Scott quit a $30,000-a-year job with a local heating and air conditioning firm to go into business for himself.

Scott’s accounting profit is ___________.Answer Question 2Scott quit a $30,000-a-year job with a local heating and air conditioning firm to go into business for himself. After his first year in business, his accountant showed him an income statement, which indicated Scott’s firm had a profit of $40,000. During this year Scott had drawn a salary of $20,000.Scott’s entrepreneurial profit is ________________ .Answer Question 3Sarah’s Toy Factory manufactures dolls and has the following information: The average doll has a sales price of $18; raw materials for the doll are $4; production labor costs $8 per hour and it takes 30 minutes to assemble one doll. Operating expenses are as follows: salaries, $10,000 per month; insurance, $1,200 per quarter; rent, $3,000 per month; and utilities, $1,000 per month.The monthly fixed expenses are _______________. Answer Question 4Sarah’s Toy Factory manufactures dolls and has the following information: The average doll has a sales price of $18; raw materials for the doll are $4; production labor costs $8 per hour and it takes 30 minutes to assemble one doll. Operating expenses are as follows: salaries, $10,000 per month; insurance, $1,200 per quarter; rent, $3,000 per month; and utilities, $1,000 per month.The contribution margin for each doll is ___________ . Answer Question 5Sarah’s Toy Factory manufactures dolls and has the following information: The average doll has a sales price of $18; raw materials for the doll are $4; production labor costs $8 per hour and it takes 30 minutes to assemble one doll. Operating expenses are as follows: salaries, $10,000 per month; insurance, $1,200 per quarter; rent, $3,000 per month; and utilities, $1,000 per month.The number of dolls that must be sold each month in order to break even is ___________. (Round your answer to a whole number because you can’t sell part of a doll.)Answer Question 6Sarah’s Toy Factory manufactures dolls and has the following information: The average doll has a sales price of $18; raw materials for the doll are $4; production labor costs $8 per hour and it takes 30 minutes to assemble one doll. Operating expenses are as follows: salaries, $10,000 per month; insurance, $1,200 per quarter; rent, $3,000 per month; and utilities, $1,000 per month.The dollars in sales that the firm needs to break even is ____________ . (Round your answer to the nearest whole dollar.) Answer Question 7Sarah’s Toy Factory manufactures dolls and has the following information: The average doll has a sales price of $18; raw materials for the doll are $4; production labor costs $8 per hour and it takes 30 minutes to assemble one doll. Operating expenses are as follows: salaries, $10,000 per month; insurance, $1,200 per quarter; rent, $3,000 per month; and utilities, $1,000 per month.The firm’s goal is to make $100,000 profit per month. The number of dolls that must be sold to achieve that goal is _____________. (Round your answer to a whole number.) Answer Question 8James builds brick walls for custom homes. His annual sales are $300,000, and his net income is $18,000. He has assets of $100,000 invested in this business.The net profit margin for James is ____________.Answer Question 9James builds brick walls for custom homes. His annual sales are $300,000, and his net income is $18,000. He has assets of $100,000 invested in this business.The asset turnover for James is ___________ .Answer Question 10James builds brick walls for custom homes. His annual sales are $300,000, and his net income is $18,000. He has assets of $100,000 invested in this business. The return on investment for James is _____________ .Answer Question 11 Use the Income Statement for Ultimate Image Corporation (shown below) to answer questions 11 through 13.Ultimate Image CorporationIncome StatementFiscal Year Ended:Dec. 31, 2011Dec. 31, 2010Total revenue1,789,654703,904Cost of goods sold478,963275,963Gross profit1,310,691427,941Operating expenses65,98757,896Operating income1,244,704370,045Interest and taxes544,444289,635Net Income700,26080,410Earnings per Share$14.01$1.61(50,000 shares outstanding)The degree of operating leverage (DOL) is _______________ .Answer Question 12The degree of financial leverage (DFL) is _____________ . (Use the Income Statement for Ultimate Image Corp. found in question 7 to calculate your answer.) Answer Question 13 The degree of combined leverage (DCL) is _____________ . (Use the Income Statement for Ultimate Image Corp. found in question 7 to calculate your answer.) Answer

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