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Kiltop Company produces a toy dart gun. The projected income statement for the coming year follows: Sales $ 480,000 Less: Variable costs ( 249,600) Contribution margin $ 230,400 Less: Fixed costs ( 180,000) Operating income $ 50,400 a. Compute the contribution margin ratio for the toy gun. b. How much revenue must Kiltop earn in order to breakeven? c. What volume of sales must be earned if Kiltop wants to earn an after-tax income equal to 8% of sales? Assume that the tax rate is 34%.
What are the advantages and disadvantages of the US GAAP bright line approach versus the IFRS conceptual approach in determining the classification of a lease?
if beginning and ending goods in process inventories are 5500 and 15500 respectively and cost of goods manufactured is
Your client, a manufacturer of computer components has experienced slowing demand for its product. Recently, it cut back from three shifts a day to two shifts a day and the company has eliminated the backlog of orders that existed in prior years b..
the following monthly data are taken from ramirez company at july 31 sales salaries 620000 office salaries 124000
Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2010, 2011, and 2012.
here are comparative balance sheets for doherty company.doherty company comparative balance sheets december 31
A company has a standard cost system in which fixed and variable manufacturing overhead costs are applied to products on the basis of direct labor-hours. The company's choice of the denominator level of activity affects the fixed portion of the pr..
In the financial statements for its fiscal year ended December 31, Year 2, Investor should report a realized loss on disposal of the Investee Co. shares equal to:
Silver Shades corporation disposes of a capital asset with an oringial cost of 115000 and accumulated depriciation of 62500 for a salvage price of 18000. Silver Shades tax rate is 30%. Calculate after tax cash inflow from the disposal of the capit..
Pacific has the following account balances as of Feb 1. Western pays $2,020,000 in cash. An additional $20,000 is paid in direct combination costs. For each of the following accounts, determine what balance will be included in a Feb 1 consolidatio..
If paid the total amount owing of $6858 to ATO via my National Australia Bank Visa Card. A Credit card fee of $45 (equivalent to 0.0065%) was charged by the ATO in relation to this payment. Is this $45 credit card fee deductible?
East Coase Cleaners borrows $10,000 for 90 days and pays $210 interest. What is the effective rate of interest if the loan is discounted?
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