Category: Accounting

“Duncan and Harrison provides​ hair-cutting services in the local community. In February​, the business cut the hair of 200 clients, earned $ 5,400 in​ revenues, and incurred the following operating​ costs:Hair Supplies Expense: $ 400Building Rent Expense: 1,000Utilities Expense: 200Depreciation Expense—Equipment: 60”,”Select the formula​ labels, then enter the amounts and compute the cost of service of providing one haircut.Total operating costs / total number of haircuts = cost per haircut$1

Managerial Accounting

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“Doggie Grooming provides grooming services for pets. In April​, the company earned $ 16,000 in revenues and incurred the following operating costs to groom 610 dogs:Wages $4,583Grooming Supplies Expense: 1,675Building Rent Expense: 600Utilities Expense: 285Depreciation Expense—Equipment: 55Requirements1. What is Doggie​’s net income for April? 2. What is the cost of service to groom one​ dog?”,”Doggie’s Income StatementMonth Ended April 30 Revenues:Service Revenue $16,000Expenses: Wages Expense $4,583 Grooming Supplies Expense 1,675 Building Rent Expense 600 Utilities Expense 285 Depreciation Expense—Equipment 55 Total Expenses 7,198Net Income (Loss) $8

Managerial Accounting

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“Root Brush Company sells standard hair brushes. The following information summarizes Root​’s operating activities for 2016​:Selling and Administrative Expenses $44,880Purchases 62,700Sales Revenue 132,000Merchandise Inventory, January 1, 2016 9,900Merchandise Inventory, December 31, 2016 5,280”,”Requirement 1. Calculate the operating income for 2016.Root Brush CompanyIncome StatementYear Ended December 31, 2016 Revenue: Sales Revenue $132,000Cost of Goods Sold: Beginning Merchandise Inventory $9,900 Purchases 62,700 Cost of Goods Available for Sale 72,600 Ending Merchandise Inventory(5,280)Cost of Goods Sold 67,320Gross Profit 64,680Selling and Administrative Expenses 44,880Operating Income $19,800Requirement 2. Root sold 6

Managerial Accounting

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“Below are data for two​ companies: Company A Company BBeginning balances:Merchandise Inventory $9,600Finished Goods Inventory $14,800Ending balances:Merchandise Inventory 13,900Finished Goods Inventory 12,900Net Purchases 156,500Cost of Goods Manufactured 211,000”,”Requirement 1. Define the three business​ types: service,​ merchandising, and manufacturing.Service – Does not sell products. They sell time, skills, and knowledge.Merchandising – Resells products previously bought from suppliers.Manufacturing – Uses labor, equipment, supplies, and facilities to convert raw materials into new finished products. Requirement 2. Based on the data given for the two​ companies, determine the business type of each one.Company A is a merchandising company and Company B is a manufacturing company.Requirement 3. Calculate the cost of goods sold for each company. Begin by calculating the cost of goods sold for Company A.Beginning Merchandise Inventory $9,600Purchases 153,500Cost of Goods Available for Sale 163,100Ending Merchandise Inventory (12,700)Cost of Goods Sold $150,400Company BBeginning Finished Goods Inventory $15,000Cost of Goods Manufactured 211,000Cost of Goods Available for Sale 226,000Ending Finished Goods Inventory (11,900)Cost of Goods Sold $214

Managerial Accounting

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“Glass Time repairs chips in car windshields. The company incurred the following operating costs for the month of February 2016​:Salaries and wages $9,000Windshield repair materials 5,000Depreciation on truck 150Depreciation on building and equipment 1,100Supplies used 600Utilities 1,950Glass Time earned $ 20,000 in revenues for the month of February by repairing 500 windshields. All costs shown are considered to be directly related to the repair service.”,”Glass TimeIncome StatementMonth Ended February 28, 2016Revenues: Sales Revenue $20,000Expenses: Salaries and Wages Expense $9,000 Materials Expense 5,000 Utilities Expense 1,950 Depreciation Expense—Building and Equipment 1,100 Supplies Expense 600 Depreciation Expense—Truck 150Total Expenses 17,800Net Income (Loss) $2

Managerial Accounting

Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.“Glass Time repairs chips in[…]

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