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kodGreya [7K]
3 years ago
5

A company has total fixed costs of $180,000 and a contribution margin ratio of 30%. How much sales are necessary to break even?

Business
1 answer:
svet-max [94.6K]3 years ago
3 0

Answer:

b) $600,000

Explanation:

The break-even sales can be regarded as sales value in which the result makes the firm to report zero profit.

Total fixed costs was given from the question as ( $180,000)

The Contribution margin ratio was give from the question as ( 30%)= 0.3

✓break even point can be calculated as ratio of Total fixed costs to Contribution margin ratio. This can be expressed as

break even point=[Total fixed costs ]/ [ Contribution margin ratio.]

Substitute,

break even point= [ $180,000]/ [0.3]

=$600,000

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A. On April 1, the company hired an attorney for a flat monthly fee of $2,000. Payment for April legal services was made by the
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Answer:

Apr 30

Dr Legal fees expense $2,000

Cr Legal fees payable $2,000

May 12

Dr Legal fees payable $2,000

Cr Cash $2,000

Apr 30

D Interest expense $2,559

Cr Interest payable $2,559

May 20

Dr Interest expense $5,118

Dr Interest payable $2,559

Cr Cash $7,677

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Cr Salaries payable $3,200

May 03

Dr Salaries expense $4,800

Dr Salaries payable $3,200

Cr Cash $8,000

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Preparation of the adjusting journal entries to prepare financial statements as of April 30 and the subsequent entry during May to record payment of the accrued expenses.

Apr 30

Dr Legal fees expense $2,000

Cr Legal fees payable $2,000

May 12

Dr Legal fees payable $2,000

Cr Cash $2,000

Apr 30

D Interest expense $2,559

Cr Interest payable $2,559

May 20

Dr Interest expense $5,118

($7,677- $2,559)

Dr Interest payable $2,559

Cr Cash $7,677

Apr 30

Dr Salaries expense $3,200

($8,000*2/5)

Cr Salaries payable $3,200

May 03

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3 years ago
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