$11.00
Selling price of Z is $98
Normal profit margin is 20% of sales price
Costs to tell a unit of product Z = $9
Replacement cost is $72
What is designated market value?
$6.00
Using the HighÂLow Method, if Willco Inc. expects to operate the machines for a total of 32,000
hours in the next month, calculate the expected maintenance costs.
a. $31,232
b. $32,512
c. $64,755
d. $63,947
e. $65,227
QUESTION 2
1. Baker Company’s sales mix is 3 units of A, 2 units of B, and 1 unit of C. Selling prices
for each product are $20, $30, and $40, respectively. Variable costs per unit are $12, $18, and
$24, respectively. Fixed costs are $320,000. What is the breakÂeven point in units of A, B and
C?
a. A 15,000; B 10,000; C 5,000.
b. A 12,000; B 8,000; C 4,000.
c. A 18,000; B 12,000; C 6,000.
d. A 5,000; B 10,000; C 15,000.
e. A 4,000; B 8,000; C 12,000.
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$15.00
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$13.00
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$5.00
Total costs $ 609,300 $ $
Cost per unit:
Variable cost $ $ $
Fixed cost
Total cost per unit $ $ $
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$11.00
The
Solo Hotel opened for business on May 1, 2014. Here is its trial balance before
adjustment on May 31.
|
SOLO HOTEL Trial Balance May 31, 2014 |
||
|
|
Debit |
Credit |
|
Cash |
$ 2,500 |
|
|
Supplies |
2,600 |
|
|
Prepaid Insurance |
1,800 |
|
|
Land |
15,000 |
|
|
Buildings |
70,000 |
|
|
Equipment |
16,800 |
|
|
Accounts Payable |
$ 4,700 |
|
|
Unearned Rent Revenue |
3,300 |
|
|
Mortgage Payable |
36,000 |
|
|
Common Stock |
60,000 |
|
|
Rent Revenue |
9,000 |
|
|
Salaries and Wages Expense |
3,000 |
|
|
Utilities Expense |
800 |
|
|
Advertising Expense |
500 |
|
|
$113,000 ======= |
$113,000 ======= |
Other
data:
1. Insurance expires at the rate of $450 per month.
2.
A count of supplies shows $1,050 of unused supplies on May 31.
3.
Annual depreciation is $3,600 on the building and $3,000 on equipment.
4.
The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5.
Unearned rent of $2,500 has been earned.
6.
Salaries of $900 are accrued and unpaid at May 31.
Instructions
•
(a)
Journalize the adjusting entries on May 31.
•
(b)
Prepare a ledger using T-accounts. Enter the trial balance amounts and post the
adjusting entries.
•
(c)Prepare
an adjusted trial balance on May 31.
•
?
(d)
Prepare an income statement and a retained earnings statement for the month of
May and a classified balance sheet at May 31.
Hint: Rent revenue is $11,500, Adjusted trial balance totals
are $114,630 and Net income for May is $3,570
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$2.00
A company uses the
percent of sales method to determine its bad debts expense. At the end of the
current year, the company’s unadjusted trial balance reported the following
selected amounts:
Accounts receivable
$ 361,000 debit
Allowance for uncollectible accounts 560 credit
Net sales 806,000 credit
All sales are made
on credit. Based on past experience, the company estimates 0.4% of credit sales
to be uncollectible. What amount should be debited to Bad Debts Expense when
the year-end adjusting entry is prepared?
$2,004
$3,784
$3,224
$884
$2,664
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