If contribution margin is $220000, sales is $400000, and net income is $180000, then variable and fixed expenses are:________

Answers

Answer 1

Answer:

Total variable cost= $180,000

Fixed costs= $40,000

Explanation:

Giving the following information:

Contribution margin= $220,000

Sales= $400,000

Net income= $180,000

The contribution margin formula is as follow:

Total Contribution margin= sales - total variable cost

Therefore, we need to isolate the total variable cost and replace the variable with the data:

Total variable cost= sales - total contribution margin

Total variable cost= 400,000 - 220,000

Total variable cost= $180,000

Finally, the fixed costs:

Fixed costs= total contribution margin - net income

Fixed costs= 220,000 - 180,000

Fixed costs= $40,000


Related Questions

Air Destinations issues bonds due in 10 years with a stated interest rate of 11% and a face value of $500,000. Interest payments are made semi-annually. The market rate for this type of bond is 12%. Using present value tables, calculate the issue price of the bonds

Answers

Answer: $471,324.61

Explanation:

Price of a bond = Present value of coupon payments + Present value of face value at maturity

Coupon payments = 500,000 * 11% * 1/2 years = $27,500

Periodic yield = 12%/ 2 = 6% per semi annual period

Periods = 10 * 2 = 20 semi annual periods

Coupon payment is constant so it is an annuity.

Price of bond = Present value of annuity + Present value of face value at maturity

= (Annuity * Present value interest factor of Annuity, 6%, 20 years) + Face value / (1 + rate) ^ number of periods

= (27,500 * 11.4699) + 500,000 / (1 + 6%)²⁰

= $471,324.61

Buffet Company was organized in January 2018 and has 1,000 shares of $200 par value, 10 percent, noncumulative preferred stock outstanding and 3,000 shares of $1 par value common stock outstanding. Dividends declared and paid each year are $10,000 in 2018, $15,000 in 2019, and $75,000 in 2020. During 2020, the dividends that must be paid to the preferred and common stockholders, respectively, total _____. multiple choice $35,000 and $40,000 $75,000 and $0 $20,000 and $55,000 $100,000 and $0

Answers

Answer:

$20,000 and $55,000

Explanation:

Calculation to determine the dividends that must be paid to the preferred and common stockholders, respectively

PREFERRED

Preferred stock holders = 1,000 × $200 × 10%

Preferred stock holders=$20,000

COMMON STOCKHOLDERS

Common stockholders =$75,000-(1,000 × $200 × 10%)

Common stockholders = $75,000 - $20,000

Common stockholders = $55,000

During 2020, the dividends that must be paid to the preferred and common stockholders, respectively, total $20,000 and $55,000

The primary purpose of using short-term budgets is to: Multiple choice question. keep employees uncomfortable about missing budgetary projections evaluate performance and take necessary corrective action plan for plant asset purchases and disposals

Answers

Answer:

evaluate performance and take necessary corrective action plan for plant asset purchases and disposals

Explanation:

A budget is an estimate of the revenue and expenditure of a company over a specified period.

The primary purpose of using short-term budgets is to evaluate performance and take necessary corrective action plan for plant asset purchases and disposals.

A budget is an estimate of the revenue and expenditure of a company over a specified period.

The goal of a short-term budget is to ensure that the company has adequate cash on hand to pay off obligations before they go past due. Short-term budgeting is viewed as a company survival technique since if they do not have enough money to pay off debts, they risk losing the firm.

Therefore, evaluate performance and take necessary corrective action plan for plant asset purchases and disposals is the primary purpose for short-term budgets.

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An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called: Customer orientation. Continuous improvement. Total quality management. Just-in-time manufacturing. Theory of constraints.

Answers

Answer:

Just-in-time manufacturing

Explanation:

just-in-time manufacturing can be regarded as Lean manufacturing

a production method that helps in

reduction of times within the production system and reduction in

response times from suppliers as well to to customers. It should be noted that the approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called Just-in-time manufacturing.

Universal Air is a no-growth firm and has two million shares outstanding. It expects to earn a constant $20 million per year on its assets. If it has no debt, all earnings are paid out as dividends, and the cost of capital is 10 percent, calculate the current price per share of the stock.

Answers

Answer:

$100/share

Explanation:

Calculation to determine the current price per share of the stock.

