After closing the accounts of revenues and expenses to Net Income, revenues’ balance is zero . True
. False

Given the following information, calculate the savings ratio: liabilities = $25,000 liquid assets = $5,000 monthly credit payments = $800 monthly savings = $760 net worth = $75,000 current liabilities = $2,000 take-home pay = $2,300 gross income = $3,500 monthly expenses = $2,050 multiple choice 2.40% 3.06% 34.78% 33.79% 21.71%

Engberg company installs lawn sod in home yards. the company’s most recent monthly contribution format income statement follows: amount percent of sales sales $ 80,000 100% variable expenses 32,000 40% contribution margin 48,000 60% fixed expenses 38,000 net operating income $ 10,000 required: 1. compute the company’s degree of operating leverage. (round your answer to 1 decimal place.) 2. using the degree of operating leverage, estimate the impact on net operating income of a 5% increase in sales. (do not round intermediate calculations.) 3. construct a new contribution format income statement for the company assuming a 5% increase in sales.

The answer here, x=7, is not in the interval that you selected in the previous part. what is wrong with the work shown above?