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Income Unit Junior Achievement
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Terms in this set (19)
Abilities
The things you do well.
Aptitudes
Your natural talents.
Income
Money received on a regular basis for work or through investments.
Interests
The things you like and enjoy doing.
Values
The ideals that are important to you and your career choice.
Career Cluster
A grouping of jobs and industries related by skills or projects.
Income Tax
A portion of one's personal income paid to a government.
Medicare
A social insurance program that extends health coverage to almost all Americans age 65 and over.
Social Security
A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.
Taxes
Required payments to a government.
Gross annual income
The total amount of earnings made over a one-year period, before any deductions have been taken.
Net annual income
Total amount of earnings made over a one-year period after all deductions have been taken.
Gross monthly income
The total amount of earnings made over a one-month period, before any deductions have been taken.
Net monthly income
Total amount of earnings made over a one-month period after all deductions have been taken. Also known as "take home pay".
Fixed cost
A business cost that remains the same, such as rent.
Market research
Gathering consumer preferences for products and services.
Variable cost
A business cost that increases or decreases, such as labor.
Sales tax
a tax on sales or on the receipts from sales.
Property tax
a tax levied on real or personal property.
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Verified questions
ACCOUNTING
Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August: $$ \begin{matrix} \text{Date} & \text{Transactions} & \text{Units} & \text{Cost per Unit} & \text{Total Cost}\\ \hline \text{August 1} & \text{Beginning inventory} & \text{8} & \text{\$160} & \text{\$1,280}\\ \text{August 4} & \text{Sale $(\$ 225 \text { each) }$} & \text{5} & \text{ } & \text{ }\\ \text{August 11} & \text{Purchase} & \text{10} & \text{150} & \text{1,500}\\ \text{August 13} & \text{Sale $(\$ 240 \text { each) }$} & \text{8} & \text{ } & \text{ }\\ \text{August 20} & \text{Purchase} & \text{10} & \text{140} & \text{1,400}\\ \text{August 26} & \text{Sale $(\$ 250 \text { each) }$} & \text{11} & \text{ } & \text{ }\\ \text{August 29} & \text{Purchase} & \text{11} & \text{130} & \underline{1,430}\\ \text{ } & \text{ } & \text{ } & \text{ } & \underline{\underline{\$5,610}}\\ \end{matrix} $$ 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. The August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four methods. 6. Comparing FIFO and LIFO, which one provides the more meaningful measure of ending inventory? Explain. 7. If Pete's chooses to report inventory using LIFO, record the LIFO adjustment.
ACCOUNTING
During the month of February, Tom had the following transactions involving revenue and expenses: Paid $75 phone bill, Provided services to clients for$1,200 cash, Paid salaries of $650 to employees, Paid$125 for computer maintenance, Provided services on account totaling, $2,000. What was Tom’s net income or net loss for the period? a. Net Income$350 b. Net Loss $1,650 c. Net Income$2,350 d. Net Income $3,200
ACCOUNTING
The Slate Company manufactures and sells television sets. Its assembly division (AD) buys television screens from the screen division (SD) and assembles the TV sets. The SD, which is operating at capacity, incurs an incremental manufacturing cost of $65 per screen. The SD can sell all its output to the outside market at a price of$100 per screen, after incurring a variable marketing and distribution cost of $8 per screen. If the AD purchases screens from outside suppliers at a price of$100 per screen, it will incur a variable purchasing cost of $7 per screen. Slate’s division managers can act autonomously to maximize their own division’s operating income. 1. What is the minimum transfer price at which the SD manager would be willing to sell screens to the AD? 2. What is the maximum transfer price at which the AD manager would be willing to purchase screens from the SD? 3. Now suppose that the SD can sell only 70% of its output capacity of 20,000 screens per month on the open market. Capacity cannot be reduced in the short run. The AD can assemble and sell more than 20,000 TV sets per month. a. What is the minimum transfer price at which the SD manager would be willing to sell screens to the AD? b. From the point of view of Slate’s management, how much of the SD output should be transferred to the AD? c. If Slate mandates the SD and AD managers to “split the difference” on the minimum and maximum transfer prices they would be willing to negotiate over, what would be the resulting transfer price? Does this price achieve the outcome desired in requirement 3b?
ACCOUNTING
During Heaton Company's first two years of operations, the company reported absorption costing net operating income as follows: $$ \begin{matrix} \text{ } & \text{Year 1} & \text{Year 2}\\ \text{Sales (@ \$ 25 per unit)} & \text{\$ 1.000.000} & \text{\$ 1.250.000}\\ \text{Cost of goods sold (@ \$ 18 per unit)} & \text{720.000} & \text{900.000}\\ \text{Gross margin} & \text{280.000} & \text{350.000}\\ \text{Selling and administrative expenses} & \text{210.000} & \text{230.000}\\ \text{Net operating income} & \text{\$ 70.000} & \text{\$ 120.000}\\ \end{matrix} $$ The company's $18 unit product cost is computed as follows:$ $$ \begin{matrix} \text{Direct materials} & \text{\$ 4}\\ \text{Direct labor} & \text{7}\\ \text{Variable manufacturing overhead} & \text{1}\\ \text{Fixed manufacturing overhead (\$ 270.000 }{ \div }{45.000 units)} & \text{6}\\ \text{Absorption costing unit product cost} & \text{\$ 18}\\ \end{matrix} $$ $$ Forty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings. Production and cost data for the two years are: $$ $$ \begin{matrix} \text{ } & \text{Year 1} & \text{Year 2}\\ \text{Units produced} & \text{45.000} & \text{45.000}\\ \text{Units sold} & \text{40.000} & \text{50.000}\\ \end{matrix} $$ $ 1. Prepare a variable costing contribution format income statement for each year. 2. Reconcile the absorption costing and the variable costing net operating income figures for each year.
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