The hospitality and tourism industry grew out of what activity?

Variable Costing Income Statement for a Service Company The actual and planned data for Underwater University for the Fall term

Mkey [24]

Answer:

Underwater University Variable Costing Income Statement For the Fall Term:

Actual Planned Variance

Number of Enrollment 4,500 4,125 375

Credit hours 60,450 43,200 17,250

Revenue $7,254,000 $5,832,000 $1,422,000

Variable costs:

Registration, records,

& marketing costs $1, 237,500 $1,134,375 $103,125

Instructional costs 3,868,800 2,592,000 1,276,800

Total variable costs $5,106,300 $3,726,375 $1,379,925

Contribution margin $2,147,700 $2,105,625 $42,075

Depreciation on classrooms

& equipment $825,600 $825,600 $0

Operating income $1,322,100 $1,280,025 $42,075

Explanation:

Variable costing income statement is an income statement which shows the contribution that revenue makes in paying for the fixed costs, before arriving at the Operating Income. In variable costing, there is a separation of variable costs from periodic or fixed costs. All direct materials, labor, and variable overheads are charged to the variable costs, while fixed costs are expensed to the period for which they are incurred.

5 0

3 years ago

The most rapidly growing economies in the Asia Pacific region during the 1980s and 1990s, Hong Kong, South Korea, Singapore, and

Masja [62]

Answer:

Asian Tigers

Explanation:

In the 1980s and 1990s these four countries from the asia; Hong Kong, South Korea, Singapore, and Taiwan achieved the status of developed countries. There was a great development in the industrial scenario of these countries which in turn greatly improved the economical condition of these countries. There influence in the region also grew with their development.

Even today these four countries are very developed in education, science and technology, exports, information & technology, innovation etc.

9 0

3 years ago

Read 3 more answers

In 2018, the Barton and Barton Company changed its method of valuing inventory from the FIFO method to the average cost method.

Sati [7]

Answer:

In Barton and Barton Company's general journal, entry required include:

Debit Retained Earnings Account with $8.2 million

Credit Opening Inventory with $8.2 million

Being reversal of overstated inventory due to change from FIFO to Average cost method.

Explanation:

The debit entry to the Retained Earnings Account will reduce the balance by $8.2 million. The effect of overstating the closing inventory is overstatement of the net income because the cost of sales was understated as a result of the inventory overstatement.

The credit entry to the Opening Inventory reduces the balance to the new balance based on the average cost method of $23.8 million.

The FIFO cost method or First-In, First-Out method is an inventory costing method that assumes that goods that were bought first were the ones to be sold first. The inventory cost is therefore valued with the most recent quantity and cost price.

On the other hand, the Average Cost Method, also called the Weighted Average Cost Method, calculates the inventory cost by adding all the period's inventory and dividing it by the quantity for the period. This gives an average cost which is in turn used to multiply the quantity of inventory at the end of the period to obtain the inventory cost.

Both methods are estimates that produce different results and affect the reported net income differently. There is always the need for consistency in choosing the method to apply so that reported net income is not unduly distorted.

3 0

3 years ago

A. the government often uses excise taxes, called "sin taxes," to manipulate consumption of cigarettes. draw and label the shift

sukhopar [10]

The amount of sin tax that will be paid by all of the mentioned parties will depend per country. In fact, in the US, sin tax may even differ per state so the price of consumers and producers will already factor in the percentage of sin tax that they will pay. As to why it will most likely not reduce the consumption, this is because these vices are generally addictive and already serve as habits for some people. Because of this, people will most likely not decrease their consumption significantly since they continuously look for it. In fact, they will be willing to pay more to get it.

7 0

3 years ago

Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $374,000 and credit sa

IceJOKER [234]

Answer: The adjusting entry would be: Debit Bad debt expense $24,380; Credit Allowance for doubtful accounts $24,380.

Explanation: Since aging of the accounts receivable shows that 7% approximately of the outstanding receivable of $374,000 will be uncollectible. It then means $26,180 (7%*$374,000) will be uncollectible. Meanwhile, Tanning Company already has a credit balance of $1,800 in the allowance for doubtful accounts, therefore, an adjustment of $24,380 ($$2,180 - $1,800) has to be made.

5 0

3 years ago