Shalom Company's sales are P563,000, its fixed expenses are P150,000, and its variable expenses are 60% of sales. What is Shalom Company's margin of safety? Amounts must be in whole numbers. Example: 88,000 or (88,000)
Q: Station 9 ¾ Corporation manufacturers railroad tracks. They are currently using a traditional…
A: The overhead rate is calculated as estimated cost divided by estimated base activity. The overhead…
Q: Mario a self-employed baseball coach. During 2020, his net earnings from self- employment were…
A: As a self-employed individual, Mario is responsible for paying both the employee and employer…
Q: How to calculate preferred dividends?
A: Preferred dividends are the fixed dividends paid to the holders of preferred stock, a type of stock…
Q: The ledger accounts of AXX Internet Company appear as follows on March 31, 20X1: 101Cash $65,000…
A: Closing entries are those which are reported by the entity to close the temporary accounts of the…
Q: During the period, Goku Company produced 8,000 units and applied overhead based on the direct labor…
A: Lets understand the basics. Variable overhead spending variance is a variance between the rate at…
Q: Use the following information below to complete the inventory calculations on the FIFO, LIFO, and…
A: Under FIFO method inventory that comes first is sold first and the most recent inventories is…
Q: On August 1, 2015, Toy Inc. purchased a new piece of equipment that cost $25000. The estimated…
A: Asset disposal : This involves removing assets from the accounting records.The disposal is…
Q: Lucky Company's direct labor information for the month of February is as follows: Actual direct…
A: Direct labor rate variance is the difference between the labor cost estimated and the cost actually…
Q: Packaging Solutions Corporation manufactures and sells a wide variety of packaging products.…
A: Flexible budget is the statement prepared by the entity to estimate the future expenses and…
Q: After reviewing the new activity-based costing system that Nancy Chen has implemented at IVC's…
A: ABC seems to be a costing approach that identifies activities in an organization and allocates the…
Q: The purchase of supplies for cash will Oa, decrease Cash and increase Accounts Payable. Ob. Increase…
A: ACCOUNTING EQUATION Accounting Equation is a Financial Accounting Technique which represents the…
Q: of the fixed overhead cost incurred in PE a. Should LMTC Ltd accept or reject the offer from Kids…
A: Investment decisions involve the process of choosing how to allocate money or resources in order to…
Q: Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed…
A: Formula used: Variable cost=Variable cost per unit×Units sold Total cost=Fixed cost+Variable cost…
Q: The following information relates to Charleston Co.'s accounts receivable for 2021: Accounts…
A: Ending account receivable balance = beginning account receivable balance + sales - cash collected -…
Q: Structuring the Sell-or-Process-Further Decision Jack's Lumber Yard receives 8,000 large trees each…
A: Contribution is the difference between the revenue and the variable expense of the business. The…
Q: 6 12.5 points eBook 100 Hint References Record adjusting journal entries for each separate case…
A: Note : The adjustment entries are accounting journal entries made at the end of the accounting…
Q: day: gnn Ltd.
A: Under the net asset method , purchase consideration is compared with fair value of the assets and…
Q: You have the following information for Sheffield Inc. for the month ended June 30, 2022 Sheffield…
A: Lets understand the basics. FIFO is First in First out method of inventory which says that inventory…
Q: Sheridan Company has recorded the following items in its financial records. Cash in bank Cash in…
A: Cash and cash equivalents refers to the line item on the balance sheet that reports the value of a…
Q: Garda World Security Corporation has the following shares, taken from the equity section of its…
A: Dividend meaning:- Dividend is that part of profit which is distributed to the shareholders of the…
Q: Required 1: On June 30th there are 2 days accrued payroll to recognize in the monthly financials.…
A: To calculate the accrued payroll liability, we need to determine the daily payroll rate of the…
Q: For each item below, indicate whether it involves: 1. 2. 3. Use the appropriate number to indicate…
A: A deferred tax asset is a business tax credit for future taxes, and a deferred tax liability means…
Q: Post Malone earns $6,150 per month working for an employer. The Federal Insurance Contributions Act…
A: Net pay means take-home pay or the amount employees earn after all payroll deductions are subtracted…
Q: Paulson's specializes in sound equipment. Company records indicate the following data for a line of…
A: Inventory valuation means the process of assigning a monetary value to the inventory of a business.…
Q: 3. A single taxpayer is trying to figure out their Adjusted Gross Income (AGI) for the year end 2022…
A: Adjusted Gross Income (AGI) is a person's total gross income for the year, minus specific deductions…
Q: ambin Inc. produces a gasoline additive that, when added to the gas tank of the average automobile,…
A: Equivalent unit of production defines the amount of work done by a manufacture on units of output…
Q: Manufacturing overhead incurred Direct manufacturing labour costs Machine Hours Machining Dept.…
A: Overhead variance refers to the difference between actual overhead and applied overhead. You can…
Q: Problem 11-15 (Algo) Review problem-understanding liquidity measures LO 11-1 Assume that the current…
A: Ratio analysis is a quantitative method of gaining insight into a company's liquidity, operational…
Q: The controller of Coronado Company estimates sales and production for the first four months of 2022…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Darlene Inc. purchased 23,600 common shares (20%) of Carlyle Ltd. on January 1, Year 4, for…
A: An investment account is a type of financial account that allows an individual or a business to…
Q: After operating for five years, the books of the partnership of Bo and By showed the following…
A: As you have asked multiple question we can solve only first question for you if you want to get the…
Q: Cumberland County Senior Services is a non-profit organization devoted to providing essential…
A: In the decision making for a segment to continue or discontinue, Relevant costs are used for making…
Q: (22) Prepare the entry for bad debt expense for the current year assuming historical records show…
A: Using allowance method, the bad debt is estimated on the basis of account receivables or net sales…
Q: Crane Company has four operating divisions. During the first quarter of 2022, the company reported…
A: Relevant cost are those cost which has impact on decision regarding closing or opening of division…
Q: AIM Inc. showed the following equity account balances on the December 31, 2019, balance sheet:…
A: Shares that are repurchased and cancelled by the company are called as retired shares.
