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2 years ago

Fultz Company has accumulated the following budget data for the year 2020.

1 answer:

5 0

Assuming the direct materials is 1 pound , the cost of goods sold is $2,053,920 and the income statement is: $339,248.

<h3>Cost of goods sold</h3>

Cost of goods sold for 2017

Cost of one unit of finished goods:

Direct materials $6

Direct labor $36

(3×$12)

Manufacturing overhead $24

(3×$8)

Total $66

Cost of goods sold $2,053,920

($66×31,120)

Budgeted multi-step income statement for 2017:

Sales revenue $2,738,560

($88×31,120)

Less cost of goods sold $2,053,920

Gross profit $684,640

Less selling and administrative expense $170,000

Income from operation before interest and tax $514,640

($684,640-$170,000)

Less interest expense $30,000

Profit before tax $484,640

($514,640-$30,000)

Less income tax expense $145,392

(30%×$484,640)

Profit after tax $339,248

($484,640-$145,392)

Inconclusion the cost of goods sold is $2,053,920 and the income statement is: $339,248.

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The City of Breukelen maintains a rapid transit system, which is accounted for in a proprietary fund called Breukelen RTS. Based

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Answer:

The City of Breukelen

Breukelen RTS

Statement of revenues, expenses, and changes in net position

For the year ended December 31, 2019

Particulars Amount$ Amount$

Revenues

Operating Revenue 3,150,000

Operating Expenses

Train operating expenses 2,430,000

Track and maintenance expenses 565,000

Depreciation expenses 325,000

Total operating expenses 3,320,000

Operating loss (170,000)

Non-Operating revenue (Expenses)

Investment income 50,000

Interest expenses 320,000

Total Non-operating (expenses) (270,000)

Loss before transfer (440,000)

Transfer from City of B 500,000

Change in net assets 60,000

Total net position (beginning) 7,430,000

Total net position (ending) 7,490,000

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3 years ago

Barnes Corporation manufactures two models of office chairs, a standard and a deluxe model. The following activity and cost info

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Answer:

Standard= $24,800

Explanation:

Giving the following information:

Number of: Setups Components

Standard 22 8

Deluxe 28 12

Overhead costs $20,000 $40,000

First, we need to calculate the predetermined overhead rate for each activity:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Setups= 20,000 / (22+28)= $400per setup

Components= 40,000 / (8+12)= $2,000 per component

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Standard= 400*22 + 2,000*8

Standard= $24,800

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3 years ago

Pursuing multiple market segments at the same time is the best way to enter new markets. Group of answer choices True False

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It should be noted that pursuing multiple market segments at the same time is not the best way to enter new markets. Therefore, it's false.

<h3>What is a market?</h3>

A market simply means the coming together of a buyer and seller for transactions purpose.

In this case, pursuing multiple market segments at the same time is not the best way to enter new markets. One needs to have complete knowledge before entering a market.

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2 years ago

Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Mater

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,Answer:

Zoe Corporation

Statement of Cost of Good Manufactured For the Month Ended March 31

Work in Process Inventory 22,000

Direct Materials:

Materials inventory, March 1 6,000

Purchases 92,000

Less Materials inventory, March 31 ( 8,000)

Cost of Materials used in Production 90,000

Direct Labor 25,000

Factory Overhead 37,000

152,000

Total Manufacturing Cost 174,000

Less Work in Process Inventory, March 31 (23,500)

Cost of Goods Manufactured 150,500

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3 years ago

obinson Company had a net deferred tax liability of $34,000 at the beginning of the year, representing a net taxable temporary d

ZanzabumX [31]

Answer:

Robinson's deferred income tax expense or benefit for the current year would be $6,700

Explanation:

The computation of the deferred income tax expense or benefit for the current year is shown below:

= Deferred tax expense - adjustment of tax based on the tax rate

where,

Deferred tax expense = (Favorable temporary differences - unfavorable temporary differences) × corporate tax rate

= ($50,000 - $20,000) × 21%

= $6,300

And, the adjustment of tax equals to

= Net taxable temporary difference × (Tax rate - corporate tax rate)

= $100,000 × (34% - 21%)

= $13,000

Now put these values to the above formula

So, the value would equal to

= $6,300 - $13,000

= $6,700

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3 years ago