AirQual Test Corporation provides on-site air quality testing services. The company has provided the following cost formulas and actual results for the month of February: Fixed Component per Month Variable Component per Job Actual Total for February
Revenue $280 $39,250
Technician wages $8,400 $8,250
Mobile lab operating expenses $4,800 $31 $9,290
Office expenses $2,400 $3 $2,700
Advertising expenses $1,580 $1,650
Insurance $2,870 $2,870
Miscellaneous expenses $970 $1 $425

The company uses the number of jobs as its measure of activity. For example, mobile lab operating expenses should be $4,800 plus $31 per job, and the actual mobile lab operating expenses for February were $9,290. The company expected to work 150 jobs in February, but actually worked 154 jobs.

Required:
Prepare a flexible budget performance report showing AirQual Test Corporation's revenue and spending variances and activity variances for February.

Answers

Answer 1
Answer:

Answer:

I used an excel spreadsheet since there is not enough room here. I ordered the given data:

                                              Fixed           Variable           Actual Total

Revenue                                                        $280                $39,250

Technician wages                $8,400                                       $8,250

Mobile lab operating exp.   $4,800              $31                   $9,290

Office expenses                   $2,400               $3                   $2,700

Advertising expenses           $1,580                                       $1,650

Insurance                              $2,870                                       $2,870

Miscellaneous expenses        $970                $1                      $425              

The actual results yielded an unfavorable operating income variance. Operating income = $14,065, unfavorable variance = $2,645


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Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for January. Sales (3,600 units)$108,000 Variable expenses 49,680 Contribution margin 58,320 Fixed expenses 44,300 Net operating income$14,020 If the company sells 4,300 units, its total contribution margin should be closest to: (Do not round intermediate calculations.)

Answers

Answer:

$69,660

Explanation:

For computing the contribution margin first we have to determine the contribution margin per unit which is shown below:

Contribution margin per unit = Contribution margin ÷ Number of units

= $58,320 ÷ 3,600 units

= $16.2

Now if the sales unit is 4,300 so the contribution margin is

= Sales units × contribution margin per unit

= 4,300 units × $16.20

= $69,660

Supriya invested $14,320 in a highly rated ETF. At the end of four years, she had $18,434. What was her annual effective yield on this investment

Answers

Answer:

6.517%

Explanation:

Present Value PV = $14,320

Future Value FV = $18,434

Number of period Nper = 4

Annual effective yield = Rate(Nper, Pmt, Pv, -Fv)

Annual effective yield = Rate(4, 0, 14320, -18434)

Annual effective yield = 0.06517

Annual effective yield = 6.517%

Crane Company Income Statement
For the Year Ended December 31, 2022
Sales revenue $ 145,200
Cost of goods sold 105,000
Gross profit 40,200
Selling expenses $10,800
Administrative expenses 3,600 14,400
Income from operations 25,800
Interest expense 1,800
Income before income taxes 24,000
Income tax expense 4,800
Net income $ 19,200
Additional data:
1. Depreciation expense was $10,500.
2. Dividends declared and paid were $12,000.
3. During the year equipment was sold for $5,100 cash.
This equipment cost $10,800 originally and had accumulated depreciation of $5,700 at the time of sale.
Prepare a statement of cash flows using the indirect method.

Answers

Answer:

statement of cash flows using the indirect method

Cash flow from Operating Activities

Cash Receipts from Customers                                          $145,200

Cash Paid to Supplies and Employees                             ($108,900)

Net Cash from Operating Activities                                     $36,300

Cash flow from Investing Activities

Proceeds from Sale of Equipment                                         $5,100

Net Cash from Investing Activities                                         $5,100

Cash flow from Financing Activities

Dividends Paid                                                                     ($12,000)

Net Cash from Financing  Activities                                    ($12,000)

Movement during the period                                             $29,400

Cash and Cash Equivalents at Beginning of the Period       0

Cash and Cash Equivalents at the End of the Period     $29,400

Explanation:

Cash Receipts from Customers Calculation :

Sales revenue $ 145,200

Assuming Cash Sales

Cash Paid to Supplies and Employees Calculation :

Cost of goods sold                                   $105,000

Add Selling Expenses                                 $10,800

Add Administrative expenses                      $3,600

Less Depreciation                                      ($10,500)

Cash Paid to Supplies and Employees   $108,900

Final answer:

The statement of cash flows for Crane Company using the indirect method starts with the net income and then adjusts for non-cash items such as depreciation and the gain/loss from equipment sale. The net Cash provided by operating activities would be $17,700. This method helps understand the cash movements within the company.

Explanation:

To prepare a statement of cash flows for Crane Company for the year ended December 31, 2022 using the indirect method, you first start with the net income from the income statement and then make adjustments for changes in non-cash items, add back depreciation expense (a non-cash item) and account for the gain/loss from the sale of equipment. The prepared statement would look like this:

  • Net Income: $19,200
  • Add: Depreciation Expense: $10,500
  • Add: Loss on Sale of Equipment (original cost - accumulated depreciation - sale price): ($10,800 - $5,700 - $5,100) = $0
  • Less: Dividends Paid: $12,000

The net Cash provided by operating activities would be $17,700 ($19,200 + $10,500 - $12,000). This method helps in revealing the sources and uses of cash within the company.

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Financing that individuals or institutions have provided to a corporation is: Multiple Choice always classified as a liability. classified as a liability when provided by creditors and as stockholders' equity when provided by owners. always classified as equity. classified as a stockholders' equity when provided by creditors and a liability when provided by owners.

Answers

Answer:

classified as a liability when provided by creditors and as stockholders' equity when provided by owners

Explanation:

Corporate finance can be explained as how the revenue, asset as well as is been taken care of in business. The financing could be by individual or institution.

It should be noted that Financing that individuals or institutions have provided to a corporation is classified as a liability when provided by creditors and as stockholders' equity when provided by owners

Explain what a literature review is.​

Answers

It is a paper that presents the current knowledge including substantive findings.

Signature Appliance Group decided to remove the grill unit from the ovens it sells in South America after customers complained they preferred to grill outside and would never use this feature. Which environmental force caused the company to change its product

Answers

Answer:

Signature Appliance Group

The environmental force that caused the company to change its product features is:

the Social and Cultural Environment.

Explanation:

The Social and Cultural Environment refers to the changing needs of customers in South America as a result of the values, attitudes, and preferred styles of consumers. These are always in a state of flux every year.  Since customers preferred to grill outside rather than inside their kitchens, adding the grill unit in the ovens that the company sells in South America will not enable customers to choose its ovens over competitors'.  To respond to the stated needs of its customers, the grill must be removed, thereby reducing the cost of the ovens.

Final answer:

The change made by Signature Appliance Group in removing the grill unit from their ovens sold in South America was influenced by the consumer environment force. This change was made in response to consumer preferences for outdoor grilling, thus altering the physical aspects of their product.

Explanation:

In the context of the scenario provided, it was the consumer environment force that influenced Signature Appliance Group to remove the grill unit from its ovens sold in South America. Consumer environment force pertains to changes in consumer preferences, habits, or buying behaviors. The company observed that its customers in South America preferred outdoor grilling and as a result, they opted not to use the grilling feature of the oven. Hence, the company decided to alter the physical aspects of its product by removing the grill from the ovens. Such alteration represents a response to consumer demands, thereby aiming to improve customer satisfaction and product relevance. Expounding on physical aspects, these are tangible characteristics or features of a product that cater to consumer needs and preferences, as shown in the example of nonstick surface, unbreakable bottle, and other such elements.

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