Determine how much of Fiona's $250,000 commissions and $75,000 fringe beneft package is assigned to the payroll factor of State U The State U payroll factor includes for Fiona's compensation.
Q: Javier purchased 100 stock shares of a publicly traded company for $2,500. One year later, Javier…
A: RETURN ON INVESTMENTReturn on investment is one of the profitability ratios which shows how much…
Q: On December 1, 2021, your company borrowed $46,500, a portion of which is to be repaid each year on…
A: On December 31, 2021: $46,500 is payable; $6,200 in 2022 and the remaining later. So amount payable…
Q: The Food division of Garcia Company reports the following for the current year. Sales Cost of goods…
A: Profit margin ratio is calculated by dividing net income by net sales. Net income is the difference…
Q: Oriole Construction Company began work on a $407,000 construction contract in 2025. During 2025,…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: In the current year, Ms. Patel is provided with a vehicle leased by her employer, Everex Ltd. The…
A: Standby ChargeStandby charge benefits recognizes that the employee is receiving a benefit by having…
Q: answer this question quick. A diesel-powered tractor with a cost of $396,560 and estimated residual…
A: Depreciation Expense is an expense incurred on the fixed assets of the company. Damages incurred due…
Q: Raymond Reddington, who would
A: 1]In most cases, this means that you must be either the spouse or unmarried child under the age…
Q: Tamarisk, Inc. is a company that manufactures and sells a single product. Unit sales for each of the…
A: Budget is the estimate of revenue and expenses over a specified future period of time.An income…
Q: Jasper Company has 59% of its sales on credit and 41% for cash. All credit sales are collected in…
A: The cash collection schedule is prepared to estimate the cash collected from the customers during…
Q: The following information pertains to the January operating budget for Casey Corporation. . . .…
A: Budgeted accounts receivable serve as a key indicator for a company's potential credit sales,…
Q: Camila Company has set the following standard cost per unit for direct materials and direct labor…
A: The variance is the difference between the standard and actual cost data. The variance can be…
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…
Q: Required information The following information applies to the questions displayed below) Tina The…
A: Trial Balance is a table that represents all the ledgers. All the ledgers are recorded on the debit…
Q: Wilson, Inc. has outstanding 20,000 shares of $80 par value, 6% nonparticipating, cumulative…
A: Annual Dividend to Preferred Shareholders = No. of preferred share outstanding x Par value per share…
Q: The records of Hoffman Company reflected the following balances in the shareholders' equity accounts…
A: The preference dividend is paid to the shareholders before any other dividend. The cumulative…
Q: The master budget at
A: The difference between the actual profit and the budgeted profit is known as profit variance. This…
Q: Lamphere Lawn Care provides lawn and gardening services. The price of the service is fixed at a flat…
A: Under Variable Costing method, variable costs are shown separately to arrive at the value of…
Q: Shimada Products Corporation of Japan plans to introduce a new electronic component to the market at…
A: Total product cost is the combination of direct material cost, direct labor cost and manufacturing…
Q: The East Company manufactures several different products. Unit costs associated with Product ORD210…
A: The costs incurred for the production are classified as product and period costs. The period costs…
Q: Rodriguez Corporation issues 15,000 shares of its common stock for $312,700 cash on February 20.…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Kase, an individual, purchased some property in Potomac, Maryland, for $152,000 approximately 10…
A: Realized gains and losses - are the gains and losses which occur in a transaction of sale due to the…
Q: Concord Inc. is the only player in the classy snow shovel market. The variety of shovel designs…
A: Mark-up percentage on total cost = operating income ÷ Total costROI = operating income/Company asset…
Q: Dungy Training Company has a current ratio of 0.90 to 1, based on current assets of $6.03 million…
A: The ratio is the technique used by the prospective investor or an individual or strategist to read…
Q: Lucia Company has two service departments: Office and Purchasing. Total expenses for the Office is…
A: Joint costs means the costs incurred in producing multiple products simultaneously from the same raw…
Q: (1) Determine the mix variance and the yield variance.
