Miracle Car Wash located in Nashville, Tennessee has been providing interior and exterior car washes since 1960. Provided below is information regarding Miracle's costs: Fixed Cost Cost per Car Washed $0.50 per Month Cleaning supplies Electricity $1,500 $0.06 Maintenance $0.30 Wagea and salaries Depreciation Rent 54,900 $0.40 $8,400 $1,900 $1,500 Administrative expenses $0.03 For example, electricity costs are $1,500 per month plus $0.06 per car washed. The company expects to wash 8,500 cars in August and to collect an average of $6.10 per car washed. Required: Prepare the companys planning budget for August.
Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity: Preference share…
A: Cash sale of additional ordinary shares means cash will be received for the sale of additional…
Q: Roberto Designers was organized on January 1, 2021. The firm was authorized to issue 180,000 shares…
A: Stockholders equity = Common stock + Paid in capital in excess of par + Retained earnings - Treasury…
Q: Part 1 On April 1, 2020. Shelter Bay Inc. has available for issue S00,000 honds due in four years…
A: Valuation of Bond
Q: Explain why each activity has value added or non-value added. Activity Classification a. Inventory…
A: Value Added Activities are the activities done to provide benefits to the customers. These are the…
Q: Question 25: Which statement regarding Form W-3 is inaccurate? Answer: A. Form W-3 contains earnings…
A: Correct option is (C) Form W-3 is submitted to social security administration and provided to each…
Q: s
A: Given n =30 i =11% Now Find the value of his account when he is 60 years old.
Q: The accountant for Polo's Pet Shop prepared the following list of account balances from the entity's…
A: Statement of owners equity is an essential part of financial statements. It indicates the investment…
Q: Mr. B, Resident citizen incurred a winning in the USA Sweep takes Lotto. What is applicable FWT if…
A: Here discuss about the winning of Sweep takes Lotto whether to applicable for the final withhold…
Q: The seven-month demand for product X is as follows: 500; 6,000; 2,000; 1,500; 4,000; 5,500; and…
A: For determine the Inventory level per month following is the calculation
Q: Use the following to answer questions 6 – 12 J&TR, Inc., has two classes of stock authorized:…
A: The shareholder's equity comprises of total shares issued, retained earnings and dividend…
Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…
A: Cost of sales is the total purchase value of goods sold
Q: Required information [The following information applies to the questions displayed below.] Hans runs…
A: Ordinary gain = Non recapture 1231 losses of previous 5 years which are offset by 1231 gain during…
Q: Discus the relationship between a good energy accounting system and an effective energy management…
A: Good energy accounting system is the system in which it is recorded about the energy costs and its…
Q: Which is a correct statement below? A. An example of an obscured material information is the…
A: Basic accounting concepts that are followed are enumerated as below: A) Consistency B) Accrual C)…
Q: General obligation long-term debt
A: According to the question, the total fund balances of a county government are $23,000,000, and the…
Q: Asset Turnover = 0.90 Payout Ratio = 0.60 Price Earnings Ratio = 12.0 What is the dividend yield…
A: Dividend yield ratio is a financial ratio that measures percentage return earned from dividend…
Q: Question 1: The third-party designee sections in both Form 941 and Form 940 require that the…
A: Third Party Designee - On your tax form, choose a person who will communicate with the IRS about the…
Q: Question 3: When is an employer NOT required to file a quarterly Form 941? Answer: A. When annual…
A: Note: As per our guidelines, only the first question should be answered. 3. If you're obliged to…
Q: Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and…
A: Taxable Income: Taxable Income is the amount determined by deducting the allowed deductions from the…
Q: In an attempt to increase sales, Kingbird, Inc. began a special promotion on September 1, 2021. A…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Expo Lube is interested in producing and selling an industrial line of oil filters. Market research…
A: Profit = sales - cost Cost = sales - profit Target cost = Selling price - (Profit % * Selling…
Q: Problem 6-10 (Static) Long-term contract; revenue recognition over time (LO6-8, 6-9] [The following…
A: The question is based on the concept of Financial Accounting.
