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dangina [55]
3 years ago
9

Cybernet Systems is a​ start-up company that makes connectors for​ high-speed Internet connections. The company has budgeted

variable costs of $150 for each connector and fixed costs of $ 5,500 per month. Cybernet ​'s static budget predicted production and sales of 100 connectors in​ August, but the company actually produced and sold only 77 connectors at a total cost of $ 28,000. Cybernet Systems flexible budget variance for total costs is:_________
Business
1 answer:
Sophie [7]3 years ago
8 0

Answer:

$10,950 Unfavorable

Explanation:

For computation of flexible budget variance for total costs first we need to find out the standard cost which is shown below:-

Standard cost = (Sold connectors × budgeted variable costs) + Fixed costs per month

= (77 × $150) + $5,500

= $11,550 + $5,500

= $17,050

Flexible budget variance for total costs = Actual cost - Standard cost

= $28,000 - $17,050

= $10,950 Unfavorable

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Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2018, Matthew participates
Art [367]

Answer:

Explanation:

The concept of 401 K plan refers to the taxation saving plan made by contributing a certain amount. An employer donation to his/her 401 K account can span between the range of $16,500 and $22000( for the aged from 50 and above). Also, for an employer and employee, contribution can be make into their 401 K account up to $49000 and $54000 for aged from 50 and above.

a. Assuming Matthew's annual salary is $400,000, what amount will SV contribute to Matthew's money purchase plan? What can Matthew contribute to his 401(k) account in 2010?

Given that;

Matthew is 48 years Old

His annual salary = $400,000

SV contributes 15 percent of an employee’s salary to a retirement account for the employee up to the amount limited by the tax code.

Thus;

15/100 × 400000 = 60000

However; from the tax code rule; people that are not up to age 50 and above are required to contribute $49000. So therefore; the employer will make a contribution of $49000 into Matthew's money purchase plan.

What can Matthew contribute to his 401(k) account in 2010?

He has exhausted his maximum contribution in 2010; as a result of that no contribution will be needed for that year , so he is contributing $0

b. Assuming Matthew's annual salary is $240,000, what amount will SV contribute to Matthew's money purchase plan? What can Matthew contribute to his 401(k) account in 2010?

Given that :

Matthew annual salary is $240,000

The SV contribution is 15% OF Matthew's annual salary = 15 /100 × 240,000= 36000

Since; Matthew is not up to 50 years; the maximum amount that can be deposited into his 401 K account is 49000

Thus;

SV contribution into Matthew's money purchase plan = $49000 -$36000

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c. Assuming Matthew's annual salary is $60,000, what amount will SV contribute to Matthew's money purchase plan? What amount can Matthew contribute to his 401(k) account in 2010?

Given that :

Matthew annual salary is $60,000

The SV contribution is 15% OF Matthew's annual salary = 15 /100 × 60,000= 9000

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Thus;

SV contribution into Matthew's money purchase plan = $49000 -$9000

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d. Assume the same facts as c. except that Matthew is 54 years old at the end of 2010. What amount can Matthew contribute to his 401(k) account in 2010?

Here it is assumed that Matthew's age is 54 years, so we can say he is older than 50 years. Hence the amount that He can contribute into his 401 (k) account is = Allowed Contribution + Catch up contribution

The catch up contribution is the difference in the 401 (K) amount that can be deposited for people age above 50 and people aged below age 50

= $16500 + ( $54500 - $49000)

= $16500 + $5500

= $22,000

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