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Engberg Company installs lawn sod in home yards. The company’s most recent monthly contribution format income statement follows: Amount Percent of Sales Sales $ 137,000 100% Variable expenses 54,800 40% Contribution margin 82,200 60% Fixed expenses 23,000 Net operating income $ 59,200 Required:
1. Compute the company’s degree of operating leverage. (Round your answer to 2 decimal places.)
2. Using the degree of operating leverage, estimate the impact on net operating income of a 25% increase in sales. (Round your intermediate calculations to 2 decimal places. Round your percentage answer to 2 decimal places (i.e .1234 should be entered as 12.34).)
3. Construct a new contribution format income statement for the company assuming a 25% increase in sales.
Prepare a CVP income statement based on current activity. Prepare a CVP income statement assuming that the company invests in the automated upholstery system.
entertainment expenses, $3,000 for premiums on officers' life insurance policies (the corporation is the beneficiary for these policies), and $100 for fines. What is Tachibana Corporation's taxable income?
Prepare, in good form, the bank reconciliation as of November and prepare, in good form, the required adjusting journal entries.
In reviewing the accounting records of the transportation services fund, an internal service fund of douglas city, you notice that the fund uses budgetary accounts. this is most likely because
Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 5 years. This interest rate is 10%.
You are a sole proprietor. This year you incurred an expense of $152 for office supplies, but you have lost the receipt. Will you deduct this expense on your tax return? Explain your reasoning briefly.
Compute Walmart inventory turnover and the average days to sell inventory for the fiscal year 2007. Compute value of the 2010 and 2011 inventories using the dollar value LIFO method.
What inherent risks are you concerned about? In this audit of the sales and collection cycle, which types of tests are you likely to emphasize?
Prepare a retained earnings statement for the year ended Dec. 31, 2008. Prepare the Stockholders' Equity section of the Dec. 31, 2008 balance sheet.
What will your monthly payment be? (Enter rounded answer as directed, but do not use rounded numbers in intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).)
On January 1, 2012, Pearl Inc. purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase: Terms of the purchase were 2/10, net 30. Pearl paid for the purchase on January 8. Freight costs..
To have an effective antifraud culture, an entity should have policies and procedures that do what?
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