Q: XYZ Company purchases a machine On January 1, 2014 for $100,000 with an estimated residual value of…
A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/4 years) x 2 = 50%
Q: It is a well-established principle that the contents of the bylaws that contravene the Constitution…
A: In case any contradiction between the provisions of bylaws that conventene rhe constitution is viod.…
Q: CBD Shop cash balance in the balance sheet ending June 30 20X0 shows $16 000. The net cash flows…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Activity-Based Costing: Service Firm Glencoe First National Bank operated for years under the…
A: ABC Activity-Based Costing is most widely used in the manufacturing industry since it enhances cost…
Q: Cammie received 100 NQOs (each option provides a right to purchase 10 shares of MNL stock for $10…
A: b. Tax savings on grant date = $0 (No tax can be deducted on the grant date as the option cannot be…
Q: Question 3: In 2022, Johnson Company's first year of operations, the following transactions…
A: Journal entries are the transaction we posted in our books, to keep records of our receivables and…
Q: Tuscaloosa National Bank has two service departments, the Human Resources (HR) Department and the…
A: The question is based on the concept of cost Accounting.
Q: Journal Entries Shorts Company has three process departments: Mixing, Encapsulating, and Bottling.…
A: A journal entry is the act of recording or keeping track of any financial or non-financial action.…
Q: A Cleaning Malntenance Machine 100 250 75 5 10 Hours Floor Space 150 200 120 50 60 Total 50 000 75…
A: Under Step method, the costs of one service department is allocated to production departments and…
Q: How does Haier’s internationalization strategy differ from the pattern of international development…
A: (Harvard Business Review, 2018). According to Zhang's 'Zero Distance' policy, everyone in the…
Q: cial literac ort of the this is a n
A: The main objective of financial literacy is to establish a control over your finances and also…
Q: Swing Ltd uses FIFO for its inventory, which is valued at $21,000. It is considering a change to…
A: Inventory should be valued at cost or Net realisable value.
Q: Nadia Company expects to have a cash balance of $44,800 on January 1, 2020. Nadia has budgeted the…
A: The cash budget is prepared to record cash receipts and cash disbursements during the period.
Q: Asset Cost Salvage Value Units of Useful Life Depreciation per Unit ($) Automobile $27,500 $3,500…
A: Depreciation per unit as per units of digits method = (Cost - Salvage value)/Units of Useful Life
Q: Which brand is more economically viable on the basis of a present worth analysis over a 7 year…
A: Present worth analysis is the analysis which is made by the company in order to know the present…
Q: Find the present value of the ordinary annuity. (Round your answer to the nearest cent.) Amount of…
A: Since compounding will be done quarterly, the annual rate of interest is divided by 4 (i.e., 8%/4 =…
Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity: Preference share…
A: The retained earnings of the business comprises of accumulated profits of previous year profits and…
Q: Example 1) Fair value through profit or loss: Equity investment ABC Co. had the following…
A: Accounting for trading investments were include the recognition of purchase, sale, profit, or loss…
Q: The partnership contract of NRR Partnership provided for the division of net income or losses in the…
A: A partnership is an agreement where two or more person agrees to do business. The terms of this…
Q: Choose the correct statement below: A. Unearned income is income earned and already collected. B.…
A: The deferred expenses are the expenses incurred but not yet due for payment. The deferred revenue is…
Q: Income Statements and Firm Performance: Variable and AbsorptionCostingJellison Company had the…
A: An income statement is a statement that summarizes a company's profits and costs. It also displays…
Q: Based on past experience, Maas Corp. (a U.S.-based company) expects to purchase raw materials from a…
A: Following is the journal entry with correct amount
Q: St. Laurence reports the following data: Throughout the year, St. Laurence has outstanding 150,000…
A: When Preferred shares are cumulative , then dividend in arrears are to be paid to the preferred…
Q: Master budget is compiled of several operating budgets. Of these operating budgets, which budget…
A: the operating budget is such a statement that present the financial plan for each of the…
