Li Company has a unit selling price of $150, unit variable costs of $45, and total fixed costs of $47,200. How much sales revenue must Li Company generate to achieve net income of $27,700. Sales revenue needed to achieve target net income $
Q: a covered member or covered person does ot include which of the following: a. the firm b. staff…
A: Understanding the concept of covered members is essential in maintaining the integrity and…
Q: Which of the following describes cost allocation? a. serves as the basis for recording materials…
A: Cost allocation is the process of assigning costs to a cost object. The cost object can be the…
Q: transactions occurred. May 1 Stockholders invested $20,200 cash in exchange for common stock. 2…
A: Lets understand the basics.The whole accounting process starts from identification of transactions,…
Q: 54. To calculate a beginning or ending inventory ($ amount): The appropriate Inventory quantity x…
A: Truethe formula provided is correct for calculating the value of inventory. Multiply the quantity of…
Q: Laker Company reported the following January purchases and sales data for its only product. Units…
A: The specific identification method relates to inventory valuation, specifically keeping track of…
Q: Lina purchased a new car for use in her business during 2023. The auto was the only business asset…
A: Section 179 expense allows a taxpayer to elect to deduct the cost of certain types of property on…
Q: List the journal entries from the purchase of raw materials up to the determination of the gross…
A: Account Title DebitCreditRaw Materials Inventory (leather)Raw Materials Inventory (metal…
Q: Tempe Office Services and Supplies (TOSS) provides various products and services in the Tempe…
A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Specific balance-related audit objective Accounts receivable are appropriately aggregated and…
A: The importance of assertions in auditing cannot be overstated. In the auditing process, assertions…
Q: Prepare Sheffield's entry to record its payroll-related payment to the Receiver General for Canada.…
A: Employment Insurance premium payable = 1.4 * Employment Insurance withholding
Q: What is the amount of the tax liability for a single person having taxable income of $59,200? Use…
A: Federal income tax As per IRS ,a taxpayer pays tax as a percentage of his/her income in layers…
Q: Sheridan Company is constructing a building. Construction began on February 1 and was completed on…
A: Avoidable interest refers to the interest incurred on the borrowing for the construction of assets…
Q: Problem c-3 Sales related and purchase related transactions for seller and buyer periodic inventory…
A: The objective of the question is to journalize the transactions that occurred in May between Simkins…
Q: $120,000 of its accounts receivable to 2nd National Bank as collateral for a $70,000 loan due August…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Analyzing Interest-Bearing and Noninterest-Bearing Notes Consider the following three separate…
A: Bond valuation is the process of determining the fair or intrinsic value of a bond. The value of a…
Q: of Home le counts $14,600 $800 $22,700 $164,100 $6,500 $48,700 s for the month of Do
A:
Q: A company has monthly fixed costs of $135,000. The variable costs are $5 per unit. If the sales…
A: Fixed cost is the cost that doesn't change with the change in the level of production. It's a period…
Q: Seventh Investments, Inc., began by issuing common stock for cash of $190,000. The company…
A: The objective of the question is to record the first two transactions of Seventh Investments, Inc.…
Q: Federated Fabrications leased a tooling machine on January 1, 2024, for a three-year period ending…
A: "Lease" is a simple term when an asset is given/taken on rent for a particular period of time. There…
Q: in Carter for $37 per share. Required Prepare the journal entry at December 31, Year 6, to…
A: Any investment which is having the control over the other company requires a different treatment in…
Q: Komiko Tanaka invests $12,000 in LymaBean, Incorporated. LymaBean does not pay any dividends. Komiko…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of…
A: Journal entries refer to recording and classifying business transactions into books of accounts…
Q: Yale Corporation issued $60,000, 8% (cash interest payable semiannually on June 30 and December 31)…
A: Bonds payable refers to a type of long-term debt that a company or organization issues to borrow…
Q: For Coronado Company, units to be produced are 5,900 in quarter 1 and 8,260 in quarter 2. It takes…
A: Budgeting is a very useful method of estimating revenue and expenses for an organization.It is…
Q: Tax rate % of current period income eligible for NOLS Year Income statement GAAP current period…
A: Net operating loss occurs when a tax entity faces negative income, also referred to as operating…
Q: QUESTION 40 Considering only the information provided, which wastebasket type should your company…
A: Cost-benefit analyses, which weigh the advantages and disadvantages of each alternative, are…
Q: What is the incremental profit?
