ACC – You invested $5,000 in the Cog corporation ACC – You invested $5,000 in the Cog corporation Question You invested $5,000 in the Cog corporation and $5,000 in the Gear corporation. Both of these corporations have $100 million in total assets. The Cog corporation had a net profit of $5 million and the Gear corporation had a net profit of $10 million. You read their annual reports and both companies had established a goal of having net profit equal to 10% of total assets. Which of the following statements is true regarding these 2 firms? Cog is effective and more efficient than Gear. Save your time! Proper editing and formatting Free revision, title page, and bibliography Flexible prices and money-back guarantee ORDER NOW Cog is effective but less efficient than Gear. Gear is effective and more efficient then Cog. Gear is effective but less efficient than Cog. Make sure you submit a unique essay Our writers will provide you with an essay sample written from scratch: any topic, any deadline, any instructions. 100% ORIGINAL ORDER NOW Cannot tell without more information.2 points Question 3 Sam quit his job as an accountant with We Keep Books Accurately to open his own accounting firm. He earned $40,000 with the accounting firm We Keep Books Accurately. During the current year Sam had revenues of $190,000 and total expenses of $110,000. Sam earned an accounting profit of $40,000. accounting profit of $80,000 and an entrepreneurial profit of $40,000. entrepreneurial profit of $80,000, but an accounting of $40,000. entrepreneurial profit of $80,000. Cannot tell from the information provided.2 points Question 4 Sam quit his job as an accountant with We Keep Books Accurately to open his own accounting firm. He earned $40,000 with the accounting firm We Keep Books Accurately. During the current year Sam had revenues of $150,000 and total expenses of $110,000. For Sam the opportunity cost of going into business was $40,000. $110,000. $150,000. zero because he has a profitable business. 2 points Question 5 All of the costs that a firm must pay, even if there are no sales, are contribution costs. fixed costs. variable costs. sales cost.2 points Question 6 Table 5-1. Steel Shelf Company Category Cost Payment Period Cost Rent Monthly $ 3,000 Utilities Monthly 1,100 Insurance Quarterly 1,200 Property Taxes Annually 6,000 Steel Per Shelf 9.00 Forming Per Shelf 0.25 Labor Per Shelf 0.75 Price Per Shelf 20.00 Refer to Table 5-1. The Steel Shelf company has variable costs per unit of ________ . $10.00 $18.33 $20.00 $25.00 $30,002 points Question 7 Table 5-1. Steel Shelf Company Category Cost Payment Period Cost Rent Monthly $ 3,000 Utilities Monthly 1,100 Insurance Quarterly 1,200 Property Taxes Annually 6,000 Steel Per Shelf 9.00 Forming Per Shelf 0.25 Labor Per Shelf 0.75 Price Per Shelf 20.00 Refer to Table 5-1. The Steel Shelf company has monthly fixed costs of _____ and a contribution margin of _____. $5,000; $10 $5,000; $20 $5,800; $10 $11,300; $10 $11,300; $202 points Question 8 Refer to Table 5-1. The Steel Shelf company has a monthly break-even quantity of _____ shelves. 250 500 580 1,130 Cannot calculate with information provided.2 points Question 9 Refer to Table 5-1. If the Steel Shelf Company wants to earn a profit of $3,000 per month they will have to produce _____ shelves. 500 800 1,000 1,5002 points Question 10 Refer to Table 5-1. The Steel Shelf company has annual fixed costs of ________ . $5,300 $56,400 $60,000 $69,600 $135,6002 points Question 11The Steel Shelf company has to have annual revenue of _____ in order to break even. $10,000 $120,000 $69,600 $135,600 Cannot calculate with information provided.2 points Question 12 The earning power of a company can be defined as the product of 2 factors: fixed asset turnover and cash flow per share. net profit margin and fixed asset turnover. net profit margin and total asset turnover. total asset turnover and earnings per share.