The following income statement was drawn from the records of Benson Company, a merchandising firm:

BENSON COMPANY
Income Statement
For the Year Ended December 31, Year 1
Sales revenue (4,500 units × $170) $ 765,000
Cost of goods sold (4,500 units × $88) (396,000 )
Gross margin 369,000
Sales commissions (10% of sales) (76,500 )
Administrative salaries expense (88,000 )
Advertising expense (36,000 )
Depreciation expense (46,000 )
Shipping and handling expenses (4,500 units × $1) (4,500 )
Net income $ 118,000

a. Reconstruct the income statement using the contribution margin format.
b. Calculate the magnitude of operating leverage

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)

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