1. Consider the income statement for Pickbury Farm: Sales $500,000 ...
90.2K
Verified Solution
Link Copied!
Question
Accounting
1. Consider the income statement for Pickbury Farm:
| Sales | $500,000 |
| Variable Costs | 350,000 |
| Contribution margin | 150,000 |
| Fixed costs | 80,000 |
| Net Income | 70,000 |
Q: At what sales level does Pickbury achieve net income of $100,000?
2. The Blue Saints Bank is holding a concert in Toronto. Fixed costs relating to staging a concert are $350,000. Variable costs per patron are $5. The selling price for a ticket is $25. The Blue Saints Bank has sold 23,000 tickets so far. How many tickets does the Blue Saints Bank need to sell to achieve net income of $50,000 after income tax, assuming the income tax rate is 20%
3. Franklin Company manufactures bikes. During the year a new line is developed. The break even point for this line of bikes is $300,0000 of sales with a contribution margin of 30%. Assuming that the profit for the line during the year amounted to $150,000, total sales during the year must have been:
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.