For Its Most Recent Fiscal Year,a Firm Reported That Its

question 68

Multiple Choice

For its most recent fiscal year,a firm reported that its contribution margin was equal to 40 percent of sales and that its net income amounted to 10 percent of sales.If its fixed costs for the year were $60,000,how much were sales?

• A)$150,000
• B)$200,000
• C)$600,000
• D)can't be determined from the information given

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Definitions:

Executor

A person appointed by a testator to execute or carry out the instructions and wishes specified in their will.

Articles of Partnership

A document that outlines the terms and conditions under which a partnership operates, including responsibilities, profit distribution, and decision-making processes.

Compensation

Payment or benefit provided to someone in exchange for services rendered or as restitution for loss or injury.

Mortuary

A facility where the bodies of deceased persons are prepared for burial or cremation and where funerals might be conducted.