Get college assignment help at uniessay writers A budget committee helps provide consistency in the budgeting process because it prepares all of the budgets for the various segments of the organization. TrueFalse
(c) Enter the following adjustments on the worksheet and complete the worksheet. (1) Services provided but unbilled and uncollected at July 31 were $1,500. (2) Depreciation on equipment for the month was $300. (3) One-twelfth of the insurance expired. (4) An inventory count shows $400 of cleaning supplies on hand at July 31. (5) Accrued but unpaid employee salaries were $600.
Select the incorrect statement regarding postaudits of capital investment decisions. a. A postaudit should be conducted at the end of the project. b. The postaudit help management determines whether a project that was accepted should have been rejected. c. A postaudit is not necessary for a capital investment selected using a technique that considers the time value of money d. The goal of a postaudit is to provide feedback that can be used to improve the accuracy of future capital investment decisions.
When would a variance be labeled as favorable? a. When standard costs are equal to actual costs b. When standard costs are less than actual costs c. When expected sales are greater than actual sales d. When actual costs are less than standard costs Which of the following income statement formats is most commonly used with flexible budgeting? a. Sales – manufacturing costs – selling and administrative costs = net income b. sales – cost of goods sold = gross margin – operating expenses = net income c. Sales – variable costs = contribution margin – fixed costs = net income d. none of these
Bilbo Company evaluates its managers on the basis of return on investment (ROI). Division Three has an ROI of 15% while the company as a whole has an ROI of only 10%. Which of the following performance measures will motivate the managers of Division Three to accept a project earning a 12% return? a. Return on investment (ROI) b. Residual income (RI) c. Both ROI and RI will motivate the manager to accept the project. d. Neither ROI nor RI will motivate the manager to accept the project. Standard cost systems and the calculation of variances facilitate the management practice known as a. management development b. management by exception c. just-in-time management
Olin Packett is a CGA-CPA and has been employed for over 5 years by a Canadian private corporation and recently promoted to a management position. He works in their Victoria, BC office. For 2018, his gross salary was $150,000. While he does not receive commissions, he was awarded a bonus of $10,000 for 2018 based on the performance of the business. One-half of this was paid in December 2018, with the balance paid in March 2019. The following amounts were withheld from his gross salary in 2018: Federal Income Tax $25,000 Employment Insurance Premiums 858 Canada Pension Plan Contributions 2,594 Registered Pension Plan Contributions 5,000 Charitable contributions (Centraide) 1,000 Other Information: 1. During 2018, Olin was provided with an automobile that the corporation bought at a cost of $82,500, including all taxes. The total operating costs of the car were $0.50/km for the year and they were all paid by the corporation. The car was available to Olin the entire year, except that he didn’t use the car for a 3-month period while he was on disability leave. Olin drove the car a total of 30,000kms during the year, all but 9,700kms were employment related (fully documented). Olin reimbursed his employer $950 for his personal use of the automobile for the year. 2. During 2015, Olin was granted the option to buy 1,000 shares of his employer’s common shares at a price of $31.00 per share. At that time, the shares were worth $33.00 each. On June 1, 2016, Olin exercised his option and acquired 1,000 shares at $31 each. At that time, the shares were worth $40.00 each. Olin sold all the 1,000 shares on May 1, 2018, for proceeds of $50.00 per share. 3. In order to assist Olin in purchasing a new luxury boat, his employer granted him a 3-year, interest-free loan of $100,000. The loan was granted on July 1, 2018. At that time, the interest rate on an open 5-year loan was 5%. The prescribed interest rate for 2018 was 2.5% for the period of July to September and 3% for the period of October to December 2018. 4. Olin has been a member of his employer’s defined benefits Registered Pension Plan (“RPP”) for the last 3 years. For 2018, his employer made a $5,000 matching contribution to the RPP on his behalf. 5. Other disbursements made by Olin during 2018 include the following: Tuition fees for a business management course $1,500 Tuition fees for a sailing course $1,000 Professional dues paid to CPA association $1,600 Premiums paid on life insurance policy $720 Mortgage payments on home $24,000 Olin’s employer reimbursed the tuition fees for both the business management and the sailing courses but none of the other costs paid personally by Olin, given his recent promotion to a manager’s position. Required: Calculate Olin’s net employment income for tax purposes for the year 2018. Explain your answer, including detailed calculations, and provide reasons for omitting items that you have not included in your calculations. Ignore all GST/HST considerations. Assume all applicable elections were made.
problem 8-18 effect of business structure on financial statements upton company was started on January 1, 2011, the company earned cash revenues of 120,000 and incurred cash expenses of $82,000. The company also paid cashdistributions of $15,000. prepare a 2011 in come statement, capital statement (statement of changes in quity), balance sheet, and statement of cash flows using each of the following assumptions, (consider each assumption separately) a. upton is a sole proprietorship owned by J. upton. b. upton is a partnership with two partners, Dan and Nancy upton. Dan invested $100,000 and nancy invested $60,000 of the 160,000 cash that was used to start the business. Nancy was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for nancy to receive 60% of the profits and dan the remaining 40%. With regard to the 15,000 disribution, Nancy withdrew $6,000 from the business and Dan withdrew $9,000. c.upton is a copporation. the owners were issued 10,000 shares of $10 par common stock when they invested the 160,000 cash in the business.
