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Fittoniya [83]
3 years ago
8

Danahy Corporation manufactures a single product. The following data pertain to the company's operations over the last two years

: $ 52,000 $ 68,000 Variable costing net operating income, last year Variable costing net operating income, this year Fixed manufacturing overhead costs released from inventory under absorption costing, last year Fixed manufacturing overhead costs deferred in inventory under absorption costing, this year $ 4,000 $ 6,000 What was the absorption costing net operating income last year?
a) $50,000
b) $56,000
c) $52,000
d) $48.000
Business
1 answer:
horsena [70]3 years ago
6 0

Answer:

d)$48,000

Explanation:

Calculation for What was the absorption costing net operating income last year

Using this formula

Absorption costing net income last year= Variable costing net operating income – Fixed manufacturing overhead released

Let plug in the formula

Absorption costing net income last year= $52,000 – $4,000

Absorption costing net income last year= =$48,000

Therefore the absorption costing net operating income last year will be $48,000

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Atlantic Corporation reported the following amounts at the end of the first year of operations: contributed capital $100,000; sa
romanna [79]

Answer:

A) retained earnings $40,000 and expenses $340,000.

Explanation:

Total Assets = Total Equity + Total Liabilities

$300,000 = Total Equity + $160,000

Total Equity = $300,000 - $160,000

Total Equity = $140,000

Now

Total Equity = Contributed Capital + Retained Earning

$140,000 = 100,000 + Retained Earning

Retained Earning = $140,000 - $100,000 = $40,000

Now

Retained Earning = Revenue - Expenses - Dividend paid

$40,0000 = $400,000 - Expenses - $20,000

$40,0000 = $380,000 - Expenses

Expenses = $380,000 - $40,000

Expenses = $340,000

3 0
3 years ago
5. For the following observations, calculate the class width for a histogram.
Soloha48 [4]

Answer:

See Explanation

Explanation:

Given

The histogram

Required

The class width

The question is poorly formatted, as the histogram cannot be read. So, I will answer your question with the attached histogram

The class width is:

Width = Upper - Lower\ Limits

Using the first class, as reference:

Lower\ Limits = 1

Upper\ Limits = 4

So, the class width is:

Width = 4 -1

Width = 3

6 0
2 years ago
Based on the following adjusted trial balance: Peak Corporation Adjusted Trial Balance As of December 31, 2018 Debit Credit Cash
ivanzaharov [21]

Answer:

Determine the amount that will be reported as retained earnings on the post-closing trial balance.

Retainend earnings final___________30000

Explanation:

Cash__________________800  

Account Receivable______ 200  

Inventory_______________2500  

Building________________30000  

Accunulated depreciation_______________ 3000

Notes payable_________________________ 500

Common stock_________________________21000

Retainend Earnings_____________________ 5000

Dividens________________1000  

Revenue_____________________________ 7000

Selling and administration_ 1000  

Insurance expense_______ 1000  

                                       36500            36500

 

 

Retainend earnings______ 1000 26000

Retainend earnings initial_________ 25000

 

Net income_____________2000____7000

                                                 5000

 

Retainend earnings final___________30000

8 0
2 years ago
Sabv Corporation's break-even-point in sales is $840,000, and its variable expenses are 75% of sales. If the company lost $34,00
zhuklara [117]

Answer:sales must have amounted to:$704,000

Explanation:

Contribution ratio = Sales ratio - Variable cost ratio

= 100%- 75%

=25%

Sales to break even = Fixed expenses / Contribution margin ratio

Therefore,

 Fixed expenses = Sales to break even   x  Contribution margin ratio

=$840,000 x 25%

=$210,000

Contribution margin can also be calculated as

Fixed expenses- Operating loss

=$210,000 -$34,000

=$176,000

Sales = Contribution margin/ Contribution ratio

= $176,000/25% =$704,000

5 0
2 years ago
On March 31, 2019, Brodie Corporation acquired bonds with a par value of $400,000 for $425,800. The bonds are due December 31, 2
icang [17]

Answer:

1. March 31, 2019

Dr Investment in held-to-maturity debt securities

$413800

Dr Interest income $12,000

Cr Cash $425800

2. June 30, 2019

Dr Cash $12,000

Cr Investment in held-to-maturity debt securities

$300

Cr Interest income $11700

3. December 31, 2019

Dr Cash $24000

Cr Investment in held-to-maturity debt securities

$600

Cr Interest income $23400

2. Assets overstated

Profit overstated

Explanation:

1. Preparation of the journal entries for Brodie to record the purchase of the bonds and the first two interest receipts.

1. March 31, 2019

Dr Investment in held-to-maturity debt securities

$413800

Dr Interest income $12,000

(400000*12%*3/12)

Cr Cash $425800

(To record the purchase of held-to-maturity securities)

2. June 30, 2019

Dr Cash $12,000

(400000*12%*3/12)

Cr Investment in held-to-maturity debt securities

$300

[($12,000/10)*3/12]

Cr Interest income $11700

($12,000-$300)

(To record the interest and amortization)

3. December 31, 2019

Dr Cash $24000

(400000*12%*6/12)

Cr Investment in held-to-maturity debt securities

$600

[($12,000/10)*6/12]

Cr Interest income $23400

($24,000-$600)

(To record the interest and amortization)

2. Based on the information given assuming Brodie failed to SEPARATELY RECORD THE INTEREST AT ACQUISITION, the errors that would occur in the company’s financial statements would be OVERSTATED ASSETS in the balance sheet and the PROFIT would as well be OVERSTATED.

6 0
3 years ago
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