I need help with this accounting question for only step 1 and 2 asap. I will give
Fantastic news! We've Found the answer you've been seeking!
Question:
I need help with this accounting question for only step 1 and 2 asap. I will give good rating!!!
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648a755d86f3_4616648a755746a2.jpg)
Transcribed Image Text:
Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000 units. Sales Costs Direct materials Fixed Budget For Year Ended December 311 $3,000,000 975,000 PROBLEM SET A Problem 21-1A Preparing and analyzing a flexible budget P1 Direct labor... Sales staff commissions 225,000 60,000 Depreciation-Machinery 300,000 Supervisory salaries 200,000 Shipping 225,000 Sales staff salaries (fixed annual amount) 250,000 Administrative salaries 411,000 Depreciation-Office equipment 195.000 Income $ 159,000 Required 1. Classify all items listed in the fixed budget as variable or fixed. For variable costs, determine their amounts per unit. For fixed costs, determine their amounts for the year. 2. Prepare flexible budgets (see Exhibit 21.3) at sales volumes of 14,000 and 16,000 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. Prepare a simple budgeted income statement (as in Exhibit 21.1) if 18,000 units are sold. Check (2) Budgeted income at 16,000 units, $260.000 Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,000 units. Sales Costs Direct materials Fixed Budget For Year Ended December 311 $3,000,000 975,000 PROBLEM SET A Problem 21-1A Preparing and analyzing a flexible budget P1 Direct labor... Sales staff commissions 225,000 60,000 Depreciation-Machinery 300,000 Supervisory salaries 200,000 Shipping 225,000 Sales staff salaries (fixed annual amount) 250,000 Administrative salaries 411,000 Depreciation-Office equipment 195.000 Income $ 159,000 Required 1. Classify all items listed in the fixed budget as variable or fixed. For variable costs, determine their amounts per unit. For fixed costs, determine their amounts for the year. 2. Prepare flexible budgets (see Exhibit 21.3) at sales volumes of 14,000 and 16,000 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. Prepare a simple budgeted income statement (as in Exhibit 21.1) if 18,000 units are sold. Check (2) Budgeted income at 16,000 units, $260.000
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Vicky's income for 2020-21 consists of her UK salary of 50,270 and rents from overseas property (net of 30% withholding tax) of 3,500. Vicky is UK resident in 2020-21 and she is not a Scottish...
-
Explain the differences between the following dividend policies: (a) Regular quarterly dividends. (b) Regular quarterly dividends plus extras. (c) Irregular dividends.
-
Stock transactions for Cautious Driving School, Inc. follow: Mar. 4 Issued 29,000 shares of $1 par value common stock at $8 per share. May 22 Purchased 900 shares of treasury stockcommon at $11 per...
-
The following business transactions represent selected cash receipts (cash inflows) and cash payments (cash outflows) of Los Altos Cyclery. A blank form is provided in the Working Papers. Your...
-
Merle, come here and take a look at these end-of-the-week reports, Portia pleads. As one of the managers on the six-person IS task force/quality assurance committee, Portia has been examining for her...
-
Please help we with this case duty and answer the questions in dot points with specifics to the notes of each question with references Mini Case: Building Shared Services at RR Communications Vince...
-
Foreign Direct Investment in Malaysia Foreign Direct Investment ( ( FDI ) ) in Malaysia registered higher net inflow of RM 4 8 . 1 4 8 . 1 billion in 2 0 2 1 2 0 2 1 as compared to RM 1 3 . 3 1 3 . 3...
-
What were some of the important comments the COSO report made about internal controls?
-
Should the instruction following the TEST instruction be interruptible? If so, what must the implicit BRANCH instruction (interrupt) do?
-
How does a summary finding sheet help facilitate report writing?
-
If the aggregated amount of audit errors is found to be material, what should the auditors do?
-
Why are internal controls so important within an entity?
-
Ashely owns stock in a company which has consistently paid a growing dividend over the last five years. The first year Ashley owned the stock, she received $1.71 per share and in the fifth year, she...
-
Write the general quadratic equation y2 - 8y - 4x + 28 = 0 in standard form. Determine the vertex, focus, and directrix of the parabola defined by this equation. Sketch a graph.
-
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book. You are considering an investment in Columbia Sportswear after a recent outdoor trip...
-
Crescent Paints, Inc., a paint manufacturer, has been in business for five years. The company has had modest profits and has experienced few operating difficulties until this year, 2019, when...
-
Listed below are selected financial data for three corporations: Honeywell International, Inc. (environmental controls), The Dow Chemical Company (chemicals and plastic products), and Abbott...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App