ACCT20200 Midterm: Addison Master Budget solution
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Foam Products, Inc., makes foam seat cushions for the automotiveand aerospace industries. The companyâs activity-based costingsystem has four activity cost pools, which are listed below alongwith their activity measures and activity rates:
Activity Cost Pool | ActivityMeasure | Activity Rate | ||
Supporting direct labor | Numberof direct labor-hours | $5.55 | perdirect labor-hour | |
Batch processing | Number ofbatches | $ 107.00 | per batch | |
Order processing | Number oforders | $ 275.00 | per order | |
Customer service | Number ofcustomers | $ 2,463.00 | percustomer | |
The company just completed asingle order from Interstate Trucking for 1,000 custom seatcushions. The order was produced in two batches. Each seat cushionrequired 0.25 direct labor-hours. The selling price was $20 perunit, the direct materials cost was $8.50 per unit, and the directlabor cost was $6.00 per unit. This was Interstate Truckingâs onlyorder during the year. |
Required: |
Prepare a report showing the customer margin on sales toInterstate Trucking for the year. (Round your final answersto 2 decimal places.) |
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2.Alpaca Corporation had revenues of $295,000 in its first yearof operations. The company has not collected on $19,800 of itssales and still owes $27,900 on $95,500 of merchandise itpurchased. The company had no inventory on hand at the end of theyear. The company paid $13,600 in salaries. Owners invested $18,500in the business and $18,500 was borrowed on a five-year note. Thecompany paid $4,600 in interest that was the amount owed for theyear, and paid $8,600 for a two-year insurance policy on the firstday of business. Alpaca has an effective income tax rate of8%.
Compute the cash balance at the end of the first year for AlpacaCorporation.
A. $203,640
B. $215,640
C. $183,640
D. $194,640
3.
Listed below are several transactions that tookplace during the first two years of operations for the law firm ofPete, Pete, and Roy.
Year 1 | Year 2 | |||||
Amounts billed to customers for services rendered | $ | 180,000 | $ | 230,000 | ||
Cashcollected from customers | 155,000 | 185,000 | ||||
Cashdisbursements: | ||||||
Salaries paid toemployees for services rendered during the year | 85,000 | 95,000 | ||||
Utilities | 27,500 | 35,000 | ||||
Purchase of insurancepolicy | 58,500 | 0 | ||||
In addition, youlearn that the company incurred utility costs of $32,500 in year 1,that there were no liabilities at the end of year 2, no anticipatedbad debts on receivables, and that the insurance policy covers athree-year period. |
Required: | |
1. | Calculate the net operating cash flow for years1 and 2. (Net cash outflowsshould be indicated by a minus sign.) |
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Net Operating Cash flow
2. | Prepare an income statement for eachyear according to the accrual accounting model. |
Income Statements: Year 1 Year 2 Revenues Expenses: Salaries Utilities Insurance Net Income (loss) |
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3. | Determine the amount of receivablesfrom customers that the company would show in its year 1 and year 2balance sheets prepared according to the accrual accountingmodel. |
Year 1 Year 2
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2.Alpaca Corporation had revenues of $295,000 in its first yearof operations. The company has not collected on $19,800 of itssales and still owes $27,900 on $95,500 of merchandise itpurchased. The company had no inventory on hand at the end of theyear. The company paid $13,600 in salaries. Owners invested $18,500in the business and $18,500 was borrowed on a five-year note. Thecompany paid $4,600 in interest that was the amount owed for theyear, and paid $8,600 for a two-year insurance policy on the firstday of business. Alpaca has an effective income tax rate of8%.
Compute the cash balance at the end of the first year for AlpacaCorporation.
A. $203,640
B. $215,640
C. $183,640
D. $194,640
3.
Listed below are several transactions that tookplace during the first two years of operations for the law firm ofPete, Pete, and Roy.
Year 1 | Year 2 | |||||
Amounts billed to customers for services rendered | $ | 180,000 | $ | 230,000 | ||
Cashcollected from customers | 155,000 | 185,000 | ||||
Cashdisbursements: | ||||||
Salaries paid toemployees for services rendered during the year | 85,000 | 95,000 | ||||
Utilities | 27,500 | 35,000 | ||||
Purchase of insurancepolicy | 58,500 | 0 | ||||
In addition, youlearn that the company incurred utility costs of $32,500 in year 1,that there were no liabilities at the end of year 2, no anticipatedbad debts on receivables, and that the insurance policy covers athree-year period. |
Required: | |
1. | Calculate the net operating cash flow for years1 and 2. (Net cash outflowsshould be indicated by a minus sign.) |
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Year 1 Year 2
Net Operating Cash flow
2. | Prepare an income statement for eachyear according to the accrual accounting model. |
Income Statements: Year 1 Year 2 Revenues Expenses: Salaries Utilities Insurance Net Income (loss) |
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3. | Determine the amount of receivablesfrom customers that the company would show in its year 1 and year 2balance sheets prepared according to the accrual accountingmodel. |
Year 1 Year 2
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