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Questions and Answers of Finance

Rubber and Steel Company is planning to manufacture a new product. The variable costs will be $61 per unit and the fixed costs are estimated to be $5904. To be competitive, the selling price of the
Fourth Street Lighting shows a net income of $224 000 for the previous year. If the contribution rate for the store was 40.3%, and the fixed cost was $315 000, what were last year’s sales?
Henri’s business budget included sales of $416 000 and fixed cost of $79 800. If the contribution margin for the business was $145 600, what are the sales needed to break even?
Joy’s cupcake business had a budget of $192 000 in sales and $99 840 in total variable costs. What is the most her fixed costs could be for the business to break even?
A watchmaker charges $19.99 to replace the battery and clean watches. Variable costs include the battery and cost $7. Specialized tools costing $346 had to be purchased. How many watches need to be
A vehicle accessory shop is considering buying a new style of wheels for $168 and selling them at $369.60 for each wheel. Fixed costs related to this new style of wheel amount to $2465. It is
Slicks Mechanics provide oil changes for vehicles for $21.99. For each vehicle, the cost of oil is $6.59 to the shop. Fixed costs for this type of service are $2602.60. How many oil changes need to
Rover’s Friends provides dog washing services. For each dog, supplies cost $3 and wages are $5. To provide this service, a special room and equipment are needed, at a cost of $300 per month.
MacDonald Elementary School needs to raise money for new playground equipment. The students will be selling chocolate bars for $3 each. The chocolate bars will be purchased for $1.25 each. The school
Tina, an entrepreneurial business student, wants to set up a business completing tax forms for other students. Her price would be $50 for each job. Fixed expenses include $395 for the purchase of tax
The financial statements for the previous year for Empire Inc., a company that sells snowboards online, revealed that sales had been $902 000, total variable cost had been $613360, and fixed cost
Rosemary is planning to make fancy multi-tiered wedding cakes for the next wed- ding season. To make the cakes, she must invest $834 in some special baking pans and tools. To get started, she needs
The Store on 64, a local convenience store, sells a large variety of snack foods. If the store’s budget for the month includes sales of $298 000, total variable costs of $184 760, and fixed costs
To pay for his academic fees, Tarek, a college student, is selling used cell phones to other students. His cost to purchase each piece is $53, and he is planning to sell the phones for $99 each.
Lorne is considering working for Part-Time Painters. He would operate as an independent painter, but the jobs would be given to him by the company. In the company’s advertisements, $100 would be
The following data pertain to the operating budget of Jones Tent Manufacturing.For each of the following, perform a break-even analysis showing computation of the (a) Contribution margin; (b)
Furry Friends Food Manufacturing has compiled the following estimates for operationsFor each of the following, perform a break-even analysis showing computation of the (a) Contribution margin; (b)
Dave€™s Lawn Care provides a variety of services for home owners. During the previous month of May, his financial results showed the following:For the current year, he is expecting sales to
Budget estimates for the parts department of a local car dealership for the month of October showed the following:For each of the following, perform a break-even analysis showing computation of
The net income for Abracadabra Magic Store last year was $178 000. If the contribution rate for the store was 27% and the fixed cost was $151 200, what were last years’ sales?
Ingrid is planning to expand her business by taking on a new product. She can purchase the new product at a cost of $8. To market this new product, she would need to spend $984 on advertising each
Time-For-Us has set up a booth in a shopping mall to sell calendars during the holiday season. The business can purchase the calendars for $2.69 each. It plans to set the unit price at $9.99. During
Sub Stop, selling sandwiches, is located on a busy corner near many other businesses. The shop’s busiest time is during the mid-day period. Rent for the location is $900 per month and wages amount
A newsstand sells Local Business magazine. The cost to purchase the magazine is the list price of $5 less a discount of 25%. Fixed costs, including rent on the display space, are $190 per week. The
Projected financial results for the university€™s cafeteria for meals sold for next year are shown below.Answer each of the following independent questions. (a) How much are the
Sports bags Inc. makes and sells backpacks for students. Financial projections for this line of products are revenue of $1 238 000, total variable costs of $841 840, and fixed costs of $218
a. SportZ sponsors an evening session of skating at the local arena. A family pass is offered, whereby a parent and up to two children are admitted for $12. Free hot chocolate is provided to those
a. Calculate the difference in the number of seats between each of the current NHL venues in Canada and the MTS Centre.b. NHL commissioner Gary Bettman has said that the NHL plays to 93% to 94%
The lighting division of Universal Electric Company plans to introduce a new street light based on the following accounting information: Fixed costs per period are $3136; variable cost per unit is
The following information is available from the accounting records of Eva Corporation: Fixed costs per period are $4800. Sales volume for the last period was $19 360, and variable costs were $13 552.
