SWFT Comprehensive Volume 2019
42nd Edition
ISBN: 9780357233306
Author: Maloney
Publisher: Cengage
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Please explain the correct approach for solving this general accounting question.
Sales price per unit is $25 and variable cost per unit is $15.What is the contribution margin per unit? Need help!
Otis Consulting Group started the year with total assets of $220,000 and total liabilities of $95,000. The company is a sole proprietorship. The revenues and expenses for the year amounted to $175,000 and $87,000, respectively. During the year, there were no new capital contributions, and the owner withdrew $42,000. Calculate Otis's net income for the year.
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