Question
In: Accounting
Use the following Window Breeze Company income statement to answer the question. Window Breeze Company is...
Use the following Window Breeze Company income statement to answer the question. Window Breeze Company is a small manufacturer of window air conditioners and reported the following: Window Breeze Company Full Costing Income Statement For the Year Ending December 31, 2011 Sales ($150 per unit) $120,000 Less cost of goods sold 35,000 Gross margin 85,000 Less selling and administrative expenses: Selling expense $15,000 Administrative expense 15,000 30,000 Net income $55,000 Annual FMOH was $25,000 and 1,000 units were produced. All administrative costs were fixed. Included in the $15,000 selling expense was $10,000 of fixed selling.
How much is the variable costing net income?
How many units must be sold to break even? Hint--you will likely need to prepare (a) a variable costing income statement and (b) use the profit equation to solve for break-even units.
How much is the value of variable costing ending inventory?
How much is the value of full costing ending inventory?
How much is the difference between full and variable costing net income?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Use the income statement and the list of changes to answer the question. Torche Corporation Income...
Use the income statement and the list of changes to answer the
question.
Torche Corporation
Income Statement
January 1 to December 31, 2019
(amounts in thousands)
Revenue
9,100
Cost of Goods Sold (COGS)
2,730
Gross Income
6,370
Sales, General, & Administrative Expenses (SG&A)
910
Depreciation Expense
500
Other Expenses
600
Earnings Before Interest & Taxes
(EBIT)
4,360
Interest
180
Pre-Tax Income
4,180
Income Taxes
1,672
Net Income
2,508
Between January 1 and December 31, 2019:
1. Accounts Receivable increase by...
Use the income statement and the list of changes to answer the question. Torche Corporation Income...
Use the income statement and the list of changes to answer the
question.
Torche Corporation
Income Statement
January 1 to December 31, 2017
(amounts in thousands)
Revenue
9,100
Cost of Goods Sold (COGS)
2,730
Gross Income
6,370
Sales, General, & Administrative Expenses (SG&A)
910
Depreciation Expense
500
Other Expenses
600
Earnings Before Interest & Taxes
(EBIT)
4,360
Interest
180
Pre-Tax Income
4,180
Income Taxes
1,672
Net Income
2,508
Between January 1 and December 31, 2017:
1. Accounts Receivable increase by...
Use the following balance sheets and income statement to answer this question Tully Corp (all in...
Use the following balance sheets and income statement to
answer this question
Tully Corp (all in $ Million)
2018
2019
LIABILITIES AND EQUITY
2018
2019
Current assets:
Accounts payable
540.0
398.1
Cash and cash equivalents
1,148.1
1,188.6
Accrued liabilities
1,086.5
1,301.5
Short-term investments
902.6
848.4
Deferred revenue
449.3
510.2
Accounts receivable, net
386.5
485.9
Long-term debt
549.5
549.6
Inventories
965.8
1,241.5
Other long-term financing liabilities
347.8
345.3
Prepaid expenses
391.9
435.2
Total liabilities
2,973.1
3,104.7
Total current assets
3,794.9
4,199.6...
Pro forma income statement. Given the income statement in the popup window, for California Cement Company...
Pro forma income statement. Given the income statement
in the popup window, for California Cement Company for 2013 and an
expected sales growth rate of 6.61 % for 2014, prepare a pro forma
income statement for 2014.
First, find the percentage of each income statement line from
2013 as a percent of sales. (Round to three decimal places.)
Sales Revenue $22,811,000 ____ %
Cost of goods sold $-11,638,000 ___%
Selling, general, and administrative expenses $-3,973,000
____%
Depreciation expenses $ -1,369,000...
Use the starting balance sheet, income statement, and the list of changes to answer the question....
Use the starting balance sheet, income statement, and the list
of changes to answer the question.
Valley Technology
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash
22,000
Liabilities
36,000
Other Assets
28,000
Equity
14,000
Total Assets
50,000
Total Liabilities & Equity
50,000
Valley Technology
Income Statement
January 1 to March 31, 2020
(amounts in thousands)
Revenue
7,200
Expenses
3,600
Net Income
3,600
Between January 1 and March 31, 2020:
1. Cash decreases by $200,000
2. Liabilities decrease...
Use the starting balance sheet, income statement, and the list of changes to answer the question....
Use the starting balance sheet, income statement, and the list
of changes to answer the question.
Hopewell Corporation
Balance Sheet
As of December 31, 2019
(amounts in thousands)
Cash
29,000
Liabilities
24,000
Other Assets
37,000
Equity
42,000
Total Assets
66,000
Total Liabilities & Equity
66,000
Hopewell Corporation
Income Statement
January 1 to March 31, 2020
(amounts in thousands)
Revenue
7,500
Expenses
2,200
Net Income
5,300
Between January 1 and March 31, 2020:
1. Cash decreases by $300,000
2. Liabilities increase...
Use the information from the balance sheet and income statement in the popup? window, LOADING...?, to...
Use the information from the balance sheet and income statement
in the popup? window, LOADING...?, to calculate the following?
ratios: a. Current ratio b.? Acid-test ratio c. Times interest
earned d. Inventory turnover e. Total asset turnover f. Operating
profit margin g. Days in receivables h. Operating return on assets
i. Debt ratio j. Fixed asset turnover k. Return on equity
Balance Sheet ASSETS
Cash $93,000
Accounts receivable 40,000
Inventory 46,000
Prepaid expenses 11,000
Total current assets $190,000
Gross plant...
statement. From the following income statement accounts in the popup window, Account Balance Cost of goods...
statement. From the following income statement accounts in the
popup window,
Account Balance
Cost of goods sold $1,424,000
Interest expense $294,000
Taxes $220,400
Revenue $2,987,000
Selling, general, and administrative expenses $453,000
Depreciation $265,000
a. produce the income statement for the year.
b. produce the operating cash flow for the year.
a. produce the income statement for the year.
Complete the income statement below. (Round to the nearest
dollar.)
Income Statement
Year Ending December 31, 2017
$
$
$
$
EBIT...
Use the following information to answer to answer this question. National Income (Y) = 5,200; Budget...
Use the following information to answer to answer this
question.
National Income (Y) = 5,200; Budget Deficit = 150;
Disposable Income (Yd) = 4,400; Consumption (C) = 4,100;
Net Export = 0. The value of Private Saving is
Group of answer choices
A -150
B 150
C 280
D 300
E none of the above
Flag this Question
Question 181 pts
Consider the IS-LM framework. Suppose there is a policy mix of
expansionary monetary policy and contractionary fiscal policy. This...
Use the following information to answer the questions below. CATERPILLAR INC. Statement of Income for a...
Use the following information to answer the questions below.
CATERPILLAR INC. Statement of Income for a Recent Year
Total sales and revenues
......................................................................................
$55,184,000
Less: Cost of products sold
...................................................................................
$40,391,000
Gross profit
.......................................................................................,....................
$ 14,793,000
Less: Operating costs :
Selling, general, and administrative expenses
................................................ $ 5,697,000
Research and development expenses
............................................................
$2,135,000
Other operating expenses
...............................................................................
$1,633,000
Total operating costs
.............................................................................................
$ 9,465,000
Operating profit
.....................................................................................................
$ 5,328,000
Less: Other expenses
............................................................................................
245,000
Consolidated profit before taxes
.............................................................................
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