1) Partner return on equity is calculated as ___________________________.
2) The sales mix of Palm Company is 5 units of A, 3 units of B, and 1 unit of C. Per
unit sales prices for each product are $30, $40, and $50, respectively. Variable costs per
unit are $14, $24, and $34, respectively. Fixed costs are $597,600. What is the
break-even point in composite units and in units of A, B, and C?
3) Advances in technology have greatly reduced the cost of a perpetual inventory
system. What advantages does a perpetual inventory system have over periodic?
4) What is the purpose of return on assets as an analytical tool?
5) To compute the amount of tax withheld from an employee’s pay, employers can use a
_______________________________________________________ table.
6) The records of Skymaster Airplane Rentals show the following information as of
December 31. Skymaster withdrew $52,000 during the year for personal expenses.
Prepare a December income statement, a December statement of owner’s equity, and a
December 30 balance sheet.