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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 260 hours per month and charge your customers $21 per hour. Your anticipated costs include: Advertising $97.00 per month Gas $1.40 per hour $25.00 per month Depreciation Assistant's Wages Miscellaneous Expenses $9.00 per hour $40.00 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 260 hours per month and charge your customers $21 per hour. Your anticipated costs include: Advertising $97.00 per month Gas $1.40 per hour $25.00 per month Depreciation Assistant's Wages Miscellaneous Expenses $9.00 per hour $40.00 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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You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 260 hours per month and charge your customers $21 per hour. Your anticipated costs include: $97.00 per month Advertising Gas $1.40 per hour $25.00 per month Depreciation Assistant's Wages Miscellaneous Expenses $9.00 per hour $40.00 per month Calculate your monthly operating income on your budgeted monthly contribution margin income statement.
Transcribed Image Text:You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500 of equipment. You plan to work 260 hours per month and charge your customers $21 per hour. Your anticipated costs include: $97.00 per month Advertising Gas $1.40 per hour $25.00 per month Depreciation Assistant's Wages Miscellaneous Expenses $9.00 per hour $40.00 per month Calculate your monthly operating income on your budgeted monthly contribution margin income statement.
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