Serie Inc. reported the following results from last year's operations: Sales$16,800,000Variable expenses 10,640,000Contribution margin 6,160,000Fixed expenses 5,488,000Net operating income$ 672,000Average operating assets$7,000,000At the beginning of this year, the company has a $2,100,000 investment opportunity with the following characteristics: Sales$2,520,000 Contribution margin ratio 50% of salesFixed expenses$1,108,800 Last year's margin was closest to:
A. 36.7%
B. 67.3%
C. 4.0%
D. 9.6%
Answer: C
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A liability for dividends exists:
A. On the date of declaration. B. On the date of payment. C. When cumulative preferred stock is sold. D. On the date of record. E. For dividends in arrears on cumulative preferred stock.
Computerized systems can be used to capture accounting information such as accounts receivable, inventory items, accounts payable, and sales
Indicate whether the statement is true or false
When the President refuses to either sign or veto proposed legislation, the bill is automatically vetoed
a. True b. False
Perry is a playwright. He wrote and produced an off-Broadway play about the life of Colonel Sanders, "Just a Drop in the Bucket," that closed after the third performance. Later that same year, on vacation in Los Angeles, he went to see a new production
called "Fry It Anyway." Perry was appalled to discover that the play was substantially similar to his own. "Fry It Anyway" becomes a big hit. What protections are available for Perry? What defenses are available against any claims Perry might make? What additional protections would be available had Perry registered under the federal Copyright Act? Discuss fully.