Lauren is trying to find her net income. she used the statement and the steps shown.

step 1

list all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing.

step 2

total all the income. then total all the expenses.

step 3

add the total of the income and the expenses.

which explains lauren’s error?

lauren made an error in step 1 because she should not include tips and commissions in her income.

lauren made an error in step 1 because she should not include entertainment in her expenses.

lauren made an error in step 2 because she does not need to total the expenses.

lauren made an error in step 3 because she should have subtracted the expenses from the income.

Horace society is planning its annual western fair raceway gala. the gala committee has assembled the following expected costs for the event: dinner (per person) $10 gaming token and program (per person) $2 prize payouts $4,300 tickets and advertising $800 private box suite rental $1,700 lottery licenses $200 the committee members would like to charge $40 per person for the evening’s activities.required: 1. what is the break-even point for the dinner-dance (in terms of the number of persons who must attend)? 2. assume that last year only 200 persons attended the dinner-dance. if the same number attend this year, what price per ticket must be charged in order to break even? 3. refer to the original data ($40 ticket price per person). prepare a cvp graph for the dinner- dance from zero tickets up to 600 tickets sold.