A: Incremental analysis is a decision-making tool used to analyse financial information.Through the…
Q: If John is expecting sales of $80,000, cost of goods sold of $40,000, operating expenses of $37,000,…
A: Lets understand the basics.Gross profit is a profit obtained after deducting cost of goods sold from…
Q: Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 2.5 on June 30 of the current year.…
A: Formula of working capital:Formula of current assets:Formula of current ratio:Formula of acid-test…
Q: On January 2, 2023, Direct Shoes Inc. disposed of a machine that cost $94, 000 and had been…
A: (a) Journal entry if the machine was sold for $42,500 cash: General JournalDebit $Credit…
Q: Thomas Railroad Company organizes its three divisions, the North (N), South (S), and West (W)…
A: It is an income statement which shows the performance of a particular division or operating unit…
Q: Zoya Lewi Matthew Walker $21,600 $25,920 Neither partner had any drawings in 2024. (a) Your answer…
A: When the partnership agreement is silent about the profit(loss) sharing ratio, the profits(losses)…
Q: A corporation differs from a partnership because the corporation
A: Corporation: A corporation is a legal entity that is separate and distinct from its owners…
Q: Determine the amount of the child tax credit in each of the following cases: B) a single parent…
A: Answer:-In tax law, modified adjusted gross income (MAGI) is used to establish eligibility for…
Q: AP Vera Ernst is a licensed dentist. During the first month of the operation of her business, the…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: What percentage of the American opportunity tax credit may be refundable
A: American Opportunity Tax CreditThe American Opportunity Tax Credit (AOTC) is a tax credit for…
Q: Schell Corporation provides the following information at the end of 2024. Salaries payable to…
A: Income Statement :— It is one of the financial statements that shows profitability, total revenue…
Q: Wave Runners is a boat rental business that has the following costs over the relevant range of…
A: Lets understand the basics.Costs are divided into mainly,(1) Variable cost(2) Fixed costsVariable…
Q: Wellness Products, needs a cash budget for September. The following information is available: 1. The…
A: A Cash Budget depicts the cash receipts and cash payments for the period. It helps the company to…
Q: Home Demo reported the following results. $ 95 billion $ 12 billion $ 80 billion Sales Net income…
A: Return on assets :— It is the ratio between net income and average total assets. It is calculated…
Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…
A: Cost of goods manufactured is the cost incurred by the entity on the making of the goods that are to…
Q: The following are available for divison X and Y Profit before interest and tax X 185 000 Y172…
A: The objective of the question is to evaluate the performance of two divisions, X and Y, based on two…
Q: A summary of the time tickets for the current month follows: Job No. 100 101 104 108 Indirect 111…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: replacement? What components/calculations would you consider in coming up with a recommendation?…
A: Question A: Determining the Right Time for ReplacementCompanies often consider factors such as…
Q: Copr. Goedl Sarah's Soda applies overhead based on departmental overhead rates. Job A1 had $3,900…
A: Cost per unit can be calculated by dividing total cost of job by the number of units in a job.
Q: Which of the following types of accounts appear on the Statement of Financial Position and Statement…
A: Permanent accounts are those accounts that carry balances forward from one accounting period to the…
Q: On Form 1040, the standard deduction from income for married filing jointly taxpayers is:…
A: The standard deduction is the portion of income not subject to tax that can be used to reduce your…
Q: 1) Fiscal policy refers to a) making changes in private expenditures as a result of changes in…
A: The objective of the first question is to identify the correct definition of fiscal policy. Fiscal…
Q: The lifetime learning credit can be used toward the cost of any course of instruction to acquire or…
A: The statement is not entirely accurate. The Lifetime Learning Credit is indeed a tax credit that can…
Q: Estimated uncollectible accounts are recorded as a debit to: Accounts Receivable. Sales. O Credit…
