P2. Park & Morgan, a law firm, is considering opening a legal clinic for middle- and low-income clients. The clinic would bill at a rate of $18 per hour. It would employ law students as paraprofessional help and pay them $9 per hour. Other variable costs are anticipated to be $5.40 per hour, and annual fixed costs are expected to total $27,000. REQUIRED 1. Compute the breakeven point in billable hours. 2. Compute the breakeven point in total billings. 3. BUSINESS APPLICATION Find the new breakeven point in total billings if fixed costs should go up by $2,340. 4. BUSINESS APPLICATION) in total billings if the billing rate decreases by $1 per hour, other variable costs decrease by $0.40 per hour, and fixed costs go down by $3,600. Using the original figures, compute the breakeven point

P2. Park & Morgan, a law firm, is considering opening a legal clinic for middle- and low-income clients. The clinic would bill at a rate of $18 per hour. It would employ law students as paraprofessional help and pay them $9 per hour. Other variable costs are anticipated to be $5.40 per hour, and annual fixed costs are expected to total $27,000. REQUIRED 1. Compute the breakeven point in billable hours. 2. Compute the breakeven point in total billings. 3. BUSINESS APPLICATION Find the new breakeven point in total billings if fixed costs should go up by $2,340. 4. BUSINESS APPLICATION) in total billings if the billing rate decreases by $1 per hour, other variable costs decrease by $0.40 per hour, and fixed costs go down by $3,600. Using the original figures, compute the breakeven point

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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