First step

EPS = DPS = $20,000,000/($20,000,000*10%)

EPS = DPS = $20,000,000/$2,000,000

EPS = DPS = $10 per share

Now let determine the current price per share of the stock

P0 = 10/0.10

P0= $100/share

Therefore current price per share of the stock is $100/share

A logical way to allocate building maintenance costs to departments would be based on: Select one: A. Machine hours B. Number of employees C. Labor hours D. Square feet of floor space

Answers

Answer: D. Square feet of floor space

Explanation:

The building maintenance cost should be based on a measure that takes into account the size of the building so that the maintenance cost can be apportioned based on how much space needs to be maintained.

The best measure to do so would therefore be the square feet of floor space. If maintenance cost is assigned per square feet, it would take into account how much expenses are being incurred to maintain the entire size of the building.

To reduce your chances of identify theft you should


a.
carry your Social Security Card in your wallet.
b.
check your credit rating regularly.
c.
only use drive thru ATM’s.
d.
never keep receipts with credit information printed on them.

Answers

To reduce your chances of identify theft you should: d. never keep receipts with credit information printed on them.

What is identity theft?

Identity theft  can be defined as the way in which person tend to make use of another person personal data or information so as to defraud people or to commit a crime.


This person can either make use of the person name, credit card numbers among others to commit a fraudulent act by impersonating the owner without the awareness of the person that owns the information.

In order to reduce the  identify theft  it is advisable that  a person should never keep  receipts that has details of their credit information printed on them as a fraudster can make use of the information to defraud or to commit crime.

Therefore To reduce your chances of identify theft you should: d. never keep receipts with credit information printed on them.

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Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of $8,000,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial values of the building, land, and equipment in the general ledger would be:

Answers

Answer:

Land= 27,000,000

Equipment= 22,500,000

Building= 4,050,000

Explanation:

The first step is to calculate the total fair value

= 4,500,000+3,000,000+2,500,000

= 10,000,000

Therefore the initial volume of the land can be calculated as follows

= 9,000,000(3,000,000/10,000,000)

= 9,000,000×3

= 27,000,000

Initial value of the equipment is

= 9,000,000(2,500,000/10,000,000)

= 9,000,000(2.5)

= 22,500,000

Initial value of the building is

= 9,000,000(4,500,000/10,000,000)

= 9,000,000(0.45)

= 4,050,000

Which assertion relates to the following statement? "Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts

Answers

Answer: Valuation

Explanation:

The assertion that assertion relates to the statement that Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts is the valuation assertion.

According to the assertion of accuracy and valuation, it simply means that all the figures that are presented in a financial statement are known to be accurate and are based on proper valuation of the assets, the liabilities and the equity balances

A company has two segments with total sales of $500,000 and total variable costs of $343,750. Traceable fixed expenses are $50,000 and common fixed expenses are $80,000. The break even in dollars for the company as a whole equals $ _______. (Enter your answer as a whole number.)

Answers

Answer:

$416,000

Explanation:

The computation of the break even in dollars for the company is given below:

Total fixed expenses = Traceable fixed expenses + Common fixed expenses

= $50,000 + $80,000

= $130,000

Now  

Contribution margin ratio = (Sales - Variable costs) ÷Sales × 100

= ($500,000 - $343,750) ÷ $500,000 × 100

= 31.25%

Now

Break-eve dollars = Fixed expenses ÷ Contribution margin ratio

= $130,000 ÷ 31.25%

= $416,000

Wang Co. manufactures and sells a single product that sells for $540 per unit; variable costs are $324 per unit. Annual fixed costs are $836,000. Current sales volume is $4,290,000. Management targets an annual pre-tax income of $1,215,000. Compute the unit sales to earn the target pre-tax net income.

Answers

Answer: 9,495 units

Explanation:

First find the contribution margin:

= Sales price - Variable cost

= 540 - 324

= $216 per unit

The unit sales required can be calculated by the formula:

= (Annual pre-tax income target + Fixed cost) / Contribution margin

= (1,215,000 + 836,000) / 216

= 9,495.37 units

= 9,495 units

MC Qu. 101 The following information... The following information describes a company's usage of direct labor in a recent period. The direct labor rate variance is: Actual hours used 46,000 Actual rate per hour $ 16 Standard rate per hour $ 15 Standard hours for units produced 48,000

Answers

Answer:

$46,000 Unfavorable

Explanation:

Calculation to determine what The direct labor rate variance is:

Using this formula

Direct labor rate variance = Actual hours * ( Actual Rate - Standard Rate)

Let plug in the formula

Direct labor rate variance=46000*($16- $15)

Direct labor rate variance=46,000*$1

Direct labor rate variance=$46,000 Unfavorable

Therefore The direct labor rate variance is: $46,000 Unfavorable

A list of financial statement items for Oriole Company includes the following: accounts receivable $17,500; prepaid insurance $3,250; cash $13,000; supplies $4,750; and debt investments (short-term) $10,250.

