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7nadin3 [17]
3 years ago
7

Folsom Fashions sells a line of women's dresses. Folsom's performance report for November is shown below. (CMA adapted)

Business
1 answer:
agasfer [191]3 years ago
3 0

Answer:

(1) $20,000 U

(2) $15,000 U

Explanation:

(1) Effect of the sales quantity variance on the contribution margin for November:

= (Budget dresses sold - Actual dresses sold) × (Budgeted contribution margin ÷ Budgeted dresses sold)

= (6,000 - 5,000) × (120,000 ÷ 6,000)

= $20,000  unfavorable

(2) Sales price variance for November:

= [(Budgeted sales ÷ Budget dresses sold) - (Actual sales ÷ Actual dresses sold)] × Actual dresses sold

= [(300,000 ÷ 6,000) - (235,000 ÷ 5000)] × 5000

= $15,000  unfavorable

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Answer:

5.13%

Explanation:

Given:

Worth of investment today (PV) = $1,000

Investment worth after 6 years (FV) = $1,350

Time period of investment (nper) = 6 Years

It is required to compute annual return (RATE). This can be computed using spreadsheet function =RATE(nper,-PV,FV).

Substituting the values, we get =RATE(6,-1000,1350)

                                                      = 5.13%

Present value is negative as it is a cash outflow.

Therefore, annual return is computes as 5.13%.

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3 years ago
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Explanation:

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3 years ago
Momentous Occasions is a photography business that shoots videos at college parties. The freshman class pays​ $1,000 in advance
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Answer:

a. Considering the $1,000 paid by the freshman class,

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Did the earnings occur on the same date the cash was received No

b. Considering the $4,100 paid by the sophomore class,

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Did the earnings occur on the same date the cash was received No

Explanation:

a. Considering the $1,000 paid by the freshman class, on what date was revenue earned? Did the earnings occur on the same date the cash was received?

Revenue According to IFRS 15 is earned when earnings occur on the same date the cash was received when Momentous Occasions (the entity) transferres goods or services to the customer ( freshman class)

Thus $1,000 paid by the freshman class on March 3 is a Deferred Revenue. Earnings did not occur on the same date the cash was received.

Revenue occured when  Momentous Occasions (the entity) transferred goods or services to freashman class on April 2

b. Considering the $4,100 paid by the sophomore class, on what date was the revenue earned? Did the earnings occur on the same date cash received?

Revenue According to IFRS 15 is earned when earnings occur on the same date the cash was received when Momentous Occasions (the entity) transferres goods or services to the customer ( freshman class)

Revenue occured when  Momentous Occasions (the entity) transferred goods or services to freashman class on April 2

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2 years ago
Ashley Inc.’s total value is $950 million. Its balance sheet shows $100 million of accounts payable, $100 million of notes payab
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Notes payable = $100 million

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Value of equity = Value of firm - Value of preferred stock - Value of long term debt.

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Value\ of\ stock = \frac{Value\ of\ equity}{Number\ of\ shares}

Value\ of\ stock = \frac{750}{100}

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Answer:

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