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You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 210 hours per month and charge your customers $17 per hour. Your anticipated costs include: Advertising $13.00 per month Gas $1.50 per hour Depreciation Assistant's Wages $25.00 per month $10.00 per hour Miscellaneous Expenses $50.00 per month Calculate your monthly operating income on your budgeted monthly contribution margin income statement.

You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 210 hours per month and charge your customers $17 per hour. Your anticipated costs include: Advertising $13.00 per month Gas $1.50 per hour Depreciation Assistant's Wages $25.00 per month $10.00 per hour Miscellaneous Expenses $50.00 per month Calculate your monthly operating income on your budgeted monthly contribution margin income statement.

FINANCIAL ACCOUNTING
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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QUESTION 8 You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 210 hours per month and charge your customers $17 per hour. Your anticipated costs include: Advertising $13.00 per month Gas $1.50 per hour Depreciation $25.00 per month Assistant's Wages $10.00 per hour Miscellaneous Expenses $50.00 per month Calculate your monthly operating income on your budgeted monthly contribution margin income statement.
Transcribed Image Text:QUESTION 8 You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 210 hours per month and charge your customers $17 per hour. Your anticipated costs include: Advertising $13.00 per month Gas $1.50 per hour Depreciation $25.00 per month Assistant's Wages $10.00 per hour Miscellaneous Expenses $50.00 per month Calculate your monthly operating income on your budgeted monthly contribution margin income statement.
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