Only solve the question 3.5 Self-test problem 3.1Rundle Ltd has estimated sales for January to April as:24JanuaryFebruaryMarch150 000180 000120 000165 000AprilThe mark-up on cost is 50% and management requires that opening stock be 90% ofsales (at cosh each month.transcribed image textort Ancwor888 pa%&45EYFGK Self-test problem 3.5Refer to Self-test problem 3.1. Rundle Ltd provides you with the following information relatingto estimated expenses.Expense detailsSales representatives' salariesCartage outwardsAdvertisingGeneral salaries and wages$72 000 pa apportioned equally each month5% of sales3% of sales$144 000 pa apportioned equally each month$2 400 pa apportioned equally each monthAudit feesPayroll on-costs (treated as anadministration expense)15% of total payroll$43 200 pa apportioned equally each month$27 600 pa apportioned equally each month$1 800 pa apportioned equally each month$1 800 pa apportioned equally each monthRentDepreciationTelephoneStationeryInterest on loanJanuary-$830February-$820March-$810Bank charges$720 pa apportioned equally each month

Administrative budgets are financial projections that include all anticipated selling, general, and…

Answered: Self-test problem 3.5 Refer to…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter25: Departmental Accounting

Section: Chapter Questions

Problem 9SPB

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ALLOCATING OPERATING EXPENSERELATIVE NET SALES Amelia Diaz owns a sporting goods store. She has divided her store into three departments. Net sales for the month of July are as follows: Advertising expense for July was 5,000. Allocate the advertising expense among the three departments on the basis of relative net sales.
Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
CASE 1 The following are the information obtained from AMC Company:July August SeptemberCash Sales P24,000 P32,000 P36,000Credit Sales 220,000 300,000 240,000Purchases 180,000 240,000 220,000Operating Expenses 30,000 36,000 32,000Interest Expense - 4,000 -Credit sales are collected 50% in the month of sale, 40% in the month following, 8% in the second monthfollowing, and 2% uncollectible. Credit sales for May and June are expected to be P200,000 and P180,000,respectively. Purchases of merchandise, all on account, are paid 60% in the month of purchase and 40% in themonth following. Purchases for June are estimated at P160,000. Expenses include depreciation of P4,000monthly and are paid in the month incurred. The cash balance on June 30, 201A is P54,000.Required: Prepare a cash budget by month for the quarter ending September 30, 201A. Support your solutionwith schedules of cash receipts and cash payments CASE 2 Sanchez Company, a wholesaler, budgeted the following sales for the…
Q3. Joe's Tax Service prepares tax returns for low-to middle-income taxpayers. Its service operates January 2 through April 15 at a counter in a local grocery store. All jobs are classified into one of three categories: standard, multiform, and complex. Following is information for last year. Also, last year, the fixed cost of rent, utilities, and so forth were $50,000. Standard Multiform Complex Billing rate $60 $125 $250 Average variable costs (30) (75) (150) Average contribution margin $20 $50 $100 Number of returns prepared 1,750 600 350 (a.) Determine Joe's break-even dollar sales volume. Product , Weighted Selling Price , Weighted Contribution Margin Standard Multiform Complex Total Contribution margin ratio: Break-even sales volume: (b.) Determine Joe's margin of safety in sales dollars.
Required A Required B Required C Compute RSB&T's operating profits. Operating profit Compute the profit from Customer A and Customer B, assuming that customer costs are based only on deposits. Interest costs = {{0.5:#,##0.00}} percent of deposits; operating costs are 4 percent (= $19,500,000/$487,500,000) of deposits.(Do not round intermediate calculations. Round your answers to 2 decimal places.) Profit Per Customer Customer A Customer B Compute the profit from Customer A and Customer B, assuming that customer costs are computed using the information in the activity-based costing analysis. (Do not round intermediate calculations. Round your answers to 2 decimal places. Loss amounts should be indicated by a minus sign.) Customer A Customer B Sales revenue Interest on deposit Total operating cost Customer…
