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True [87]
3 years ago
5

Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. For those boxes

in which you must enter negative numbers use a minus sign.
Company X Company Y Company Z
Net income/(net loss) $30 $_____ $(20)
Sales _____ 1,270 970
Gross profit 245 _____ 525
Operating expenses _____ 525 _____
Cost of goods sold 330 790 _____
Business
1 answer:
spayn [35]3 years ago
7 0

Answer:

Company X:

Sales :

= Gross Profit + Cost of goods sold

= 245 + 330

= $575

Operating expenses:

= Gross profit - Net income

= 245 - 30

= $215

Company Y

Gross profit:

= Sales - Cost of goods sold

= 1,270 - 790

= $480

Net income:

= Gross profit - Operating expenses

= 480 - 525

= $(45)

Company Z

Operating expenses :

= Gross profit - Net income

= 525 - (-20)

= 525 + 20

= $545

Cost of goods sold:

= Sales - Gross profit

= 970 - 525

= $445

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Shelby Boat Wash's cost formula for its cleaning equipment and supplies is $2,940 per month plus $35 per boat. For the month of
Vilka [71]

Answer:

$1,540

Explanation:

Calculation for the activity variance for cleaning equipment and supplies in September

First step is to calculate for theFlexible budget

Using this formula

Flexible budget =[Cleaning equipment and supplies +(Amount per boat ×Actual level of activity)

Let plug in the formula

Flexible budget =[$2,940 + ($35 × 29)]

Flexible budget =$2,940+$1,105

Flexible budget =$3,955

Second step is to calculate for the Planning budget using this is formula

Planning budget =[Cleaning equipment and supplies +(Amount per boat ×Planned activity ]

Let plug in the formula

Planning budget= [$2,940 + ($35 × 73)]

Planning budget=$2,940+$2,555

Planning budget=$5,495

Now let calculate for the activity variance

Using this formula

Activity variance=Flexible budget-Planning budget

Let plug in the formula

Activity variance=$3,955-$5,495

Activity variance=$1,540 Favorable

Therefore the Activity variance for cleaning equipment and supplies in September is closest to:$1,540 Favourable reason been that the flexible budget is lesser than the planning budget

5 0
3 years ago
Choose all that apply.
Dima020 [189]

1.tracking your spending 2.avoiding impulse purchases 3.using credit cards infrequently

4 0
3 years ago
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Which of the following accurately describes the requirements banks must meet under a fractional reserve banking system? A. Banks
ikadub [295]

Answer:A,B,E,F

Explanation:

Just took the test

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3 years ago
Callaway Golf Co. leases telecommunication equipment from Photon Company. Assume the following data for equipment lease form Pho
inessss [21]

Answer:

This lease is  regarded and classified  as Capital lease.

Explanation:

This lease is  regarded and classified  as Capital lease.

Here, Callaway Golf Co. is the body financing the leased asset but the right ownership is with Photon Company.

Now; the present value of future payment is calculated as:

Present value of future payment =[PVA 6%,5 × Annual payment ]+[PVF 6%,5 × Residual value]

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= 138418.27+ 11582.53

= 150000

However the present value of minimum lease payment is equal or more than 90% fair market value ,as such we therefore conclude that this  lease is a capital lease.

3 0
3 years ago
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