Home / Questions / Course: Principal of Managerial Accounting Course Code: ACCT 201 Spring 2016 Assignment 01
Kaahi Shop, Inc., is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May 31:
Amount Total sales revenue $ 800,000
Selling price per surfboard
$ 400 Variable selling expenses per surfboard $50
Variable administrative expenses per surfboard
$20 Total fixed selling expenses $ 150,000
Total fixed administrative expenses
$ 120,000 Merchandise inventory, beginning balance $ 80,000
Merchandise inventory, ending balance
$ 100,000 Merchandise purchases $ 320,000
Required:
1. Prepare a traditional income statement for the quarter ended May 31.
2. Prepare a contribution format income statement for the quarter ended May 31.
3. What was the contribution toward fixed expenses and profits for each surfboard sold during the quarter? (State this figure in a single dollar amount per surfboard).
Nov 08 2017 Read more Less More
Watch the films homestretch and documented on amazon and then write the challenges the characters had to over come during the film
Mar 13 2020The demand for a certain weekly magazine at a newsstand is a random variable with probability mass function p(i) = (10−i)/18, i = 4, 5, 6, 7. If the magazine sells for $a...
Aug 03 2020Calculate the time required for a constant current of 0.750 A to deposit 0.270 g of (a) Co (ll) as the element on a cathode and (h) as Co3O4 on an anode. Assume 100% curr...
Jun 23 2020Bonds are a safer form of investment becausea. full bond payments are made before stockholders receive any dividendsb. they are guaranteed by the governmentc. they are ...
Dec 09 2019Calculate the present worth (year 0) of a lease that requires a payment of $20,000 now and amounts increasing by 5% per year through year 10. Use an interest rate of 14% per year.
May 18 2018Please pick one stakeholder from Box 1-1, Framework 3 and discuss the possible impact of recent proposed changes to provision of health care (proposed repeal/revision of ...
Aug 27 2020A light-alloy I-beam of 10 cm overall depth has flanges of overall breadth 5 cm and thickness 0.625 cm, the thickness of the web is 0.475 cm. If the bending stresses are ...
May 16 2020The following graph shows demand curve (in blue) and a supply curve (in orange). Suppose a price ceiling of $6 per unit is imposed. Use the green points (triangle symbols...
Jun 02 2020Two identical objects A and B of mass M move on a one-dimensional, horizontal air track. Object B initially moves to the right with speed vo. Object A initially moves to...
Jun 21 2020A new production technology for making vitamins is invented by acollege professor who decides not to patent it. Thus, it isavailable for anybody to copy and put into use....
May 16 2020Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.