Expenses Advertising 1,200 Employees 7,680 License 1,100 Merchandise 1,500 Utilities 3,800 Liability Insurance (monthly) 88.08 Total Expenses $15,368 Gross Income 29800 15% Income Tax ? Net Profit ? Revenue = $33,610 Identify 15% income tax (show work) Identify Net Profit (show work) Identify at least 6 fix costs and 8 variable costs List the second income statement to show you cut 15% cost either fix or variable or both SHOW WORK and EXPLAIN
We prepared the statements for Quarter 1 (Q1) in class. Prepare the statements for Q2(April 1 –June30). Show your work on the next page. XYZ Company PRO FORMA Quarterly Income Statements Q1 Q2 Sales $165,000 Cost of goods sold 115,500 Gross profit 49,500 Operating expenses 138,000 Depreciation expense 131,250 Income before interest &taxes (219,750) Interest expense 25,000 Income before taxes (244,750) Income tax (expense)/recovery 122,375 Net Income $(122,375) PRO FORMA Quarterly Balance…
EXERCISE (All exercise would be saved in one record) Journalize the following transactions for the month of February 1: Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) Received the utilities bill for $250.00 (accrued expense, utilities expense) Salaries for the week are $3,300 (salaries expense, wages payable) Received an invoice of $100 for advertising. Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5) Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7) The invoice from the sales order above was delivered completely (February 9) (Prepare an Invoice Register) Prepare an Income Statement (February 28) Prepare a Balance Sheet (February 28)…
Question 2: - The following is the trial balance of Falcon Manufacturing Company as at March 31, 2018 Particular Rs. Particular Rs. Cash at Bank 38, 100 Indirect Labor 18, 400 Acc Receivables (net) 9, 420 Sales 496, 000 Dir Material Inv – April 1 30, 000 Sales Returns 16, 000 Work-in-process April 1 35, 725 Purchases of Material 48, 000 Fin Goods Inv April 1 19, 430 Carriage on Purchases 5, 000 Machine – Factory 600, 000 Purchases Returns 3, 000 Salary Expense 40, 500 Purchases Discount 1, 500 Machine – Office 200, 000 Direct Labor 86, 450 Acc Dep – Office machine 143, 700 Electricity 200, 000 Salary Payable 15, 500 Rent 75, 000 Indirect Material 25, 600 Depreciation (machine) 45, 000 The inventories as at March 31, 2018 are as…
Question 2: - The following is the trial balance of Falcon Manufacturing Company as at March 31, 2018 Particular Rs. Particular Rs. Cash at Bank 38, 100 Indirect Labor 18, 400 Acc Receivables (net) 9, 420 Sales 496, 000 Dir Material Inv – April 1 30, 000 Sales Returns 16, 000 Work-in-process April 1 35, 725 Purchases of Material 48, 000 Fin Goods Inv April 1 19, 430 Carriage on Purchases 5, 000 Machine – Factory 600, 000 Purchases Returns 3, 000 Salary Expense 40, 500 Purchases Discount 1, 500 Machine – Office 200, 000 Direct Labor 86, 450 Acc Dep – Office machine 143, 700 Electricity 200, 000 Salary Payable 15, 500 Rent 75, 000 Indirect Material 25, 600 Depreciation (machine) 45, 000 The inventories as at March 31, 2018 are as…
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $60 for this pay period.
1. Year one income statement by months ( sales by year 3 $2.7m 2.7 m /3 = $900,000 average each year sales 900,000 / 12 = $75,000 sales each month Revenues: Net sales $75,000 each month Expenses and loses Costs of goods sold 1,786 x $15.60 = $27,863.78 Capital expenses $1,150 / 12= $95.83 Location expenses $76,415/ 12 = $6,367.92 Advertising / Promotional expenses $78,285/ 12 = $6,523.75 CalculateTotal expenses Depreciation expense is straight line for this project ?. Use the market value of the asset divided by monthly expected life of the asset, We will not use salvage value in calculating depreciation expense.

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