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I am Lyosha [343]
3 years ago
6

Colgate-Palmolive Company reports the following balances in its retained earnings.

Business
1 answer:
Dafna11 [192]3 years ago
3 0

Answer:

a. $1,028 million

b. 46.7%

Explanation:

a. Dividends are taken from the retained earnings and net income is added to the retained earnings. The formula for ending retained earnings is;

Ending retained earnings = Opening Retained earnings + Net Income - Dividends

14,329 = 13,157 + 2,200 - Dividends

Dividends = 13,157 + 2,200 - 14,329

Dividends = $1,028 million

b. Dividends as a percentage of income

= 1,028/2,200

= 0.467

= 46.7%

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Compared to a corporation, a partnership is more difficult and expensive to establish.
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EZ-Tax is a tax accounting practice with partners and staff members. Each billable hour of partner time has a $800 budgeted pric
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Answer:

EZ-Tax

                                                      Partner                 Staff             Total

a. Sales price variance             $104,000            ($110,000)      ($6,000) U

b. Activity variance                   $160,000           $420,000     $580,000 F

c. Mix variance                           $85,000           $180,000     $265,000 F

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a) Data and Calculations:

                                                      Partner                 Staff

Budgeted billable rate per hour   $800                    $210    

Budgeted variable cost per hour    375                      120

Budgeted billable hours              5,000                20,000

Budgeted revenue             $4,000,000        $4,200,000

Budgeted variable cost         1,875,000          2,400,000

Actual revenue                  $4,264,000         $4,510,000

Actual billable hours                   5,200                22,000

Actual billable rate per hour       $820                   $205

Budgeted billable rate per hour $800                    $210

Variance in price                           $20                       ($5)

Sales price variance            $104,000            ($110,000)      ($6,000)

Sales price variance = (Standard price - Actual price) * Actual billable hours

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Activity variance = (Actual billable hours - Standard billable hours) * Standard rate

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= (200 * $800) + (2,000 * 210)

= $160,000 + 420,000

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Budgeted variable cost         1,875,000          2,400,000      4,275,000

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Quantity variance                 $189,000              $70,000     $259,000

Quantity variance = Budgeted contribution - Actual contribution

= $3,925,000 - $4,184,000

= $259,000 F

Mix Variance:

Standard contribution margin  $425                  $90

Volume variance                         200                2,000

Mix variance =                     $85,000           $180,000

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