Audience-Focused Communication Matrix Use the matrix to complete the information. Write 3-4 sentences for each item. • What are some audience characteristics you need to consider? • What communication channels would be appropriate and why? • What would you do to ensure your message is effective? • What are some considerations you must keep in mind given the diversity of the audience?
Proposals M and N each cost $800,000, have 6-year lives, and have expected total cash flows of $1,200,000. Proposal M is expected to provide equal annual net cash flows of $200,000, while the net cash flows for Proposal N are as follows: Year 1 $250,000 Year 2 $225,000 Year 3 $200,000 Year 4 $200,000 Year 5 $175,000 Year 6 $150,000 Determine the cash payback period for each proposal.
A company reports the following: Net sales $750,000 Average accounts receivable (net) $ 50,000 Determine the (a) accounts receivable turnover and (b) number of days’ sales in receivables. Round your answers to one decimal place.
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Revenue and expense data for Reuters Company are as follows: 2011 2010 Administrative expenses $ 24,750 $ 18,000 Cost of goods sold 500,000 375,000 Income tax 11,600 12,000 Net sales 750,000 600,000 Selling expenses 182,250 154,800 (a) Prepare a comparative income statement, with vertical analysis, stating each item for both 2011 and 2010 as a percent of sales. (b) Comment upon significant changes disclosed by the comparative income statement.
E3-5 (Adjusting Entries) The ledger of Duggan Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.
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AAA Big Store is a regional retailer of toys and games. The average cost of goods sold is 45% of average selling price. The AAA Big Store has decided to offer it’s customers the lay-a-way option to pay for purchases. The new program has the following key points. When a customer places the goods on lay-a-way they sign a six month contract and pay 10% of the selling price. Over the next six months they make payments on the remaining 90% of the lay-a-way amount. The dollar amount of each payment is determined by the customer. When the goods are paid in total the customer takes the goods home. If the customer changes their mind and cancels the contract or if at the end of six months the product is not totally paid the company sends the customer a check for 95% of the payments made and keeps 5% as a service fee. Questions: 1. Prepare sample accounting journal entries for each step of the lay-a-way plan. Add any accounts to the company’s chart of account that are needed. State if the added account(s) are assets, liabilities, revenue, expense, ect. 2. According to GAAP which accounting period(s) should the income and expenses be reported? Why? As normal use accounting terms in your explanation.
A CVP graph such as the one shown below is a useful technique for showing relationships among organization’s costs, volume, and profits. IN the case of the break-even point, state whether the action will cause the break-even point to: Remain unchanged. Increase. Decrease. Probably change, but the direction is uncertain. A. the unit selling price is increased from $18 to $20. B. UNit variable costs are decreased from $12 to $10. C. Fixed costs are increased by $3000 per period. D. Two thousand more units are sold during the period than were budgeted. E. Due to paying salespersons a commission rather than a flat salary, fixed costs are reduced by $8000 per period and unit cost of materials, both unit variable costs are increased by $3. F. Due to an increase in the cost of materials,both unit variable costs and the selling price increased by $2. G. Advertising costs are increased by $10000 per period, resulting in a 10% increase in the number of units sold. H. Due to automating an operation previously done by workers, fixed costs are increased by $12000 per period and unit variable costs are reduced by $4.
Consider the following statements about why prices are often based on product costs: I. Companies sell many products and services, and cost-based approaches provide a simple and direct pricing method. II. The cost of a product or service provides a lower limit or floor, below which price should not be set in the long run. III. Determining a company’s demand and marginal revenue curves is difficult, costly, and time consuming. Which of the above statements is (are) true?
Del-Ware Gap Company: Income Statement (for the Year Ended December 31, 2008) Sales (20,000 units): $500,000 Variable expenses: $300,000 Contribution margin: $200,000 Fixed expenses: $120,000 Net income: $80,000 What is the company’s break-even point in units? Answer 12,000 units (is this correct) How many more units would the company have had to sell to earn net income of $100,000 in 2008? Answer 10,000 more units (is this correct) If the company expects a 25% increase in sales volume in 2009, what would be the expected net income in 2009? Answer (please solve for me) How much sales dollars would the company have to generate in order to earn a target net income of $150,000 in 2009? Answer (please solve for me)
Aug 1 Purchased merchandise from Arotek Company for $7,800 under credit term of 1/10, n/30, FOB destination, invoice dated August 1
how much did Jackson Company have in dividends for the year. Assets Jan 1 $44,000 liabilities Jan 1 30,000 Assets, Dec 31 92,000 Liabilities Dec 31 56,000 Issuance of Stock 18,400 Revenues 32,400 Expense 14,000 Dividends ____________
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