Answer:
Actual Operating costs $231,250
Planned Operating Costs budgeted = $ 235058
Planned Operating Costs at actual level = $ 232430
Explanation:
The Planned costs are the costs estimated at the planned level of activity.
The actual costs are costs that actually occur.
But flexible costs are those which are planned ( determined) at actual level of activity.
Canniff Air
Actual Planned
Operating costs $231,250
The cost formula for plane operating costs is $56,960 per month plus $2,634 per flight plus $6 per passenger.
Planned Operating Costs= $56,960+ 2634 *67 flights + 6*270 passengers
= $ 56960 + 176478+ 1620
= $ 235058
Actual Operating Costs = $56,960+ 2634 *66 flights + 6*271 passengers
= $ 56960 + 173844+ 1626
= $ 232430
We put the values in the given formula to obtains these costs both planned and actual.
Answer:
$1,000,000
Explanation:
The Bond Issued less than its face value is issued on the discount. This discount is recorded and amortized until the maturity of bond.
Discount on the Bond = Face value - Issuance value = ($1,000 x 1,000) - ($1,000 x 1,000) x 99% = $1,000,000 - $990,000 = $10,000
Journal Entry
Dr. Cash $990,000
Dr. Discount on Bond $10,000
Cr. Bond Payable $1,000,000
Bond Liability on June 30, 20x5 is $1,000,000.
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