The operating budget of the Bea Company contains the following information:(a) Compute (i) The contribution margin; (ii) The contribution rate. (b) Compute the break-even point (i) As a percent of
A manufacturer of major appliances provides the following information about the operations of the refrigeration division: Fixed costs per period are $26 880; variable costs per unit are $360; selling
Alicia works in a restaurant that has monthly costs of $1500 for rent, $2000 for salaries, and $1700 for other expenses. On the menu, the restaurant has entrees that sell for $9.99 each. On average,
Quick print Services operate several franchises, where it prints brochures, business cards, and stationery. It plans to sell 80 jobs next week, at an average cost of $52 each. Its weekly expenses are
Maritime Insurance projected revenue of $2 995 200, total variable costs of $778 752, and fixed costs of $1 962 000 for the next year. Answer each of the following independent questions, rounding all
The Superior Jump drive Company sells jump drives for $10 each. Manufacturing cost is $2.60 per jump drive; marketing costs are $2.40 per jump drive; and royalty payments are 20% of the selling
The management of Lambda Corporation has received the following forecast for the next year.Capacity is a sales volume of $800 000. (a) Compute (i) The contribution margin; (ii) The contribution
An aluminum company uses a highly mechanized production process to produce brackets for the automotive industry. The company’s profit function in millions of dollars for x million brackets is P =
The Clapton Guitar Company has set a target to sell 1500 units from its new guitar line this year for a suggested retail price of $479 per unit. The company has estimated that its fixed costs that
A manufacturer is considering installing new equipment to replace its old hole- punching machine. The equipment will be used for the next 10 years. Two options are being considered. The first piece
a. If Milo charges $35 per half-hour tour (approximately 10 kilometers), how much profit does he expect to make this summer? b. What is the lowest price he could charge per half-hour tour and still
In the original online ad, a specialty coffeemaker was listed at a price of $399.99. To promote business to a retailer, the appliance was offered at “$120 off” if five or more items were
An electronic game listed at $180 less 30%, 12.5%, and 5% is offered at a further reduced price of $99.50. What additional rate of discount was offered?
A computer listed at $1260 less 33 1/3% and 16 2/3% is offered at a clearance price of $682.50. What additional rate of discount was offered?
A distributor lists an item for $85 less 20%. To improve lagging sales, the net price of the item is reduced to $57.80. What additional rate of discount does the distributor offer?
A hat is listed for $66 less 40%. The net price of the hat is further reduced to $35.64. What additional rate of discount is offered?
Galaxy Jewellers sells diamond necklaces for $299 less 25%. Brilliants Jewellers offers the same necklace for $350 less 35% and 10%. What additional rate of discount must Galaxy offer to meet the
Polar Bay Wines advertises California Juice listed at $125 per bucket at a discount of 24%. A nearby competitor offers the same type of juice for $87.40 per bucket. What additional rate of discount
Compute the equivalent single rate of discount for each of the following discount series. (a) 30%, 12.5% (b) 33 1/3%, 20%, and 3%
Determine the equivalent single rate of discount for each of the following series of discounts. (a) 16 2/3%, 7.5% (b) 25%, 8 1/3%, and 2%
A camera is listed for $599 less 30%, 20%, and 5%. (a) What is the net price? (b) What is the total amount of discount allowed? (c) What is the exact single rate of discount that was allowed?
A mobile phone is listed for $174 less 16 2/3%, 10%, and 8%. (a) What is the net price? (b) What is the total amount of discount allowed? (c) What is the exact single rate of discount that was
A home gym is listed for $786.20 less 36%, 10%, and 2%. (a) What is the net price? (b) What is the total amount of discount allowed? (c) What is the exact single rate of discount that was allowed?
