Cohen Company produces and sells socks. Variable cost is $6 per pair, and fixed costs for the year total $75,000. The selling price is $10 per pair. Required: 1. Calculate the breakeven point in units. 2. Calculate the breakeven point in sales dollars. 3. Calculate the units required to make a before-tax profit of $40,000. 4. Calculate the sales dollars required to make a before-tax profit of $35,000. (Do not round intermediate calculations.) 5. Calculate the sales, in units and in dollars, required to make an after-tax profit of $25,000 given a tax rate of 30%.

Answer:

Results are below.

Explanation:

a) To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 75,000 / 4

Break-even point in units= 18,750

b)To calculate the break-even point in dollars, we need to use the following formula:

Break-even point (dollars)= fixed costs/ contribution margin ratio

Break-even point (dollars)= 75,000 / (4/10)

Break-even point (dollars)= $187,500

c) Desired profit= $40,000

Break-even point in units= (fixed costs + desired profit) / contribution margin per unit

Break-even point in units= (75,000 + 40,000) / 4

Break-even point in units= 28,750

d) Desired profit= $35,000

Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio

Break-even point (dollars)= (75,000 + 35,000) / 0.4

Break-even point (dollars)= $275,000

e) Desired profit (before taxes)= 25,000/0.7= $35,714

Break-even point in units= (fixed costs + desired profit) / contribution margin per unit

Break-even point in units=  110,714/4

Break-even point in units= 27,679

Break-even point (dollars)= (fixed costs + desired profit) / contribution margin ratio

Break-even point (dollars)= 110,714/0.4

Break-even point (dollars)=$276,785

Your restaurant plans to spend $1,000 on social media ads. Your average meal sells for $10 and food cost is 30%. How
many additional meals do you need to sell to breakeven on your advertising?
Ignore all
other restaurant costs except food cost
a) 100 meals
b) 132 meals
c) 143 meals
d) 1000 meals

Buffalo Corporation issues $630,000 of 9% bonds, due in 11 years, with interest payable semiannually. At the time of issue, the market rate for such bonds is 10%. Click here to view factor tables. Compute the issue price of the bonds. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Issue price of the bonds

Karen and Anika, the owners of a new personal assistant firm called Assist You 2, are interested in offering their services in a community filled with other start-up firms and local shops. Now that they have completed the segmentation and targeting processes, to ensure that they are best positioning their service within this community, they must next:________

Asset management ratios are used to measure how effectively a firm manages its assets, by relating the amount a firm has invested in a particular type of asset (or group of assets) to the amount of revenues the asset is generating. Examples of asset management ratios include the average collection period (also called the days sales outstanding ratio), the inventory turnover ratio, the fixed asset turnover ratio, and the total asset turnover ratio
Consider the following case:
Crawford Construction has a quick ratio of: 2.00x, $36,225 in cash, $20,125 in accounts receivable, some inventory, total current assets of $80,500, and total current liabilities of $28,175. The company reported annual sales of $100,000 in the most recent annual report.
Over the past year, how often did Crawford Construction sell and replace its inventory?
a. 4.14 x
b. 4.55 x
c. 2.86x
d. 8.01 x
The inventory turnover ratio across companies in the construction industry is 4.55x. Based on this information, which of the following statements is true for Crawford Construction?
a. Crawford Construction is holding less inventory per dollar of sales compared to the industry average
b. Crawford Construction is holding more inventory per dollar of sales compared to the industry average

You need to accumulate $10,000. To do so, you plan to make deposits of $1,000 per year - with the first payment being made a year from today - into a bank account that pays 14% annual interest. Your last deposit will be less than $1,000 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal

Hochberg Corporation uses an activity-based costing system with the following three activity cost pools: Activity Cost Pool Total Activity Fabrication 50,000 machine-hours Order processing 625 orders Other Not applicable The Other activity cost pool is used to accumulate costs of idle capacity and organization-sustaining costs. The company has provided the following data concerning its costs: Wages and salaries $ 461,000 Depreciation 123,000 Occupancy 207,000 Total $ 791,000 The distribution of resource consumption across activity cost pools is given below: Activity Cost Pools Fabricating Order Processing Other Total Wages and salaries 15% 65% 20% 100% Depreciation 15% 40% 45% 100% Occupancy 20% 75% 5% 100% The activity rate for the Fabrication activity cost pool is closest to:

Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $66,500 Work-in-Process Inventory, Beginning 11,100 Work-in-Process Inventory, Ending 9,300Selling and Administrative Expense 15,750 Finished Goods Inventory, Ending 15,825Finished Goods Inventory, Beginning Direct Materials Used Skipped Factory Overhead Applied 12,300Operating Income 14,165 Direct Materials Inventory, Beginning 11,135 Direct Materials Inventory, Ending 6,105Cost of Goods Manufactured 61,410 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount in the finished goods inventory at the beginning of the year?

Differential Analysis for a Lease or Sell Decision Granite Construction Company is considering selling excess machinery with a book value of $281,300 (original cost of $401,500 less accumulated depreciation of $120,200) for $275,000, less a 5% brokerage commission. Alternatively, the machinery can be leased for a total of $283,300 for five years, after which it is expected to have no residual value. During the period of the lease, Granite Construction Company's costs of repairs, insurance, and property tax expenses are expected to be $26,200. a. Prepare a differential analysis, dated November 7 to determine whether Granite should lease (Alternative 1) or sell (Alternative 2) the machinery. Differential Analysis Lease Machinery (Alt. 1) or Sell Machinery (Alt. 2) November 7 Lease Machinery (Alternative 1) Sell Machinery (Alternative 2) Differential Effect on Income (Alternative 2) Revenues $fill in the blank 12173b05f07a00b_1 283,300 $fill in the blank 12173b05f07a00b_2 275,000 $fill in the blank 12173b05f07a00b_3 Costs fill in the blank 12173b05f07a00b_4 26,200 fill in the blank 12173b05f07a00b_5 fill in the blank 12173b05f07a00b_6 Income (Loss) $fill in the blank 12173b05f07a00b_7 $fill in the blank 12173b05f07a00b_8 $fill in the blank 12173b05f07a00b_9

A person who is an entrepreneur is also a businessperson. true or false?​

Entries and Balance Sheet for Partnership On April 1, 20Y1, Whitney Lang and Eli Capri form a partnership. Lang agrees to invest $15,100 cash and merchandise inventory valued at $40,800. Capri invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $101,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow: Capri's Ledger Balance Agreed-Upon Balance Accounts Receivable $23,100 $18,700 Allowance for Doubtful Accounts 1,000 1,300 Merchandise Inventory 26,900 36,000 Equipment 45,300 43,900 Accumulated Depreciation-Equipment 15,100 Accounts Payable 8,200 8,200 Notes Payable (current) 5,000 5,000
The partnership agreement includes the following provisions regarding the division of net income: interest of 10% on original investments, salary allowances of $36,000 (Lang) and $22,000 (Capri), and the remainder equally.
Required:
1. Journalize the entries to record the investments of Lang and Capri in the partnership accounts. For a compound transaction, if an amount box does not require an entry, leave it blank.
ACCOUNT DEBIT CREDIT
Apr. 1
Apr. 1
2. Prepare a balance sheet as of April 1, 20Y1, the date of formation of the partnership of Lang and Capri.
Lang and Capri
Balance Sheet
April 1, 20Y1
Assets
Current assets:
Total current assets $
Property, plant, and equipment:
Total assets $
Liabilities
Current liabilities:
$
Total liabilities $
Partners' Equity
$
Total partners' equity
Total liabilities and partners' equity $
3. After adjustments at March 31, 20Y2, the end of the first full year of operations, the revenues were $598,000 and expenses were $480,000, for a net income of $118,000. The drawing accounts have debit balances of $40,000 (Lang) and $30,000 (Capri). Journalize the entries to close the revenues and expenses and the drawing accounts at March 31, 20Y2. For a compound transaction, if an amount box does not require an entry, leave it blank.
ACCOUNT DEBIT CREDIT
Mar. 31
Mar. 31

