Identify each of the following accounts as a revenue (R), expense (E), asset (A), liability (L), or equity (SE) by placing initials (R, E, A, L or SE) in the blanks.____ 1. Salary Expense____ 2. Cash____ 3. Equipment____ 4. Common Stock____ 5. Fees Revenue____ 6. Accounts Receivable____ 7. Accounts Payable____ 8. Dividends____ 9. Supplies____ 10. Unearned Revenue____ 11. Prepaid Insurance____ 12. Office Furniture

What will be an ideal response?


1. E; 2. A; 3. A; 4. SE; 5. R; 6. A; 7. L; 8. SE; 9. A; 10. L; 11. A; 12. A

Business

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Bell Brothers has $3,000,000 in sales. Its fixed costs are estimated to be $100,000, and its variable costs are equal to fifty cents for every dollar of sales. The company has $1,000,000 in debt outstanding at a before-tax cost of 10 percent. If Bell Brothers' sales were to increase by 20 percent, how much of a percentage increase would you expect in the company's net income?

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