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Gwar [14]
3 years ago
8

Restate the following income statement for a retailer in contribution format. Sales revenue ($100 per unit) $ 98,000 Less cost o

f goods sold ($58 per unit) 56,840 Gross margin 41,160 Less operating costs: Commissions expense ($5 per unit) $ 4,900 Salaries expense 7,900 Advertising expense 5,800 Shipping expense ($3 per unit) 2,940 21,540 Operating income $ 19,620
Business
1 answer:
Rudiy273 years ago
5 0

Answer:

                        <u>Contribution Margin Statement</u>

Sales revenue ($100 x 980)                               $98,000

Less Variable costs:

cost of goods sold ($58 x 980)         $56,840

Commissions expense ($5 x 980)    $4,900

Shipping expense ($3 x 980)            <u>$2,940</u>

                                                                             <u>$64,680</u>

Gross margin                                                       $33,320

Less Fixed costs:

Salaries expense                                $7,900

Advertising expense                          <u>$5,800</u>

                                                                             <u>$13,700</u>

Net Profit                                                             <u>$19,620</u>

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Answer:

Option (C) is correct.

Explanation:

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= Amount need to be finance ÷ (1 - 7%)

= $20 million ÷ (1 - 0.07)

= $215,05,376.34 (approx)

Hence, the number of shares needed to be issued:

= required proceeds ÷ Issue price per share

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6 0
3 years ago
Michael Co. is a corporation that sells breakfast bars. Based on the accounts listed below, what are Michael's total trade recei
Thepotemich [5.8K]

Answer:

B. $42,000

Explanation:

Trade receivables refers total amounts that customers of a company are owing the company for goods or services sold to them.

For Michael Co., this can be calculated as follows:

Michael's total trade receivables = 3-month note due from Michael's main customer + Due and unpaid from this month's sales + Due and unpaid from last month's sales

Therefore, we have:

Michael's total trade receivables = $12,000 + $19,000 + 11,000 = $42,000.

Therefore, Michael's total trade receivables is $42,000.

7 0
3 years ago
A review of Munchen Corporation's financial statements reveals the following information: cost of goods sold: $100,000; decrease
drek231 [11]

Answer:

The Cash paid to suppliers was $85,000

Explanation:

Data provided in the question:

Cost of goods sold = $100,000

Decrease in inventory = $5,000

Increase in accounts payable = $10,000

Now,

Cash paid to suppliers will be

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The Cash paid to suppliers was $85,000

8 0
3 years ago
The assessment ratio isa) The ratio of assessed value to market valueb) The ratio of assessed value to the average value for pro
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Answer:

The correct answer is option A.

Explanation:

The assessment value can be found by calculating the ratio of assessed value of a property to its market value.

Market value is the rate at which the property can be sold in the open market.

The assessed value is the value given to the property by the assessor's office in order to estimate property taxes.

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Aggregate demand​ (AD) is comprised of expenditure components that​ include:
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Answer: A

Explanation:

Aggregate demand can be obtained by adding consumptions, investments, Government spendings, and net exports(exports-imports).

Aggregate demand=consumptions + investment + Government spending + exports - imports

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