Advertising expense
22,000
Direct material purchases
60,000
Paint for direct materials
15,000
Direct labour hours
220,000...
Advertising expense
22,000
Direct material purchases
60,000
Paint for direct materials
15,000
Direct labour hours
220,000
Factory utilities
15,000
Factory repairs
12,000
Amortization, office printers
85,000
Amortization, factory chairs
25,000
Indirect materials
16,000
Indirect labour
31,000
Sale Commissions
4,000
Office Utilities
6,000
By-product sales
22,000
Sales
420,000
Promotional items
82,000
Cost per labour hour
20
Materials inventory, July 1, 19
50,000
Work-in-Process Inventory, July 1, 19
15,000
Finished Goods Inventory, July 1, 19
72,000
Materials Inventory, June 30, 20
10,000...
___ 3. Archer Company has budgeted sales of
30,000 units in April, 40,000 units in May,...
___ 3. Archer Company has budgeted sales of
30,000 units in April, 40,000 units in May, and 60,000
units in June. The company has 6,000 units on hand on
April 1. If the company requires an ending inventory
equal to 20% of the following month’s sales, produc-
tion during May should be: a) 32,000 units; b) 44,000
units; c) 36,000 units; d) 40,000 units.
___ 4. Refer to the data for Archer Company in
question 3. Each unit requires 3...
Water Valley Company
Comparative Income Statement
For the Second Quarter
April
May
June
Sales in units...
Water Valley Company
Comparative Income Statement
For the Second Quarter
April
May
June
Sales in units
4,500
5,250
6,000
Sales Revenue
$630,000
$735,000
$840,000
Cost of goods sold
$252,000
$294,000
$336,000
Gross margin
$378,000
$441,000
$504,000
Selling and administrative expenses:
Shipping expense
$56,000
$63,500
$71,000
Advertising expense
$70,000
$70,000
$70,000
Salaries and commisions
$143,000
$161,500
$180,500
Insurance expense
$9,000
$9,000
$9,000
Depreciation expense
$42,000
$42,000
$42,000
Total selling and administrative expense
$320,000
$346,250
$372,500
Net...
Water company
Comparative Income Statement
For the Second Quarter
April
May
June
Sales in units
4,500...
Water company
Comparative Income Statement
For the Second Quarter
April
May
June
Sales in units
4,500
5,250
6,000
Sales Revenue
$630,000
$735,000
$840,000
Cost of goods sold
$252,000
$294,000
$336,000
Gross margin
$378,000
$441,000
$504,000
Selling and administrative expenses:
Shipping expense
$56,000
$63,500
$71,000
Advertising expense
$70,000
$70,000
$70,000
Salaries and commisions
$143,000
$161,500
$180,500
Insurance expense
$9,000
$9,000
$9,000
Depreciation expense
$42,000
$42,000
$42,000
Total selling and administrative expense
$320,000
$346,250
$372,500
Net operating...
Cash Budget Problem: Mia Company
Prepare Cash Budget for April, May, June
2018
Follow the following...
Cash Budget Problem: Mia Company
Prepare Cash Budget for April, May, June
2018
Follow the following to prepare the budget:
1. Real Sales
2018:
January
- $100,000
February
- $200,000
March
- $150,000
Projected for 2018: April
- $400,000
May
- $300,000
June
- $200,000
Sales Payment
History:
10% cash
40% Accts. Rec. – collected n/30 days
50% Accts. Rec. – collected n/60...
(TCOs B and D) The following items are taken from the financial
statements of Ashe Company...
(TCOs B and D) The following items are taken from the financial
statements of Ashe Company for 2015.
Equipment
$100,000
Accounts Receivable
12,000
Accounts Payable
9,000
Cost of Goods Sold
72,000
Utilities Expense
11,000
Depreciation Expense
17,000
Insurance Expense
9,000
Common Stock
200,000
Dividends
12,000
Rent Expense
3,000
Note Payable (due 2014)
40,000
Advertising Expense
14,000
Prepaid Insurance
17,000
Retained Earnings (beginning)
44,000
Accumulated Depreciation
50,000
Salaries Expense
60,000
Salaries Payable
3,500
Net Sales
205,000
Supplies
4,000
Supplies Expense
5,000...
Boston Company developed the following budgeted data for the
month of June:
a. The June 1st...
Boston Company developed the following budgeted data for the
month of June:
a. The June 1st cash balance is $34,700.
b. Cash sales in June are $75,000.
c. Credit sales for June are expected to be $40,000. Credit
sales for May were $60,000 and for April were $50,000. 70% of
credit sales are collected in the month of sale, 20% are collected
in the month following the sale, and the remaining 10% are
collected in the second month following the...
Pink House Ltd. sells plastic pink flamingos. The following
operating expenses were provided for the month...
Pink House Ltd. sells plastic pink flamingos. The following
operating expenses were provided for the month of April 2020:
Sales salaries
$25,000
Advertising
3% of monthly sales
Sales commissions
2.5% of monthly sales
Delivery expenses
$2,500
Rent expense
$10,500
Amortization
$580
Utilities
$800
Insurance
$1,200
Telephone
$600
The company budgets cost of goods sold to be 55% of total
sales.
Expected sales for April and May are $850,000 and $925,000,
respectively.
The company maintains a merchandise inventory of 20% of...
#1
Starfun Toys,
Inc.
Cost of Materials
Number of toys produced
Total cost of materials
60,000...
#1
Starfun Toys,
Inc.
Cost of Materials
Number of toys produced
Total cost of materials
60,000
$24,000
120,000
48,000
150,000
60,000
What is the materials cost per unit of output?
a.$0.40
b.$0.16
c.$0.20
d.$0.80
#2
Lassiter Toys,
Inc.
Cost of Materials
No. of toys produced
Total cost of materials
100,000
$20,000
200,000
40,000
300,000
60,000
The cost behavior of the materials cost is:
a.committed.
b.variable.
c.fixed.
d.discretionary.
#3
Glascro Company manufactures skis. The management accountant
wants to calculate the fixed...
33. The income statement for the year 2015 of Fugazi Co.
contains the following information:
Revenues $70,000...
33. The income statement for the year 2015 of Fugazi Co.
contains the following information:
Revenues $70,000
Expenses:
Salaries and Wages Expense $45,000
Rent Expense 12,000
Advertising Expense 10,000
Supplies Expense 6,000
Utilities Expense 2,500
Insurance Expense 2,000
Total expenses 77,500
Net income (loss) $ (7,500)
After all closing entries have been posted, the revenue account
will have a balance of
a. $0.
b. $70,000 credit.
c. $70,000 debit.
d. $7,500 credit.
34. The following information is for Bright Eyes Auto...