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Honest Donald's Auto Dealer purchase used cars at auto auctions and sells them retail. The auto, on average, sell for approximately $17,500 each and cost Donald $11,500. The costs that the company incurs in atypical month are listed below: SELLING: advertising ($2,400 per month), preparation of auto for delivery ($250 per auto sold, salaries & commissions ($4,200 per month, plus 8% of sales), utilities ($3,500 per month), depreciation on sales facility ($4,200 per month). ADMINISTRATIVE: executive salaries ($13,000 per month), depreciation on office equipment ($2,000 per month), clerical ($3,000 per month), insurance ($1,200 per month). During July Honest Doanld's sold 50 autos. Prepare a traditional income statement for July. Prepare a contribution format income statement for July. Show costs and revenues on both a total and per unit basis down through contribution margin.
calculate variance analysis using given data.nbsptarget companys actual results for the period weresales volume in
On January 1, 2013, Greenspan Corporation, a machinery dealer, leased to Geitner Inc. a machine that cost $127,000 to manufacture. The lease agreement covers the 6-year useful life of the machinery and requires 6 equal annual payments of $39,200 paya..
What are the three sections of a comprehensive annual financial report (CAFR)? What information is contained in each section? How do the minimum requirements for general purpose external financial reporting related in scope to the CAFR?
What will be the difference between ending inventory valuation at December 31, 2009, and the cost of goods sold for 2009, under FIFO and LIFO cost-flow assumptions?
Calculate general administrative , and selling expenses of sales for the years ended January 31, 2009, and January 31, 2008, By what percent did these expenses increase or decrease from fiscal year 2007 and 2008? The company's fiscal year ends on ..
Base Line, Inc. makes tennis balls. The company can produce up to 500,000 cans of balls per year. Current annual production is 450,000 cans. Annual fixed costs total $150,000. The variable cost of making and selling each can of balls is $0.75. If Bas..
Mueller Company purchased equipment 8 years ago for $1,000,000. The equipment has been depreciated using the straight-line method with a 20-year useful life and 10% residual value. Determine if an impairment loss should be recognized
Which financial statement balance would not be affected by recording a year-end payroll accrual?
The Salinas Corporation has gathered the following data on its copy machine costs for the first eight months of the year. Assuming the line intersects the y-axis at $3,500 and using the May activity levels what is the equation of the line that would ..
You were asked to travel to Milwaukee to observe and verify the inventory of the Milwaukee branch of one of your clients. When you arrive on Thursday, December 30, and find that the inventory procedures have just been started. Does your client have a..
Calculate the depreciation under the straight line method and calculate the depreciation under the double declining method.
Deckyard Company distributes a lightweight lawn chair that sells for $27 per unit. Variable expenses are $13.50 per unit, and fixed expenses total $65,250 annually. Prepare two contribution format income statements, one showing the results of last ye..
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