Ohio Limestone plans to market its product in a new territory. Management estimates that an advertising and promotion program costing $61,500 annually would be needed for the next two or three years. In addition, a $25 per ton sales commission to the sales force in the new territory, over and above the current commission, would be required. How many tons would have to be sold in the new territory to maintain the firm’s current net income? Assume that sales and costs will continue as in 20x1 in the firm’s established territories.

Answer: 307.5 tons

Explanation:

To maintain the current Net Income, the company would have to be making a zero profit (breakeven) in the new territory.

Breakeven = Fixed Cost/ Contribution margin

Fixed cost for the new territory = $61,500

Contribution Margin = Sales - Variable cost

Assuming that sales and costs will continue as in 20x1 in the firm’s established territories.

Sales price per unit = 900,000/1,800 tons

= $500 per unit

Variable Cost = 495,000/1,800 tons

= $275 per unit

Variable cost will increase due to sales commission in new territory.

= 275 + 25

= $300 per unit

Contribution Margin for new territory = 500 - 300 = $200

Breakeven point = 61,500/200

= 307.5 tons will need to be sold to maintain net income

HELP HELP HELP MEEE

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h. $ $
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Net income
$
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cost of merchandise sold $670,000
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rent revenue $19,000
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selling expenses $120,000
Hide
Multiple-step income statement
Surry Co.
Income Statement
For the Year Ended December 31, 2016
Revenue from sales:
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Sales
Selling expenses
Correct 5
$
Correct 6
Gross profit
Income from operations
Interest expense
Less: Sales returns and allowances
Rent revenue
Selling expenses
Correct 7
Correct 8
Net sales
$
Correct 10
Administrative expenses
Cost of merchandise sold
Income from operations
Interest expense
Less: Sales returns and allowances
Rent revenue
Correct 11
Correct 12
Administrative expenses
Gross profit
Income from operations
Rent revenue
Sales
Selling expenses
Correct 13
$
Correct 14
Operating expenses:
Cost of merchandise sold
Gross profit
Less: Sales returns and allowances
Rent revenue
Sales
Selling expenses
Correct 16
$
Correct 17
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Rent revenue
Sales
Correct 18
Correct 19
Total operating expenses
Correct 21
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Interest expense
Rent revenue
Correct 22
$
Correct 23
Other income:
Administrative expenses
Cost of merchandise sold
Gross profit
Rent revenue
Sales
Selling expenses
Correct 25
$
Correct 26
Other expense:
Administrative expenses
Interest expense
Less: Sales returns and allowances
Rent revenue
Sales
Selling expenses
Correct 28
Correct 29
Correct 30
Net income
$
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Equipment 16,800
Fees Earned 44,400
Miscellaneous Expense 17,800
Rent Expense 3,250
Retained Earnings 7,850
Salaries Expense 15,400
Wages Expense 15,000
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Total Liabilities 18,000
Total Stockholders' Equity x
Total Retained Earnings 5,000
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b. $58,000
c. $40,000
d. $32,000
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The payment of $20,000 for expenses was incorrectly recorded by Elite Co. as an increase in cash of $20,000 and a decrease in retained earnings of $20,000. What is the effect of this error on the accounting equation?
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b. Total assets will exceed total liabilities and stockholders' equity by $20,000.
c. The error will not affect the accounting equation.
d. Total assets will be less than total liabilities and stockholders' equity by $40,000.

2.
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​

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