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A company has annual revenues of $450,000, an average contribution margin ratio of 35%, and fixed expenses of $175,000. A new product with a $9.75 variable cost per unit is introduced. If 15,000 units of the new product could be sold at $16.00 per unit, and the company's other business did not change, calculate the company's total operating income and average contribution margin ratio. (The new product adds an additional $37,800 in fixed expense)
SNL corporation, a C corporation, reports $400,000 of taxable income in the current year. SNL's tax rate is 35 percent. Answer the following questions, assuming Keegan, SNL's sole shareholder, has a marginal tax rate of 28 percent on ordinary inco..
What are the eight steps in the accounting cycle and how do they affect the financial statements? What happens if one is missing?
The bonds were issued for $817,860 cash, which provided the holders an annual yield of 8%. What is the amount of the semi-annual interest expense?
What is the "kiddie tax" all about? What is its purpose? What "scheme" does it seek to prevent? Do you think it is really necessary? If so, why do you think it cuts off at 14?
Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
Corporate executives are pressured between conflicting interests of internal and external stakeholders. Provide a specific example of such a conflict. How can the conflict best be resolved?
Annual cash savings from the purchase of the machine will be $20,000. Compute the internal rate of return and payback period.
A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? What is the reason for the apparent inconsistency..
the standard cost of product X includes 2 units of direct materials @ $6/unit. During october, the company bough 29,000 units of materials @ $6.20/unit and used those materials to produce 15,000 units. what is the total material variance? what is ..
Debt guarantees are: a) are considered to be a contingent liability. b) are never disclosed in the financial statement c) are a bad business practice. d) are recorded as a liability even though it is highly unlikely that the original debtor will defa..
Bach's Clothing Store is considering a new product line: umbrellas and rain gear. The new product line would require an investment of $20,000 in equipment and fixtures and $40,000 in working capital. Store managers expect the following pattern of ..
The head of the corporate tax division of a major public relations firm has proposed investing $295,000 in personal computers for the staff. The useful life and recovery period for the computers are both 5 years.
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