Q: When doing Research in Accounting, What skill helps the researcher conduct research effectively and…
A: When conducting research in accounting, there are several skills that can help a researcher be…
Q: Shalom Company has provided the following data concerning its costs:…
A: Spending variance :— It is the difference between actual results and flexible budget. Activity…
Q: Kim Company provided the following information for the current year: Increase in raw materials…
A: Cost of goods sold(COGS) implies for the amount of outlay made on making the goods which are sold in…
Q: 35 The City of Sandwich purchased a swimming pool from a private operator as of April 1, 2020, for…
A: Based on the transactions provided, the following journal entries would be made: 1.To record the…
Q: Horsepower Hookup, Inc., is a large automobile company that specializes in the production of…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: is a single taxpayer. his
A: Taxable income refers to the sum value of money earned by a taxpayer that is subject to a compulsory…
Q: Halifax Company provided the following information for the current year: Sales P9,500,000 Dividend…
A: Net income refers to net result or net earnings or net profit of an enterprise which is calculated…
Q: Common shares (no-par value; authorized 60,000 shares; outstanding 21,000 shares) Contributed…
A: The smaller stock dividend are declared on the basis of market value of shares on declaration date.…
Q: On January 1, 2024, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year…
A: Journal entries- Lessee (Maywood Hydraulics) Date General Journal Debit Credit Jan 1, 2024…
Q: Rubio recently invested $20,500 (tax basis) in purchasing a limited partnership interest in which he…
A: The basis limitation is a limitation on the amount of losses and deductions that a partner of a…
Q: In 2025, Indigo Corporation had pretax financial income of $164,000 and taxable income of $111,000.…
A: Given Taxable Income = $111,000 Pretax Financial Income = $164,000
Q: Sage Corporation manufactures two products with the following characteristics. Product 1 Product 2…
A: The contribution margin is calculated as difference between sales and variable costs. With limited…
Q: board Font Paragraph ly Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020,…
A: Notes : Journal entry: Journal entry is a set of economic events which can be measured in monetary…
Q: The auditor attempts to correct for the risk of under-auditing (ineffectiveness) and over-auditing…
A: Auditing is the process of examining financial statements, records, and other financial information…
Q: The records of Earthly Goods provided the following information for the year ended December 31,…
A: Cost to retail ratio = Cost of goods available for sale/goods available for sale at retail price…
Step by step
Solved in 2 steps
- Berries Salad has current sales of RM10,000 and a profit margin of 5%. The firm estimates that sales will increase by 4% next year and all costs will vary directly with sales. What is the pro forma net income? Select one: a. RM500.00 b. RM420.00 c. RM405.60 d. RM520.00Margin of Safety Quick Inc. has sales of $36,400,000, and the break-even point in sales dollars is $24,024,000. Determine the company's margin of safety as a percent of current sales. Enter your answer as a whole number. %A company manufactures and sells a single product whose selling price is P500 and whose variable expense is P300 per unit. The company’s monthly fixed expense is P120,000. Required:1. Solve for the unit sales that are required to earn a target profit of P80,000. 2. If the company wants to earn a profit of P200,000, how much should be the sales revenue?
- The Spector Company has sales of $830,000, and the break-even point in sales dollars is $547,800. Determine the Spector company's margin of safety as a percent of current sales.fill in the blank 1 of 1 %XYZ Co. has a contribution margin of $450,000 and profit of $150,000. If sales increase 30%, by how much will profits increase? O a. 15% O b. None of the given answer is correct. С. 30% d. 60% е. 90%Jonick Company has sales of $460,000, and the break-even point in sales dollars is $372,600. Determine the company's margin of safety as a percent of current sales.___ %
- company's margin of safety in pesos is P30,000; fixed costs, P90,000; sales, P200,000; and CM ratio, 60%. The 7. The following are taken from Lily Company's income statement: net income. 's а. Р30,000 b. P50,000 с. PI50,000 d. None of these. 8 Refer to no. 7. The margin of safety in percentage form is a. 75% b. 40% c. 25% d. 60% e. None of these.A business has selling price of P 129.50 with an average variable cost of P 54.40. Fixed costs are P 1,400,000. Calculate the following: What is the breakeven sales revenue? Use 2 decimal places in computing CM Ratio (Answer the figures only; no decimal places)Quick Inc. has sales of $36,400,000, and the break-even point in sales dollars is $24,024,000. Determine the company’s margin of safety as a percent of current sales. Enter your answer as a whole number.fill in the blank 1 %
- XYZ Co. has a contribution margin of $450,000 and profit of $150,000. If sales increase 10%, by how much will profits increase ? а . 15% b. 90% C. None of the given answer is correct. d. 30% e. 60%Consider the following simplified financial statements for the Wims Corporation (assuming no income taxes): Income Statement Sales Costs Net income The company has predicted a sales increase of 11 percent. It has predicted that every item on the balance sheet will increase by 11 percent as well. Create the pro forma statements and reconcilie them. What is the plug variable here? $ 23,000 14,300 $8,700 Total Multiple Choice $9,195 $9,204 $9.217 $19,612 Assets $9,99 Balance Sheet $9,500 Debt Equity $9,500 Total $5,500 4,000 $9,500The Rachel Company has sales of $450,000, and the break-even point in sales dollars is $292,500. Determine the company's margin of safety as a percent of current sales.fill in the blank 1 %