A: Mix variance = (Revised Standard Quantuity- Actual Quantity)*Standard PriceM1…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $185 and $120,…
A: Incremental analysis, which is also known as differential analysis, is a decision-making approach…
Q: Dixon Sales has five sales employees that receive weekly paychecks. Each employee earns $16.00 per…
A: Lets understand the basics.Journal entry is required to record for recording each of event and…
Q: Faulty Company's year end ifs December 31. Its external auditors have discovered that two years ago…
A: To correct the double recording of transactions from two years ago in Faulty Company's books, we…
Q: After the success of the company's first two months, Santana Rey continues to operate Business…
A: Income Statement is a financial statement that includes revenue earned and expenses incurred during…
Q: Lamphere Lawn Care provides lawn and gardening services. The price of the service is fixed at a flat…
A: Selling price per unit: It is the price at which a unit of product is sold in the market.Variable…
Q: D&D Company reports select items from its statement of cash flows. Identify those items related to…
A: Cash flow statement :— It is one of the financial statements that shows change in cash and cash…
Q: Wildhorse Co. issued $6,720,000 of 8% bonds on October 1, 2020, due on October 1, 2025. The interest…
A: The bond amortization table is prepared to show how the bond is repaid. It indicates the cash…
Q: Both management's responsibility and the auditor's opinion on internal controls are stated in the…
A: False. The management's responsibility for internal control and the auditor's opinion on internal…
Q: Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k),…
A: The establishment of the 401(k) plan was meant to promote employee retirement savings. Employees can…
Q: An investment that costs $6,000 will produce annual cash flows of $2.600 for a period of 4 years.…
A: Annual net cash flow from project$2,600Present value of an ordinary annuity of $1 at 10% for 4…
Q: The semi-annual interest expense to be recorded using the straight line method of interest…
A: Face value of bonds$46,000Less: Issued Price ($46,000 * 98%)$45,080Discount on bonds payable…
Q: The owner-manager of Molena Restaurant describes the balanced scorecard measures used to assess…
A: The Balanced Scorecard encourages a cause-and-effect relationship between these perspectives. The…
Q: In early 2023, Armstrong
A: The IRS allows taxpayers various tax deductions for investment-related expenses if those expenses…
Q: Sandhill Company has gathered the following information. All materials are added at the beginning of…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Production is represents the production of a process in…
Q: Heidelberg Fabrication manufactures two products, G-09 and G-35: G-09 18,300 Units produced Direct…
A: Overhead is the total indirect costs incurred in connection with production of a product. Overheads…
Q: Jan. 1 Jan. 10 Mar. 10 Apr. 15 Aug. 20 Oct. 11 Dec. 31 The company was granted a charter that…
A: A company's share capital is the money it raises from selling common or preferred stock. Authorized…
Q: Heidelberg Fabrication manufactures two products, G-09 and G-35: Units produced Direct materials…
A: The ratio of an organization's administrative expenses to another input or sales volume is known as…
Q: Baine Company purchased Vera Company at a price of $535,000. The fair value of the net assets…
A: The objective of this question is to calculate the amount of goodwill that Baine Company records at…
Q: If Jimmy is terminated before he is fully vested in an employer-sponsored plan, Jimmy may not get to…
A: Many employer-sponsored retirement plans have vesting periods, during which employees gradually earn…
Q: Ready Products Incorporated operates two divisions, each with its own manufacturing facility. The…
A: Health Care ROI = $1,080,000 / ($338,000 + $2,074,000) = 44.78%Cosmetics ROI = $890,000 / ($338,000…
Q: The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following…
A: Lets understand the basics.Total variance for materials is a variance between the actual cost and…
Q: In October, Cheyenne Inc. reports 42,500 actual direct labor hours and incurs $204,000 of…
A: MANUFACTURING OH VOLUME VARIANCEManufacturing Overhead Volume Variance is the the difference between…
Q: Dorsey Company manufactures three products from a common input in a joint processing operation.…
A: Incremental Analysis :— This analysis shows the comparison between two different alternatives. A…
Q: Paid $78,000 cash to replace a motor on equipment that extends its useful life by four years. Paid…
A: The objective of the question is to classify the given transactions as either a revenue expenditure…
Q: The standard cost of product B manufactured by Waterway Company includes 3 units of direct materials…
A: Material price variance is computed when material is purchased. Material price variance is…
Manji
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- Required Information Problem 12-47 (LO 12-3) (Algo) [The following information applies to the questions displayed below.] LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $278 per month. Problem 12-47 Part a (Algo) a. If LaMont receives one pass (worth $278) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross incomeCustomer Latitude and Pricing The postal service of St. Vincent, an island in the West Indies, obtains a significant portion of its revenues from sales of special souvenir sheets to stamp collectors. The postal service purchases the souvenir sheets from a supplier for $0.80 each. St. Vincent has been selling the souvenir sheets for $8.00 each and ordinarily sells about 80,000 units. To test the market, the postal service recently priced a new souvenir sheet at $7.00 and sales increased to 93,600 units. Required: 1. What total contribution margin did the postal service earn when it sold 80,000 sheets at a price of $8.00 each? 2. By what percentage did the St. Vincent post office decrease its selling price? By what percentage did unit sales increase? (Round your answers to one-tenth of a percent.) 3. What total contribution margin did the postal service earn when it sold 93,600 sheets at a price of $7.00 each? 4. What was the postal service’s increase (decrease) in total contribution…10. Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 25 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $42 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 29 rental houses every two weeks during the months of May through September. LStar has offered to pay $29 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $370 used. Fuel to run the…