Q: $14,500 56,000 7,800 1,500 3,250 750 Cash Pirate Pete, Capital Oct. 1 Net loss Oct. 2017 Owner…
A: Formula: Ending capital = Beginning capital + Owner investments - net loss - owner withdrawals
Q: ABC Kitchen sells dishwashers and garbage disposals to customers. The company buys the dishwashers…
A: The profit from the sale of goods is realized when the goods reach their final delivery destination.…
Q: A property is for sale with an asking price of $2.75 million. The property is assumed to increase in…
A: Debt coverage ratio refers to the ratio which states the amount of operating income available for…
Q: On January 2, 2019, U Co. purchased 75% of the outstanding shares of N Co. resulting to a goodwill…
A: In the context of the given question, we are required to compute the total gross profit realized…
Please help me to solve this problem
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 6,000 shelves $72,000 $8,400 $125,000 12,000 shelves 144,000 15,300 125,000 24,000 shelves 288,000 29,100 125,000 30,000 shelves 360,000 36,000 125,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Utilities Depreciation 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion of cost (per…Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 6,000 shelves $72,000 $7,900 $135,000 12,000 shelves 144,000 14,800 135,000 24,000 shelves 288,000 28,600 135,000 30,000 shelves 360,000 35,500 135,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Utilities Depreciation 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion of cost (per unit)…Sensor Systems manufactures an optical switch that it uses in its final product. The switch has the following manufacturing costs per unit: LOADING... (Click the icon to view the costs.) Direct materials $7.00 Direct labor 2.00 Variable overhead 8.00 Fixed overhead 6.50____________________________ Manufacturing product cost $23.50__________________________ _________________________________ LOADING... (Click the icon to view additional information.) Another company has offered to sell Sensor Systems the switch for $19.00 per unit. If Sensor Systems buys the switch from the outside supplier, the idle manufacturing facilities cannot be used for any other purpose, yet none of the fixed costs are avoidable. Prepare an outsourcing analysis to determine whether Sensor Systems should make or buy the switch. (For the Difference column, use a minus sign or parentheses only when the cost of outsourcing…
- Byron Truck Repair uses a specialized hydraulic lift to work on trucks and busses. Data on the lift and its usage follow Cost Driver Rate Cost Driver Volume Resources used Operation Maintenance $ 6.00 per lift-hour $8.50 per job 3,310 lift-hours 548 jobs Resources supplied Operation $ 24,000 $ 11,200 Maintenance Required: Compute the cost of unused resource capacity in operation and maintenance for Byron Truck Repair. Operation Maintenance Unused Resource CapacityEthan Manufacturing Inc. produces floor mats for automobiles. The owner, Joseph Ethan, has asked you to assist in estimating maintenance costs. Together, you and Joseph determine that the single best cost driver for maintenance costs is machine hours. These data are from the previous fiscal year for maintenance costs and machine hours: Month 1 2345 67 000 8 9 10 11 12 Maintenance Costs $ 2,740 2,900 3,050 3,160 3,240 3,210 3,150 2,990 2,760 2,360 2,370 2,590 Machine Hours 1,830 1,910 1,990 2,010 2,040 2,020 2,000 1,980 1,840 Required 1 Required 2 1,240 1,440 1,730 Required: 1. What is the cost equation for maintenance costs using the high-low method? 2. Calculate the mean absolute percentage error (MAPE) for the cost equation you developed in requirement 1. Complete this question by entering your answers in the tabs below. Calculate the mean absolute percentage error (MAPE) for the cost equation you developed in requirement 1. (Do not round intermediate calculations, with the exception…Hicks Contracting collects and analyzes cost data in order to track the cost of installing decks on new home construction jobs. The following are some of the costs that they incur. Classify these costs as fixed or variable costs and as product or period costs. Lumber used to construct decks ($12.00 per square foot) Carpenter labor used to construct decks ($10 per hour) Construction supervisor salary ($45,000 per year) Depreciation on tools and equipment ($6,000 per year) Selling and administrative expenses ($35,000 per year) Rent on corporate office space ($34,000 per year) Nails, glue, and other materials required to construct deck (varies per job)
