BUSINESS COLLEGE

A company had the following information taken from various accounts at the end of the year: Sales discounts $ 41,000
Deferred revenues $ 32,000
Total revenues $ 459,000
Purchase discounts $ 15,000
Sales allowances $ 35,000
Accounts receivable $ 205,000
What was the company's net revenues for the year?

Answers

Answer 1
Answer:

Answer:

Net Revenue = $383000

Explanation:

Below is the calculation for net revenue:

Net revenue = Total revenue - Sales discount - sales allowances

Given Total revenue = 459000

Sales discount = 41000

Sales allowances = 35000

Net Revenue = 459000 - 41000 - 35000

Net revenue = 459000 - 76000

Net Revenue = $383000

The net revenue of the company for the year is $383000.

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erekes Manufacturing Corporation has prepared the following overhead budget for next month. Activity level 3,200 machine-hours Variable overhead costs: Supplies $ 16,640 Indirect labor 29,120 Fixed overhead costs: Supervision 15,400 Utilities 6,600 Depreciation 7,600 Total overhead cost $ 75,360 The company's variable overhead costs are driven by machine-hours. What would be the total budgeted overhead cost for next month if the activity level is 3,100 machine-hours rather than 3,200 machine-hours
Edgerron Company is able to produce two products, G and B, with the same machine in its factory. The following information is available. Product G Product B Selling price per unit $120 $160 Variable costs per unit 40 90 Contribution margin per unit $80 $70 Machine hours to produce 1 unit 0.4 hours 1.0 hours Maximum unit sales per month 600 units 200 units The company presently operates the machine for a single eight-hour shift for 22 working days each month. Management is thinking about operating the machine for two shifts, which will increase its productivity by another eight hours per day for 22 days per month. This change would require $15,000 additional fixed costs per month. (Round hours per unit answers to 1 decimal place. Enter operating losses, if any, as negative values.)Required:a. Determine the contribution margin per machine hour that each product generates. b. How many units of Product G and Product B should the company produce if it continues to operate with only one shift" How much total contribution margin does this mix produce each month? c. If the company adds another shift, how many units of Product G and Product B should it produce? How much total contribution margin would this mix produce each month? d.Suppose that the company determines that it can increase Product GIs maximum sales to 700 units per month by spending S 12,000 per month in marketing efforts. Should the company pursue this strategy and the double shift?
Mitchell, a calendar year taxpayer, is the sole proprietor of a fast-food restaurant. His adjusted basis for the building and the related land is $450,000. On March 4, 2013, state authorities notify Mitchell that his property is going to be condemned so that the highway can be widened. On June 20, Mitchell’s property is officially condemned, and he receives an award of $625,000. Because Mitchell’s business has been successful in the past, he would like to reopen the restaurant in a new location. a. What is the earliest date Mitchell can acquire a new restaurant and qualify for § 1033 postponement? b. On June 30, Mitchell purchases land and a building for $610,000. Assuming thathe elects postponement of gain under § 1033, what is his recognized gain?c. What is Mitchell’s adjusted basis for the new land and building?d. If he does not elect § 1033, what are Mitchell’s recognized gain and adjustedbasis?e. Suppose he invests the $625,000 condemnation proceeds in the stock market onJune 30. What is Mitchell’s recognized gain?
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Big-Mouth Frog Corporation had revenues of $200,000, expenses of $120,000, and dividends of $30,000. When Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a Group of answer choices debit of $50,000. debit of $80,000. credit of $50,000. credit of $80,000.

Answers

Answer:

Credit of $80,000

Explanation:

Big-Mouth Frog Corporation Calculation for Retained earnings

Using this formula

Retained earnings =Revenue- Expenses

Where,

Revenue =$200,000

Expenses =$180,000

Let plug in the formula

Retained earnings =$200,000-$180,000

Retained earnings =$80,000

Therefore when the Income Summary is closed to Retained Earnings, the amount of the credit to Retained Earnings will be $80,000

Final answer:

The amount of the debit or credit to Retained Earnings when the Income Summary is closed for Big-Mouth Frog Corporation would be a credit of $50,000.

