Accounting Equation Profit Calculation Homework Help
- November 24, 2017
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- Category: Accounting
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1.State Street Lending processes loan applications. The manager of the loan department has established a policy of charging a $250 fee for every loan application processed. Variable costs have been projected as follows: loan consultant’s wages, $15.50 per hour (a loan application takes 5 hours to process); supplies, $2.40 per application; and other variable costs, $5.60 per application. Annual fixed costs include depreciation of equipment, $8,500; building rental, $14,000; promotional costs, $12,500; and other fixed costs, $8,099.
a. Using the contribution margin approach, compute the number of loan applications the company must process to (a) break even and (b) earn a profit of $14,476.
b. Using the same approach and assuming promotional costs increase by $5,662, compute the number of applications the company must process to earn a profit of $20,000.
c. Assuming the original information and the processing of 500 applications, compute the loan application fee the company must charge if the targeted profit is $41,651.
d. The maximum number of loan applications that the department can process is 750. How much more can be spent on promotional costs if the highest fee tolerable to the customer is $280, if variable costs cannot be reduced, and if the targeted profit is $50,000?
2.Becky graduated with a master’s degree in personal financial planning. After working for two years in a small financial planning firm, Becky earns $60,000 annually and saves $10,000 a year after spending on her current needs. What is her average propensity to consume?
3.The net income was $1,750,000 and the declared dividends on the common stock were $1,125,000 for the current year. The market price of the common stock is $45 per share.
For the common stock, determine
(a) the earnings per share,
(b) the price-earnings ratio,
(c) the dividends per share, and
(d) the dividend yield. Round to one decimal place, except for dollar amounts which should be rounded to two decimal places.
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4.If unit sales prices are $28 and variable costs are $18 per unit, how many units would have to be sold to break-even if fixed costs equal $20,000?
5.If unit sales prices are $82 and variable costs are $28 per unit, how many units would have to be sold to break-even if fixed costs equal $80,000?
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