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
den301095 [7]
3 years ago
12

Elbert Company classifies its selling and administrative expense budget into variable and fixed components. Variable expenses ar

e expected to be $26,770 in the first quarter, and $5,240 increments are expected in the remaining quarters of 2020. Fixed expenses are expected to be $41,680 in each quarter. Prepare the selling and administrative expense budget by quarters and in total for 2020.
Business
1 answer:
weqwewe [10]3 years ago
3 0

Answer:

Results are below.

Explanation:

Giving the following information:

Variable expense= $26,770 ($5,240 increase each quarter)

Fixed expense= $41,680

<u>First, we will calculate the total cost per quarter:</u>

Q1= 26,770 + 41,680

Q1= $68,450

Q2= (26,770 + 5,240) + 41,680

Q2= $73,690

Q3= (32,010 + 5,240) + 41,680

Q3= $78,930

Q4= (37,250 + 5,240) + 41,680

Q4= $84,170

<u>Now, the total cost:</u>

Total annual cost= $305,240

You might be interested in
How much should be in the reserve for fixed expenses?
olchik [2.2K]

Answer:

The short answer is that your cash reserve should be sufficient for you to feel comfortable running your business. Some experts recommend having three months of expenses. Others recommend six months. I would suggest speaking to your CPA or financial adviser to determine the right number for your business.

Explanation:

8 0
3 years ago
Keeping your _____ and _____ in mind will dictate what you say and how you say it. A. Mood, interest C. Age, experience B. Mom,
Shkiper50 [21]

A. Mood, interest.

Keeping your MOOD and INTEREST in mind will dictate what you say and how you say it.

7 0
3 years ago
Read 2 more answers
Exercise 7-29 (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2018, his LLC reports business inco
Taya2010 [7]

Answer:

From 2018, there is a threshold limit of $250,000 defined by IRS for single:

(a) Tim has an excess business loss:

= Business loss - Threshold

= $350,000 - $250,000

= $100,000

(b) Tim may use $250,000 of the $350,000 LLC business loss to offset non business income.

The excess business loss is treated as the portion of the Tim's NOL carry forward.

Excess business loss of $100,000 will be treated as the NOL carryforward to subsequent years.

4 0
2 years ago
On July 31, 2017, Crane Company had a cash balance per books of $6,355.00. The statement from Dakota State Bank on that date sho
Ivan

Question Completion:

Prepare a bank reconciliation statement as of July 31, 2017.

Answer:

<h3>Crane Company</h3>

Bank Reconciliation Statement as of July 31, 2017

Balance as per bank statement         $7,905.80

Add Uncredited deposits                      1,309.30

Less Checks outstanding                      1,979.10

Balance as per adjusted cash book  $7,236.00

Explanation:

a) Data and Analysis:

July 31, 2017:

Cash balance per books of $6,355.00

Bank statement balance = $7,905.80

Reconciling items:

1. Bank service charge$19.00

2. Direct EFT receipt $1,630.00  

3. Uncredited deposits $1,309.30

4. Understated check No. 2480 $45

5. Checks outstanding $1,979.10

6. NSF charge of $685.00 (W. Krueger)

Cash Book Adjustment as of July 31, 2017

Balance as per cash book        $6,355.00

add: Direct EFT receipt                1,630.00

less: Bank service charge                 19.00

Understated check No. 2480          45.00

NSF charge                                    685.00

Adjusted Cash Book balance  $7,236.00

3 0
2 years ago
Rida, Inc., a manufacturer in a seasonal industry, is preparing its direct materials budget for the second quarter. It plans pro
Ksivusya [100]

Answer:

Purchases (in pounds)= 92,550

Total cost= $16,936,650

Explanation:

Giving the following information:

Budgeted production:

2nd quarter= 248,000 units

3rd quarter= 60,500 units

Beginning inventory= 74,400 pounds

Each unit requires 0.60 pounds of raw material

Buying price= $183 per pound.

Desired ending inventory= 50% of next quarter’s budgeted materials.

To calculate the budgeted purchase of raw materials, we need to use the following formula:

Purchases= sales + desired ending inventory - beginning inventory

Purchases (in pounds)= (248,000*0.6) + (60,500*0.6)*0.5 - 74,400

Purchases (in pounds)= 148,800 + 18,150 - 74,400

Purchases (in pounds)= 92,550

Total cost= 92,550*183= $16,936,650

4 0
3 years ago
Other questions:
  • Determining Financial Statement Effects of Write-Offs and Bad Debt Expense Using the Allowance Method
    8·2 answers
  • John and Audrey have been married for twenty years. Throughout their marriage, John worked at ABCD Company, a corporation that m
    11·1 answer
  • Bennett is a software engineer who starts his own website development firm. His friend, Callie, is the owner of a store that sel
    6·1 answer
  • Chris purchased a 10 year 100 par value bond where 6% coupons are paid semiannually. Cheryl purchased a 100 par value bond where
    11·1 answer
  • Blue Spruce Corp. provides security services. Selected transactions for Blue Spruce Corp. are presented below.
    14·1 answer
  • Based on Roberts and Schlenker​ (forthcoming), the corn demand elasticity is ε =0.3​, and the supply elasticity is eη= 0.15. Acc
    15·1 answer
  • ogan Company owns equipment that cost $140,000 when purchased on January 1, 2018. It has been depreciated using the straight-lin
    10·1 answer
  • Many performers, like singers, actors, and athletes, get paid large amounts of money. Do you think they earn these amounts or sh
    15·2 answers
  • A family starts an education fund for their son Patrick when he is 8 years old, investing $500 on his eighth birthday, and incre
    14·1 answer
  • a tech company decides to pay dividends to shareholders out of its net earnings. this will decrease its
    15·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!