- Snapware Systems produces commercial strength cleansing supplies. Two of its main products are window cleaner that uses ammonia, and floor cleaner that uses bleach. Information for the most recent period follows: Product Names Window Cleaner (ammonia) Floor Cleaner (bleach) Direct materials information: Standard ounces per unit 16 oz. 24 oz. Standard price per ounce $0.75 ? Actual quantity used per unit 20 oz. 22 oz. Actual price paid for material $1.00 $0.90 Actual quantity purchased and used 1,500 oz. 2,800 oz.. Price variance ? $300 U Quantity variance $1,500 U ? Total direct materials variance ? $678 F Number of units produced 500 600 What is the standard price for bleach? Select one: a. $0.88/oz. b. $1.09/oz. c. $1.14/oz. d. $0.79/oz. e. $0.92/oz.Byron Truck Repair uses a specialized hydraulic lift to work on trucks and busses. Data on the lift and its usage follow: Resources used Operation Maintenance Resources supplied Operation Maintenance Sales revenue from truck repair totaled $32,000. Required A Required B Required: a. Prepare a traditional income statement. b. Prepare an activity-based income statement. Prepare a traditional income statement. Truck repair sales Operation costs Maintenance costs Cost Driver Rate $6.00 per lift-hour $4.50 per job Complete this question by entering your answers in the tabs below. $ 18,000 $ 2,700 Traditional Income Statement Required A Required B b. Prepare an activity-based income statement. Truck repair sales Costs Prepare an activity-based income statement. Volume related - Operation Batch related Maintenance Total costs Truck repair operating profits Complete this question by entering your answers in the tabs below. Activity-Based Income Statement Resources Used $ 0 Unused Resource…Healthfirst (HF) Ltd has recently started to produce a face shield and product's standard cost data are as follows: Cost per unit Direct materials Perspex (0.5 meters @ $15 per meter) $ 7.50 Direct materials Hardened Plastic (0.25 meters at $20.00 per meter) 5.00 Direct manufacturing labour (0.5 hr @ $30.00 per hr) Manufacturing overhead Total Cost 15.00 Required Should HF accept the offer. Show all computations. 30.00 $57.50 Additional information 45% of the Manufacturing overhead changes with the number of units produced. Additionally, if production of face shields is discontinued, 20% of the remaining fixed cost will be avoided. The budgeted production used to compute overheads is 10,000 units per quarter. HF has been approached by another company who is willing to supply the face shields at $50. Per unit. The space used to manufacture face shields can be used to Generate $ 120,000 in contribution margin per quarter.
- King's Appliance Shop operates retail stores that sell appliances. The cost objects are the individual sales of a given type of appliance and sales support. In July, the following costs were recorded for refrigerators: Professional sales staff commissions Amortization on office space Selling supplies Office staff expenses Customer relations Training expenses Utilities $84,000 4,000 6,400 24,800 8,600 6,000 1,400 Required: a. Which of the costs will be subject to direct cost tracing? b. What is the total cost for refrigerators? c. What is the total cost of the Sales Support for refrigerators?Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data, complete requirements (1) and (2) that follow. UnitsProduced TotalLumberCost TotalUtilitiesCost Total MachineDepreciationCost 7,000 shelves $84,000 $9,550 $140,000 14,000 shelves 168,000 17,600 140,000 28,000 shelves 336,000 33,700 140,000 35,000 shelves 420,000 41,750 140,000 1. Determine whether the costs in the table are variable, fixed, mixed, or none of these. Lumber Utilities Depreciation 2. For each cost, determine the fixed portion of the cost, and the per-unit variable cost. If there is no amount or an amount is zero, enter "0". Recall that, for N = Number of Units Produced, Total Costs = (Variable Cost Per Unit x N) + Fixed Cost. Complete the following table with your answers. Round variable portion…Swift Collision Repair uses activity-based costing to determine the costs of its cases. Information about costs follow: Cost Pool Budgeted Costs Budgeted Cost Driver Paint shop operations and clean up $300,000 750 paint jobs Machine costs 120,000 1,500 machine hours Facilities 80,000 2,000 labor hours Brian’s car was repaired after he was involved in a rear-end collision. The repair involved 3 hours of machine time, 5 hours of labor at 30$ per hour, and the rear of the car was repainted. How much overhead was assigned to brians repair job? a. $840 b. $2,000 c. 941 d. $990