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Alik [6]
3 years ago
14

Lewis Corporation has two service departments: Data Processing and Administration/Personnel. The company also has three division

s: X, Y, and Z. Data Processing costs are allocated based on hours of use and Administration/Personnel costs are allocated based on number of employees. Department Direct Costs Employees Hours of use Administration/ Personnel $400,000 10 3,300 Data Processing 850,000 5 1,100 X 450,000 30 1,800 Y 300,000 15 2,200 Z 550,000 25 4,500 Assume that Data Processing provides more service than Administration/Personnel. Refer to Lewis Corporation. Assume that Data Processing costs have been allocated and the balance in Administration is $600,000. Using the step method, what amount is allocated to Y
Business
1 answer:
scZoUnD [109]3 years ago
3 0

Answer:

Lewis Corporation

Using the step method, the amount allocated to Y is:

Y =  $128,571

Explanation:

a) Data and Calculations:

Department      Direct Costs   Employees     Hours of use

Administration/            

Personnel         $400,000                10                3,300

Data Processing 850,000                 5                 1,100

X                         450,000                30                1,800

Y                         300,000                 15               2,200

Z                         550,000                25               4,500

Allocation of Administration/

 Personnel cost of $600,000:

X = $257,143 (600,000 * 30/70)

Y =  $128,571 (600,000 * 15/70)

Z = $214,286 (600,000 * 25/70)

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In its income statement for the year ended December 31, 2022, Sunland Company reported the following condensed data.
melomori [17]

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For the Year Ended December 31, 2022    

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Less: Cost of goods sold                                                 ($ 1,257,000)

Gross margin / Profit                                                            $ 943,000

Less: Operating expenses                                                  ($ 722,000)

Income from operations                                                         $ 221,000

Other revenues and gains:    

Interest revenue                                                                     $ 35,000

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Loss on disposal of plant assets                  ($ 18,000)           ($ 90,000)

Income before income taxes                                             $ 166,000

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Net income                                                                            $ 120,000

Sunland Company

Comprehensive Income Statement

For the Year Ended December 31, 2022    

Net income                                                                   $ 120,000

Add: Other comprehensive income                            $ 8,400

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Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is a useful number for investors to assess how much revenue exceeds the expenses of an organization. This number appears on a company's income statement and is also an indicator of a company's profitability.

Learn more about Net income (NI) here

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7 0
2 years ago
Harriet recently moved to a posh neighborhood. She buys an expensive car and starts wearing designer clothes so that she fits in
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Answer: d. Susceptibility to interpersonal influence.

Explanation:

Interpersonal influence is the type of social influence that is exerted by a group to achieve conformity, the difference being frowned upon or discouraged.

Social influence can be seen as a form of peer influence, where the person is urged to be one of the groups and to adapt to the social paradigms approved by the group.

A person susceptible to social influence succumbs to the pressure of the group and leaving their individuality aside, and follows the paradigms that the group dictates. <em>This is the case of Harriett, who adopts the lifestyle of the social class of her new neighborhood.</em>

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NikAS [45]

Answer:

c. Loss aversion

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Is it possible to decrease inflation without causing a recession and its concomitant increase in unemployment? The orthodox answ
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Answer:

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