Ralph and Elaine have brought a new marketing idea to their company, Sportswear, Inc. Elaine is a bit concerned about the ethical implications of the new strategy. Therefore, the marketing team has decided to use the IDDR approach to decide whether or not to pursue Ralph and Elaine's idea. During the inquiry step of this strategy, the team is struggling to identify the ethical problem. In doing so, they should:

Mutual funds _____. a. are investment companies that use funds provided by savers to buy various types of financial assets, including stocks and bonds, in the financial markets b. cater to savers, especially individuals who have relatively small savings or need long-term loans to purchase houses c. are groups of investment banking firms formed to spread the risk associated with the purchase and distribution of a new issue of securities d. are depository institutions that are owned by its depositors, who are often members of a common organization or association e. are organizations that distribute new issues of securities for corporations

why the feedback form is so important for the trainer and the training itself?​

Prepare the journal entries to record the sale of any job(s) during the month. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Account Titles and Explanation Debit Credit
(1)
(To record sale of jobs)
(2)
(To record cost of jobs)
SHOW LIST OF ACCOUNTSLINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
What is the balance in the Finished Goods Inventory account at the end of the month? What does this balance consist of?
Finished Goods Inventory $
Job No. 50 Job No. 51 Job No. 52 Jobs 50 and 51 Jobs 51 and 52 Jobs 50 and 52
SHOW LIST OF ACCOUNTS
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
What is the amount of over- or underapplied overhead?
Manufacturing Overhead $
Overapplied Underapplied

Following are the January transactions:
a) Received a $795 deposit from a customer who wanted her piano rebuilt in February.
b) Rented a part of the building to a bicycle repair shop: $545 rent received for January.
c) Delivered five rebuilt pianos to customers who paid $14,425 in cash.
d) Delivered two rebuilt pianos to customers for $7,600 charged on account.
e) Received $6,400 from customers as payment on their accounts.
f) Received an electric and gas utility bill for $750 for January services to be paid in February.
g) Ordered $1,140 in supplies.
h) Paid $3,400 on account in January.
i) Paid $16,900 in wages to employees in January for work done this month.
j) Received and paid cash for the supplies in (g).
Prepare journal entries for the above January transactions.

How does information management differ from a management information system (MIS) ?


​

Riverbed Corp provides security services. Selected transactions for Riverbed Corp are presented below. Oct. 1 Issued common stock in exchange for $67,300 cash from investors. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $2,000. 7 Purchased equipment for $18,400, paying $4,100 cash and the balance on account. 8 Paid $500 for advertising. 10 Received bill for equipment repair cost of $400. 12 Provided security services for event for $3,300 on account. 16 Purchased supplies for $420 on account. 21 Paid balance due from October 7 purchase of equipment. 24 Received and paid utility bill for $151. 27 Received payment from customer for October 12 services performed. 31 Paid employee salaries and wages of $5,200.
Date Account Titles and Explanation Debit Credit 1 Cash 67,300 Common Stock 67,30 2 No Entry No Entry Rent Expense 2.000 Cash 2.06 Equipment 18,400 Cash 4.10 Accounts Payable 1436 Advertising Expense 1,700 Cash 1.70 10 Maintenance and Repairs Expense 420 Accounts Payable 42 12 Accounts Receivable 3.300 Service Revenue 3,30 16 Supplies 420 Accounts Payable 21 V Accounts Payable 14300 Cash 1434 24 Utilities Expense 151 Cash 15 27 Cash 3,300 Accounts Receivable 3.30 31 > Salaries and Wages Expense 5.200 Cash 5.26 Post the transactions to accounts. (Post entries in the order of journal entries presented in the previous port. For accounts with zero balance select "Balance from the list and enter or leave it blank) Cash < < < < Accounts Receivable Supplies Equipment < Accounts Payable < Common Stock Accounts Payable < Common Stock Service Revenue Advertising Expense Salaries and Wages Expense Maintenance & Repairs Expense V Rent Expense < Utilities Expense <

A sharp downturn in the U.S. housing market reduced the income of many who worked in the home construction industry. A Wall Street Journal news article reported that Walmart’s wire-transfer business was likely to suffer because many construction workers are Hispanics who regularly send part of their wages back to relatives in their home countries via Walmart. With this information, use one of the principles of economy-wide interaction to trace a chain of links that explains how reduced spending for U.S. home purchases is likely to affect the performance of the Mexican economy.

