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Bezzdna [24]
3 years ago
14

Conlon Enterprises reports the following information about resources. Cost Driver Rate Cost Driver Volume Resources used Setups

$ 385 per run 440 runs Clerical 40 per page 2,800 pages typed Resources supplied Setups $ 172,750 Clerical 120,700 Sales revenue totaled $330,000. Required: a. Prepare a traditional income statement. b. Prepare an activity-based income statement.
Business
1 answer:
mote1985 [20]3 years ago
5 0

Answer:

Conlon Enterprises

a. Traditional Income Statement

Sales revenue    $330,000

Setup costs           169,400

Clerical costs         112,000

Operating profit  $48,600

b. Activity-based Income Statement:

                                    Resources    Resources    Unused Resource   Total

                                     Supplied          Used               Capacity        

Sales revenue                                                                                  $330,000

Costs:

Volume-related Setups $172,750      $169,400          $3,350

Batch-related Clerical     120,700         112,000             8,700

Total costs                    $293,450      $281,400        $12,050         281,400

Operating profit                                                                                $48,600

Explanation:

a) Data and Calculations:

                  Cost Driver Rate   Cost Driver Volume   Total Resources used

Resources used

Setups       $ 385 per run        440 runs                     $169,400

Clerical           40 per page      2,800 pages typed    $112,000

Resources supplied

Setups    $ 172,750

Clerical      120,700

Sales revenue totaled $330,000

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<h3></h3>

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The following information is available for two different types of businesses for the 2014 accounting period. Lewis CPAs is a ser
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Answer:

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Service Revenue              $60,000

Salary Expense                -$40,000

Net Income                       $20,000

a-2) Lewis CPAs Balance Sheet:

Cash                                  $100,000

Total Assets                     $100,000

Liabilities + Equity:

Bank Loan                          $80,000

Retained Earnings             $20,000

Total Liabilities + Equity $100,000

a-3) Lewis CPAs Statement of Cash Flows:

Cash from customers                      $60,000

Cash to suppliers of labor              -$40,000

Net Cash from operating activities $20,000

Bank Loan                                        $80,000

Total Cash inflows                          $100,000

a-4) Casual Clothing Income Statement

Sales                   $60,000

Cost of Sales      -$32,000

Gross Profit        $28,000

Operating Exp    -$7,200

Net Income         $20,800

a-5) Casual Clothing Balance Sheet:

Cash                                 $82,800

Inventory                           $18,000

Total Assets                   $100,800

Liabilities + Equity:

Bank Loan                         $80,000

Retained Earnings            $20,800

Total Liabilities + Equity $100,800

a-6) Casual Clothing Statement of Cash Flows:

Cash from customers                    $60,000

Cash to suppliers                          -$50,000

Operating Expenses                       -$7,200

Net Cash from operating activities $2,800

Bank Loan                                      $80,000

Total Cash inflows                         $82,800

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Cash from customers =  $60,000

Salary Expense=            -$40,000

Balance =                       $100,000

ii) Casual Clothing:

Bank Loan =                     $80,000

Purchases =                    -$50,000

Cash from customers =  $60,000

Operating Expense=        -$7,200

Balance =                        $82,800

e) The Net Income in each case is treated as Retained Earnings since there are no other charge against it.

3 0
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