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Personal Budgeting
George Marcus, a recent college graduate, has been appointed by Taylor Corporation at a salary of $54,000 per year. In anticipation of his salary, George bought a $20,000 new ski boat and will pay for it at a rate of $425 per month, including interest, for five years. He also rented a condominium for $600 a month and bought a car on account for $350 a month. In addition, George figures that his other monthly expenses will be:
1. On the assumption that George also pays income and FICA taxes of 25 and 7.65%, respectively,prepare his monthly budget.
2. George plans to save enough money for a down payment on a house. If a $20,000 down payment is needed, how long will it take him to save the needed amount? (For this exercise, ignore interest on savings, and assume that George does not have any savings at the present time.)
Your CFO, in her initial work, needs to decide whether to set up a job order costing system or a process type costing system. She has asked you to make a recommendation based on the following information.
The law firm of Tilton and Henderson accumulates costs associated with individual cases, using a job order cost system. The following transactions occurred during June:
The following information relates to activities in the mixing departments for June: Beginning WIP, June 1, 100,000 pounds. Cost in beginning WIP inventory were as follows:
Select a city or state in the United States (or Canadian city or province), and employ the Internet to explore the annual budget of governmental unit you selected.
Pick a costing method: process, job, or activity based. Explain the nature of your chosen method. What types of organizations should choose that method?
Recognize types of responsibility centers as a cost center, a profit center, a revenue center or an investment center.
Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.
For what is cost-volume-profit (CVP) analysis used? What are some of the key underlying assumptions that make CVP analysis useful for decision makers? Why might decision makers use CVP analysis?
Expected manufacturing costs for Imperial Data Devices are as follows: Estimate manufacturing costs for production levels of 11,000 units, 13,500 units, and 16,000 units per month.
Assume that for the second quarter in row, profits are down at Waterfall division. Division Management budgeted $250,000 in profits for the second quarter but actual results were only $197,000 in profits.
Write down the difference between the budget and Comprehensive Annual Financial Report (CAFR)? Describe and provide examples.
Complete the schedule to compute the pool rates for the different activities.
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