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Question - Smith Company manufactures fish tanks. One of the fish tanks that the company produces is a 2.6 gallon fish tank that the company sells for $37.50. The fish tanks are manufactured in an outdated fish tank manufacturing facility that is labor intense, relying heavily on direct labor workers. Variable costs are high, totaling $22.50 per 2.6 gallon fish tank of which 60% is direct labor cost. Last year the company sold 40,000 2.6 gallon fish tanks and had $480,000 in fixed expense associated with the 2.6 gallon fish tank. Compute a the contribution ratio, compute a break even in number of 2.6 gallon fish tanks and compute the degree of operating leverages of last years level of sales.
As auditor you will be asked to indicate how each item should be reported in the Statement of Financial Position and explain the basis of your responses.
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He exchanges the contract for an annuity contract from HIJ of equal value. He recognizes income transfer equal to what amount
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