A: Uncollectible accounts mean part of accounts receivable not expected to be collected in the future.…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Garrett Company provided the following information: Common fixed cost totaled 46,000. Garrett allocates common fixed cost to Product 1 and Product 2 on the basis of sales. If Product 2 is dropped, which of the following is true? a. Sales will increase by 300,000. b. Overall operating income will increase by 2,600. c. Overall operating income will decrease by 25,000. d. Overall operating income will not change. e. Common fixed cost will decrease by 27,600.Carla Vista Corporation has fixed costs of $270,500. It has a unit selling price of $6.60, unit variable cost of $5.15, and a target net income of $1,542,000.Compute the required sales in units to achieve its target net income. Required sales enter the required sales in units unitsMatamad Inc. Provides you with the following data on its operation for analysis:Unit selling priceP40Variable costs and expenses per unit.P30Fixed cost and expenses per annum.P48,000REQUIRED:a. Contribution margin per unitb. Contribution margin percentagec. BEP sales volume (units)d. BEP peso salese. Peso sales with desired income of P9,000f. Peso sales with desired income P13,000 after 32% income tax
- The following information is for Alex Corp: Product X: Revenue Variable Cost Product Y: Revenue Variable Cost Total fixed costs $12.00 $4.50 $25.00 $10.00 $40,500 What is the operating income, assuming actual sales total 120,000 units, and the sales mix is two units of Product X and one unit of Product Y? 1,960,000 1,240,500 1,200,000 1,159,500Asha Inc. and Samir Inc. have the following operating data: Sales Variable costs Contribution margin Fixed costs Asha Inc. $2,500,000 (1,500,000) $1,000,000 (800,000) $200,000 Asha Inc. Samir Inc. Samir Inc. $4,000,000 (2,500,000) $1,500,000 (900,000) $600,000 Operating income a. Compute the operating leverage for Asha Inc. and Samir Inc. If required, round to one decimal place. Asha Inc. 150 75 Samir Inc. b. How much would operating income increase for each company if the sales of each increased by 30%? Dollars Percentage 30 % 30 % c. The difference in the increases of operating income is due to the difference in the operating leverages. Asha Inc.'s higher operating leverage means that its fixed costs are a smaller Inc.'s. percentage of contribution margin than are SamirProfit Functions A company has a fixed cost of $26,000 and a production cost of $5 for each unit it manufactures. A unit sells for $10. Find the following functions (in dollars). (a) What is the cost function? C(x) = (b) What is the revenue function? R(x) = (c) What is the profit function? P(x) = (d) Compute the profit (loss), in dollars, corresponding to the following production levels. P(5,500) =$ P(8,800) =$ P(12,100) =$
- Blossom Corporation has fixed costs of $404,700. It has a unit selling price of $7.00, unit variable cost of $5.45, and a target net income of $1,539,000.Compute the required sales in units to achieve its target net income. Required salesThe CVP income statement shown below are available for ABC Company and DEF Company. ABC Company. DEF Company. Sales revenue Php 600,000 Php 600,000 Variable cost 320,000 120,000 Contribution margin 280,000 480,000 Fixed cost 180,000 380,000 Net income Php 100,000 Php 100,000 Assuming that sales revenue is increases by 10 percent, calculate the net income of DEF Company, assuming that sales revenue is increases by 10 percent, find out the net income of ABC Company.Cullumber Corp. had total variable costs of $247,500, total fixed costs of $193,500, and total revenues of $450,000.Compute the required sales in dollars to break even. Required sales $enter the required sales in dollars
- For a certain company, the cost function for producing x items is C(x)=40x+200, and the revenue function for selling x items in R(x)=−0.5(x−80)2+3,200. The maximum capacity of the company is 110 items. The profit function P(x) is the revenue function R(x) (how much it takes in) minus the cost function C(x) (how much it spends). In economic models, one typically assumes that a company wants to maximize its profit, or at least make a profit!Assuming that the company sells all that it produces, what is the profit function?P(x)= Preview Change entry mode . Hint: Profit = Revenue - Cost as we examined in Discussion 3. What is the domain of P(x)?Hint: Does calculating P(x) make sense when x=−10 or x=1,000? The company can choose to produce either 40 or 50 items. What is their profit for each case, and which level of production should they choose?Profit when producing 40 items = Number Profit when producing 50 items = Number Can you explain, from our model, why the company makes less profit…be determined using the above information Mazoon Company has information on its revenue and costs is as follows: Selling price per unit $125; Variable costs per unit includes: Direct material $15, Direct manufacturing labor $10, Manufacturing overhead $5, and Selling costs $10; Annual fixed costs $78,000. What is the contribution margin percentage? O a. None of the given answers O b. 68% O c. 70% d. 32% e. 60% NEXT PAGE AGEVindows but Jail ENG G 4)The following information is for Alex Corp: Product X: Revenue $12.00 Variable Cost $4.50 Product Y: Revenue $44.50 Variable Cost $9.50 Total fixed costs $75,000 What is the breakeven point assuming the sales mix consists of two units of Product X and one unit of Product Y?