Boots Plus has two product lines: Hiking boots and Fashion boots. Income statement data for the most recent year follow: Total Hiking Fashion Sales revenue $ 490 comma 000 $ 350 comma 000 $140,000 Variable expenses 385 comma 000 265 comma 000 120,000 Contribution margin 105 comma 000 85 comma 000 20,000 Fixed expenses 80 comma 000 40 comma 000 40 comma 000 Operating income (loss) $25 comma 000 $ 45 comma 000 $( 20 comma 000 ) If $ 29 comma 000 of fixed costs will be eliminated by discontinuing the Fashion line, how will operating income be affected?

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500

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The gorman group is a financial planning services firm owned and operated by nicole gorman. as of october 31, 2016, the end of the fiscal year, the accountant for the gorman group prepared an end-of-period spreadsheet, part of which follows: