A bakery shop sells a cake. The case must be baked at the beginning of the day. Each unit of cake costs $28 and can be sold for $59. The shop will donate any unsold units for charity. The owner of the shop too many shortages is not desirable. She assumes that there is a penalty cost of $11 for each unit of shortage. Suppose the shop bakes 71 units of cakes at the beginning of the day (before the shop is open). The demand for the cakes turns out to be 62 units. What is the profit for the day? Please show calculation in details
Q: A. If i buy a car from a dealership for $27000 with 2.5% paying monthly for a total of 3 years how…
A: Future value :— It is the value of present money in the future date. Future value = Present Value…
Q: Auerbach Inc. Issued 10% bonds on October 1, 2021. The bonds have a maturity date of September 30,…
A: Bonds are a form of debt or liability for the business, on which regular interest payments also…
Q: Creek Company uses the percentage of credit sales method in determining its bad debt expense. The…
A: Introduction: When credit is no longer recoverable due to a customer's inability to fulfil their…
Q: American Corporation has two equal shareholders, Mr. Freedom and Brave Incorporated. In addition to…
A: Answer:- Constructive dividend meaning:- Any payment made to a shareholder that the company…
Q: Required: (a) Appraise the decision usefulness of FIFO versus weighted average method, based on the…
A: This problem requires the comparison of the First-in, First-out inventory and the weighted average…
Q: QUESTION 3 Khalish is the auditor of Bright Bhd. preparing the final audit for the year ended 30…
A: A management representation statement or letter seems to be a type of letter produced by an…
Q: A Contractor imported a bulldozer for his job, paying P 350,000 to the Manufacturer. Freight and…
A: Workings: Cost of bulldozer at the beginning of Year 1=Purchase price of bulldozer+Freight and…
Q: Compute the average days in inventory rounded to the nearest whole day based on the following data:…
A: Meaning : Average days in inventory means the number of days a company keeps its inventory before it…
Q: Thunder Corporation, an amusement park, is considering a capital nvestment in a new exhibit.…
A: NPV is calculated as the difference between the cash inflows and cash outflows. In the given case,…
Q: Hair-raising Hats has three lines of hats: baseball, winter, and fashion. On May 18, 2020,…
A: Sales for the period: $780,000 Beginning Inventory at cost: $97,000 Beginning Inventory at retail:…
Q: James Inc. purchased the following assets in February 2022 for a total price of $2,900,000. Below…
A: Lets understand the basics. When multiple assets are purchased for a single price then asset needs…
Q: When a company issues 27,000 shares of $2 par value common stock for $20 per share, the journal…
A: A company can issue its share at par, premium or discount. When the share is issued at premium, then…
Q: Home Insert 公, A 四,出,…,eyy A A Q Aa AABBCCI AaBbCcDc AaBb CcD - b 17 - Normal... Strong WPSOffi... A…
A: Financial Statement - In exchange for their money, a company must provide acceptable returns to…
Q: Nordman Lumber Company handles two principal lines of mechandise with the associated…
A: Estimated ending inventory is the amount of inventory that an entity have, at the end of the period.…
Q: Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has…
A: Bad debts accounts refer to the amount that has been written off because the customer is unable to…
Q: When a business endorses a note and transfers it to a bank, the process is called Ca discounting a…
A: Introduction: A negotiable document that is signed by the borrower and accepted by the lender is a…
Q: Select the necessary words from the list of possibilities to complete the following statements.…
A: Net income :— It is revenue minus expenses. Subsidiary ledger :— It is the list of accounts of…
Q: The following data are taken from the financial statements of Colby Company. Accounts receivable…
A: Introduction: Financial records are written records that describe or attest to firm transactions. In…
Q: Boxwood Company sells blankets for $32 each. The following was taken from the inventory records…
A: On May 23, two units were sold. To determine the gross profit, cost of goods sold needs to be…
Q: Assuming that taxes are to be raised, which tax increase would be least detrimental to long term…
A: Answer:- Tax meaning:- A tax is compulsory financial charge which is imposed by the government on…
Q: 10. Anna is single, and she files taxes based on a taxable income of $90,000. Given the tax bracket…
A: In case when there is calculation of taxable income according to the slab rates are apply and the…
Q: What is the lower-of-cost-or-net realizable value of the inventory?
A: Inventory refers to all items of goods, merchandise, and materials held by a company or business for…
Q: Complete the plant asset record for the following asset. The business used the asset for the entire…
A: The formula for Annual Depreciation Expense using the Straight-line depreciation method: Annual…
Q: 15. What is the spending variance related to shipping expenses?
A: Budgeted units = 15,000 Actual units sold = 17,000 Flexible Budget - Amount of Selling Expenses on…
Q: Exercise 10-14 Ordinary repairs, extraordinary repairs, and betterments LO C3 Oki Company pays…
A: The costs incurred on fixed assets to increase the productivity or useful life of asset, are…
Q: Morgan Industries is comparing and contrasting its ending inventory value in terms of the three…
A: Answer : Option b. Weighted Average inventory cost method is correct answer. Weighted Average cost…
Q: 4. Recalculate the NPV assuming BBS's cost of capital is 15 percent. 5. Based on your calculation of…
A: Here we will use the capital budgeting tools of NPV and IRR. The capital budgeting tools are used to…
Q: C10.58 Solid State sells electronic products. The controller is responsible for preparing the master…
A: Introduction Accounts Receivables: Accounts Receivable (AR) is the term used to describe the money…
Q: Management of Mittel Company would like to reduce the amount of time between when a customer places…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. The total…
Q: Badgersize Company has the following information for its Forming Department for the month of August.…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership.…
A: Partnership is one of the forms of business organizations. It includes the carrying on of business…
Q: Gates Gems purchased a display case for $4,500 on September 1st of 2013. Estimated useful life is 5…
A: The depreciable cost of an asset is calculated as the difference between the cost and salvage value…
Q: A $1000 bond with semi-annual coupons is redeemable at 103 in 5 years. The absolute value of the…
A: Introduction: Bonds appear to be a form of financial instrument in which money is loaned to a…
Q: Casual Company entered in a franchising contract with a franchisee on January 5, 2021. The contract…
A: Casual Company entered in a franchising contract with a franchisee on January 5, 2021. The contract…
Q: 34. The total assets of a company are $2,400,000, and the company's owners' equity is three times as…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: The following balance sheet has been prepared by the accountant for Limestone Company as of June 3,…
A: Liquidation - The voluntary creditor's procedure and the voluntary member's process are two subtypes…
Q: Following are the financial statements and other supplementary information for Summer Corporation…
A: Statement of Cash Flow - Statement of Cash Flow shows movement of cash during the financial year.…
Q: Thanks for the clarification. However, your explanation is not match with the answer given. For…
A: According to the given question, we are required to prepare the statement of comprehensive income…
Q: Post these transaction under QB 1. RJ Started Business with 10000 Bank 2. Took loan from Mr. Lee…
A: The trial balance is the summary of all the accounts in the ledgers of the entity. It shows that the…
Q: At September 30, the end of Beijing Company's third quarter, the following stockholders' equity…
A: The shareholders' equity account represents the equity and retained earnings that belong to the…
Q: A machine costing $218,000 with a four-year life and an estimated $20,000 salvage value is installed…
A: Using the straight-line method of depreciation, the depreciation expense remains constant every…
Q: 9. Choice ((You must choose 6 questions from among #’s 5-13 to answer): (A) Explain in detail how a…
A: Factory overheads is one of the important component of manufacturing cost. It means all type of…
Q: Betty of $50,000 and a fair market value of $150,000 that was subject to a mortgage of $120,000 in…
A: Adjusted net fair market value=(Adjusted basis−Mortgage)50%=$150,000−$120,00050%=$30,00050%=$60,000…
Q: Togo Incorporation started a share appreciation plan on January 1, 2022, when it granted 50,000…
A: Lets understand the basics. Share appeciation right is given to employees to encourage the efforts…
Q: The following events are to be considered upon finalizing the financial statements of Squid Bhd for…
A: According to the given question, we are required to explain the appropriate accounting treatment of…
Q: An entity acquired 10-year bonds at a premium. The investment is measured at amortized cost. Seven…
A: Since the bonds are purchased at a premium and sold at a discount, Loss is realized on the sale.…
Q: 1. how much is the Net Income reported by the Branch? 2. how much is the True Income of the Branch?
A: Net income reported by branch is calculated as follows: Net income = Sales - ( opening inventory +…
Q: Assume that Buffalo is a private company that follows ASPE 1 2. 3 Prepare the journal entry at…
A: As per the above question we need to pass Journal Entries as per US GAAP and IFRS.
Q: Creek Company uses the percentage of credit sales method in determining its bad debt expense. The…
A: Introduction: A bad debt expense is recognized when a receivable is really no longer collectible…
Q: Required information [The following information applies to the questions displayed below.]…
A: The journal entries are prepared to record the transactions on the regular basis. The direct costs…
Step by step
Solved in 3 steps
- Annie, Kathleen, and Elizabeth are the only sellers of cheesecakes in an isolated village. The table shows the quantity of cheesecakes that they supply at various prices. When the price of a cheesecake is $7.00, how many cheesecakes are supplied in the market in a week? When the price of a cheesecake is $7.00, the quantity of cheesecakes supplied in the market in a week is Price (dollars per cake) 7.00 8.00 9.00 10.00 Annie 500 550 600 650 Quantity supplied (cheesecakes per week) Kathleen Elizabeth 300 200 350 350 400 500 450 650- After closing her beloved restaurant due to the pandemic, Kiki started to sell her signature sauces to consumers. The ingredients for a sauce bottle cost $1.25 and packaging costs another $0.50. A distribution company handles the storage and distribution of the sauce and charges $0.75 or each bottle. Kiki has calculated that the overhead cost is $5000 per month. She sells one sauce bottle at $5.00 to the customers. a. How many sauce bottles must Kiki sell to break-even? What is the total revenue for breakeven? b. If she can sell only 1000 bottles, what should be the selling price to break-even?2. Vince Rafael needs 69 dollars to buy all the stuff that he needs to make barbeques. The community allows him to sell these barbeques at the street. The community charges him 1.25 dollars for each barbeque sold. a. Determine the break even point if the selling price of his barbeque is $1.72. b. What is the Profit at break-even point? c. What is the Profit or Loss at 153 quantity of barbeque?
