Answers
Technicians are paid a fixed number of hours for their jobs based on a set average time to complete a repair, known as a fixed fee.
Why flat rate is better?One of the benefits of the flat-rate model is that flat-rate pricing rewards productivity. When small businesses receive a flat fee to provide their services, they can generate more revenue by providing more services in less time.
What is manual flat rate?A flat rate manual is a list of almost any job that can be done on a vehicle in the amount of time it takes a mechanic to do the job. It is used in service workshops to determine labor costs. The customer will be charged the flat rate even if the mechanic completes the work before the flat rate expires.
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Related Questions
Jim just graduated from high school and has decided to work for a year before going to college. He will need a car to get to and from his job at the mall. He has $2,000 saved that he could spend on a car, or he can drive his parent’s extra car—an old clunker that has seen better days. What advice would you give Jim?
Answers
Evaluate the condition of his parents' car: If Jim's parents' extra car, the old clunker, is in a reasonably reliable condition and can get him to and from work without frequent breakdowns or safety concerns, it might be a more cost-effective option. However, if the car is constantly in need of repairs and poses a risk to his safety, it might be worth exploring other options.
Consider maintenance and repair costs: If Jim chooses his parents' car, he should factor in the potential maintenance and repair costs. As an old vehicle, it might require more frequent repairs and replacements of parts, which can add up over time. He should estimate these costs and ensure they fit within his budget.
Fuel efficiency: Jim should consider the fuel efficiency of both the old clunker and any cars he might purchase. If he's working at the mall and will be commuting frequently, a car with better fuel efficiency could save him money in the long run.
Insurance costs: Before making a decision, Jim should research the insurance costs associated with both options. Generally, older cars tend to have lower insurance premiums. If the clunker is insured under his parents' policy, it might be more affordable than purchasing his own policy for a different car.
Reliability and safety: It's important for Jim to prioritize his safety while commuting to work. If the old clunker is unreliable or lacks important safety features such as airbags, anti-lock brakes, or stability control, it might be worth considering purchasing a more reliable and safer car.
Long-term plans and financial goals: Jim should also think about his long-term plans and financial goals. If he intends to save money for college, travel, or other expenses, he should consider whether spending his entire $2,000 savings on a car is the best decision. In some cases, it might be more prudent to save the money and rely on alternative transportation options like public transit, carpooling, or cycling.
Ultimately, Jim should weigh the pros and cons of using the old clunker versus purchasing a car with his savings. By considering factors such as the condition of the car, maintenance costs, fuel efficiency, insurance expenses, reliability, safety, and his financial goals, Jim can make a well-informed decision that aligns with his needs and priorities.
Piels Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the production of 10,000 units of this part are as follows:
Direct materials $ 90,000
Direct labor 130,000
Variable factory overhead 60,000
Fixed factory overhead 140,000
Total costs $420,000
Of the fixed factory overhead costs, $60,000 is avoidable. Conners Company has offered to sell 10,000 units of the same part to Piels Corporation for $36 per unit.
Required:
1. Assuming there is no other use for the facilities, Piels should ___________.
Answers
Answer:
It is cheaper to produce
Explanation:
Cost of producing
Direct materials - 90000
Direct labor - 130000
Variable factory overhead - 60000
Fixed factory overhead - 60000
Total cost - 340000
Cost of buying `10000*36 = 360000
Incremental cost of buying = 360000-340000 = $20,000
It is cheaper to produce at 340000/10000 = $34 /unit
In making a decision whether to buy or manufacture , variable cost and the avoidable costs are considered relevant for this purpose
The following information is available for Water Inc. Date Units Unit Cost January 1, 2020 (beginning inventory) 100 $50.00 Purchases: January 10, 2020 75 52.00 January 15, 2020 150 52.50 January 30, 2020 100 55.00 The company maintains a periodic inventory system. A physical count shows 125 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the FIFO inventory method
Answers
Answer:
125 and $15,156.6
Explanation:
The end inventory us 125 units and thus 300 units were sold
for each of the following variables, identify the type of variable (numeric or categorical)
and level of measurement (nominal, ordinal, interval, or ratio).
a. Total flight time of the second-year pilots in American Airline
b. Gender of the second-year pilots in American Airline
c. Average pilot salary of OECD countries
d. The number of Airplane runways at US National Airport
Answers
The types of variables will be:
a. Numeric,
b. Categorical,
c. Numeric,
d. Numeric,
What is a variable?A variable can be defined as the quantity and the set that can be identified. A categorical variable is one where the group is being made and organized. The numeric value is the one that can be measured.
