Prepare a variable costing income statement

Assignment Help Accounting Basics
Reference no: EM132685951

Problem - Variable costing income statement and contribution margin analysis-service company

The actual and planned data for Fly University for the Fall term 2012 were as follows:

 

Actual

Planned

Enrollment  

Tuition per credit hour  

Credit hours  

Registration, records, and marketing cost per enrolled student  

Instructional costs per credit hour  

Depreciation on classrooms and equipment  

6,010

$160

80,600

$370

$85

$1,100,800

5,500

$180

57,600

$370

$80

$1,100,800

Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs vary by the number of credit hours. Depreciation is a fixed cost.

Required -

a. Prepare a variable costing income statement showing the contribution margin and income from operations for the Fall 2012 term.

b. Prepare a contribution margin analysis report comparing planned with actual performance for the Fall 2012 term.

Reference no: EM132685951

Questions Cloud

What is the value of the inheritance today : You will receive an inheritance of $500,000 in 20 years on your 40th birthday. What is the value of the inheritance today if the discount rate is 10%?
Assignment on proactive management : Proactive Management. Operating exposures can be partially managed by adopting operating or financing policies that offset aticipated foregin exhcange exposures
Explain at least one version of social contract theory : Explain the idea that society should be based on virtue by discussing Confucius, Plato, and /or Aristotle. Explain at least one version of social contract.
What is arbitrage strategy : A stock currently sells for $31/share. A 3-month European call option on this stock with a strike price of $30/share has a premium of $3/share. A 3-month Europe
Prepare a variable costing income statement : Prepare a variable costing income statement showing the contribution margin and income from operations for the Fall 2012 term
What is the equivalent rate with continuous compounding : An interest rate is 6% per annum with quarterly compounding. What is the equivalent rate with continuous compounding?
Designing health promotion program : You have been designing a health promotion program that targets the most significant health problem (Cancer)within your community
What is the return on equity-lee sun : Lee Sun's has sales of $4,150, total assets of $3,850, and a profit margin of 4 percent. The firm has a total debt ratio of 40 percent.
Creating a business plan for a new health care organization : This week you will begin working on creating a Business Plan for a new health care organization. The work that you do for your original discussion board post.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Percentage on the total cost per session

Determine the desired ROI per session. Calculate the mark-up percentage on the total cost per session. Calculate the target price per session.

  Compute what are the cash receipts for march

ABC Company has sakes forecasts of the following: January= $40,000; February=$65,000;March=$52,850. Compute What are the cash receipts for March?

  Discuss the differences between governments, not-for-profits

Assess the role of GASB and its effectiveness with achieving its mission. Explain if the GASB"s oversight of governmental accounting is as effective as the FASB's over financial standards for-profit entities.

  Calculate the dollar amount of ending inventory

Calculate the dollar amount of ending inventory shown on ABCCompany's May 31 balance sheet using the FIFO method. Do not use decimals in your answer.

  Create general journal - Record transactions of J Min Design

Assignment - Record the following transactions of J. Min Designs in a general journal: April 9 Paid amount due to O'Rourke Fabricators for purchase of April 1

  What are the consolidated sales and cost of goods sold

Top company holds 90% of Bottom Company's common stock. In current year, Top reports sales of $800,000 and Cost of Goods sold of $600,000. For this sam period,

  Compute the minimum income

Compute the minimum income that must be reported for the corporation's 2018 taxation year after the above disposition and purchase transactions

  Determine percentage of completion and the amount of revenue

For complex, high-tech contracts, how does a company determine the percentage of completion and the amount of revenue to accrue?

  Write an introduction to internal controls

Description of how Sarbanes-Oxley Act of 2002 has affected internal controls,Write an introduction to internal controls, two primary goals of internal control

  Prepare a memorandum for tax manager

Prepare a memorandum for your tax manager explaining whether or not this transaction meets the tax-free requirements of Sec. 351.

  What is the equity value of Pulpless from Mono perspective

If the value to Mondo of pulpless's incremental operations is $111, and Mondo has $78 of debt, what is the equity value of Pulpless from Mono's perspective

  Prepare journal entries for each of the above

castleman holdings inc. had the following available-for-sale investment portfolio at january 1 2010. 1000 shares of

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