Explanation:

The Big-Mouth Frog Corporation's final balance in Retained Earnings is determined by calculating its net revenue (revenues minus expenses) and then subtracting any dividends. In this case, the corporation's net revenue is $200,000 (revenue) - $120,000 (expenses) = $80,000.

Then, subtract the dividends from the net revenue: $80,000 - $30,000 (dividends) = $50,000.

So, the amount of the Retained Earnings would be a credit of $50,000, when Income Summary is closed to Retained Earnings.

Learn more about Retained Earnings here:

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The problem-based ideation process begins with: a. the selection of one or more problem identification techniques. b. a study of the situation. c. the development of concept statements for further evaluation. d. the creation of a list of potential problems.

Answers

Answer: b. A study of the situation

Explanation: The problem-based ideation process is characterized by a workflow that begins with the study of a situation, to use of various techniques of problem identification, to screening of the resulting problems, and ends in development of concept statements for final evaluation. The aim is to generate a large quantity of ideas that can then filtered through and the best, most practical or most innovative solutions are selected.

TO GO! writes and manufactures murder mystery parlor games that it sells to retail stores. The following is per-unit information relating to the manufacture and sale of this product. Unit sales price $ 30 Variable cost per unit 6 Fixed costs per year 360,000 a. Determine the contribution margin ratio. b. Determine the sales volume (in dollars) required to break even. c. Determine the sales volume (in dollars) required to earn an annual operating income of $440,000. d. Determine the margin of safety (in dollars) if annual sales total 60,000 units.

Answers

Answer:

Instructions are below.

Explanation:

Giving the following information:

Unit sales price $ 30

Variable cost per unit 6

Fixed costs per year 360,000

To calculate the contribution margin ratio, we need to use the following formula:

Contribution margin ratio= contribution margin / selling price

Contribution margin ratio= (30 - 6) / 30

Contribution margin ratio= 0.8

The break-even point in dollars formula is:

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point in units= 360,000 / 0.8

Break-even point in units= $450,000

Now, the desired profit is $440,00:

Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio

Break-even point (dollars)= (360,000 + 440,000) / 0.8

Break-even point (dollars)= $1,000,000

Finally, the margin of safety:

Sales= 60,000*30= $18,000,000

Margin of safety= (current sales level - break-even point)

Margin of safety= 18,000,000 - 450,000

Margin of safety=  $17,550,000

One of Carl's department employees was severely injured on the job. Carl has called in psychological counselors to talk to the other employees and scheduled a series of safety trainings for the department to be completed by the end of the week. He has also asked the HR personnel to talk to the department about the disability insurance that the company offers and make sure that his employees know what is available. Carl is using ________ to help cope with the stress caused by his employee's injury.A) demandsB) action researchC) resourcesD) innovationE) appreciative inquiry

Answers

Answer: resources  

                                                                                             

Explanation:  In simple words, resources refers to assets that are owned and used by a company to operate efficiently in the market.

In the given case, Carl scheduled safety training for the employees and took care that the injured employee gets his insurance. He performed all these decisions by using the money of the company.

Thus, he had been using the resources to tackle the situation.

Steve Jobs has achieved a great deal of success. What are some possible negative consequences of the level of power that he holds?

Answers

People can claim his work or inventions as their own.

The theory of _____, developed by Michael Porter, focuses on the importance of country factors, in addition to factor endowments, such as domestic demand and domestic rivalry in explaining a nation's dominance in the production and export of particular products.

Answers

Answer:

The correct answer is letter "D": national competitive advantage.

Explanation:

American Professor Michael Porter (born in 1947) proposed the National Competitive Advantage Theory to give an idea of why some countries achieve success in determined industries compared to others. The theory, in other words, aims to explain nations' competitive advantage and the path to reach it.

Also known as Porter's Diamond Model, the factors Porter based his concept on are firm strategies, structure and rivalry; related industries; demand conditions; and, factor conditions.
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