The following information was drawn from the accounting records of Smith Company

Static
Budget

Flexible
Budget

Actual
Results

Sales

$ 10,000

$ 12,000

$ 12,700

Cost of Goods Sold

(6,000)

(7,200)

(6,900)

Gross Margin

4,000

4,800

5,800

Variable Cost

(2,000)

(2,400)

(2,600)

Fixed Cost

(1,000)

(1,000)

(1,300)

Net Income

$ 1,000

$ 1,400

$ 1,900

Based on this information the

a. variable operating cost volume variance is a $400 favorable variance.

b. variable operating cost flexible budget variance is a $200 unfavorable variance.

c. variable operating cost volume variance is a $200 favorable variance.

d. variable operating cost flexible budget variance is a $400 favorable variance.

For 2018, rahal's auto parts estimates bad debt expense at 1% of credit sales. the company reported accounts receivable and an allowance for uncollectible accounts of $86,500 and $2,100, respectively, at december 31, 2017. during 2018, rahal's credit sales and collections were $404,000 and $408,000, respectively, and $2,340 in accounts receivable were written off.rahal's accounts receivable at december 31, 2018, are:

Problem 1. the following balance sheet contains errors. lopez services,inc. balance sheet for the year ended december 31, 20-- assets liabilities current assets: current liabilities: cash $ 6,170 accounts receivable $ 9,000 accounts payable 8,500 accum. depr- building 13,525 supplies 1,590 accum. depr- equipment 6,340 prepaid insurance 345 net income 12,500 land 25,000 total current assets $ 42,105 total liabilities $ 40,865 stockholders equity property, plant, and equipment: wages payable $ 500 building $ 45,500 retained earnings 10,000 equipment 28,250 total stockholders' equity $ 64,490 total property, plant, and equipment 73,750 total assets $115,855 total liabilities and stockholders' equity $115,855 (a) list the errors in the balance sheet above and (b) prepare a corrected balance sheet using ms excel

Question 20 if orange juice prices double next year, there will be a rightward shift in the demand for grapefruit juice. rightward shift in the supply of grapefruit juice. leftward shift in the supply of grapefruit juice. leftward shift in the demand for grapefruit juice.