Janet Smythe started her personal coaching business, Smythe Personal Coaching, on November 1, 2019 Janet records purchasing supplies as assets and cash received from clients on deposit as unearned revenue. The following transactions occurred during the first month of operations:

Nov. 1Janet Smythe invested $25,000 personal cash in the business by depositing that amount in the bank account titled Smythe Personal Coaching. The business gave capital to Smythe.

Nov. 1Paid the November rent on the office space, $1,500.

Nov. 3Purchased a computer and printer for use in the business; she used her personal credit card in the amount of $1,800.

Nov. 5Purchased office supplies in the amount of $75 on an account she set up with the store, Ace Office Depot.

Nov. 10Received $500 from her first client, Robert Jones, as payment in advance for coaching fees. (Record this amount in the account Unearned Coaching Revenue.)

Nov. 17Travelled to Montreal to attend a personal coaches conference. The conference lasted one week and costs were: travel $1,500; conference registration fee, $750. Used cash from the business to pay for the expenses.

Nov. 25Paid Ace Office Depot the amount owing from November 5.

Required:

Prepare journal entries for the above transactions in the month of November.

Flight Café prepares in-flight meals for airlines in its kitchen located next to a local airport. The company’s planning budget for July appears below:

In July, 28,000 meals were actually served. The company’s flexible budget for this level of activity appears below:

Required:

1. Calculate the company’s activity variances for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company’s costs:

For example, electricity costs are $1,500 per month plus $0.07 per car washed. The company expects to wash 8,100 cars in August and to collect an average of $6.20 per car washed.

The actual operating results for August appear below.

Required:

Prepare a flexible budget performance report that shows the company’s revenue and spending variances and activity variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

PLEASE ANSWER #5! thanks!

Roadrunner Trucking Company is a nationwide truckload carrier. They operate in a highly-competitive market on a very thin margin. Below are the projected figures for 2016: Revenue per mile $5.00 Variable cost per mile $ 4.50 Projected fixed costs $5,000,000 Desired after tax profit $500,000 Tax rate 25%

1. Compute the contribution rate and computation rate margin.

2. Calculate the breakeven in miles and sales dollars based on the information from Question 1.

3. Management is reviewing a proposal from their liability insurance company. The proposal suggests the company change their premium from a fixed to a variable rate. If accepted, this would increase the variable costs by 25 cents per mile and drop the fixed costs by 2%. Should they make the change? Show calculations to support or answer.

4. Shareholders are pressuring management to increase after-tax profit and thus increase the amount of dividends that can be paid. Management thinks they can increase revenue per mile by 5% and with an aggressive cost-cutting program, which will reduce fixed costs by 10%. With this program they project after-tax profits would increase by 15%.

5. Compare the three alternatives. Which is best? Explain your answer.

Delta Corporation's capital structure consists of 20,000 common shares at December 31. At December 31, 2020 an analysis of the accounts and discussions with company officials revealed the following information:

       Sales.................................................................................................        $1,300,000

       Inventory, January 1, 2020..............................................................        150,000

       Purchases.........................................................................................        728,000

       Purchase discounts...........................................................................        18,000

       Inventory, December 31, 2020........................................................        130,000

       Tornado loss (net after $18,000 tax) ..............................................        42,000

       Selling expenses..............................................................................        148,000

       Cash.................................................................................................        60,000

       Accounts receivable........................................................................        90,000

       Common shares...............................................................................        200,000

       Accumulated depreciation...............................................................        180,000

       Dividend revenue............................................................................. 22,000

       Unearned service revenue................................................................        4,400

       Accrued interest payable.................................................................        1,000

       Land.................................................................................................        370,000

       Patents..............................................................................................        100,000

       Retained earnings, January 1, 2020.................................................        350,000

       Interest expense...............................................................................        15,000

       Prior years cumulative effect of change from straight-line to accelerated

       depreciation (net after $15,000 tax)..................................................... 45,000

       General and administrative expenses..............................................        172,000

       Dividends declared..........................................................................        52,750

       Allowance for doubtful accounts.....................................................        5,000

       Notes payable (maturity July 1, 2021).............................................        200,000

       Machinery and equipment...............................................................        450,000

       Materials and supplies inventory.......................................................        40,000

       Accounts payable............................................................................        60,000

Unless indicated otherwise, you may assume a 25% income tax rate.

Required:

a)    Prepare, in good form, a multiple-step income statement

b)    Prepare, in good form, a retained earnings statement.

Assume that Denis Savard Inc. has the following accounts at the end of the current year.

Prepare a classified balance sheet in good form. (List Current Assets in order of liquidity. For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds Payable, and Restricted Cash, enter the account name only and do not provide the descriptive information provided in the question.)

Hawk Homes, Inc., makes one type of birdhouse that it sells for $30.80 each. Its variable cost is $14.70 per house, and its fixed costs total $13,926.50 per year. Hawk currently has the capacity to produce up to 3,000 birdhouses per year, so its relevant range is 0 to 3,000 houses.
Required:
1. Prepare a contribution margin income statement for Hawk assuming it sells 1,120 birdhouses this year. (Enter your answers rounded to 2 decimal places.)

2. Without any calculations, determine Hawk’s total contribution margin if the company breaks even. (Enter your answers rounded to 2 decimal places.)

3. Calculate Hawk’s contribution margin per unit and its contribution margin ratio. (Round your answers to 2 decimal places. (i.e. .1234 should be entered as 12.34%.))

4. Calculate Hawk’s break-even point in number of units and in sales revenue. (Round your "Sales Revenue" answer to 2 decimal places and "Unit" answer to the nearest whole number.)

5. Suppose Hawk wants to earn $21,000 this year. Determine how many birdhouses it must sell to generate this amount of profit. (Round up to the next whole number.)

Develop a snack bar for a local high school football stadium. You have an empty shell of a small room (measuring ten feet by 15 feet). You currently have no cooking instruments, but you have an ice maker and cash register that you do not need to pay for. Your task is to buy equipment, based on what you want to sell, and then you have to buy products to sell. You need to look at actual prices (you can buy some food at Costco as an example). You have to develop a budget that takes into consideration fixed costs and variable costs and then the revenue you anticipate making. I want this to be as real world as possible so you have to think about whether your budget is realistic and if you have covered everything. Imagine if you work at the high school and if screw-up you can be fired. You want to maximize revenue, but minimize costs. The key is to think about what you will offer, how you will offer it, how will you deliver, produce, etc… everything before you start buying. As an example, you need to clean the snack bar after every game which requires you buy cleaning supplies. Another component is identifying what are fixed costs and what are variable costs.

Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the company’s costs:

For example, electricity costs are $1,100 per month plus $0.06 per car washed. The company expects to wash 8,500 cars in August and to collect an average of $6.90 per car washed.

The actual operating results for August appear below.

Required:

Prepare a flexible budget performance report that shows the company’s revenue and spending variances and activity variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

The trial balance of A. Duck Ponds, Inc., at December 31, 20XX, and the data needed for the year-end adjustments follow. (Round all results to the nearest whole dollar amount.)

A. Depreciation on furniture for the year, $420.

B. Depreciation on building for the year, $980.

C. Depreciation on equipment for the year, $2,350

Duck Ponds, Inc.

Trial Balance

December 31, 20XX