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Hawkeye Enterprises runs a chain of drive-in ice cream stand in Iowa City during the summer season. Managers of all stands are told to act as if they owned the stand and are judged on their profit performance. Hawkeye Enterprises has rented an ice cream machine for the summer for $3,600 to supply its stands with ice cream. Hawkeye is not allowed to sell ice cream to other dealers b/c it cannot obtain a dairy license. The manager of the ice cream machine charges the stands $4 per gallon. Operating figures of the machine for the summer are as follows:Sales to the stands (16,000 gallons at $4) = $64,000Variable costs ($2.10 per gallon) = $33,600Fixed costs:Rental of machine = $3,600Other fixed costs = $10,000Operating margin = $16,800
The manager of the Coralville Drive-In, one of the Hawkeye Drive-ins, is seeking permission to sign a contract to buy ice cream from an outside supplier at $3.35 per gallon. The Coralville Drive-in uses 4,000 gallons of ice cream during the summer. Elizabeth Chuck, controller of Hawkeye, refers this request to you. You determine that the other fixed costs of operating the machine will decrease by $900 if the Coralville Drive-in purchases from an outside supplier. Chuk wants an analysis of the request in terms of overall company objectives and an explanation of your conclusion. What is the appropriate transfer price?
Journalize the Transactions and Posting them into ledger and Preparation of Trial Balance.
Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)?
The IRS assesses the portion of the estate tax related to this gift that Sabrina previously received against Sabrina under the rules relating to transferee liability. Is Sabrina liable for the estate tax?
At the end of the year, actual direct labor-hours for the year were 17,400 hours, manufacturing overhead for the year was overapplied by $13,850, and the actualmanufacturing overhead was $294,130. The predetermined overhead rate for the year must ..
Identify five other ways in which the Private Securities Act of 1995 will potentially change auditors' legal liability. Explain how each is of potential benefit to the auditor.
a. Determine the variable cost per unit and the fixed cost. b. Based on part (a), estimate the total cost for 10,000 units of production.
Duluth Castings Company makes a product, X-tol,from two materials. Ticon and VF. The standard prices and quantities are as follows.
On January 3, 2011, Willis Company purchased 3,000 of the 10,000 outstanding shares of Demi Corp for $300,000. On October 31, 2011, Demi Corp declared dividends of $40,000 and on December 31, Demi Corp had net income of $800,000. What entry would ..
Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income
SDJ, Inc. has net working capital of $1,570, current liabilities of $4,380, and inventory of $1,875. What is the current ratio? What is the quick ratio?
Write a memo identifying the legal ISSUE(s), conclusion, list of relevant authorities, discussion of the law, and the application of the law. Use the headings on page 149 of the text.
What is the income reported by Regal during 2012 pertaining to the Air investment?
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