Fanning Camps, Inc. leases the land on which it builds camp sites. Fanning is considering opening a new site on land that requires$3,000 of rental payment per month. The variable cost of providing service is expected to be $7 per camper. The following chartshows the number of campers Fanning expects for the first year of operation of the new site:Jan.120Feb.250Mar.200FebruaryAugustApr.200May300Price$ 27 x$ 30 xJune July500650Answer is complete but not entirely correct.Aug.650Sept. Oct.350380Nov.100RequiredAssuming that Fanning wants to earn $8 per camper, determine the price it should charge for a camp site in February and August. (Donot round intermediate calculations.)Dec.300Total4,000

Fixed cost is the cost which does not change with change in production volume. Variable cost changes…

Fanning Camps, Inc. leases the land on which it builds camp sites. Fanning is considering opening a new site on land that requires $3,000 of rental payment per month. The variable cost of providing service is expected to be $7 per camper. The following chart shows the number of campers Fanning expects for the first year of operation of the new site: Jan. 120 Feb. 250 Mar. Apr. 200 200 February August May 300 June July Aug. 500 650 650 Answer is complete but not entirely correct. Price $ 27 x $ 30 x Sept. Oct. 350 380 Nov. 100 Required Assuming that Fanning wants to earn $8 per camper, determine the price it should charge for a camp site in February and August. (Do not round intermediate calculations.) Dec. 300 Total 4,000

Fanning Camps, Inc. leases the land on which it builds camp sites. Fanning is considering opening a new site on land that requires $3,000 of rental payment per month. The variable cost of providing service is expected to be $7 per camper. The following chart shows the number of campers Fanning expects for the first year of operation of the new site: Jan. 120 Feb. 250 Mar. Apr. 200 200 February August May 300 June July Aug. 500 650 650 Answer is complete but not entirely correct. Price $ 27 x $ 30 x Sept. Oct. 350 380 Nov. 100 Required Assuming that Fanning wants to earn $8 per camper, determine the price it should charge for a camp site in February and August. (Do not round intermediate calculations.) Dec. 300 Total 4,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Munoz Camps, Inc. leases the land on which it builds camp sites. Munoz is considering opening a new site on land that requires $2,200 of rental payment per month. The variable cost of providing service is expected to be $5 per camper. The following chart shows the number of campers Munoz expects for the first year of operation of the new site: Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total 170 270 230 220 360 520 670 670 370 400 200 320 4,400 Required Assuming that Munoz wants to earn $8 per camper, determine the price it should charge for a camp site in February and August. (Do not round intermediate calculations.)
G Curtis Party Rentals offers party equipment such as tents, tables, chairs, and so on for outdoor events. The rental fees average $870 per event. Curtis receives a 15 percent deposit two months before the event, 60 percent the month before, and the remainder on the day the equipment is delivered and set up. Planners at Curtis estimate the following number of events for the last half of the current year: July August September October November December 260 280 330 240 200 230 Required: a. What are the expected revenues for Curtis Party Rentals for each month, July through December? Revenues are recorded in the month of the event. b. What are the expected cash receipts for each month, July through October? Complete this question by entering your answers in the tabs below.
Franklin Camps, Incorporated leases the land on which it builds camp sites. Franklin is considering opening a new site on land that requires $2,450 of rental payment per month. The variable cost of providing service is expected to be $6 per camper. The following chart shows the number of campers Franklin expects for the first year of operation of the new site: January February March 150 260 210 February August April 210 Price May 330 June 510 Required Assuming that Franklin wants to earn $7 per camper, determine the price it should charge for a camp site in February and August. Note: Do not round intermediate calculations. July August September October November December Total 660 660 360 390 150 310 4,200
17 Using the figure below, calculate the percentage of revenue to the lender based on the monthly construction draw schedule. The project assumes a discount rate of 10%, and is for a 25-acre tract of land outside Lexington, KY. Construction Sales Revenue Month Draw (Lot Sales) 01234567899 509,600 0 327,600 0 327,600 0 327,600 0 109,200 226,100 109,200 226,100 109,200 226,100 0 455,525 0 455,525 0 455,525 0 455,525 The % of revenue to the lender is O.137.4% 72.8% 131.2% 76.2%
Required information [The following information applies to the questions displayed below.] Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $700. Budgeted cost data per tenant application for 2022 follow: • Professional labor: 1.5 hours at $20.00 per hour • Credit checks: $50.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,000 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $9,500 for 400 hours of professional labor. Credit checks went up to $55 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $3,600. The average first monthly rentals for August 2022 were $800 per apartment…
Required information [The following information applies to the questions displayed below.] Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $700. Budgeted cost data per tenant application for 2022 follow: • Professional labor: 1.5 hours at $18.00 per hour Credit checks: $52.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,300 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 240. Phoenix paid $6,900 for 350 hours of professional labor. Credit checks went up to $57 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $3,800. The average first monthly rentals for August 2022 were $840 per apartment…
Required information [The following information applies to the questions displayed below.] Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find rerters for 100 apartments with an average first month's rent of $760. Budgeted cost data per tenant application for 2022 follow: Professional labor: 2.0 hours at $15.00 per hour . . Credit checks: $53.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,600 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $9,300 for 480 hours of professional labor. Credit checks went up to $58 per application. Other costs in August 2022 (lease, secretarial help. and utilities) were $3.900. The average first monthly rentals for August 2022 were $860 per apartment…
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Assume that RAS AMBA Hotel has annual fixed costs applicable to its operation of $182,500 for its 60 rooms motel,daily room rent income of $ 150,and variable costs of $ 50 for each room rented.It operates 365 days a year.Required :- 1. Operating income on rooms wii be generated ,if the motel is fully occupied throughout an entire year and if the motel is half full during a year? 2.what is the breakeven point in number of rooms rented assuming that the motel is fully occupied throughout the year.
[The following information applies to the questions displayed below.] Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $700. Budgeted cost data per tenant application for 2022 follow: Professional labor: 1.5 hours at $20.00 per hour Credit checks: $50.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,000 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $9,500 for 400 hours of professional labor. Credit checks went up to $55 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $3,600. The average first monthly rentals for August 2022 were $800 per apartment unit for 90 units.…
Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month’s rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month’s rent of $700. Budgeted cost data per tenant application for 2022 follow: Professional labor: 1.5 hours at $20.00 per hour Credit checks: $50.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,000 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $9,500 for 400 hours of professional labor. Credit checks went up to $55 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $3,600. The average first monthly rentals for August 2022 were $800 per apartment unit for 90 units. Part 1 (Static) Required: 1. (a) What is the master budget variance…
Present in good form On January 1, 20x6, BUNNY, a real estate company, entered into a contract to construct a subdivision on a piece of land it has acquired and, when construction is complete, to deliver the finished houses to their customers. The following information pertains to the said contract each customer is to sign. Each house costs P4,000,000 each (a total of 10 houses are to be constructed), Construction will take 2 years to complete. Payment terms are 50% by the end of the 1" year, 25% at the end of the 2 year and the balance will be paid after 3 months from the final turn-over. The client can transfer the contract to another, should they not feel satisfied with the house on or before the house is 50% complete. The company incurred the following expenses for 20x6,Total cost of land ~ P2M; Estimated total cost of construction ~ P25M, (including the costs for the common areas, streets and light posts amounting to P5M); Estimated total cost of contract for the 10 houses ~ P40M;…