7.If there is a change in an estimate of the salvage value and/ or useful life of a company car, how would you calculate the change in the depreciation expense? Explain your answer and provide the formula you would use to solve this problem.
8.What is the difference between capital expenditures and revenue expenditures?
9.What is the difference between ordinary repairs and extraordinary repairs?
10.What is the formula to calculate depletion per unit? What are the steps to calculate the depletion expense?
11.What is an intangible asset? Provide an example of four intangible assets.
In: Accounting
The following is a partially completed performance report for one of Dana Company's subunits.
| Subunit X Revenue by prodcut | Actual | Flexible Budget Variance | Flexible Budget | Sales Volume Variance | Static (Master Budget) |
| WD-40 | $630,000 | $25,000F | $600,000 | ||
|
WD-60 |
520,000 | $560,000 | 510,000 | ||
| WD-80 | 125,000 | 5,000F | 120,000 | 140,000 | |
| QD-40 | 225,000 | 250,000 | 240,000 | ||
| QD-60 | 425,000 | 5,000U | 400,000 | ||
| Total | $1,925,000 | $1890,000 |
Complete the performance evaluation report for this subunit. (fill the blanks)
Thanks
In: Accounting
The following income statement is for X Company's two products, A and B:
| Product A | Product B | |||
| Revenue | $89,000 | $95,000 | ||
| Total variable costs | 47,170 | 54,150 | ||
| Total contribution margin | $41,830 | $40,850 | ||
| Total fixed costs | ||||
| Avoidable | 28,830 | 15,837 | ||
| Unavoidable | 28,830 | 12,443 | ||
| Profit | $-15,830 | $12,570 | ||
If X Company drops Product A because it shows a loss and is able to
use the vacant space to increase sales of Product B by $24,000,
with $4,200 of additional fixed costs, what will be the effect on
firm profits?
In: Finance
Prepare a horizontal analysis of revenues and gross profit—both in
dollar amounts and in percentages—for 2019 and 2018.
In millions)
2019 2018 2017
Revenue $9,575 $9,300 $8,975
Cost of Goods Sold 6,250 6,000 5,890
Begin by calculating the gross profit for each year, then prepare a horizontal analysis of revenues and gross profit—both in dollar amounts and in percentages—for 2019 and 2018. (Enter amounts in millions as provided to you in the problem statement. Round the percentages to one decimal place, X.X%. Use a minus sign or parentheses to indicate a decrease.)
In: Accounting
On January 1, 2018, Jones Jeans Co. buys a 8 year $600,000 face value bond from Rawlings Inc. The bonds pay semi-annual interest on January 1 and July 1. The bonds are classified as held to maturity. Prepare the following journal entries:
A)Find the price of the bond
B)Entry at acquisition.
C)Entry to recognize semi-annual interest revenue at 7/1/18.
D)Entry necessary if market value of the bond is $628,000 at 12/31/17.
Coupon = 9% Yield=8%
In: Accounting
| Helmet Head Construction (HHC) is building a bridge for $12 million at a total cost of $10 million over the next three years. The company uses percentage of completion method to recognize revenue. Below is a summary of the contract: | |||
| 2016 | 2017 | 2018 | |
| Costs to Date | 3,600,000 | 7,450,000 | 10,450,000 |
| Estimated Costs to Complete | 6,400,000 | 3,000,000 | - |
| Progress Billings During the year | 4,000,000 | 4,000,000 | 4,000,000 |
| Cash collected during the year | 3,250,000 | 3,250,000 | 5,500,000 |
|
Record the necessary journal entries to account for the contract in 2016, 2017 and 2018 |
|||
In: Accounting
What standard classifications are used in preparing a classified balance sheet? What is meant by the term "operating cycle? Distinguish between long-term investments and property, plant, and equipment. Define current assets. What basis is used for arranging individual items within the current assets section? Describe the differences between cash and accrual accounting. Discuss the major principles in Accounting What is FASB and what is its purpose? What is revenue recognition? What are the basic elements of a financial statement? What are the objectives of financial reporting?
In: Accounting
Use the information below to answer the following two questions:
Star Jewelry sells 500 units resulting in $75,000 of sales revenue, $28,000 of variable costs, and $18,000 of fixed costs. The company's effective tax rate is 25%.
1) Breakeven point in units is ________.
A) 28,723 units
B) 120 units
C) 187 units
D) 192 units 14)
2) The number of units that must be sold to achieve $40,000 of operating income is ________.
A) 590 units
B) 399 units
C) 723 units
D) 532 units
In: Accounting
Copy and paste, or type, the following into cells A1:D5 of an Excel spreadsheet:
| Input data | |||
| fixed cost | 16,000 | Units | 1,050 |
| variable cost per unit | 4.75 | revenue | =D2*B4 |
| sell price per unit | 6.5 | expenses | =B2+(B3*D2) |
| profit | =D3-D4 |
Use Excel's Goal Seek to answer the following question. Assuming that demand is fixed at 1,050 units, what is the sell price per unit that results in break even?
Enter only the numerical solution. Do
In: Statistics and Probability
Need the below sheet for Apple Inc as per Yahoo financial Statement for year 2017
| Per the Financial Statements | ||
| Current Year Assets | ||
| Quick Assets | ||
| Total Assets | ||
| Current Liabilities | ||
| Long-term Liabilities | ||
| Total Stockholders' Equity | ||
| Net Sales (Revenue) | ||
| Cost of Sales (Revenues) | ||
| Net Income | ||
| Paid-in-Capital | ||
| Per the Yahoo Finance Sections | ||
| EPS | ||
| Debt to Equity Ratio | ||
| Shares Outstanding | ||
| Return on Assets | ||
| Return on Equity | ||
Apple Financial Statement:
https://finance.yahoo.com/quote/AAPL/financials?p=AAPL
In: Accounting