- During the COVID-19 pandemic, many people decided to start making face masks and selling them on the Internet. Etsy, for example, sold face masks from many different sellers. Suppose that Mary decided to quit her job where she earned $3,600.00 per month. During the month of July 2020, Mary sold 1,100.00 masks at $7.00 per mask. The following table reports information for Mary's costs to make the face masks. Item Material Wages paid to one employee Utilities Internet advertising For the month of July 2020, Mary's revenue was $ Part 2 Mary's accounting profit was $ Part 3 Amount $3,300.00 $550.00 $110.00 $275.00 Mary's economic profit was $ . Make sure you include the negative sign if her profit is less than zero.Sara makes wedding cakes from her home. A customer has requested two duplicate wedding cakes: one for the wedding and one to be frozen for their anniversary. The couple has offered $400 for both cakes instead of $500 ($250 each). The cost information to make one cake is shown in the image. What is the cost for the first cake? What cost would not be included in the second cake? What is the cost of the second cake? What would be the total cost of this order if the offer was accepted? How much profit will Sara be recording for this special order? If your company policy is to always have a 15% profit on all order, would you still accept this order? If you would not accept the order, what price would you negotiate?It costs People’s Place $0.20 for coffee beans per each cup of coffee, $0.10 per coffee cup, and $0.05 every time the coffee machine is used. The company also pays fixed costs of $700 for labor for each week, and $200 for rent and insurance on the coffee shop each week. The price of a cup of coffee is $1.25. How many cups of coffee do they need to sell if they want to break-even?
- K A bakery would like you to recommend how many loaves of its famous marble rye bread to bake at the beginning of the day. Each loaf costs the bakery $4.00 and can be sold for $7.00. Leftover loaves at the end of each day are donated to charity. Research has shown that the probabilities for demands of 25, 50, and 75 loaves are 35%, 25%, and 40%, respectively. Make a recommendation for the bakery to bake 25, 50, or 75 loaves each morning. Find the expected monetary value when baking 25 loaves. EMV = $ (Type an integer or a decimal.) Find the expected monetary value when baking 50 loaves. EMV=S (Type an integer or a decimal.) Find the expected monetary value when baking 75 loaves. EMV = S (Type an integer or a decimal.) Make a recommendation for the bakery to bake 25, 50, or 75 loaves each morning. The bakery should bake ▼ loaves of bread every morning.Sara sells hats for children. She is able to sell at OMR 18 per unit. Materials for the hats cost OMR 4. Fixed cost is OMR 280. She sells 80 hats each month. What is her profit?Suppose Frances earns $825 per week working as a programmer for PC Pros. She uses $9 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Dmitri $450 per week to work the cash register. Dmitri uses $175 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market Frances spends $9 to buy a box of aspirin. Frances earns $825 per week working for PC Pros. Dmitri spends $175 to purchase software from PC Pros. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. a. Frances's labor b. The $450 per week Dmitri earns working for Pillmart Pharmacy c. The aspirin Frances receives d. The $175 Dmitri spends to purchase software from PC Pros
- Help me pleaseEvery year in early October Steven King buys pumpkins of one size from a farmer in Maine and then hires an artist to carve bewitching faces in them. He then tries to sell them at his produce stand in a public market in Boston.The farmer charges Steven $2.50 per pumpkin and the artist is paid $2.00 per carved pumpkin. Steven sells a carved pumpkin for $8.00. Any pumpkins not sold by 5:00 p.m. on Halloween are donated to Steven's favorite children's hospital. Steven pays the artist $0.75 per pumpkin to rush the pumpkins to the hospital for the youngsters to enjoy.Steven estimates the demand for his pumpkins this season to be uniformly distributed within a range of 30 to 70. a. How many pumpkins should Steven have available for sale? b. Based on your answer to (a), what is the probability that Steven will be short five or more pumpkins? Please how a correct solution. Thank you.Tracy is unsure how much to charge for the cupcakes. When she was making the cupcakes by herself and only rented a small storefront that was only open on weekends, she calculated the cost per cupcake based on the cost of ingredients and she added 50% to that cost to cover all of her other expenses. She is not sure if that was accurate. Tracy has asked you to help her determine the cost per cupcake. She has given you her estimated total for each expense. She does not know how to allocate her overhead costs. She also knows that some of her costs are product costs and some are period costs. She has given you a list of costs and needs you to, first, determine which costs are period costs and which costs are product costs and, secondly, determine which are direct materials, direct labor, and factory overhead. She believes that the best cost driver for the factory overhead costs to be the number of cupcakes baked and sold. Your assignment is to calculate the cost per cupcake and…