Answer
Retained earnings at the beginning of Year 2 was: $1,450
Explanation
Revenue = $2,100
Retained Earnings Closing Balance = $1,850
Expenses = $1,150
Dividends = $550
Retained Earnings Closing Balance = Revenue - Expenses - Dividends + Retained Earning Beginning Balance
$1,850 = $2,100 - $1,150 - $550 + Retained Earning Beginning Balance
Retained Earning Beginning Balance = $1,450
Answer:
37.9%, lower
Explanation:
Paddy has lots of cousins. With a family reunion in the near future, Paddy decides to collect income information for himself and all his cousins. He obtains the following data points: $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000. The share of income received by the highest quintile of this income distribution is <u>37.9%</u>, which is <u>lower</u> than that for the highest quintile of the U.S. income distribution in 2005.
Answer:
a) Sales volume variance = $1496000 unfavorable
flexible-budget variance = $192000 favorable
b) For direct materials
Price variance = `$135000 unfavorable
efficiency variances = $527920 favorable
For direct manufacturing labor
Price variance = `$36600 unfavorable
efficiency variances = $914815 favorable
Explanation:
a) Sales volume variance = (Actual units sold - Budgeted units sold) x Budgeted price per unit = (4800 - 7000) × $680 = $1496000 unfavorable
flexible-budget variance = (Actual price - Budgeted price) x Actual units sold= ($720 - $680) × 4800 = $192000 favorable
b) For direct materials
Price variance = (Actual cost - standard cost) x Actual quantity of units purchased = ($5.95/ pound - $8/pound) × 66000 pound= `$135000 unfavorable
efficiency variances = (Actual unit - Standard unit) x Standard cost per unit = (66000 pound - 10 pound) × $8 per pound= $527920 favorable
For direct manufacturing labor
Price variance = (Actual cost - standard cost) x Actual hours = ($48/hour - $50/hour) × 18300 hours = `$36600 unfavorable
efficiency variances = (Actual hours - Standard hours) x Standard cost per hour= (18300 hour - 3.7 hour) × $50/hour = $914815 favorable
Total contribution margin = $3,000, standard models sold at break even=800, deluxe models sold at break even=400, superior models sold at break even=100
<u>Explanation:</u>
1.Using sales mix stated in the fact from Figure to form a package what is the total contribution margin?
total contribution margin =($150 multiply 8) plus ($200 multiply 4) plus ($1,000 multiply 1) = $3,000
2.Refer to Figure, What is the number of standard models sold at break even.
break even units =Fixed cost divide contribution margin per package
= $300,000 divide $3000 =100 package standard models sold at break even=100 package multiply 8 = 800
2.Refer to Figure, What is the number of deluxe models sold at break even.
break even units
=Fixed cost divide contribution margin per package = $300,000 divide $3000
=100 package deluxe models sold at break even = 100 package multiply 4
Answer:
Explanation:
Omaha Miami
Earnings Earnings Value of Quality Life Expense to Move to Miami Net Value Difference in Value
Alex 200000 180000 40000 5000 215000 15000
Bobby 120000 150000 40000 5000 185000 65000
Cory 315000 300000 25000 5000 320000 5000
Dana 150000 100000 25000 5000 120000 -30000
Tied mover – any person who moves with their partner even if the person's employment is better at the present location.
Assuming all the friends agree on moving to Miami, Dana will compromise in value, therefore, Dana is the Tied Mover.
Tied Stayer – any of them who stays with the partner at current location even if the person's employment opportunity is better somewhere else.
Assuming all the friends decided to be in Omaha, Alex, Bobby and Cory will compromise in value, therefore, Alex, Bobby and Cory are the Tied Stayers.
