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harina [27]
3 years ago
13

Everything Looks Like a Nail, Inc is a manufacturing company that produces hammers. The company faces a number of fixed and vari

able costs in the short run. Determine which of the costs below are examples of fixed costs or examples of variable costs by placing them in the correct category. Assume the company cannot easily adjust the amount of capital it uses.Fixed Costs Variable Costsa. interest rate on current debtb. regulatory compliance costsc. annual salaries of top managementd. cost of metal used in manufacturinge. cost of wood used in manufacturingf. postage and packaging costsg. lease on buildingh. industrial equipment costs
Business
1 answer:
Masteriza [31]3 years ago
5 0

Answer:

Fixed costs do not depend on the level of output. They are therefore paid regardless of production.

Variable costs are only incurred as production goes on.

Fixed cost

a. Interest rate on current debt

b. Regulatory compliance costs

c. Annual salaries of top management

g. Lease on building

h. Industrial equipment costs

Variable Costs

d. Cost of metal used in manufacturing

e. Cost of wood used in manufacturing

f. Postage and packaging costs

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Stanford owns and operates two dry cleaning businesses. He travels to Boston to aquire a restaurant. Later in the month, he trav
Olegator [25]

Answer:

$4,522

Explanation:

As the restaurant is not acquired so the amount of $28,000 would be non-deductible

Also if the expenses is incurred so the maximum deduction allowed is in excess of $50,000 is $5,000

Now

= $51,000 - $50,000

= $1,000 reduction

And,  

= $5,000 - $1,000

= $4,000 deduction

Now

= $51,000 - $4,000

= $47,000

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= $47,000 ÷ 180 months

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= 522

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= $4,000 + $522

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4 0
2 years ago
Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1
yaroslaw [1]

Answer:

Mijka Company

a. Journal Entries

Debit Cash $30,400

Credit Service Revenue $30,400

To record the proceeds for services provided.

Debit Expenses $13,800

Credit Cash $13,800

To record the payment of cash for services.

Debit Dividend $2,100

Credit Cash $2,100

To record the payment of cash dividend.

b. Income Statement for the year ended December 31, 2018:

Service Revenue     $30,400

Expenses                   13,800

Net Income             $16,600

Dividends                   (2,100)

Retained earnings $14,500

Statement of Changes in Stockholders' Equity as of December 31, 2018:

Retained Earnings    $14,500

Balance Sheet as of December 31, 2018:

Assets:

Cash                       $14,500

Equity:

Retained Earnings $14,500

Explanation:

a) Data and Calculations:

Cash revenue $30,400

Cash expense  (13,800)

Cash dividend    (2,100)

Cash balance  $14,500

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