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ACCT 2012, 2015 FALL CLASS AT ULM Terms in this set (24)Hector Company developed the following reconciling information in preparing its March bank reconciliation. - *Using the above information, determine the adjusted cash balance for March: Cash balance per books, 3/31 = $12,000 A) $15,500 Sets with similar termsSets found in the same folderOther sets by this creatorVerified questions
ACCOUNTING Miami Infonautics, Inc., produces handheld Windows CE™-compatible organizers. Miami Infonautics markets three different handheld models: PalmPro is a souped-up version for the executive on the go, PalaCE is a consumer-oriented version, and Palm Kid is a stripped-down version for the young adult market. You are Miami Infonautics’ senior vice president of marketing. The CEO has discovered that the total contribution margin came in lower than budgeted, and it is your responsibility to explain to him why actual results are different from the budget. Budgeted and actual operating data for the company’s third quarter of 2017 are as follows: $$ \begin{matrix} \text{Budgeted Operating Data, Third Quarter 2017}\\ \text{ } & \text{Selling Price} & \text{Variable Cost per Unit} & \text{Contribution Margin per Unit} & \text{Sales Volume in Units}\\ \text{PalmPro} & \text{\$ 373} & \text{\$ 181} & \text{\$ 192} & \text{10.215}\\ \text{PalmCE} & \text{270} & \text{100} & \text{170} & \text{38.817}\\ \text{PalmKid} & \text{140} & \text{80} & \text{60} & \text{53.118}\\ \text{ } & \text{ } & \text{ } & \text{ } & \text{102.150}\\ \text{Actual Operating Data, Third Quarter 2017}\\ \text{ } & \text{Selling Price} & \text{Variable Cost per Unit} & \text{Contribution Margin per Unit} & \text{Sales Volume in Units}\\ \text{PalmPro} & \text{\$ 370} & \text{\$ 175} & \text{\$ 195} & \text{12.360}\\ \text{PalmCE} & \text{280} & \text{96} & \text{184} & \text{42.230}\\ \text{PalmKid} & \text{110} & \text{76} & \text{34} & \text{48.410}\\ \text{ } & \text{ } & \text{ } & \text{ } & \text{103.000}\\ \end{matrix} $$ 1. Compute the actual and budgeted contribution margins in dollars for each product and in total for the third quarter of 2017. 2. Calculate the actual and budgeted sales mixes for the three products for the third quarter of 2017. 3. Calculate total sales-volume, sales-mix, and sales-quantity variances for the third quarter of 2017. (Calculate all variances in terms of contribution margins.) 4. Given that your CEO gets very angry if actual results differ from budget, you want to be well prepared for this meeting. In order to prepare, write a paragraph or two comparing actual results to budgeted amounts. Verified answer
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ACCOUNTING On January 1, Twister Enterprises issues $600,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 7%. National Hydraulics, a supplier of mechanical parts to Twister Enterprises, purchases 25% of the bond issue ($150,000 face amount) at a discount for $133,984. 1. Complete the first three rows of an amortization table for National Hydraulics. 2. Record the purchase of the bonds by National Hydraulics and the receipt of the first two semiannual interest payments on June 30 and December 31. 3. Record the sale of the bonds by National Hydraulics on December 31, for$145,000. 4. What happened to market interest rates between the beginning and end of the year? Verified answer Recommended textbook solutions
Other Quizlet setsRelated questionsWhich one of the following would cause a bank to increase a depositor's account?Because the bank considers the depositor's account balance to be a liability, a credit memo causes an increase in the account and a debit memo causes a decrease. Monthly service charges would decrease the liability of the bank and be processed with a debit memo.
Which of the following events would cause a bank to reduce a depositor's account quizlet?Which of the following events would cause a bank to reduce a depositor's account? The depositor orders new checks through the bank at a cost of $50.
What adjustment is required in the depositor's accounts to record outstanding checks quizlet?What adjustment is required in the depositor's accounts to record outstanding checks? deduction from the cash balance per books.
What entry is required in the depositor's accounts to record outstanding checks?What entry is required in the company's accounts to record outstanding checks? No entry is required. In a bank reconciliation, checks issued that have not been paid by the bank are added to the balance according to the bank statement.
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Which one of the following would not cause a bank to debit a depositor’s account? quizlet
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