Reference no: EM132504693
Question - Flexible budget for selling and administrative expenses for a service company
Social Media Inc. uses flexible budgets that are based on the following data:
Sales commissions 15% of sales
Advertising expense 20% of sales
Miscellaneous administrative expenses $7,000 per month plus 10% of sales
Office salaries expense $35,000 per month
Customer support expenses $11,000 per month plus 18% sales
Research and development expense $35,000 per month
Prepare a flexible selling and administrative expenses budget for June 2016 for sales volume $400,000, $500,000 and $600,000.
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Prepare Swiftys journal entries for the initial transaction
: Prepare Swifty's journal entries for the initial transaction, recognition of interest each year, and the collection of $86,400 at maturity
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Determine total net income if all products are sold
: Joint processing costs for a year amount to $200,000. Determine total net income if all products are sold at split off point
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What is the amount and character recognized by Wilma
: Wilma's income tax basis in each share is $7,900. What is the amount and character recognized by Wilma as a result of the stock redemption
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How many shares of Acme is Shirley deemed
: Joan and Bill are married, and they each own 55 shares of Acme. How many shares of Acme is Shirley deemed to own under the stock attribution rules
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Prepare flexible selling and administrative expenses budget
: Prepare a flexible selling and administrative expenses budget for June 2016 for sales volume $400,000, $500,000 and $600,000
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Calculate the manufacturing overhead cost for each product
: Calculate the budgeted indirect cost rate for the three cost pools. Assuming the following additional costs, what is the total cost of the two products
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Compute the equivalent units of production for the month
: Units transferred to quality control department 90,000. Using FIFO method, compute the equivalent units of production for the month with to respect to materials
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What was gross profit
: Let's suppose you (USA dealer) imported a product from German on Dec 1, 2018 at € 300, What was gross profit for 2018 and 2019, respectively
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What was profit or loss from these transactions
: You sold the product in the US market at $400 in cash on Dec 15, 2018. What was profit or loss from these transactions (in 2018 and 2019 combined)
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