At a volume level of 500,000 units, Sullivan reported the following information: Sales price$60 Variable cost per unit 20 Fixed cost per unit 4 The company's contribution-margin ratio is closest to:
A. 0.40.
B. 0.67.
C. 0.33.
D. 0.60.
E. None of the answers is correct.
Answer: B
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Cuisine Company received a 6-month, 6% note for $10,000 from its president on October 1, 2016 . The note is due on March 31, 2017 . If Cuisine's accounting period ends on December 31, how much interest revenue should Cuisine recognize during 2016 and 2017? 2016 2017
a. $450 $150 b. $600 $ 0 c. $300 $300 d. $150 $150
The students at a small community college in Iowa apply to study either English or Business. Some administrators at the college are concerned that women are being discriminated against in being allowed admittance, particularly in the business program. Below, you will find two pivot tables that show the percentage of students admitted by gender to the English program and the Business school. The data has also been presented graphically. What do the data and graphs indicate?
English program
GenderNoYesTotalFemale46.0%54.0%100%Male60.8%39.2%100%Total53.5%46.5%100%
Business school
GenderNoYesTotalFemale69.2%30.8%100%Male64.1%35.9%100%Total65.4%34.6%100%
What will be an ideal response?
Jackson Medical Supply experienced the following events during June. The company uses the perpetual inventory system.1) Issued common stock for cash.2) Purchased inventory on account, terms 2/10, n/30, FOB shipping point.3) Paid the freight charges on the purchase in event #2.4) Sold merchandise to a customer on account, terms 2/10, n/30, FOB destination. (a) Recognized cash revenue from sale of merchandise.(b) Recognize cost of goods sold.5) Paid the freight charges on goods sold in event #4.6) Customer returned some of the merchandise sold in event #4. (a) Recognized the sales return.(b) Recognize the cost of the goods as a return to the inventory account.7) Recorded discount granted to the customer in event #4.8) Recorded payment received from the customer in event #4.9) Recorded
discount received on purchase in event #2.10) Recorded payment of amount due on purchase in event #2.Required: Complete the financial statements model shown below. Identify each event as asset source (AS), asset use (AU), asset exchange (AX), or claims exchange (CX). Also explain how each event affects the financial statements by placing a "+" for increase, "?" for decrease, "+?" for increase and decrease, or "NA" for not Also, indicate in the cash column if the event would be recorded as an operating activity (OA), an investing activity (IA) or a financing activity (FA). The first event is recorded as an example.
What will be an ideal response?
To be negotiable, an instrument must be payable on demand or at a definite time.
Answer the following statement true (T) or false (F)