Springdale Retail: is a retailer - each date - debit/credit side - of the follow

Question

Springdale Retail: is a retailer - each date - debit/credit side - of the following: a. prepare an income statement for year ending Dec31 2015; gross profits, income before taxes, net income. a. List expenses other than cost of goods sold and income tax expense - in order from the largest to the smallest dollar balance. b. prepare a statement of retained earnings for the year ending Dec 31, 2015; Prepare a statement of financial position (balance sheet) as of Dec 31, 2015; include: separate asset/liability categories for those assets that are current; inlcude and label accounts for total assets, total liabilities, total stockholder's equity and total liabilities and stockholder's equity, present deferred income taxes as a noncurrent liability; to the extent info is avilable as follows: Accounts Payable 12,750; Accounts receivable2,600; Accum Deprec Office Equip:12,000; Additional Paid-in Capital (common stock) 7k; Bonds payable due dec 21, 2018: 22,500; Cash: 15,200; Common stock: (1800 shares, $10 par val) 18K; COGS: 100,575; Deferred Income tax: 5,750; Depreciation expense: office equip: 2,750; Dividends declared: 5k; Income tax expense: 8,190; Insurance expense: 900; Land 37,500; Merchandise inventory: 17,500; Notes Payable: (due Dec 31 2016) 2,500; office Equip: 41,000; Office Supplies: 900; Office Supplies expense: 520; Preferred Stock: (250 shares, $20 par value) 5,000; Premium Bonds payable: 1,750; Prepaid rent: 1,800; rent expense: 6,100; Retained earnings: (Jan2016) 21,050; Salaries Expense: 88,095; Sales: 226,000; Sales Returns and allowances: 2,500; Sales taxes payable: 3,200; treasury stock: (200 common shares at cost) 2,250; Utilities expense: 4,120 / THANKS!

Explanation / Answer

Variable cost per unit = Material cost + Wages cost = $3 + ($30/10) =$6 per unit

Fixed cost (Total ) = $23000 +$15000 = $38000

Answer-2:

Total Variable cost + Total Fixed cost / Units produced and sold = Total Cost per unit

Total variable cost = Material cost + wages cost

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.