Answer:
Kodiak Fridgeration Company
Income Statement
For the month ended August 31, xxxx
Sales $8,800,000.00
Less: Manufacturing costs:
Direct materials $3,450,000.00
Direct labor $1,196,000.00
Variable manufacturing cost $782,000.00
Fixed manufacturing cost <u>$598,000.00</u>
<u>($6,026,000.00)</u>
Gross Income $2,774,000.00
Less: Selling & admin expenses
Variable $600,000.00
Fixed $320,000.00
<u>($920,000.00)</u>
Net Income $1,854,000.00
Explanation:
Absorption costing consider all the cost incurred in production either variable or fixed as production cost and all the operating costs as the period costs. It calculates the gross profit after deducting the cost of goods sold from the net sales and net income after deduction the operating costs from the gross profit.
Consumption of fixed capital
Answer:
Answer for the question:
Quinlan-Cohen, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31): Did not accrue $1,600 owed to the company by another company renting part of the building as a storage facility. Did not record $14,600 depreciation on the equipment costing $114,000. Failed to adjust the Unearned Fee Revenue account to reflect that $1,200 was earned by the end of the year. Recorded a full year of accrued interest expense on a $14,400, 11 percent note payable that has been outstanding only since November 1. Failed to adjust Prepaid Insurance to reflect that $690 of insurance coverage had been used. 2. Using the following headings, indicate the effect of each error and the amount of the effect (that is, the difference between the entry that was or was not made and the entry that should have been made). Use O if the effect overstates the item, U if the effect understates the item. (Reminder: Assets = Liabilities + Stockholders’ Equity; Revenues − Expenses = Net Income; and Net Income accounts are closed to Retained Earnings, a part of Stockholders’ Equity.) (Select "NE" for no effect.)
is given in the attachment.
Explanation:
Answer:
it is good that all business majors study this regardless, as strategic management takes place at several/multiple levels in any organization they may find themselves
Explanation:
Even though most students may never become CEOs or branch manager or department heads of departments, it is good they study strategic management as strategic management provides directions through the development of plans on how to achieve an organizations set goals.
Several other levels in an organization may require the knowledge of strategic management. These employees in these other job roles could be asked to complete strategic plans for their various departments. Also at all levels, employees are asked to make contributions towards their organizations strategic plan. This makes it important for all business majors to study.