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Phil Keogan is considering a bid for the hotdog and softdrink concession at the 14 basketball games for the Cagayan Unigames. There will be seven college games and seven professional games. Average attendance at the college games is 30,000; at professional games attendance is 60,000. Phil estimates that he sells one hotdog and one softdrink for each two persons attending a game.Revenue and cost data are as follows:HOTDOG SOFTDRINKSelling Price Php 15.00 (H) Php 10.00 (S)Variable costHotdog 3.20 (H)Breadroll 1.40 (H)Mustard, onion, etc. .20 (H)Softdrink and ice 2.20 (S)In addition, salespeople earn a 20% commission on all sales. Fixed cost per game are Php 80,000 for rentals of heating, cooking, mixing, and cooling equipment.The stadium management requested that bids be made in the form of royalties on sales. The highest percentage of sales bid will win the contract.REQUIREMENTI. What percentage of sales can Keogan pay as royalty to the stadium and earn Php 1,800,000 for the season?II. If Keogan bids 12% of sales, what income can he expect?III. Assume that Keogan gets the concession at a royalty of 12% of sales. He wants to know how much margin of safety he has in two ways. He is uncertain about total attendance and about the percentage of total attendees who buy a hotdog and drink. What is the break-even point for the season, expressed as (a) total attendance assuming one hotdog and drink per two attendees, and (b) the percentage of attendees who must buy a hotdog and drink if total attendees is as expected but the number of hotdogs and drinks each buys is uncertain?IV. What kinds of information does Keogan need if he is also deciding to bid for the concession at basketball games at the same stadium?V. After forecasting attendance for basketball games, Keogan learns that the star player of the local professional team will retire before the coming season. What effect does this information have on his planning?
Identify the features common to the gift tax formula and the estate tax formula. What is the lifetime gift tax exemption in tax year 2012? What is that exemption amount in 2013?
On January 1, 2009, Roosevelt Company purchased 12% bonds, having a maturity value of $500,000, for $537,907.40. Prepare the journal entry at the date of the bond purchase.
Tandum Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $150,000 for March and $200,000 for April, what are the budgeted cash receipts from sales on a..
The actual cost for plane operating costs in September was $214,430. The activity variance for plane operating costs in September would be closest to:
Set up the known information in a linear statement and find the missing cash sales by reversing the additive functions also complete an Accrual Income Statement.
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
How Bout Now, a clothing retailer, had cost of goods sold of $525,000 last year. The beginning inventory balance was $32,500 and the ending inventory balance was $35,000. What is the company's Days' Sales in Inventory?
Each fund must account for interfund activity as if it were a separate accounting entity.
A is a fixed expense; B is a variable cost. During the current year the level of activity has reduced but is still within the relevant range.
Jonas Inc. is considering whether to lease or purchase a piece of equipment. The total cost to lease the equipment will be $120,000 over its estimated life, while the total cost to buy the equipment will be $75,000 over its estimated life.
Explain why are companies with small levels of inventory usually unconcerned with the choice of variable or absorption costing?
1. List the relationships, ratios and trends that will provide useful information about the overall reasonableness of accounts payable. Consider income statement accounts that affect accounts payable in selecting the analytical procedures.
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