A. A ratio must always be positive because the total flying time cannot be negative. This information has a defined zero point and can be stated numerically.
B. As gender can always be ranked as well as Categorical, the answer is b. categorical and nominal. There is no order to the data, which is expressed as names and labels.
C. In numbers, the ratio is always positive because the typical pilot compensation is positive. This information has a specified zero point and can be stated numerically.
D. Ratio, since the number of runways will never be negative. This information has a defined 0 and can be stated numerically.
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What percent of each paycheck do financial experts recommend you save, at
the very least?
O 0-10%
O10-20%
20% -30%
30%-50%
Answers
Financial experts recommend that individuals save at least 20% of each paycheck. Saving money is crucial to achieving financial stability and independence. Financial stability is essential to achieving life goals such as buying a home, starting a business, or raising a family.
Therefore, it is important to establish a saving culture that can help individuals save for their future needs and desires. Saving 20% of your paycheck is a good starting point for establishing a savings plan. It is also important to note that individuals can save more than 20% if their financial situation allows for it.
A financial expert may recommend a higher percentage if the individual has high expenses, debt, or a low income. Therefore, individuals must evaluate their financial situation and create a budget that enables them to save and live comfortably.
In summary, financial experts recommend that individuals save at least 20% of their paycheck to establish financial stability and independence.
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Discuss your strongest areas. How will these benefit you as a leader? As a follower? How will you utilize these more often? Provide specific areas you wish to improve and steps you will take to improve in each area.
Answers
Answer: this is more of a question that you need to answers because I don't know what is your strengths and weaknesses, but here are ways to improve of yourself and growth to help.
Explanation:
What areas do you need to improve on to be a better leader?
Engage in honest, open communication.
Connect with your team members.
Keep a positive attitude.
Teach employees instead of giving orders.
Ways to improve?
willingness to take risks.
confidence.
ability to ask for help.
leadership.
In Fiscal Year, 20XX Hong Hah manufacturing company producing A product, had information on Inventories Account as follows:
Direct Materials, Begging balance 78.000
Work in process, Begging balance 150.000
Finished Goods, Begging balance 186.000
Work in process, Ending balance 90.000
Direct Materials, Ending balance 144.000
Finished Goods, Ending balance 204.000
During 20XX, the manufacturing cost was incurred as bellows:
(1). Raw materials
£ 318.000
(2) Direct labour
€ 456,000
(3) Manufacturing Overhead
+ Indirect material € 14.400
+ Indirect labour € 31.200
+ Depreciation on plant and equipment € 114.000
+ Utilities £ 32.400
+ Others € 36.000
Additional Information, In 20XX, Sales revenues was € 1,320,0000 for the year. Selling and administrative expenses for the year amounted to € 138,000.
The corporate income tax rate is 30%.
Required
1. Prepare Schedule of Cost of Goods Manufactured for the year 20XX
2. Prepare Schedule of Cost of Goods Sold for the year 20XX
3. Prepare Statement of Profit or Loss for the year 20XX
Answers
Calculate the Cost of Goods Manufactured:
Direct Materials Used:
Beginning Balance of Direct Materials + Purchases - Ending Balance of Direct Materials
= £78,000 + £318,000 - £144,000
= £252,000
Total Manufacturing Costs:
Direct Materials Used + Direct Labour + Manufacturing Overhead
= £252,000 + €456,000 + €14,400 + €31,200 + €114,000 + £32,400 + €36,000
= €987,800
Total Manufacturing Costs + Beginning Work in Process Inventory
= €987,800 + €150,000
= €1,137,800
Cost of Goods Manufactured:
Total Manufacturing Costs + Beginning Work in Process Inventory - Ending Work in Process Inventory
= €1,137,800 - €90,000
= €1,047,800
Calculate the Cost of Goods Sold:
Cost of Goods Available for Sale:
Beginning Finished Goods Inventory + Cost of Goods Manufactured
= €186,000 + €1,047,800
= €1,233,800
Cost of Goods Sold:
Cost of Goods Available for Sale - Ending Finished Goods Inventory
= €1,233,800 - €204,000
= €1,029,800
Prepare the Statement of Profit or Loss:
Sales Revenue: €1,320,000
Cost of Goods Sold: €1,029,800
Gross Profit: Sales Revenue - Cost of Goods Sold
= €1,320,000 - €1,029,800
= €290,200
Selling and Administrative Expenses: €138,000
Operating Profit: Gross Profit - Selling and Administrative Expenses
= €290,200 - €138,000
= €152,200
Corporate Income Tax: 30% of Operating Profit
= 0.30 * €152,200
= €45,660
Net Profit: Operating Profit - Corporate Income Tax
= €152,200 - €45,660
= €106,540
Now, let's summarize the results in the requested formats:
1. Schedule of Cost of Goods Manufactured for the year 20XX:
Direct Materials Used £252,000
Direct Labour €456,000
Manufacturing Overhead:
