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Alchen [17]
3 years ago
7

Flyaway Travel Company reported net income for 2021 in the amount of $110,000. During 2021, Flyaway declared and paid $4,125 in

cash dividends on its nonconvertible preferred stock. Flyaway also paid $30,000 cash dividends on its common stock. Flyaway had 60,000 common shares outstanding from January 1 until 30,000 new shares were sold for cash on April 1, 2021. What is 2021 basic earnings per share
Business
1 answer:
Lena [83]3 years ago
7 0

Answer:

See below

Explanation:

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Pine Street Inc. makes unfinished bookcases that it sells for $58.10. Production costs are $37.49 variable and $10.50 fixed. Bec
love history [14]

Answer:

Pine Street should sell  finished bookcases because they have a higher contribution margin.

Explanation:

We compare the contribution margin of the two categories to find out whether Pine Street should sell unfinished or finished bookcases.

Pine Street Inc.

Unfinished bookcases

Contribution Margin

Sales Price                                         $58.10

Less  Production costs

Variable Costs  $37.49

<u>Fixed Costs $10.50                         (47.99)</u>

<u>Contribution Margin                      $ 10.11</u>

Pine Street should sell  finished bookcases because they have a higher contribution margin. It is almost double of the unfinished book cases contribution margin.

Pine Street Inc.

Finished bookcases

CONTRIBUTION MARGIN

Sales Price                                                                 $74.91

Less Production costs

Variable Costs  $37.49 + $5.79 = $ 43.28

<u>Fixed Costs $10.50                                                     $ (53.78)</u>

<u>Contribution Margin                                               $ 21.13</u>

4 0
3 years ago
Walk Like You Footwear Corporation's flexible budget cost formula for supplies, a variable cost, is $2.67 per unit of output. Th
yarga [219]

Answer:

Actual cost per unit  = $2.13

Explanation:

The spending variance for equipment and supplies can be calculated as below:

Spending variance = Actual spending - Standard Spending, or:

- 9,604 = Actual spending - Standard cost per unit x Budgeted quantity

- 9,604 = Actual spending - 2.67 x 19,200

Solve the equation we get Actual spending = 41,660.

The actual cost per unit for supplies is calculated as below:

Actual cost per unit = Actual spending/Actual production unit

                                  = 41,660/19,600 = 2.13

6 0
3 years ago
The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions (1) throug
sweet [91]

Answer:

What is the amount of gross profit to be reported on ABC Company’s 12/31/X1 income statement?

Gross Profit = Sales Revenue - Cost of Goods Sold

                    = $54,200 - 15,100

                    = $39,100

What is the amount of operating income (EBIT) to be reported on ABC Company’s 12/31/X1 income statement?

EBIT = Sales Revenue - Cost of Goods Sold - Operating Expenses

We have the following operating expenses:

Salaries expense $7,100

Rent expense = $4,900

Supplies expense = $1,300

Utilities expense = $4,800

Depreciation expense = $2,500

Total operating expenses = $20,600

Now we substract this figure from the gross profit we found above

EBIT = $39,100 - 20,600

        = $18,500

What is the amount of earnings before taxes (EBT) to be reported on ABC Company’s 12/31/X1 income statement?

EBT = Sales Revenues + Interest Revenue - Cost of Goods Sold - Operating Expenses - Non-Operating Expenses.

EBT = $54,200 + $1,400 - $15,100 - $20,600 - $2,100

      = $17,800

What is the amount of net income to be reported on ABC Company’s 12/31/X1 income statement?

Net Income = Sales Revenues + Interest Revenue - Cost of Goods Sold - Operating Expenses - Non-Operating Expenses - Tax Expense

We simply substract the Tax Expense ($3,700), from the EBT.

Net Income = $17,800 - $3,700

                   = $14,100

5 0
3 years ago
Given an interest rate of zero percent, the future value of a lump sum invested today will always:A. Remain constant, regardless
nalin [4]

Answer:

A. remain constant, regardless of the investment time period

Explanation:

7 0
3 years ago
Antony Johnson works in the human resources department of a small wholesale company. His boss has delegated to Johnson the job o
nikdorinn [45]

Answer:

made accountable

Explanation:

In an organisation when total responsibility is placed on a staff for a particular task, he is accountable for the outcome.

In the given scenario his boss has delegated to Johnson the job of finding a replacement for the company's shipping dock supervisor who has recently retired.

Johnson will need to find a person that meet the technical and moral standards that the job requires.

Johnson will be held accountable for the performance of the replacement staff.

3 0
3 years ago
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