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1) __________ allowances are items that reduce the amount of federal income taxes
owed by the individual.
2) A flexible budget is also called a _______________ budget.
3) Renton Co. has two operating (production) departments supported by a number of
service departments. The following information was collected for a recent period:
Indirect costs are allocated as follows: salaries on the basis of sales, office expenses on
the basis of the number of employees, and all other costs on the basis of square footage.
Additional information about the production departments follows:
Sales for the Machining Department are $724,404 and sales for the Assembly
Department are $356,796.
Determine the departmental contribution to overhead and the departmental net income
for each production department.
4) The model whose goal is to eliminate waste while satisfying the customer and
providing a positive return to the company is the __________________.
5) The following transactions and events occurred during the year. Assuming that this
company uses the indirect method to report cash provided by operating activities,
indicate where each item would appear on its statement of cash flows by placing an x in
the appropriate column.