Indirect Material €14,400
Indirect Labour €31,200
Add: Cost of Goods Manufactured €1,047,800
Cost of Goods Available for Sale €1,233,800
Less: Ending Finished Goods Inventory €204,000
Cost of Goods Sold €1,029,800
2. Statement of Profit or Loss.
Schedule of Cost of Goods Sold for the year 20XX:
Beginning Finished Goods: £186,000
Add: Cost of Goods Manufactured: £1,133,600
Cost of Goods Available for Sale: £1,319,600
Less: Ending Finished Goods: £204,000
Cost of Goods Sold: £1,115,600
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provide two reasons why public participation is important for people experiencing lack of basic services
Answers
Answer:
the main aim of public participation is to encourage the public to have meaningful and put into decision making process public participation does provide the opportunity for communication between agencies making decisions and the Public's public participation can be time-consuming and sometimes expensive don't know if this helps but good luck
Assume that a project requires an outlay of $50,000 and yields annual cash inflow of $ 12,500 for
7 years, Calculate the payback period for the project
Answers
Answer:
The payback period for a project is the amount of time it takes for an investment to recoup its initial cost. To calculate the payback period for a project, you can divide the initial investment by the annual cash inflow.
In this case, the payback period would be:
$50,000 ÷ $12,500 = 4 years.
Explanation:
3. Jiro has £50 000 in a savings account. He intends to leave it there for the next 3
years and has a fixed annual interest rate of 3% per year. How much will his £50 000
be worth after 3 years?
Answers
Jiro', £50 000 in the savings account will be worth £54636.35 after 3 years.
What is a savings account?Savings accounts are deposit accounts that often pay more interest than checking accounts that do. Savings accounts place a cap on the number of specific transfers and withdrawals that can be made from the account throughout each cycle of monthly statements. Savings accounts are a secure place to save cash that you might need at a moment's notice. Almost any bank or credit union allows you to start one, frequently totally online and with little to no initial deposit. These accounts consistently pay the stated rate of interest, and while some have little fees, most do not.
Given,
Principle amount P = £50000
Rate of interest = 3% = 0.03
Time period T = 3 year
Total amount = P(1 + R)^T
Total amount = 50000(1 + 0.03)^3
= £54636.35
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If you co-sign for a friend's credit card, what is the danger to you if your friend fails to pay?
A.
You might get secured credit.
B.
You might have to pay extra money in taxes.
C.
Your credit score might go down.
D.
Your credit score might go up.
Please select the best answer from the choices provided
A
B
C
D
Answers
Answer:
C
Explanation:
How soon does a landlord have to return a security deposit in Florida?
Answers
Answer:
15days
Explanation:
define liquidity economics.
Answers
Answer:
Liquidity refers to the ease with which an asset, or security, can be converted into ready cash without affecting its market price. Cash is the most liquid of assets while tangible items are less liquid. The two main types of liquidity include market liquidity and accounting liquidity.
THE FOLLOWING INFO IS AVAILABLE FOR BERLIN CORPORATION FOR THE YEAR ENDING 12/31/20. OTHER REVENUE/GAINS= 12700, OTHER EXPENSES/LOSSES=13300, COST OF GOODS SOLD= 156000SALES 592000, OPERATING EXPENSES= 186000, SALES RETURNS= 40000. PREPARE A STEP-BY-STEP INCOME STATEMENT. TAX RATE IS 30 PERCENT
Answers
Based on the revenue, the expenses, the sales, and other entries, the step - by - step income statement for Berlin Corporation is:
Berlin Corporation.
Income Statement
Sales Revenue $592,000
Less: Sales Return $40, 000
Net Sales $552, 000
Less : Cost of Goods sold ($156, 000)
Gross Profit $396, 000
Less Operating expenses: (186, 000)
Income from operations $210, 000
Other Revenue /Gains 12, 700
Other Expenses /Losses (13, 300) ( 600 )
Income before income taxes $209 ,400
Less: Income tax expense ($62, 820)
Net Income / (Loss) $146,580
How to make an income statement?When making an income statement, the goal is to find out how much net income or loss that a company makes.
