Heathman Inc. produces and sells a single product. The selling price of the product is $230.00 per unit and its variable cost is $89.70 per unit. The fixed expense is $308,660 per month. The break-even in monthly unit sales is closest to:
A. 2,200 units
B. 3,441 units
C. 2,328 units
D. 1,342 units
Answer: A
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Income from continuing operations includes
a. gain on the sales of used equipment that is replaced in the current year. b. loss from a discontinued operation. c. loss from an earthquake. d. gain on a change in accounting principle. e. loss resulting from prohibitions under new regulations.
A multistep income statement shows sales revenue, cost of goods sold, and gross margin.
Answer the following statement true (T) or false (F)
Beginning about 1998, Allan Fieldgrove leased farm land to Kenny Wilson (Kenny) under an oral year-to-year lease agreement, with an annual term from March 1 through the end of February each year. Rent was paid in cash. The most recent lease between Allan Fieldgrove and Kenny ran from March 1, 2007, through February 29, 2008. Kenny died on August 4, 2007. Cindy Wilson was the sole beneficiary of
Kenny's estate. Mrs. Wilson and her sons continued farming the land after Kenny's death. On at least four occasions following Kenny's death, Mrs. Wilson or her sons communicated to Mr. Fieldgrove their intention to continue farming the land in 2008. Mr. Fieldgrove never gave written notice to any member of the Wilson family of his intention to terminate the farm lease. Mrs. Wilson and her sons kept farming the land during 2008. ?The original lease agreement between Kenny and Fieldgrove was: A) A month-to-month tenancy. B) A tenancy for years. C) A periodic tenancy. D) A tenancy at will.