Required:
Prepare the current assets section of the balance sheet listing the items in the proper sequence.

Answers

Answer:

$48,750

Explanation:

Preparation of the current assets section of the balance sheet listing the items in the proper sequence

ORIOLE COMPANY Partial Balance Sheet Current assets

Cash $13,000

Debt investments $10,250

Accounts receivable $17,500

Supplies $4,750

Prepaid insurance $3,250

Total current assets $48,750

Therefore the current assets section of the balance sheet listing the items in the proper sequence is $48,750

MC Qu. 138 Fortune Company's direct materials... Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months:JanuaryFebruaryMarch Material purchases$ 13,18015,29012,110 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $7,900. The expected January 31 Accounts Payable balance is:

Answers

Answer:

The answer is "$6,590".

Explanation:

If 50% of the purchase amount would be paid in the next month, the account payable in January will thus amount to 50% of the item purchased in January. In January, all accounts payable at the start of Dec will therefore not be added to the trade payables for January.

[tex]=\$ 13,180 \times 50\%\\\\=\$ 13,180 \times \frac{50}{100}\\\\=\frac{\$ 659000}{100}\\\\=\$ 6,590\\\\[/tex]

Interim financial statements: Multiple Choice Are required by the Congress. Are necessary to achieve full disclosure about a business's operations. Are statements prepared for periods of less than one year. Require the use of the perpetual method for inventories. Cannot be prepared if the company follows the conservatism principle.

Answers

Answer:

Are statements prepared for periods of less than one year.

Explanation:

Interim Financial Statements

This is simply known as a financial statements prepared for a timeframe (period) that is part of the entity's annual fiscal period. discontinued operations and extraordinary items that occur at midyear initially are often reported  in net income and open up in the notes to interim financial statements.The fundamental principle guarding interim reporting is that

interim reports must be considered as a part of the integral of the annual reporting period.

An interim statement as a financial report timeframe is often less than one year. It often shows an organisation's performance before the end of normal full-year financial reporting cycles and often, this statements do not need to be audited.

A 2-year Treasury security currently earns 1.94 percent. Over the next two years, the real risk-free rate is expected to be 1.00 percent per year and the inflation premium is expected to be 0.55 percent per year. Calculate the maturity risk premium on the 2-year Treasury security.

Answers

Answer:

cacagada

Explanation:

Edgar accumulated $5,000 in loan debt. If the interest rate is 20% per year and he does not make any payments for 2 years, how much will he owe on this debt in 2 years for quarterly compounding? Round your answer to the nearest cent Do NOT round until you calculate the final answer.

Answers

Answer:

Edgar

The amount he will owe on this debt in 2 years for quarterly compounding is:

= $7,387.28

Explanation:

Accumulated loan debt = $5,000

Interest rate per year = 20%

Period of loan = 2 years

Interest compounding = quarterly

From an online financial calculator:

N (# of periods)  8

I/Y (Interest per year)  20

PV (Present Value)  5000

PMT (Periodic Payment)  0

Results

FV = $7,387.28

Total Interest $2,387.28

Estimated inventory (units), March 1 17,000 Desired inventory (units), March 31 19,700 Expected sales volume (units): Area M 6,500 Area L 8,900 Area O 7,800 Unit sales price $15 The number of units expected to be manufactured in March is a.23,200 b.59,900 c.25,900 d.42,900

Answers

Answer:

c.25,900

Explanation:

The computation of the no of units expected to be manufactured is given below:

No of units manufactured is

= No. of units sold + Closing units - Opening units

= (6,500 + 8,900 + 7,800) + 19,700 - 17,000

= 25,900

Hence, the no of units expected to be manufactured is 25,900

Therefore the option c is correct

Please describe an effective leadership style

Answers

Business leaders can improve employee engagement and satisfaction, stimulate creativity and productivity, and ultimately accomplish the aims and objectives of the organization by using a transformational leadership style.

