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A camera company produces and sells cameras, film, and other imaging products. A condensed 2000 income statement (in millions) includes the following:Sales 20,991Cost of goods sold 12,028Gross margin 8,963Other operating expenses 5,641Operating income $3,322Assume that $3.6 million of the cost of goods sold is a fixed cost representing depreciation and other production costs that do not change with the volume of production. In addition, $5 million of the other operating expenses are fixed.1. Compute the total contribution margin for 2010 and the contribution margin percentage. Explain why the contribution margin differs from the gross margin.2. Suppose that sales for the camera company were predicted to increase by 10% in 2011 and that the cost behavior was expected to continue in 2011 as it did in 2010. Compute the predicted operating income for 2011. By what percentage did this predicted 2011 operating income exceed the 2010 operating income?3. What assumptions were necessary to compute the predicted 2011 operating income in question 2?
What are some of the most common costs incurred associated with an audit engagement? Which costs could be better controlled? Why?
The expected life and salvage value each are four years and $15,000 respectively. Lake Shuttle has an average cost of capital of 14%. A. Calculate the net present value of the investment opportunity.
Which of the following steps in the accounting cycle requires the most thought and judgment by the accountant: (a) preparing a trial balance, (b) posting adjusting, and closing entries, or (c) analyzing and recording transactions? Explain your ans..
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Prepare a statement of cash flows using the indirect method.
During 2010, Vera Venture sold her interests in two small business corporations. Her loss on Ballpoint Pen Corporation stock was $120,000 and her loss on Pencils Corporation stock was $20,000. Both losses qualify under Code Sec. 1244. Vera files j..
Each unit requires 4 poundsof material that costs $6 each. Sommer's production budget should be:
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The required return on Avondale stock is 15 percent. If you want only $225 total in dividends the first year, what will your homemade dividend be in two years.
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