can you help me with this question ? general accounting In 2023, Horizon Manufacturing sold 5,000 units at $750 each.Variable costs were $550 per unit, and fixed costs were$650,000.What was Horizon's 2023 net income?A. $350,000B. $1,000,000C. $1,400,000D. $3,100,000

Step 1: Define Net IncomeNet Income is the profit a company earns after deducting all expenses,…

Answered: In 2023, Horizon Manufacturing sold…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The X Corp income statement resembles the following after 35,000 units were sold in 2020. Sales = $420,000 / $12 per unit Variable = $192,500 / $5.5 per unit Contribution Margin = $227,500 / $6.5 per unit Fixed Expense $110,000 Net Op Income $117,500 A. What is X Corp. breakeven point in units and dollars? B. What is X Corp. margin of safety in %, units, and dollars?
You have the following information about a company in 2021: Total Costs were $174.7 million. Assume the Variable Costs were 60% and the rest were Fixed Costs. Sales Volume in thousands was 361.7 and will not change in the future. Cost inflation in 2022 was 5%. What was the variable cost per unit in 2022? Select one: O A. $290.1 O B. $105.2 O C. $483.5 O D. $304.3
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Determine the number of units?
Compute the number of units sold
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13. In 2022, Company 13 sold its only product for $575 per unit. Variable costs per unit were $180. Fixed costs were $550,000. In 2023, the selling price per unit is expected to fall by 9%, variable costs per unit are expected to rise by 20%, while fixed costs are expected to rise by 3%. Since the company's stated objective for 2023 is to make a profit before tax of $1 million, how many units must it sell?
Skyline Enterprises' CVP income statement includes sales of 5,500 units, a selling price of $120 per unit, variable expenses of $75 per unit, and fixed expenses of $140,000. What is the net income? a. $82,500 b. $125,000 c. $107,500 d. $75,000
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Calculate gross profit, cost of goods sold, and selling price MBI Inc, had sales of $900 million for fiscal 2022. The company’s gross profit ratio for that year was 37.5%.Required:Calculate the gross profit and cost of goods sold for MBI for fiscal 2022.Assume that a new product is developed and that it will cost $1,625 to manufacture. Calculate the selling price that must be set for this new product if its gross profit ratio is to be the same as the average achieved for all products for fiscal 2022.From a management viewpoint, what would you do with this information?
Foster Corp. had $178,500 of net income in 2022 when the selling price per unit was $160, the variable costs per unit were $95, and the fixed costs were $710,000. Management expects per unit data and total fixed costs to remain the same in 2023. The president of Foster Corp. is under pressure from stockholders to increase net income by $115,200 in 2023. Compute the number of units sold in 2022. Answer
Sandhill Co. had a net loss of $152,000 in 2021 when the selling price per unit was $40, the variable costs per unit were $20, and the fixed costs were $602,000. Management expects per unit data and total fixed costs to be the same in 2022. Management has set a goal of earning a net income of $77,500 in 2022. (a) Compute the units sold in 2021. Units sold in 2021 Save for Later units Attempts: 0 of 1 used Submit Answer

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In 2023, Horizon Manufacturing sold 5,000 units at $750 each. Variable costs were $550 per unit, and fixed costs were $650,000. What was Horizon's 2023 net income? A. $350,000 B. $1,000,000 C. $1,400,000 D. $3,100,000