Answer:
$2,400 Favourable
Explanation:
direct labor price (rate) variance =(Aq×Ap)-(Aq×Sp)
=(6,000×$6.40) - (6,000×$ 6.80)
= $2,400 Favourable
Ap = (48,000×80%)/6,000
= $6.40
Answer:
$2,400 Favourable
Explanation:
direct labor price (rate) variance =(Aq×Ap)-(Aq×Sp)
=(6,000×$6.40) - (6,000×$ 6.80)
= $2,400 Favourable
Ap = (48,000×80%)/6,000
= $6.40
Explanation:
Income from continuing operations is $61,011 $41,226
Current Year Previous Year
Revenues:
Admissions 20.28≅ 20.3 20.81 ≅20.8
Event-related revenue 29.61 ≅ 29.6 30.32≅30.3
NASCAR broadcasting revenue 43.80≅ 43.8 42.82≅42.8
Other operating revenue 6.31 ≅ 6.3 6.05≅6.1
Total revenues 100% 100%
Expenses and other:
Direct expense of events 21.01 ≅ 21.0 21.10≅ 21.1
NASCAR event management fees 29.61≅ 29.6 26.48≅ 26.5
Other direct expenses 3.94 ≅ 3.9 3.82≅3.8
General and administrative 35.84 ≅ 35.8 40.08≅40.1
Total expenses and other 87.72 ≅ 87.7 91.49≅ 91.5
Income from continuing operations 12.23% 8.51%
Vertical Analysis =(Income Statement Item/ Sales )*100
We prepared a comparative income statement for these two years in vertical form, stating each item as a percent of revenues.
Current Year Previous Year
Revenues:
Admissions $100,694 $100,798
Event-related revenue 146,980 146,849
NASCAR broadcasting revenue 217,469 207,369
Other operating revenue 31,320 29,293
Total revenues $496,463 $484,309
Expenses and other:
Direct expense of events $104,303 $102,196
NASCAR event management fees 133,682 128,254
Other direct expenses 19,541 18,513
General and administrative 177,926 194,120
Total expenses and other $435,452 $443,083
Income from continuing operations $61,011 $41,226
The complete question is Vertical Analysis of Income Statement The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Current Year Previous Year Revenues: Admissions $100,694 $100,798 Event-related revenue 146,980 146,849 NASCAR broadcasting revenue 217,469 207,369 Other operating revenue 31,320 29,293 Total revenues $496,463 $484,309 Expenses and other: Direct expense of events $104,303 $102,196 NASCAR event management fees 133,682 128,254 Other direct expenses 19,541 18,513 General and administrative 177,926 194,120 Total expenses and other $435,452 $443,083 Income from continuing operations $61,011 $41,226 a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Enter all amounts as positive numbers. (Note: Due to rounding, amounts may not total 100%). Round your percentages to one decimal place.
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The comparative income statement for Speedway motorsports Inc. over several fiscal years gives insights into revenue, costs, and profit trends. Increasing revenues coupled with increasing costs might indicate a need for cost efficiency, while a higher rate of profit growth compared to revenues could suggest effective cost management.
The question refers to a comparative income statement of Speedway Motorsports, Inc., a major operator of motor speedways. A comparative income statement compares the income statements of a company across several fiscal years. This can provide valuable insights into how revenues, costs, and profits are developing over time, and thus give indications of how the company's business model is working and where there might be room for improvements.
For example, if Speedway Motorsports' income statements show increasing revenues but also increasing costs, it might indicate that they need to work on cost efficiency. Alternatively, if profits are increasing faster than revenues, it could suggest that their cost management is effective.
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Answer:
The cost of goods manufactured for July is $ 232,000
Explanation:
Raw Materials Inventories Utilized In Production
Beginning Raw materials $ 41,000
Add Purchases $ 73,000
Less Ending Raw materials ($ 37,000)
Used in Production $ 77,000
Cost of goods manufactured
Raw Materials $ 77,000
Direct labor cost $ 98,000
Manufacturing overhead $ 65,000
Total Cost of Manufacturing $ 240,000
Add Opening Work in process $ 23,000
Less Ending Work in process ($ 31,000)
Cost of goods manufactured $ 232,000
Not that Manufacturing overhead are included to the amount Applied in the Manufacturing Cost
Answer:
$3,500
Explanation:
The computation of Dorothea's recomputed gain is shown below:-
Particulars Amount
Initial Sale price $92,000
Less: Adjusted Cost of Home ($95,000)
Less: Original Sale Expenses ($1,150)
Loss from 1st-time sale $4,150
Resold sale price $100,000
Less: Repossessed Cost ($87,000)
Less: Improvements Costs prior to
Resale ($1,100)
Less: Repossession Costs ($2,900)
Less: Resale Expenses ($1,350)
Gain from Resale of Home $7,650
Less: Loss from 1st-time sale ($4,150)
Gain from Resale of Home $3,500
Answer:
Financial institutions assess the probability of the business paying the loan back, and to do so, they evaluate the financial position of the business, mainly using financial ratios to do so.
For example, to analyze liquidity, the use liquidity rations like the current ratio, the acid test, and the cash ratio.
The also analyze the firm from a revenue standpoint, meaning that the financial institution tries to determine how profitable the company is, and how its profitability will evolve in the term of the loan. To do so, they use asset turnover ratios, economic value added ratios, net income, and even the weighted average cost of capital.
Answer: For a competitive market, if a seller charges more than the going price, buyers will go elsewhere to make their purchases.
Explanation:
A perfectly competitive market has the following characteristics:
(a). In this particular market there are many buyers and sellers.
(b). Also each company makes similar product. i.e. the products are identical in nature.
(c). In this market buyers and sellers will have access to perfect information about price. and product.
(d). In a competitive market there are no barriers to entry into or exit from the market.
Therefore , if a seller charges more than the going price, buyers will go elsewhere to make their purchases.
Answer:
Option B ⇒ The annual interest rate on Note A is 9.35% .
Explanation:
Note B has an accrued interest for six months during 2013: $220,000 x .08 x 6/12 = $8,800.
The remainder of the accrued interest, $7,200 ($16,000 - $8,800) was from Note A, which was held for seven months in 2013.
Therefore, we have the following: $132,000 x annual interest rate x 7/12 = $7,200.
Thus, the annual interest rate on Note A would be ($7,200/132,000) x 12/7 = 9.35%.
Option B ⇒ 9.35% is the correct answer.