If you receive a phone call that seeks to verify or update personal information you should: ________

a. ask to speak to a supervisor.
b. ask several questions of the solicitor to verify their authenticity.
c. obtain their name and address in case you need to contact them in the future.
d. obtain their name and phone number and call them back to verify their credentials.

Ravine Corporation purchased 30 percent ownership of Valley Industries for $94,800 on January 1, 20X6, when Valley had capital stock of $260,000 and retained earnings of $56,000. During the period of January 1, 20X6, through December 31, 20X9, the market value of Ravine's investment in Valley's stock increased by $11,000 each year. The following data were reported by the companies for the years 20X6 through 20X9:
Dividends Declared
Year Operating Income, Ravine Corporation Net Income, Valley Industries Ravine Valley
20X6 $ 140,000 $ 30,000 $ 70,000 $ 20,000
20X7 80,000 50,000 70,000 40,000
20X8 220,000 10,000 90,000 40,000
20X9 160,000 40,000 100,000 20,000
Required:
a. What net income would Ravine Corporation have reported for each of the years, assuming Ravine accounts for the intercorporate investment using the cost method and the equity method?
b-1. Give all appropriate journal entries for 20X8 that Ravine made under the cost method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Select all the correct answers.
Which three statements are true as they relate to supply and demand?
As supply rises, prices generally decrease.
As demand decreases, costs generally increase.
OOOOO
As supply decreases, prices increase.
The average rate of change describes how much a quantity changes as price increases.
As demand rises, the price of the product decreases.

Where can a user adjust the setting for the number of copies to print?
Report Wizard
Print Preview
Page Setup dialog box
Windows Print dialog box

Vocabulary - Mortgage-related concepts and terminology Are All Mortgage Loans Alike? In short, the answer is no! Mortgage loans vary with the preferences of the individual lender and the borrower In general, mortgage loans can be differentiated according to their terms of payment, their down payment requirements, and whether they are insured or guaranteed. Mortgage loans, or loans that use as collateral, are made by commercial banks, thrift institutions, and mortgage bankers. In addition to these traditional sources, mortgage brokers also solicit borrowers and originate a large volume of these loans. Brokers often place their loans with these traditional mortgage lenders as well as with Which of the following statements accurately describe the similarities and differences between mortgage bankers and mortgage brokers? Check all that apply. Although mortgage brokers often appear to work on behalf of their borrowing customers, they are ultimately paid by the mortgage lender Mortgage brokers lend their own money to borrowers, while mortgage bankers find borrowers for interested lenders as well as lenders for interested borrowers. Mortgage brokers earn their income from the interest on the mortgage loans, whille bankers earn their income in the form of commissions and loan-origination fees. To review the differences in the characteristics of different types of mortgage loans, match the types of mortgages and related programs listed on the left with their descriptions on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Description Answer on the loan for a Making Automobile and Housing Decisions These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Fixed-rate mortgage
A. This mortgage allows the borrower to pay only the accrued interest on the loan for a specified period of time; after this date, all payments require the payment of both interest and principal Interest-only mortgage
B This mortgage is characterized by an interest rate and monthly payments that can be adjusted over the life of the loan based on movements in market interest rates. VA loan guarantee
C This mortgage is characterized by a constant interest rate and constant monthly payments over the life of the loan. Biweekly mortgage
D. This mortgage allows a borrower to convert from an adjustable-rate loan to a fixed-rater loan during a prespecified time period. Two-step ARM
E. This mortgage uses 26, rather than 12, payments per year to reduce the total amount of interest paid over the life of the loan and accelerate the repayment of the mortgage loan's principal-compared to an otherwise identical fixed-rate mortgage. This adjustable rate mortgage allows for only one rate change: a lower rate remains
F. Adjustable-rate constant for the first five to seven years of the loan's term and then increases to a mortgage higher constant rate that continues throughout the remaining life of the loan. This loan program, offered through a department of the federal government, provides
G. Convertible ARM mortgage insurance to lenders offering mortgage loans with loan-to-value ratios greater than 80% . This loan quarantee is offered by a department of the federal government to lenders
H. Graduated-payment ARM who make qualified loans to eligible veterans of the U.S. Armed Forces and their surviving spouses. This type of mortgage typically requires a down payment of 20% of the value of the
I. FHA mortgage insurance mortgaged property. This mortgage allows borrowers to make smaller-but gradually and constantly
J. Conventional mortgage increasing-payments for the first three to five years. At the end of this period, the payments then stabilize at the higher level and are repaid over the remaining life of the loan.