First, write the revenue and then remove any sales returns or allowances. Then remove the cost of goods sold to find the gross profit. After this, the operating expenses are removed to find the income before taxes. After the taxes are removed, the remaining amount would be the Net income or loss.
The taxes here are:
= 209, 400 x 30%
= $62, 820
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La adaptación al cambio ha permitido.
a. Que las personas desarrollen sus habilidades blandas
b. Que la especie sobreviva y evolucione
c. Que los líderes persuadan a sus colaboradores a seguirlos
d. Que el hombre maneje sus emociones
Answers
El principal efecto de la adaptación al cambio para la humanidad es la evolución y supervivencia.
Todos lo seres vivos, incluyendo a la especie humana tienen la capacidad de adaptarse a cambios. Los tipos de cambios más comunes incluyen:
Cambios en la disponibilidad de recursosCompetencia con otras especiesCatástrofes naturalesEnfermedadesEstá capacidad de adaptación ha sido esencial durante cientos de años para la evolución y supervivencia de la humanidad. Aquí hay algunos ejemplos:
El cambio de una vida nómada a una vida sedentaria brindó a la humanidad la posibilidad de tener alimentos constantementePoblaciones que experimentaron desastres naturales pudieron sobrevivir adaptándose a nuevas condicionesLos cambios en la forma de sobrevivir ha llevado a la evolución. Por ejemplos el hombre evolucionó para saber como escribir, hacer fuego, construir casas, entre otros.Aprenda más en: https://brainly.com/question/17821033
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $25,974 in the accounts of a sole proprietorship. Of this amount, $1,213 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $856. The amount debited to Accounts Receivable for the new partnership is a.$25,974 b.$24,761 c.$23,905 d.$25,118
Answers
Answer:
b.$24,761
Explanation:
The amount to be debited is the account receivable balance minus the amount deemed worthless
= $25,974 -$1,213
=$24,761
The amount of $856 provided as possible future uncollectable will not affect account receivable. The account receivable remains as it is until payment is received or an account has been declared uncollectable.
A company's ________________________ may play a role in pricing. Which answer completes the blank in the sentence?
Question 3 options:
revenue
stock value
target market
sales
Answers
The answer that would best complete the blank is "revenue" as it would play a key role in pricing.
What is Revenue?This refers to the total amount of income that is gotten from the sale of goods in a marketplace.
Hence, we can see that when pricing a company based on its value, the revenue of the company would be important as it may play an important role in pricing.
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What is market environment
Answers
Answer:
The market environment is the combination of external and internal factors that affect a company's ability to establish a relationship with and serve its consumers.
Explanation:
The internal factors relate to the company itself, such as owners, workers, materials, components, etc.
The external factors are divided into macro and micro components. The macro component is the broad environment which includes societal forces that affect society as a whole. The micro component is task-related, which includes factors that influence the production, manufacturing and distribution of a product or service.
How is the Sole Trading formed?
Answers
Answer:
A sole proprietorship is established when an owner begins operating their business.
Explanation:
There are no separate licenses to obtain to form a sole proprietorship. The sole proprietorship will be maintained so long as the owner keeps doing business.
Advertisements masquerade as media content by
A. persuading us to buy a product.
B. breaking crucial news stories.
C. being entertaining and funny.
D. selling us beauty products.
Answers
Answer:A
Explanation:
Persuading is a way to attracter customers
5.6 Last month Quick Industries produced 900 units. This month they produced 1,264 units. What is the rate of change in production? a. 29.8% b. 32.8% c. 40.4% d. 60%
Answers
Answer: C. 40.4%
Explanation:
To find the rate of change in production, we can use the following formula:
Rate of change = (New value - Old value) / Old value * 100
Where,
Old value = Production of last month = 900
New value = Production of this month = 1264
Substituting the values in the formula,
Rate of change = (1264 - 900) / 900 * 100= 364 / 900 * 100= 0.404 * 100= 40.4%
Therefore, the rate of change in production is 40.4%, which is an option (c). I hope that this answer has helped you!
Answer:
The correct answer is C.
Explanation:
The rate of change in production is: (1264 - 900) / 900 = 0.404 or 40.4%. So, the correct answer is c. 40.4%
The BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 55% in month following sale 5% in second month following saleThe following sales have been budgeted: Sales April $210,000 May $160,000June $150,000 Budgeted cash collections in June would be:______.a. $150,840.b. $158,000.c. $149,000.d. $150,000.