What is transformational leadership style?

A leadership style known as transformational leadership focuses on inspiring and encouraging followers to produce amazing achievements that go above and beyond what they had anticipated. By establishing a vision and uniting people around it, it is a leadership strategy that aims to transform both people and organizations. The skill of inspiring and motivating others to accomplish at their highest level and realize their full potential is a trait of transformational leaders.

Transformational leaders are able to express their compelling future vision in a way that inspires and motivates others. They are endowed with charisma and the capacity to enthrall and sway their audience.

Setting high standards and pushing their followers to go beyond their own boundaries are two ways that transformational leaders inspire and encourage their followers.

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The complete question is:

Please describe an effective leadership style in a business

Clay Co. produces ceramic coffee mugs and pencil holders. Manufacturing overhead is assigned to production using an application rate based on direct labor hours. Required: a. For 2013, the company's cost accountant estimated that total overhead costs incurred would be $461,100 and that a total of 53,000 direct labor hours would be worked. Calculate the amount of overhead to be applied for each direct labor hour worked on a production run. (Round your answer to 2 decimal places.)

Answers

Answer:

Predetermined manufacturing overhead rate= $8.7 per direct labor hour

Explanation:

Giving the following information:

Estimated that total overhead costs= $461,100

Estimated total direct labor hours= 53,000

To calculate the predetermined manufacturing overhead rate we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 461,100 / 53,000

Predetermined manufacturing overhead rate= $8.7 per direct labor hour

A quantity of inventory that provides protection against lost sales caused by unfulfilled demands from customers is called Multiple choice question. production stock safety units safety stock budgeted stock

Answers

Answer: safety stock

Explanation:

A quantity of inventory that helps in the provision of protection against lost sales that is caused by unfulfilled demands from the customers is referred to as the safety stock.

Safety stock is the additional quantity of an item that is held in the inventory in order to minimize the risk that the good will be out of stock. It should be noted that safety stocks act as a buffer stock in a situation whereby the sales are more than what's planned or maybe the supplier doesn't deliver the goods at the expected time.

Macrozine Inc. provides support for employees faced with ethical dilemmas. An ethics compliance officer is available in the Human Resources office or through an employee hotline. This is an example of ethical:_________

a. reasoning
b. awareness
c. whistle-blowing
d. action

Answers

Answer:

d. action

Explanation:

In Business, this would be an example of ethical action. These are actions that companies take in order to prove that they are committed to their employees. Especially making sure that they are safe, respected, and mentally/emotionally good within the work environment. By providing such services such as an employee hotline and a HR department they are providing resources for the employees to voice their concerns and needs in case of any dilemma in the company.

The total manufacturing cost variance is a.the difference between total actual costs and total standard costs for the units produced b.the difference between planned costs and standard costs for the units produced c.the flexible budget variance plus the time variance d.none of the above

Answers

Answer:

a.the difference between total actual costs and total standard costs for the units produced

Explanation:

The total manufacturing cost variance shows the difference between the total actual cost i.e. incurred and the standard cost incurred for the units that are produced or generated

In mathematically, it should be

Total manufacturing cost variance = standard cost - actual cost

hence, the first option is correct

If the price exceeds the average variable cost but is less than the average total cost, a firm Group of answer choices should further differentiate its product. is making some profit but less than maximum profit. should stay in business for a while longer until its fixed costs expire. should shut down

Answers

Answer:

should stay in business for a while longer until its fixed costs expire.

Explanation:

price exceeds the average variable cost, the firm should continue to operate in the short run

If price is less  than the average total cost in the long run, the firm should exit in the long run

Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job cost sheet for Job 313 includes $26,530 in direct materials cost and $10,500 in direct labor cost. A total of 1,400 units were produced in Job 313.

Required:
a. What is the total manufacturing cost assigned to Job 313?
b. What is the unit product cost for Job 313?

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Estimated overhead rate= 114% of direct labor cost.

