LCT 104 rest Spring 2:?1.1gmt icat Resp.-cct. Time ..alue . 1 . Pretected ies-5\

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LCT 104 rest Spring 2:?1.1gmt icat Resp.-cct. Time ..alue . 1 . Pretected ies-5", ed to this p onlain viruses. Unless you need to edit, it's safes to stay in Protected View.EnaleEditing ed but first we need to close some apps Update now 4) Responsibility Income Statement-Cost Classification. Use the information below to answer the questions that follow (3 POINTS) store, prepares income statements by profit center, and shows contribution from operations for the BarksCo, a large department margin & responsibility margin for each profit center, as well as monthly income entire store. Classify the costs listed below by inserting the correct code letter on the space provided VC Variable costs CF Common Exed costs Traceable fixed costs None of the above Hint: X (None of the above) is used no more than once. The three costs are shown below. (a) The cost of merchandise sold in the Women's Sportswear Department (b) Advertising a sale in the Housewares Departnent (classify as a fixed cost) (c) Depreciation on equipment used in the Automotive Service Department f Mon 1D True/false. Indicate if the statements below are True (T) or False (F) (2 POINTS) T F 1 . If a person could earn an annual return of 10%, he/she would prefer to receive $107 at the end of one year rather than receive $100 right now F 2. In determining the interest factor (IF) for the present value of $1, one could use the T reciprocal of the IF for the future value of $1 at the same rate and time period. Multiple Choice. Cirele the correct answer from the choices given. 2 POINTS) 1. Regarding the topic of Timc Value of Money, a dollar today is worth more than a dollar to be 2) received in the future because A) Inflation will reduce the purchasing power of a dollar received in the future. B) The dollar today can be invested today and earn interest dividends C) There is a risk of not receiving payment in the future. D) The dollar today can be used to pay down debt If you were to put $15,000 in the bank at 5% interest each year for the next 10 years, which table would you use to find the ending balance in your account? 2. A) Present value of S1 B) Present value of an annuity of $1 C) Future value of SI D) Future value of an annuity of $1

Explanation / Answer

Cost classification -

a) VC

b) TF

c) TF

Time value of money

1)

F

F

2)

B

D

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