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guajiro [1.7K]
3 years ago
8

The actual information pertains to the third quarter. As part of the budgeting​ process, the Duck Decoy Department of Paralith I

ncorporated had developed the following static budget for the third quarter. Duck Decoy is in the process of preparing the flexible budget and understanding the results. Actual Results Flexible Budget Static Budget Sales volume​ (in units) ​10,000 ​ ________ ​8,000 Sales revenues ​$239,000 ​$ ​$235,000 Variable costs ​167,000 ​$ ________ ​184,000 Contribution margin ​$72,000 ​$ ​$51,000 Fixed costs ​38,000 ​$ ________ ​33,000 Operating profit ​$34,000 ​$ ________ ​$18,000 The flexibleminusbudget variance for variable costs is​ ________. (Round the final answer to the nearest​ dollar.)
Business
1 answer:
Nezavi [6.7K]3 years ago
6 0

Answer:

Paralith Incorporated

Duck Decoy Department

Flexible Budget for Third Quarter:

                                Actual Results      Flexible Budget      Static Budget

Sales volume​ (in units) ​10,000 ​                  10,000                      ​8,000

Sales revenues ​      $239,000 ​               $293,750                  ​$235,000

Variable costs            ​167,000 ​               $ 230,000                  $184,000

Contribution margin ​$72,000                 ​  $63,750                    ​$51,000

Fixed costs                  38,000 ​                  $33,000​                   $33,000

Operating profit ​      $34,000 ​                  $30,750​                     $18,000

Explanation:

a) Calculations for flexible budget:

Sales volume = 8,000/8,000 x 10,000 = 10,000 units

Sales revenue = $235,000/8,000 x 10,000 = $293,750

Variable costs = $184,000/8,000 x 10,000 = $230,000

Fixed Costs will remain at $33,000

b) A flexible budget is a budget that adjusts or flexes with changes according to the volume or activity level.  On the other hand, the static budget amounts do not change from the amounts established at the time that the static budget was prepared and approved.

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Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount of T-bone steak on h
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Split-off costs = $1.60

Profit per pound =$0.80 ($2.40 - $1.60)

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2 years ago
At the end of the year, the deferred tax asset account had a balance of $4 million attributable to a temporary difference of $16
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Answer:

1 . Dr ncome tax expense 7

Dr Deferred tax asset 4

Cr Income tax payable 11

2. Dr Income tax expense3

Cr Valuation allowance-Deferred tax asset3

Explanation:

Preparation of Journal entries

JournalDebitCredit

(In million)

1 . Dr ncome tax expense 7

($11-$4=7)

Dr Deferred tax asset 4

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Cr Income tax payable 11

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2. Dr Income tax expense3

Cr Valuation allowance-Deferred tax asset3

(3/4 × $4) = $3 million

Deferred tax asset= ($16× 25%)

Deferred tax asset= $4 million

Income tax payable= ($44 × 25%)

Income tax payable= $11 million

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