Job 313:

Direct materials= $26,530

Direct labor=  10,500

Number of units= 1,400

First, we need to allocate overhead to Job 313:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 10,500*1.14= $11,970

Now, the total cost:

Total cost= 26,530 + 10,500 + 11,970

Total cost= $49,000

Finally, the unitary cost:

Unitary cost= 49,000 / 1,400

Unitary cost= $35

For each of the five transactions described below, indicate which account should be debited and which account should be credited:
Cost of Goods Sold Direct Labor
Finished Goods Manufacturing Overhead
Raw Materials Salaries and Wages Pavable
Transaction Debit Credit
1. Direct materials are issued into production for a specific job
2. Salary of the Production Supervisor is payable
3. Lubricating oil, waste cotton, and solder are used in the factory
4. The wages of direct laborers who worked on a particular job are payable
5. Manufacturing overhead is applied to jobs using a predetermined overhead rate

Answers

Answer:

1. Direct materials are issued into production for a specific job

Debit ⇒ Work in Process Inventory

Credit ⇒Raw Materials inventory

2. Salary of the Production Supervisor is payable

Debit ⇒ Manufacturing overhead

Credit ⇒ Wags Payable

3. Lubricating oil, waste cotton, and solder are used in the factory

Debit ⇒ Manufacturing overhead

Credit ⇒ Raw materials inventory

4. The wages of direct laborers who worked on a particular job are payable

Debit ⇒ Work in process

Credit ⇒ Wages payable

5. Manufacturing overhead is applied to jobs using a predetermined overhead rate

Debit ⇒ Work in process inventory

Credit ⇒Manufacturing overhead

Supply is more elastic over long periods than over short periods because:_____.
a. producers can make more adjustments in the long run than in the short run.
b. consumers can make fewer adjustments in the long run than in the short run.
c. producers can make fewer adjustments in the long run than in the short run.
d. consumers can make more adjustments in the long run than in the short run.

Answers

Answer:

A

Explanation:

Price elasticity of supply measures the responsiveness of quantity supplied to changes in price of the good.

Price elasticity of supply = percentage change in quantity supplied / percentage change in price

If the absolute value of price elasticity is greater than one, it means supply is elastic. Elastic supply means that quantity supplied is sensitive to price changes.  

Supply is inelastic if a small change in price has little or no effect on quantity supplied. The absolute value of elasticity would be less than one

The short run is a period where all  factors of production are fixed. In the short run, a firm would continue to produce if price is above average variable cost. If this is not the case, it would shut down

The long run is a period where all factors of production are varied. It is known as the planning time for a company

Supply is more elastic in the long run than in the short run because the producer can make adjustments in the long run

The Economic Order Quantity is when: holding costs equal ordering costs total costs are minimized the product cost is not considered to determine the quantity to be purchased all of the above none of the above

Answers

Answer:  all of the above

Explanation:

At the Economic Order Quantity level, the company is enjoying the lowest cost possible in relation to product ordering and storage because they are ordering just enough quantities that they are able to sell them just in time to order some new goods.

For this to happen, the holding cost must be equal to the ordering costs. At the EOQ, the product cost is irrelevant when the quantity to be bought is to be determined because it is minimized.

The following data relate to product no. 33 of La Quinta Corporation: Direct labor standard: 5 hours at $14 per hour Direct labor used in production: 45,000 hours at a cost of $639,000 Manufacturing activity: 8,900 units completed The direct-labor rate/price variance is:

Answers

Answer:

$9,000 (Unfavorable)

Explanation:

The computation of the direct-labor rate/price variance is given below:

Given that

Actual time used = 45,000 hours

Actual cost of labor used = $639,000

Now  

Actual rate = Actual cost of labor used ÷ Actual time used

= $639,000 ÷ 45,000

= $14.2 per hour

And,

Standard rate = $14 per hour

Standard time = 5 hours per unit

Actual output = 8,900 units

So, standard time for actual output = 8,900 × 5

= 44,500

Now

Direct labor rate variance = Actual time × (Standard rate - Actual rate)

= 45,000 × (14 - 14.2)

= $9,000 (Unfavorable)

XYZ Co. reported the following results for October: Sales $ 32,000 Cost of goods sold (all variable) $ 6,000 Total variable selling expense $ 2,500 Total fixed selling expense $ 4,700 Total variable administrative expense $ 1,800 Total fixed administrative expense $ 3,000 The contribution margin for October is:

Answers

Answer:

See below

Explanation:

Given the information above,

Contribution margin = Sales - Variable expenses

Sales = $32,000

Variable expenses = Total variable selling expenses + Total variable administrative expenses

= $2,500 + $1,800

= $4,300

Therefore,

Contribution margin = $32,000 - $4,300

Contribution margin = $27,700

Therefore, the contribution margin for October is $27,700

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