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During April, Elsa Corporation budgeted for 27,000 customers, but actually served 23,000 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $4.10q Wages and salaries: $33,300 + $1.10q Supplies: $0.70q Insurance: $8,600 Miscellaneous expense: $3,700 + $0.40q Prepare the company's flexible budget for April based on the actual level of activity for the month.
Several important assumptions underlie CVP analysis. Assumptions often help simplify and focus our analysis of sales and costs. A common application of CVP analysis is as a tool to forecast sales, costs, and income.
C. Reither Co. reports the following information for 2014: sales revenue $761,500; cost of goods sold $512,700; operating expenses $90,900; and an unrealized holding loss on available-for-sale securities for 2014 of $52,100. It declared and paid a ca..
Tiffin Company had retained earnings of $50,000 at the end of last year. For the current year, income was $20,000 and dividends $15,000. Illustrate what is the balance in retained earnings at the end of the current year?
Explain why Cornelius was able to report net cash flow from operating activities that was higher than net income. Explain why this is important to financial statement users.
Find a journal or news article that explains why both accrual accounting and cash flow analysis are required to understand a company? Briefly describe the article. What would you have added to improve the analysis?
Buy-Rite Pharmacy has purchased a small auto for delivering prescriptions. The auto was purchased for $9,000 and will have a 6-year useful life and a $3,000 salvage value. Delivering prescriptions (which the pharmacy has never done before) should inc..
Crosser Company budgets on a quarterly basis. The following beginning and ending inventory levels (in units) are planned for the first and second quarters of 2012: If Crosser Company were to manufacture 400,000 finished units (in total) during the fi..
The following information relates to Vice Versa Ventures for calendar year 20XX, the company’s first year of operations: Create an income statement using full costing.
Perform a Horizontal and Vertical Analysis on the Income Statement of each company, for the years 2015 and 2014.(For example, to complete a Horizontal Analysis for 2014, 2013 data will be required).
Create a master budget for the three-month period ending June 30. Include the subsequent detailed budgets sales budget, by month and in total
Mr. Borrow wants to knowthe definitions of Collateral, Continuing involvement, financial asset, and Derecognize. Write a memo to Mr. Borrow with the results of your research.
Prepare the appropriate journal entry to record the issuance of the note. 2. Determine the effective interest rate.
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