A racing bike is listed for $1293.44 less 18 1/3%, 9 1/9%, and 3%. (a) What is the net price? (b) What is the total amount of discount allowed? (c) What is the exact single rate of discount that
An item listed by a wholesaler for $750 less 20%, 5%, and 2% is reduced at a clearance sale to $474.81. What additional rate of discount was offered?
An office desk listed at $440 less 25% and 15% is offered at a further reduced price of $274.89. What additional rate of discount was offered?
Rose Bowl Florists buys and sells roses only by the complete dozen. The owner buys 12 dozen fresh roses daily for $117, He knows that 10% of the roses will wilt before they can be sold. What price
A merchant bought some goods at a discount of 25% of the list price. She wants to mark them at a regular price so that she can give a discount of 20% of the marked price and still make a markup of
On April 13, a stereo store received a new sound system with a list price of $2500 from the manufacturer. The stereo store received a trade discount of 25%. The invoice, with terms 2/10, n/30,
a. What is the cost per camera (ignoring taxes) for Edward’s Electronics and for Sears?b. For each store, what is the minimum selling price required to cover cost, over-head, and desired profits?c.
Triton Company received an invoice for $842 dated March 9 with terms 5/10, 2/20, n/60. (a) If the invoice is paid on March 19, how much is to be paid? (b) If the invoice is paid on March 27, how much
Darrigo Grape received an invoice for $13 780 dated September 28, terms 5/20 R.O.G., from Nappa Vineyards for a carload of grape juice received October 20. Darrigo made a partial payment of $5966 on
Highway One Gas sells gas for vehicles at $1.12 per liter. Louis purchases 50 liters of gas for his car. He pays for the purchase in cash, paying a total of $54.04.(a) How much did he save by paying
Highway One Gas sells gas for vehicles at $1.12 per litre. Louis purchases 50 litres of gas for his car. He pays for the purchase in cash, paying a total of $54.04.(a) How much did he save by paying
Manual Company received an invoice for $2412 dated January 22 with terms 3/15, 1/30, n/60.(a) If the invoice is paid on January 31, how much is to be paid?(b) If the invoice is paid on February 20,
What amount must be remitted if invoices dated July 25 for $929, August 10 for $763, and August 29 for $864, all with terms 3/20, n/40, are paid together on August 30?
The following invoices, all with terms 5/10, 2/30, n/60, were paid together on May 15. Invoice No. 234 dated March 30 is for $394.45; Invoice No. 356 dated April 15 is for $595.50; and Invoice No.
Santucci Appliances received an invoice dated August 12 with terms 3/10 E.O.M. for the items listed below: 5 GE refrigerators at $980 each less 25% and 5%; 4 Inglis dishwashers at $696 each less 16
Import Exclusives Ltd. received an invoice dated May 20 from Dansk Specialties of Copenhagen with terms 5/20 R.O.G. for 100 teak trays at $34.30 each; 25 teak ice buckets at $63.60 each; 40 teak
Sheridan Service received an invoice dated September 25 from Wolfedale Automotive. The invoice amount was $2540.95, and the payment terms were 3/10, 1/20, n/30. Sheridan Service made a payment on
The Ski Shop received an invoice for $9600 dated August 11, terms 5/10, 2/30, n/90, for a shipment of skis. The Ski Shop made two partial payments. (a) How much was paid on August 20 to reduce the
Jelinek Sports received a cheque for $1867.25 in partial payment of an invoice owed by The Ski Shop. The invoice was for $5325 with terms 3/20 E.O.M. dated September 15, and the cheque was received
Giuseppe’s buys supplies to make pizzas for $4. Operating expenses of the business are 110% of the cost and the profit made is 130% of cost. What is the regular selling price of each pizza?
At Town Lighting, a light fixture is sold at a price of $382.20, including a markup of 40% of cost.(a) What is the cost of the item?(b) What is the rate of markup based on the selling price?
Sheridan Service sells oil at a markup of 40% of the selling price. If Sheridan paid $0.99 per litre of oil, (a) What is the selling price per litre? (b) What is the rate of markup based on cost?
