Schister Systems uses the following data in its Cost-Volume-Profit analyses: TotalSales$400,000Variable expenses 280,000Contribution margin 120,000Fixed expenses 100,000Net operating income$20,000 What is total contribution margin if sales volume increases by 20%?
A. $144,000
B. $158,400
C. $80,000
D. $200,000
Answer: A
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Last year Maine Company reported a cost of goods sold of $110,000. Inventories increased by $30,000 during the year, and accounts payable decreased by $15,000. The company uses the direct method to determine the net cash flows from operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash basis would be:
A) $140,000. B) $65,000. C) $125,000. D) $155,000.
Which of the following is known as the "lifeblood of the administrative process?"
a. Formal rulemaking b. Adjudication c. Informal procedures d. Ultra vires
Abdulla, Co. collected 6-months' rent in advance from a tenant on October 1 of the current year. When it collected the cash, it recorded the following entry:Oct. 01 Cash ……………………………………….. 15,000 Rent Revenue Earned ……………... 15,000Assuming Abdulla only prepares adjustments at year-end, prepare the required adjusting entry at December 31 of the current year.
What will be an ideal response?
Trademark rights come from registration rather than use.
Answer the following statement true (T) or false (F)