- Consider the national nonprofit organization the American Red Cross. Assume you are the regional director of the organization, and you just received the quarterly financial reports. Even though the organization is a nonprofit, assume it is set up as a profit center because it is helpful for the financial reports to show both donations and expenses by each region/location. One particular report shows there is one location in your region that is extremely over budget on nearly every expense item. From a management perspective, can you think of a reason(s) when going over budget might actually be a good thing? As the regional manager, how might you respond to the overages to help the particular location in the future?*Questions are located in the attachments* You have been asked to assist the management of Ironwood Corporation in arriving at certain decisions. Ironwood has its home office in Michigan and leases factory buildings in Wisconsin, Minnesota, and North Dakota, all of which produce the same product. Ironwood's management provided you with a projection of operations for next year, as follows. Total Wisconsin Minnesota North Dakota Sales revenue $892,000 $443,000 $286,000 $163,000 Fixed costs Factory 222,000 114,000 58,000 50,000 Administration 72,000 41,000 24,000 7,000 Variable costs 293,000 133,000 85,000 75,000 Allocated home office costs 99,000 46,000 34,000 19,000 Total $686,000 $334,000 $201,000 $151,000 Operating profit $206,000 $109,000 $85,000 $12,000 The sales price per unit is $5. Due to the marginal results…Mary is a sales person for Challenge Furniture. She receives an incremental commission based on the table below. If she sells $26,000 and has already received a draw of $766.15, how much commission is still owed to Mary? Level Sales volume Commission Rate 1 $0–11,700 3.1% 2 $11,700–21,200 4.1% 3 Over $21,200 4.7%
- Requirements of the Offer. Technical ConsumerProducts, Inc. (TCP), makes and distributes energy-ecientlighting products. Emily Bahr was TCP’s district sales manager in Minnesota, North Dakota, and South Dakota whenthe company announced the details of a bonus plan. A districtsales manager who achieved 100 percent year-over-year salesgrowth and a 42 percent gross margin would earn 200 percentof his or her base salary as a bonus. TCP retained absolutediscretion to modify the plan. Bahr’s base salary was $42,500.Her final sales results for the year showed 113 percent yearover-year sales growth and a 42 percent gross margin. Sheanticipated a bonus of $85,945, but TCP could not aord topay the bonuses as planned, and Bahr received only $34,229.In response to Bahr’s claim for breach of contract, TCP arguedthat the bonus plan was too indefinite to be an oer. Is TCPcorrect? Explain. [Bahr v. Technical Consumer Products, Inc.,601 Fed.Appx. 359 (6th Cir. 2015)] (See Agreement.)A company uses charging rates to allocate service department costs to the using departments. The accountant compiled the following information on one of the service departments: If Department K plans to use 1,350 hours of the service departments service in the coming year, how much of the service departments cost is allocated to Department K? a. 3,375 b. 27,300 c. 26,325 d. 23,950Macee Department Store has three departments, and it conducts advertising campaigns that benefit all departments. Advertising costs are $100,000 this year, and departmental sales for this year follow. How much advertising cost is allocated to each department if the allocation is based on departmental sales? Department Sales 1 . $220,000 2 . 400,000 3 . 180,000
- Julianna Abdallah owns and operates FirstCakes, a bakery that creates personalized birthday cakes for a child’s first birthday. The cakes, which sell for $56 and feature an edible picture of the child, are shipped throughout the country. A typical month’s results are as follows: Sales revenue $749,280 Variable expenses 561,960 Contribution margin 187,320 Fixed expenses 133,000 Operating income $ 54,320 How many cakes will Julianna Abdallah have to sell if she wants to earn $171,654 in operating income each month? cakes LINK TO TEXT LINK TO VIDEO Assuming a 30% tax rate, how many cakes will Julianna Abdallah have to sell if she wants to earn $74,284 in net income each month? (Round answer to 0 decimal places, e.g. 5,275.) cakes7. At Aspen Trucking Company, the average driver out of its 200 driver employees travels 1,600 miles per week (50 weeks per year) and it charges customers $2.15 per mile. Aspen provides each driver a $95,000 big rig and pays the driver $0.58 per mile. It estimates that the direct cost, other than the driver, for operating a truck is $0.75 per mile. Jack, the sales manager has been working on several ways to grow the revenue of the business by 10%. Since he has had to turn away business, Jack has now decided that the best way to do that is a combination of adding drivers and equipment along with a price increase of 2.5% next year. He knows that a first time driver will only be 75% productive in his or her first year and it will cost $5,500 to recruit each one. Assuming he can get all needed drivers hired by the first working day of the year, what will Aspen’s first year approximate cash flow be from this growth initiative? Please solve with excel. Group of answer choices a.…Better Finance (previously Bill Float), based in San Francisco, California, provides leasing and credit solutions to consumers and small businesses. If Better Finance wants to distribute $38,000 worth of overhead by sales. New customer sales (NCS) Current customer new sales (CCNS) Current customer loan extension sales $ 4,235,000 4,235,000 3,630,000 (CCLES) $12,100,000 Calculate the overhead expense for each department. Overhead expense New customer sales Current customer new sales Current customer loan extension sales