Skis & Boards purchased gloves for $20.28 per pair. The gloves are marked up 48% of the selling price. (a) For how much does Skis & Boards sell a pair of gloves? (b) What is the rate of markup based
Neal’s Photographic Supplies sells a Pentax camera for $444.98. The markup is 90% of cost. (a) How much does the store pay for this camera? (b) What is the rate of markup based on selling price?
The Cookery buys sets of cookware for $45 and marks them up at 33 1/3% of cost. (a) What is the selling price of the cookware sets? (b) What is the rate of markup based on selling price?
The Leather Factory buys bags for $84 and marks them up at 40% of selling price (a) What is the selling price of the bags? (b) What is the rate of markup based on cost?
Four-packs of energy drinks are purchased for $3.24. The store’s markup based on selling price is 16 2/3%. (a) What is the cost of the four-packs? (b) What is the rate of markup based on cost?
Its About Time sells clocks for $23.10. The store’s markup based on cost is 37.5%. (a) What is the cost of the clocks? (b) What is the rate of markup based on selling price?
A car accessory is sold for $42.90. The store’s markup based on cost is 50%. (a) What is the cost of the car accessory? (b) What is the rate of markup based on selling price?
Neptune Dive Shop sells snorkelling equipment for $50. The shop’s cost is $25 and the operation expenses are 30% of the regular selling price. How much profit will the shop make on each sale?
Mi Casa imports pottery from Mexico. Its operation expenses are 260% of the cost of buying and the profit is 110% of the cost of buying. This business sells a vase for $14.10. What is the cost for
Peninsula Hardware buys cabinet doors for $25 less 40%, 10%, and 4%. The store’s overhead expenses are 35% of cost and the required profit is 15% of cost. For how much should the cabinet doors be
A merchant buys an item listed at $96 less 33 1/3% from a distributor. Overhead is 32% of cost and profit is 27.5% of cost. For how much should the item be retailed?
Tennis racquets were purchased for $55 less 40% (for purchasing more than 100 items), and less a further 25% (for purchasing the racquets in October). They were sold for $54.45. (a) What is the
A dealer bought computers for $1240 less 50% and 10%. They were sold for $1395. (a) What was the markup as a percent of cost? (b) What was the markup as a percent of selling price?
The Bargain Bookstore marks up books by $3.42 per book. The store’s markup is 15% of cost. (a) For how much did the bookstore buy each book? (b) What is the selling price of each book? (c) What is
An appliance store sells electric kettles at a markup of 18% of the selling price. The store’s margin on a particular model is $6.57. (a) For how much does the store sell the kettles? (b) What was
The Music Store paid $14.95 for a DVD. Expenses are 21% of regular selling price and the required profit is 11% of regular selling price. During an inventory sale, the DVD was marked down 20%. (a)
10. Get-Aways Company sells sightseeing tours of the Ottawa Valley for C$3849 per person. Overhead expenses for the company are 31% of cost and the target profit is 17% of cost. (a) How much does
A retail store paid $44 for a microwave oven. Expenses are 27% of regular selling price and the required profit is 18% of regular selling price. During an inventory sale, the microwave was marked
A sports drink was offered for sale at $1.99 at West Store. At East Store, the regular selling price of a similar sports drink was $2.49. What rate of markdown would East Store have to offer to sell
An eyeglass company sells frames for $279. If the company wanted to offer the lower price of $239, what rate of markdown would it have to offer?
A seminar was advertised at a price of $125 per person. If the tickets were purchased at least two weeks in advance, the price would be lowered to $105 per person. What rate of markdown has been
A seven-day Mexican cruise was advertised at a price of $1299 per person based on double occupancy. If the cruise was booked two months in advance, the price would be lowered to $935 per person. What
Luigi’s Restaurant offered a “buy one get one half off” sale for the midweek period. The “one half off” referred to the lesser-priced dinner. A customer ordered a steak dinner, with a
A lakeside resort offered a midweek package at $199 per night for two people. The package included accommodation in a one-bedroom suite, which regularly sold for $225; and breakfast for two,
Par Putters Company sells golf balls for $29 per dozen. The store’s overhead expenses are 43% of cost and the owners require a profit of 20% of cost. (a) For how much does Par Putters Company buy

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