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Procter & Gamble Company is a Cincinnati-based company thatproduces household products under brand names such as Gillette, Bounty, Crest, Folgers, and Tide. The company's 2006 income statement showed the following (in millions):
Net Sales
$68,222,000
Cost of Products Sold
$33,125,000
Selling, general, and administrative expense
$21,848,000
Operating Income
$13,249,000
Suppose that the cost of products sold is the only variable cost; selling, general, and administrative expenses are fixed withrespect to sales. Assume that Procter & Gamble had a 10%increase in sales in 2007 and that there was no changein costsexcept for increases associated with the higher volume of sales. Compute the predicted 2007 operating income for Procter &Gamble and its percentage increase. Explain why the percentage increase in income differs from the percentage increase in sales.
The call premium would be 5 percent of the face amount. Today 15-year, 5 percent, semiannual payment bonds can be sold at par, but flotation costs on this issue would be 2 percent, or $40,000. What is the net present value of the refunding?
The adjusted trial balance columns of the worksheet for Porter Company are as follows-complete the worksheet by extending the balances to the financial statement columns and prepare an income statement?
In the current month, the company incurred $305,000 actual overhead and 22,000 actual labor hours while producing 35,000 units. Compute the (1) total overhead variance, (2) overhead volume variance, and (3) overhead controllable variance.
Do you think it is necessary to use an accumulated depreciation account instead of just adjusting the asset account directly?
Jill reported a net loss of $6 million for the year. What amount of loss should Jack report in its income statement for 2011 relative to its investment in Jill?
During 2009, Jackson reported net income of $96,000 while paying dividends of $12,000. During 2010, Jackson reported net income of $132,000 while paying dividends of $36,000.
Kim Co. reported bonds payable of $35,000 at December 31, 2010 and $32,000 at December 31,2011. During 2011, Kim issued $20,000 of bonds payable in exchange for equipment.
The renovations cost $50,000 and have a useful life of 8 years. Lisa's Boutique will record occupancy expense for the year ended December 31, of :
A mail order company finds 18% of the purchases of a particular item are returned. The company estimates each return costs $0.70 in transportation and extra handling. What is the expected extra cost due to returns per unit of this item?
Emmy would like to organize PRK as a C corporation with herself as sole shareholder. Emmy expects PRK to generate $15,000 annual income before paying Emmy's salary. Individual ordinary rates are 25 percent, corporate rates are 15 percent, and individ..
Assuming that interest is computed annually, at what carrying value should the total liability for these bonds be reported two years later on December 31, 2012, if the effective-interest method of amortization is used?
Journalize the transactions using a perpetual inventory system. Prepare the income statement through gross profit for the month of April 2011.
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