Case Intro Q1 Q2 Q3 Question 1: Cost Classifications. CVP Income Statement & Analys Note from Kelly, the junior accountant: Hi there! Welcome to the team. I'm Kelly, the junior accountant here a Anyway, I am quite comfortable with preparing a traditional incomes concepts. I learned about these in my introductory managerial accoun After that, I think it would be helpful to prepare a CVP Income stateme great idea to present these calculations along with detailed explanation the owners do not have an accounting background so we have to expla Mountain Sports Ltd Income Statement For the Year Ended Dec 31, 2019 Sales 1.952,824 Cost of goods sold 783.091 Gross margin 1.169.733 Operating expenses: (See notes) Advertising Depreciation Property taxes Rent Parts & service expenses Salaries and commissions Utilities Total operating expenses Operating income Interest expenses Income before taxes Income taxes Net income 99,000 20,981 38,013 75,056 91.432 478,125 100,044 902,652 267,081 10.0001 257,081 64,270 192,811 Case Intro Q1 Q2 Q3 Q4 Q5 Q6 wwwwwwwwwwwww , ini - CIT Pot: Chapter Chrond C Cadd wat wils Stati BONGO FREE The Last Ild Sales Obrer wereld bare Cri Sale A STAR Pic per les interested and the We provided at the bespridderker Sries Treat HL MP TAL PERUNT Lex an Le Full Ah TOTAL Pat CCVP Anaty Chapter 6 muke Calculate the following and explain each calculation in your own words. Be sure to explain what the number you're calculated means, ensuring you write it in a way to that a na ceruntat can understand. For example. If you calculate a breakeven point of $1,000, what does $1,000 menny Marks will not be awarded for textbook definitions Cheat treskoven Point in Sales Dollars 2) Margin of Safety (In percent Degree of Operating coverage (DoLopetitie income to be used in calitate) 4) The Junior accountant on a note for you In the prial accounting course and I learned the degree of operating James a measure dowy mally inderstoot Care your help me? What does leverage men vi be to a high lever w low leverage Themelore and me if they should focw more ale cu flow whold! They are willin estar NA calculation needed 3:48 . TEAM 3_Case study 2_ACCTI... B 4 5 6 7 8 9 Mountain Sports Ltd. Income Statement For the Year Ended Dec 31, 2019 10 Sales 1,952,824 11 Cost of goods sold 12 Gross margin 783,091 1,169,733 13 Operating expenses: (See notes) 14 Advertising 99,000 15 Depreciation 20,981 16 Property taxes 38,013 17 Rent 75,056 18 Parts & service expenses 91,432 19 Salaries and commissions 478,125 20 Utilities 100,044 21 Total operating expenses 902,652 22 Operating income 267,081 23 Interest expenses 10,000 24 Income before taxes 257,081 25 Income taxes 64,270 26 Net income 192.811 27 Case Intro Q1 Q2 Q3 o