1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
snow_tiger [21]
3 years ago
10

J Crane, Ltd. is a local coat retailer. The store’s accountant prepared the following income statement for the month ended Janua

ry 31: Sales revenue $ 750,000 Cost of goods sold 300,000 Gross margin 450,000 Operating expenses Selling expense $ 23,560 Administrative expense 49,500 73,060 Net operating income $ 376,940 Crane sells its coats for $250 each. Selling expenses consist of fixed costs plus a commission of $6.50 per coat. Administrative expenses consist of fixed costs plus a variable component equal to 5% of sales. Prepare a contribution format income statement for January.
Business
1 answer:
kari74 [83]3 years ago
4 0

Answer:

                                                J Crane, Ltd

                           Contribution Margin Income Statement

                           For the Month ended January 31 YY

                                                                      $                       $

Sales revenue                                                                 750,000

Less Variable cost :

Cost of goods sold                                  300,000

Selling expenses                                     19,500

Admin Expense                                      <u> 37,500</u>

                                                                                       <u>  357,000 </u>                

Contribution Margin                                                        393,000

Less Fixed cost :

Selling expense                                       4,060

Administrative expense                         <u> 12,000</u>

                                                                                       <u>  16,060 </u>

Net income                                                                     <u> </u><u>376,940</u>

<u />

<u>Working:</u>

Number of Coat sold = 750,000/250 = 3000 coats

Variable costs:

Selling expenses = 6.5 x 3000 = 19500

Admin Expense = 750,000 x 5% = 37,500

Fixed cost:

Selling expenses = 23560 - 19500 = 4060

Admin Expense = 49,500 - 37,500 = 12,000

You might be interested in
For one photography session, dexter earns no less than $50, but no more than $100. which inequality can be used to represent his
kiruha [24]
To represent his earnings the inequality to be used is: earnings (is less than) 100 (but greater than) 50.
8 0
3 years ago
Read 2 more answers
Imagine you take a shopping trip to a flea market, and you are looking for an old record player. You know the typical antique re
Sergeu [11.5K]

The best explanation of how the principle of demand and supply has affected the price of the record player is:

  • Because there are several vending booths in the same area selling the same item, there would be a reduction in price to attract more customers.

<h3>What is Demand?</h3>

This refers to the quantity of goods which are requested by consumers at a particular time period which has an effect in the price of the good.

With this in mind, the principle of demand and supply was in effect as in the flea market, there was a reduction in price of an old record player because there was a lot of the goods in a location.

Read more about demand and supply here:
brainly.com/question/4804206

8 0
1 year ago
Which of the following is an example of competing on quick response?A) A firm produces its product with less raw material waste
finlep [7]

Answer:

C) A firm's products are introduced into the market faster than its competitors' products.

Explanation:

Quick response refers to shorten the delivery time of products and services to meet  the need of customers at the right moment. This is a way to survive the competition and increase the customer satisfaction. According to this, an example of competing on quick response wil be that a firm's products are introduced into the market faster than its competitors' products as the firm will be having a better delivery time than the competition which will allow it to put the goods first in the market which will give it an advantage by being first.

4 0
3 years ago
Jimmy Company’s cash balance at the end of the month was $8,500. After comparing the company’s records with the monthly bank sta
Elodia [21]

Answer:

The answer is C) $7,970.

Explanation:

We have 04 reconciling items as below:

- Outstanding checks $800: this amount was already recorded in the Cash account of the company once the check was written; thus, the Cash ending balance has already reflected this amount.

- Deposits in transit $700: this amount was already recorded in the Cash or Cash-equivalent account of the company once the deposit was made; thus, the Cash ending balance has already reflected this amount.

- Bank service charge $30: fees paid to banking activities and are deducted without informing to the company. Thus, this deduction in cash is not reflected in the Cash account.

-  NSF check $500: this was recorded as the increase in Cash account by the company once the check was written by the person/entity to the company. However, the writer's account balance was not sufficient to honor this check amount to the company; thus Cash Account at the end of the period should reduced by $500. Instead, this $500 may be recorded in Account Receivable account.

Thus, the adjusted cash balance = 8,500 - 30 - 500 = $7,970.

7 0
3 years ago
Department D had materials costs of $10,000 in beginning work in process inventory and added an additional $50,000 in materials
EastWind [94]

Answer:

The correct answer is $3

Explanation:

Cost per equivalent unit = Total costs / EUP for materials = ($50000+ $10000) / 20000 = $3

3 0
3 years ago
Other questions:
  • Refer to scenario 1.3. which environmental factor is exemplified by the customer trend that consumers were no longer willing to
    8·1 answer
  • Orange co. sells merchandise on credit to zea co. in the amount of $9,000. the invoice is dated on september 15 with terms of 1/
    15·1 answer
  • What is an accident? How can an accident be prevented?
    10·2 answers
  • All of the following are measures of GDP except the total: a. income from all production in the economy. b. expenditures on all
    6·1 answer
  • Assume that in the short run a firm is producing 100 units of output, has average total costs of $200, and has average variable
    7·1 answer
  • Berry Fields, Inc., employs hundreds of seasonal and permanent workers, both skilled and unskilled, in three states. Under feder
    13·1 answer
  • acc 440 There were no changes during 2021 in the number of common shares, preferred shares, or convertible bonds outstanding. Th
    11·1 answer
  • Which of the following best describes the role of “capital?”
    10·1 answer
  • Maria is going to a hiking trip this weekend. She has been busy shopping for the trip. Which of these items that she bought are
    11·1 answer
  • Dreary Credit Agency processes credit applications. The labor standard at Dreary is $15 per hour, 8 hours per day (per employee)
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!