These are our reference questions for the upcoming test, please provide detailed explanation and formulas used to derive the answers, please revert ASAP:

Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 20,000 12,000 8,000 6,000 $ 2,000 Required: If sales increased to 1,001 units, what would be the increase in net operating income? Increase in net operating income N Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 20,000 12,000 8,000 6,000 $ 2,000 Required: If the selling price increased by $2 per unit and the sales volume decreased by 100 units, what would be the net operating income? Net operating income Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 20,000 12,000 8,000 6,000 $ 2,000 Required: What is the variable expense ratio? Variable expense ratio % Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units the relevant range of production is 500 units to 1,500 units): Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 20,000 12,000 8,000 6,000 $ 2,000 Required: What is the break-even point in sales dollars? Break-even point Match each definition with its related term or abbreviation by selecting the appropriate term. Term or Abbreviation Show All Items Accounting Accounting entity Definition A. A system that collects and processes financial information about an organization and reports that information to decision makers. B. Measurement of information about an entity in terms of the dollar or other national monetary unit. C. An unincorporated business owned by two or more persons. D. The organization for which financial data are to be collected (separate and distinct from its owners). E. An incorporated entity that issues shares as evidence of ownership F. An examination of the financial reports to ensure that they represent what they claim and conform with international financial reporting standards G. Chartered professional accountant H. An unincorporated business owned by one person. I. A report that describes the auditor's opinion of the fairness of the financial statement presentations and the evidence gathered to support that opinion. J. Ontario Securities Commission K. Accounting Standards Board. L. A company with shares that can be bought and sold by investors on established stock exchanges M. International Financial Reporting Standards ACSB Audit Leon's Furniture Limited is one of Canada's largest retailers, selling a wide range of merchandise, including furniture, major appliances, and home electronics. Its statement of financial position at December 31, 2017 contained the following items (in millions). Cash and cash equivalents Contributed capital Dividends payable Income taxes payable Intangible assets and goodwill Inventories Loans and borrowings Other assets other components of equity Other liabilities Property, plant, and equipment Retained earnings Total assets Total liabilities and shareholders' equity Trade receivables Trade and other payables $ 36 97 9 8 696 318 194 135 1 443 337 675 1, 661 ? 139 234 Required: 1. Prepare a statement of financial position as at December 31, 2017, solving for the missing amount. (Enter your answers in millions.) LEON'S FURNITURE LIMITED Statement of Financial Position As at December 31, 2017 Trade and other payables 234 Required: 1. Prepare a statement of financial position as at December 31, 2017, solving for the missing amount. (Enter your answers in millions.) LEON'S FURNITURE LIMITED Statement of Financial Position As at December 31, 2017 (in millions of Canadian dollars) Assets Total assets $ 0 Liabilities and Shareholders' Equity Total assets Liabilities and Shareholders' Equity Total liabilities Total shareholders' equity Total liabilities and shareholders' equity