Smoky Mountain Corporation makes two types of hiking boots--Xtreme and the Pathfinder. Data concerning these two product lines appear below:

Xtreme Pathfinder
Selling price per unit $140.00 $99.00
Direct materials per unit $72.00 $53.00
Direct labor per unit $24.00 $12.00
Direct labor-hours per unit 2.0 DLHs 1.0 DLHs
Estimated annual production and sales 20,000 units 80,000 units

The company has a traditional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below:

Estimated total manufacturing overhead $1,980,000
Estimated total direct labor-hours 120,000 DLHs

Required:
Compute the product margins for the Xtreme and the Pathfinder products under the company's traditional costing system. (Round your intermediate calculations to 2 decimal places.)

Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Panarin has provided the following analysis of price and cost for the contracts:

Contract A Contract B
Contract price $125,000 $80,000
Cost of related goods 70,000 55,000
Gross profit (loss) $55,000 $25,000

Hjalmarsson, the customer, may cancel both contracts if either of them is not fulfilled by Panarin in a timely manner. Stand-alone prices are typically $120,000 for the goods in Contract A and $80,000 for the goods in Contract B.
Required:
a. Should the two contracts be combined for purposes of applying the 5-step revenue recognition model?
b. What amount of revenue should Panarin associate with each of the contracts?
c. When should revenue be recognized on each of the contracts?

Denton and Carlo worked at an appliance plant. Their job required them to do occasional maintenance work while standing on a wire mesh twenty feet above the plant floor. Other employees had fallen through the mesh, and one was killed by the fall. When Denton and Carlo were asked by their supervisor to do work that would likely require them to walk on the mesh, they refused due to their fear of bodily harm or death. Because of their refusal to do the requested work, the two employees were fired from their jobs. Was their discharge wrongful? If so, under what federal employment Law? What federal agency or department could assist them?

A consumer faces a tradeoff between labor (L) and leisure (R). She consumes a composite good (C). When the consumer works, she earns an hourly wage of $14.00, and she spends a maximum of 24 hours on labor and leisure, but she chooses to work 10.00 hours. Whatever time she does not spend working, she spends on leisure. She starts with an initial endowment of 21.00 units of the composite good, which she can buy and sell freely at a market price of $12.00.

Required:
What is the consumer's real wage?

On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $69,600. The equipment had a three-year estimated life with a $4,500 salvage value. Straight-line depreciation was used. At the beginning of Year 3, Poultry Processing revised the expected life of the asset to four years rather than three years. The salvage value was revised to $3,500.
Required Compute the depreciation expense for each of the four years, Year 1-Year 4
Depreciation Expense
Year 1
Year 2
Year 3
Year 4

All of the following are positive outcomes of employee development except: Group of answer choices development enhances the organization's capacity to control environmental forces. development increases the chances that the most capable employees will be attracted to work in the organization. development enhances retention. development ensures that employees have the knowledge and skill to effectively perform in the future.

Planning to finance higher education helps people prepare for their financial future because it teaches them about

loans and interest.
savings accounts.
filing taxes
short-term goals.