Answers
Answer:
Total cash collection= $158,500
Explanation:
Giving the following information:
Cash collection:
40% in the month of sale
55% in the month following sale
5% in the second month following sale
Sales:
April $210,000
May $160,000
June $150,000
Cash collection June:
Sales in cash from June= 150,000*0.4= 60,000
Sales on account from May= 160,000*0.55= 88,000
Sales on account from April= 210,000*0.05= 10,500
Total cash collection= $158,500
WBS for the knowledge area of Human/Resource Management for a low-cost housing project
Answers
Here's an example of a WBS for the knowledge area of Human/Resource Management for a low-cost housing project:
The wbs for a knowledge area of Human/Resource Management for a low-cost housing projectHuman/Resource Management
1.1 Staffing Plan
1.1.1 Define project roles and responsibilities
1.1.2 Identify required staffing resources
1.1.3 Determine the project team structure
1.1.4 Develop a staffing plan and budget
1.2 Recruitment and Selection
1.2.1 Create job descriptions and specifications
1.2.2 Advertise and promote job openings
1.2.3 Review resumes and conduct initial screenings
1.2.4 Conduct interviews and select candidates
1.2.5 Perform background checks and reference checks
1.2.6 Extend job offers and negotiate terms
1.3 Training and Development
1.3.1 Assess training needs for project team members
1.3.2 Develop a training plan and schedule
1.3.3 Conduct training sessions and workshops
1.3.4 Provide on-the-job training and mentoring
1.3.5 Evaluate training effectiveness and adjust as needed
1.4 Performance Management
1.4.1 Set performance expectations and goals
1.4.2 Monitor and assess individual and team performance
1.4.3 Provide feedback and coaching to improve performance
1.4.4 Conduct performance appraisals and evaluations
1.4.5 Identify and address performance issues or conflicts
1.5 Resource Allocation
1.5.1 Identify project resource requirements
1.5.2 Allocate resources based on project needs
1.5.3 Monitor resource utilization and availability
1.5.4 Optimize resource allocation to meet project objectives
1.6 Stakeholder Management
1.6.1 Identify project stakeholders and their interests
1.6.2 Develop a stakeholder engagement plan
1.6.3 Communicate and manage stakeholder expectations
1.6.4 Address stakeholder concerns and resolve conflicts
1.6.5 Maintain positive relationships with stakeholders
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Customers might sometimes describe contradictory needs
Answers
Customers might sometimes describe contradictory needs which means Option C. Customers sometimes describe needs that oppose each other.
When customers require two different things that cannot be addressed by the same product, it is referred to as a conflicting requirement. There are many reasons why customers may have conflicting needs. Some customers might have a requirement for a product to be both inexpensive and of high quality, for example. Others may desire a product that is both small and powerful. Customers may sometimes find it difficult to articulate what they want, which might result in vague descriptions.
This might make it more difficult for the supplier to provide a solution that satisfies the customer’s needs. Customer service staff must be trained to engage with customers and listen actively to their concerns. They must also be able to identify when there is a contradictory requirement and provide solutions that address the customer's needs in a way that satisfies the customer's expectations while also meeting the supplier's operational needs. Understanding customer needs is an important part of the customer service profession, and it may take some time and effort to develop the necessary skills.
Some customers are very detailed in describing their needs, which can be beneficial for suppliers because it allows them to provide an appropriate solution for the customer. Overall, being aware of conflicting customer requirements is essential in the customer service sector to provide an effective solution. Therefore, the correct option is C.
The question was incomplete, Find the full content below:
Customers might sometimes describe contradictory needs.
