Moonwalker's CVP income statement included sales of 4,000 units, a selling price of $100, variable expenses of $60 per unit, and fixed expenses of $88,000. Contribution margin is

Kate could not attend the last shareholders' meeting and thus she granted the authority to vote on her behalf to the managers of the firm. Which term applies to this granting of authority?

A. Straight B. Cumulative C. Consent-form D. Proxy E. In absentia

Which of the following is a limitation of the "percent of sales method" of preparing pro forma

financial statements? A) Inventory levels are seldom affected by changes in sales volume. B) A firm's investment in accounts receivable is seldom related to sales volume. C) Not all assets and liabilities increase or decrease as a constant percent of sales. D) The dividend payout ratio may change from one year to the next.