is critical to ensuring the continued security of your systems.
Make recommendations on what Tim should do : Analyze these variances and comment on what likely happened over the past year. Also, make recommendations on what Tim should do
What amount of the impairment loss is allocated to property : SC Corporation plans to dispose of a group of net assets, What amount of the impairment loss is allocated to the property, plant, and equipment?
What was Cost of Goods Sold : The Merchandise Inventory account had a January 1 balance of $30,395 and a December 31 balance of $16,767. What was Cost of Goods Sold in 2019
Requirements and techniques for virtualization : What are some of the requirements and techniques for virtualization?
Estimate the market value of her property in twenty years : Assume her private property will appreciate by value by 5% each year, estimate the market value of her property in 20years time

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd