Business, 06.05.2020 03:01, fonsworth5
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, Year 1
Sales revenue (4,500 units × $170) $ 765,000
Cost of goods sold (4,500 units × $88) (396,000 )
Gross margin 369,000
Sales commissions (10% of sales) (76,500 )
Administrative salaries expense (88,000 )
Advertising expense (36,000 )
Depreciation expense (46,000 )
Shipping and handling expenses (4,500 units × $1) (4,500 )
Net income $ 118,000
a. Reconstruct the income statement using the contribution margin format.
b. Calculate the magnitude of operating leverage
Answers: 2
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The following income statement was drawn from the records of Benson Company, a merchandising firm: <...
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