1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Naya [18.7K]
2 years ago
9

For the quarter ended March 31, 2017, Croix Company accumulates the following sales data for its newest guitar, The Edge: $316,7

00 budget; $303,100 actual. In the second quarter, budgeted sales were $383,500, and actual sales were $387,400.
a. Prepare a static budget report for the second quarter and for the year to date. CROIX COMPANY Sales Budget Report For the Quarter Ended June 30, 2017.
b. Second Quarter Year to Date Product Line Budget Actual Difference Budget Actual Difference Guitar: The Edge $ $ $ $ $ $ Click if you would like to Show Work for this question: Open Show Work.
Business
1 answer:
erastovalidia [21]2 years ago
6 0

Answer:

Explanation:

The preparation of ta static budget report for the second quarter is shown below:

                                          CROIX COMPANY

                                         Sales Budget Report

                             For the Quarter Ended June 30, 2017

                       Second Quarter                      Year to date

Product Line  Budget  Actual  Difference  Budget  Actual  Difference

New Guitar $383,500  $387,400 $3,900    $700,200 $690,500  $9,700

                                                      Favorable                             Unfavorable

The year to date balances are computed below:

For Budget:

= $383,500 + $316,700

= $700,200

For Actual:

= $387,400 + $690,500

= 690,500

You might be interested in
Coronado Industries sells one product and uses a perpetual inventory system. The beginning inventory consisted of 77 units that
soldi70 [24.7K]

Answer:

$6745

Explanation:

Given: Beginning inventory is 77 units at the cost of $19 per unit.

            Purchased inventory is 476 units at $19 per unit.

            Sales during the month is 355 units at $45 per unit.

Now, let´s find the cost of goods sold using LIFO method.

We know, LIFO method is Last in first out, which sell out inventory, which are most recently purchased. In a period of rising prices, LIFO inventory method tends to give the highest reported cost of goods sold.

As sales unit is 355 units.

Let´s take units from recent purchased inventory.

Cost of good sold= 355\ units\times 19= \$ 6745

Hence, the cost of goods sold using the LIFO method is $6745.

7 0
3 years ago
Which of the following journal entries is recorded correctly and in the basic format? a. Salaries and Wages Expense 550, Cash 1,
Yuki888 [10]

Answer:

d.  Salaries and Wages Expense 550, Advertising Expense 950, Cash 1,500

Explanation:

Whenever a new entry is posted firstly the accounts which are debited are entered.

Secondly the accounts which are credited are posted.

And, the total of debit and total of credit shall always be same, so that the entry is recorded properly.

As an expense, it reduces income and is always debited.

And as for settling the expenses cash is paid, cash being an asset when reduced will be credited.

Total expenses debited = Salaries and Wages + Advertising Expense = 550 + 950 = 1,500

Therefore, as against it cash paid = $1,500 shall be credited.

Cash = $1,500

Thus, correct option is d.

5 0
3 years ago
Under the new form of republican government in spain, the ______ lost position and many possessions.
Usimov [2.4K]
Under the new form of republican government in spain, the nobility lost position and may possessions. Nobility people are the people who are associated and belong to a noble class in a place or let us say in a country in which most have a hereditary life and other a honorary life is what they have.
3 0
2 years ago
Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2021. In October 2021, Rick Co.'s Board of Direc
Bond [772]

Answer:

Debit retained earnings for $15.30 million.

Explanation:

As per the data given in the question,

Declaration of common stock dividend indicates no cash payments, only extra shares issued with rate of stock dividend

In this Rick Co. had 30 million shares and Rick Co. declared 1% stock dividend  

which means 30 million × 1% = 0.30 million shares issued

Retained earning = (0.30 million × $51)  

= $15.30 million

To common stock A/c =  (0.30 × $1) = $0.30 million

To capital paid in access A/c = (0.30 million × ($51-$1)) =  $15.00 million

( Being stock dividend was issued at 1% )

Hence, Option (d) Debit retained earning for $15.30 million is correct.

8 0
2 years ago
Owner made no investments in the business, and no dividends were paid during the year. Owner made no investments in the business
lyudmila [28]

Answer:

A corporation had the following assets and liabilities at the beginning and end of this year.

                                                     Assets             Liabilities

Beginning of the year             $ 76,500             $ 32,796

End of the year                           132,000               53,460

    Details                                                a           b        c       d

1 Beginning of the year Equity    43,704      43,704    43,704     43,704

2 Owner's investment (+)                 -         -           45,000      35,000

3 Dividends (-)                                 -          10,200        -     10,200

4 Net income / loss (+)               34836     45,036     -10164       10,036

5 End of the year Equity          78540      78540      78540      78540

Explanation:

Equity = Assets - Liability

Beginning of the year = 76500 - 32796 = $43,704

End of the year = 132000 - 53460 = 78540

Net income = End of year equity -  (Beginning of the year Equity + Owner's Investment - Dividends)

a) Net income = 5 -  (1 + 2 - 3)

                   = 78540 - (43704  + 0 - 0)

                   = 34,836

b) Dividend of 850 per month = 850 * 12 = 10,200

Net income = 5 -  (1 + 2 - 3)

                   = 78540 - (43704  + 0 - 10200)

                   = 45,036

c) Net Income = 5 -  (1 + 2 - 3)

                       = 78540 - (43704  + 45000 - 0)

                       = -10,164

d) Dividend of 850 per month = 850 * 12 = 10,200

Net Income = 5 -  (1 + 2 - 3)

                     = 78540 - (43704  + 35000 - 10200)

                       = 10,036

Owner's investment increases equity

Dividends reduce equity

Net Income increases equity

6 0
3 years ago
Other questions:
  • Big Walnut Nut Company has the right to buy back its preferred stock from its preferred stockholders; however, the company will
    10·1 answer
  • Zippy is earning ​$30 comma 000 per year working for​ joe's car repair. he also has savings of ​$150 comma 000​, on which he is
    11·1 answer
  • A _____ economy is based on personal choice.
    11·1 answer
  • A ________ is a descriptive fact about a product or service; a ________ is what the customer gains from that characteristic.
    9·1 answer
  • Firms that use a lot of debt are said to have a great deal ofa. benchmarks.b. financial strength.c. financial leverage.d. liquid
    5·1 answer
  • External agencies and government bodies publish safety ratings for cars to help consumers alleviate _____ risk. multiple choice
    11·1 answer
  • You recently purchased a stock that is expected to earn 12.6 percent in a booming economy, 8.9 percent in a normal economy and l
    12·1 answer
  • What are two ways the government can stimulate growth in a declining economy?
    5·1 answer
  • What are the "flows" within a supply chain, and why are they important?
    14·1 answer
  • What type of pricing objective would an organization use if it were in a favorable position and desired nothing more
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!