like to see an example of one. Thanks in advance for all your help!
8-30
Comprehensive variance analysis. Chef Whiz manufactures premium food
processors. The following are some manufacturing overhead data for Chef Whiz for the year ended December 31, 2014:
| Manufacturing Overhead | Actual Results | Flexible Budget | Allocated Amount |
| Variable | $51,480 | $79,950 | $79,950 |
| Fixed | 350,210 | 343,980 | 380,250 |
Budgeted number of output units: 588
Planned allocation rate: 3 machine-hours per unit
Actual number of machine-hours used: 1,170
Static-budget variable manufacturing overhead costs: $72,324
Required
Compute the following quantities (you should be able to do so in the prescribed order):
(Learning Objective 4: Analyze the impact of business transactions on accounts) The following
selected events were experienced by either Fact Finders, Inc., a corporation, or Peter Flip, the major stockholder. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected.
a.Received $8,500 cash from customers on account.
b.Flip used personal funds to purchase a flat screen TV for his home.
c.Sold land and received cash of $71,000 (the land was carried on the company’s books at $71,000).
d.Borrowed $56,000 from the bank.
e.Made cash purchase of land for a building site, $93,000.
f.Received $22,000 cash and issued stock to a stockholder.
g.Paid $68,000 cash on accounts payable.
h.Purchased equipment and signed a $104,000 promissory note in payment.
i.Purchased merchandise inventory on account for $16,500.
j.The business paid Flip a cash dividend of $7,000.
information is included in the attachment. Please let me know if you need any additional information.
Since 2010, we have offered professional writing services to clients all over the world.
Over the years, our writers have gained solid experience in all academic disciplines, giving them a competitive edge to provide only first-rate academic papers.
Hi there! Chat/Order through WhatsApp.