User Account

All Pages

Prepare an income statement for the quarter

Assignment Help Managerial Accounting
Reference no: EM133127457

Question - Music Village sells amplifiers. Information from the quarter shows income of $1,478,400 and cost of goods sold as $672,000. The company has $287,840 in selling expenses, which includes a 10% commission for each amplifier sold. The company also has $120,000 in administrative expenses, 80% of which are fixed. The company buys amplifiers from several suppliers with an average price of $280 and resells them with a 120% mark-up on the price.

Required -

1. Prepare an income statement for the quarter using the absorption costing approach.

2. Prepare an income statement for the quarter using the contribution approach.

3. How much does the sale of each amplifier contribute to covering fixed costs?

4. What is the minimum number of amplifiers Music Village needs to sell to break even?

Reference no: EM133127457

Questions Cloud

Prepare a production budget under each plan : Pharoah Industries had sales in 2021 of $7,616,000 and gross profit of $1,232,000. Prepare a production budget for 2022 under each plan
How many traits have been linked to this gene? : Search the GWAS catalog with the gene identifier you identified in 1a for studies that have linked variations in this gene with a phenotypic response
Gene expression profiles in normal human tissues : Determine the phylogenetic relationships between members of the human CYP family - Prepare a multiple sequence alignment of sequence
Prepare a schedule calculating the change in net assets : Prepare a schedule calculating the change in net assets without donor restrictions and net assets with donor restrictions
Prepare an income statement for the quarter : Music Village sells amplifiers. Information from the quarter shows income of $1,478,400. Prepare an income statement for the quarter
Analyse the financial decision making process : Analyse the financial decision making process using examples to explain the process -Design criteria and a scoring system for evaluation of tenders
What is the total manufacturing cost of Job : The company allocates manufacturing overhead based on machine hours. What is the total manufacturing cost of Job 798
By what amount video paid-in capital-excess of par increase : Glean usual billing rate is $700 per hour, and Video stock has a book value of $250 per share. By what amount will Video paid-in capital-excess of par increase
Memo for the judge addressing the arguments : Write a three page memo for the judge addressing the arguments presented by Margaret McCarthy in her Communio article and the Amicus Brief

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

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.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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