FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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oped ook ences Presented here is the income statement for Big Sky Incorporated for the month of February: $ 61,000 50,100 $ 10,900 13,600 $ (2,700) Sales Cost of goods sold Gross profit Operating expenses Operating loss Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 19%. Required: a. Rearrange the preceding income statement to the contribution margin format b. If sales increase by 15%, what will be the firm's operating income (or loss)? c. Calculate the amount of revenue required for Big Sky to break even. Complete this question by entering your answers in the tabs below. Required A Required B Required C Rearrange the preceding income statement to the contribution margin format.
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Transcribed Image Text:oped ook ences Presented here is the income statement for Big Sky Incorporated for the month of February: $ 61,000 50,100 $ 10,900 13,600 $ (2,700) Sales Cost of goods sold Gross profit Operating expenses Operating loss Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 19%. Required: a. Rearrange the preceding income statement to the contribution margin format b. If sales increase by 15%, what will be the firm's operating income (or loss)? c. Calculate the amount of revenue required for Big Sky to break even. Complete this question by entering your answers in the tabs below. Required A Required B Required C Rearrange the preceding income statement to the contribution margin format.
a. Rearrange the preceding income statement to the contribution margin format. b. If sales increase by 15%, what will be the firm's operating income (or loss)? c. Calculate the amount of revenue required for Big Sky to break even. Complete this question by entering your answers in the tabs below. Required A Required B Required C Rearrange the preceding income statement to the contribution margin format. Required A Required B Required C $ a. Rearrange the preceding income statement to the contribution margin format. b. If sales increase by 15%, what will be the firm's operating income (or loss)? c. Calculate the amount of revenue required for Big Sky to break even. 0 Required A Complete this question by entering your answers in the tabs below. Required A Required B Required C 0 If sales increase by 15%, what will be the firm's operating income (or loss)? Note: Do not round intermediate calculations. < Required A Break even Required B > a. Rearrange the preceding income statement to the contribution margin format. b. If sales increase by 15%, what will be the firm's operating income (or loss)? c. Calculate the amount of revenue required for Big Sky to break even. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue required for Big Sky to break even. < Required B Required C > Required C
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Transcribed Image Text:a. Rearrange the preceding income statement to the contribution margin format. b. If sales increase by 15%, what will be the firm's operating income (or loss)? c. Calculate the amount of revenue required for Big Sky to break even. Complete this question by entering your answers in the tabs below. Required A Required B Required C Rearrange the preceding income statement to the contribution margin format. Required A Required B Required C $ a. Rearrange the preceding income statement to the contribution margin format. b. If sales increase by 15%, what will be the firm's operating income (or loss)? c. Calculate the amount of revenue required for Big Sky to break even. 0 Required A Complete this question by entering your answers in the tabs below. Required A Required B Required C 0 If sales increase by 15%, what will be the firm's operating income (or loss)? Note: Do not round intermediate calculations. < Required A Break even Required B > a. Rearrange the preceding income statement to the contribution margin format. b. If sales increase by 15%, what will be the firm's operating income (or loss)? c. Calculate the amount of revenue required for Big Sky to break even. Complete this question by entering your answers in the tabs below. Calculate the amount of revenue required for Big Sky to break even. < Required B Required C > Required C
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Step 1: Define Income statement
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Step 2: Contribution margin income statement:
VIEW
Step 3: Computation of Operating income or (loss) is as follows:
VIEW
Step 4: Computation of Breakeven is as follows:
VIEW
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