A. A customer's needs can sometimes be confusing.
B. Customers might sometimes give vague descriptions.
C. Customers sometimes describe needs that oppose each other.
D. Some customers are extremely thorough in describing their needs.
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not sure if this information helps or not. I only need help with figuring out the amount for line 16 on 2021 tax form 1040. Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth was born on July 4, 1975, and her Social Security number is 123-45-6785. She did not engage in any virtual currency transactions during the year, and she wants to contribute $3 to the Presidential Election Campaign Fund. Beth received the appropriate coronavirus recovery rebates (economic impact payments); related questions in ProConnect Tax should be ignored. The following information is shown on Beth's Wage and Tax Statement (Form W-2) for 2021. Line Description Amount 1 Wages, tips, other compensation $65,000.00 2 Federal income tax withheld 9,500.00 3 Social Security wages 65,000.00 4 Social Security tax withheld 4,030.00 5 Medicare wages and tips 65,000.00 6 Medicare tax withheld 942.50 15 State Arizona 16 State wages, tips, etc. 65,000.00 17 State income tax withheld 1,954.00 During the year, Beth received interest of $1,300 from Arizona Federal Savings and Loan and $400 from Arizona State Bank. Each financial institution reported the interest income on a Form 1099-INT. She received qualified dividends of $800 from Blue Corporation, $750 from Green Corporation, and $650 from Orange Corporation. Each corporation reported Beth's dividend payments on a Form 1099-DIV. Beth received a $1,100 income tax refund from the state of Arizona on April 29, 2021. On her 2020 Federal income tax return, she used the standard deduction. Fees earned from her part-time tax practice in 2021 totaled $3,800. She paid $600 to have the tax returns processed by a computerized tax return service. On February 8, 2021, Beth bought 500 shares of Gray Corporation common stock for $17
Answers
Here is the amount for line 16 on 2021 tax form 1040 for Beth R. Jordan: $1,292.50
Here is the calculation:To calculate your overall earnings, you can subtract the state income tax withheld and add the state income tax refund and net self-employment income, while also taking into account any self-employment expenses.
These figures can be found on lines 2 and 17 of your W-2 form, and lines 3 and 27 of your Schedule C, respectively.
The precise figures of these items are given below:
Federal income tax withheld: $9,500
State income tax withheld: $1,954
State income tax refund: $1,100
Net self-employment income: $3,800
Net expenses from self-employment: $600
Plugging these values into the calculation above, we get:
$9,500 - $1,954 + $1,100 + $3,800 - $600 = $1,292.50
Therefore, the amount for line 16 on 2021 tax form 1040 for Beth R. Jordan is $1,292.50.
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The Tax Reform Act of 1986 eliminated the deductibility of interest payments on consumer debt (mostly credit cards and auto loans) but maintained the deductibility of interest payments on mortgages and home equity loans. What do you think happened to the relative amounts of borrowing through consumer debt and home equity debt
Answers
Answer:
what is the question?
Explanation:
Partnership business examples
Answers
Answer:
GoPro & Red Bull.
Pottery Barn & Sherwin-Williams.
Casper & West Elm.
Kanye and Adidas.
BMW & Louis Vuitton.
Starbucks & Spotify.
Apple & MasterCard.
The auditors have a responsibility to report on all FASB-required supplementary information for publicly-traded companies.a. Trueb. False
Answers
The auditors have a responsibility to report on all FASB-required supplementary information for publicly-traded companies. This statement is true.
WHAT is the auditor's duty for additional information?In order to support their assessment of whether the supplemental information is fairly stated in all material aspects in relation to the financial statements as a whole, the auditor should carry out audit procedures to gather the necessary audit evidence.
Financial statements are often where this information comes from. If such necessary supplemental information is obtained from audited financial statements and is included in a document that the auditor has filed, it may be reported on as described in the following paragraph.
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Magic Realm, Inc., has developed a new fantasy board game. The company sold 45,000 games last year at a selling price of $66 per game. Fixed expenses associated with the game total $810,000 per year, and variable expenses are $46 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 54,900 games next year (an increase of 9,900 games, or 22%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year? b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.)
Answers
Answer:
Please see below and attached.
Explanation:
1a. Prepare a contribution format income statement for the game last year. The Net operating income is $90,000.
1-b The degree of operating leverage
= $10.
2a. Net operating income increases by 220%
2b. Total expected net operating income is $288,000.
Please find attached detailed breakdown of the answers provided above
Current Attempt in Progress
Bonita, Inc. reported net income of $2.25 million in 2022. Depreciation for the year was $144,000, accounts receivable decreased $315,000, and accounts payable decreased $252,000.
Compute net cash provided by operating activities using the indirect method.
Answers
The indirect method, in its broadest sense, refers to a method of calculating cash flow that relies on transactions to identify payments and expenses rather than cash on hand. Hence
What is Indirect Cash flow ?The indirect technique calculates how much money a business earned or spent during a specific time period from numerous sources.
Using the indirect approach, net income (also known as net profit) at the end of the reporting period is used to compute cash flow.
Then, using information from the balance sheet, you modify this net income amount and eliminate the impact of non-cash transactions that are displayed on the profit and loss statement.
Hence Amount ($) in million
Net Income 2250
(+) Depriciation 144
(+) Account Receivable 315
(-) Account Payable (252)
$ 2,457
Hence Net Cash from operating Activity will be $ 2.457 million
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