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Alinara [238K]
2 years ago
12

Required: a. - d. Prepare the pro forma income statement that would appear in the master budget and also flexible budget income

statements, assuming production volumes of 30,000 and 32,000 units. Determine the sales and variable cost volume variances, assuming volume is actually 32,000 units. Indicate whether the variances are favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e.,
Business
1 answer:
Studentka2010 [4]2 years ago
5 0

Answer:

Favorable $16,000

Explanation:

Volume Variance : ( Actual production Units - Budgeted Units ) * Cost per unit

Volume Variance = (32,000 - 30,000) * $8 per unit

Volume variance = $16,000 Favorable

Volume variance is the measure of the units produced in comparison with the budgeted units. The favorable variance is one when actual units produced are more than budgeted.

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Coronado Shoes Fool Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted wi
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Answer:

b. No journal entry is required

Explanation:

Given that

Estimated percentage of losing = 40%

Estimated amount = $800,000

By considering the above information, we concluded that

As in the case of the litigation, there is no journal entry is recorded as the possibility of the event is not certain with respect to the entity's economic resources.

Therefore in the given case, the correct option is b.

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3 years ago
Charles is planning a trip to Guatemala. He has allocated $415 for spending money. If the exchange rate from US dollars to Guate
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3 years ago
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Kohler Inc. wants to replace a 10 year old machine with a new machine that is more efficient. The old machine cost $80,000 when
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Answer:

no option is correct, the correct answer is $12,630

Explanation:

after tax salvage value of old machine = $12,000 - [($12,000 - $15,000) x 21%] = $12,000 - (-$3,000 x 21%) = $12,000 - -$630 = $12,630

the tax shield generated by this loss (market value is lower than book value) = $630

the cash received form the sale = $12,000

the combined effect = $12,000 + $630 = $12,630

8 0
3 years ago
McGill and Smyth have capital balances on January 1 of $56,000 and $36,000, respectively. The partnership income-sharing agreeme
Step2247 [10]

Answer:                              capital accounts                distribution

DETAILS                          McGill               Smyth            total           remaining

opening balance         $56000             $36000

net income                                                                  $90000        $90000

salaries                        $24000            $12000        -$36000        $54000

interest @ 10%             $5600               $3600          -$9200         $44800

Profit share 70 : 30%   $31360              $13440         -$44800          $0

closing balance         $116960             $65040        

DETAILS                     McGill                   Smyth            total              remaining

opening balance         $56000             $36000

net income                                                                  $30000           $30000

salaries                        $24000            $12000        -$36000          - $6000

interest @ 10%             $5600               $3600          -$9200           -$15200

loss share 70 : 30%     -$10640            -$4560          +$15200              $0

closing balance          $74960           $47040

JOURNAL ENTRIES

1 . Debit partnership summary income account $90000, credit capital accounts McGILL ; salary 24000, interest on capital 5600, profit share 31360. Symth ; salary 12000, interest on capital 3600, profit share 13440

2 . Debit Partnership  summary income account 30000 , credit Capital accounts McGill : salary 24000 , Smyth : 12000 , Interest on capital account McGill : 5600, Smyth 3600.

for loss sharing journal

Debit Capital accounts McGILL 10640, Smyth 4560 , Credit partnership summary account 15200

Explanation:

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Answer:

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