The following income statement was drawn from the records of Benson Company, a merchandising firm: BENSON COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue (7,500 units × $161) $ 1,207,500 Cost of goods sold (7,500 units × $80) (600,000 ) Gross margin 607,500 Sales commissions (10% of sales) (120,750 ) Administrative salaries expense (89,000 ) Advertising expense (40,000 ) Depreciation expense (49,000 ) Shipping and handling expenses (7,500 units × $3) (22,500 ) Net income $ 286,250 Required Reconstruct the income statement using the contribution margin format. Calculate the magnitude of operating leverage. Use the measure of operating leverage to determine the amount of net income Benson will earn if sales increase by 10 percent.

Abusiness cycle reflects in economic activity, particularly real gdp. the stages of a business cycle

Net income and owner's equity for four businesses four different proprietorships, jupiter, mars, saturn, and venus, show the same balance sheet data at the beginning and end of a year. these data, exclusive of the amount of owner's equity, are summarized as follows: total assets total liabilities beginning of the year $550,000 $215,000 end of the year 844,000 320,000 on the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. (hint: first determine the amount of increase or decrease in owner's equity during the year.) jupiter: the owner had made no additional investments in the business and had made no withdrawals from the business. mars: the owner had made no additional investments in the business but had withdrawn $36,000. saturn: the owner had made an additional investment of $60,000 but had made no withdrawals. venus: the owner had made an additional investment of $60,000 and had withdrawn $36,000. jupiter net income $ mars net income $ saturn net income $ venus net income $

Which of the following statements is incorrect? select one: a. personal creditors have first claim on partnership assets.b. partnerships are subject to dual taxation.c. no law requires partners to create a written partnership agreement, but it's smart to do so.d. partnership has limited life and unlimited liability.