All businesses are involved in three types of activities—financing, investing, and operating. listed below are the names and descriptions of companies in several different industries. abitibi consolidated inc.—manufacturer and marketer of newsprintcal state–northridge stdt union—university student unionoracle corporation—computer software developer and retailersportsco investments—owner of the vancouver canucks hockey clubgrant thornton llp—professional accounting and business advisory firmsouthwest airlines—discount airlinefor each of the above companies, provide examples of a financing activity, an investing activity, and an operating activity that the company likely engages in. which of the activities that you identified in part (a) are common to most businesses? which activities are not?

Baskin promotions, inc. sells t-shirts decorated for a variety of concert performers. the company has developed the following budget for the coming year based on a sales forecast of 80,000 t-shirts: sales $ 1,400,000 cost of goods sold 820,000 gross profit 580,000 operating expenses ($100,000 is fixed) 418,400 operating income 161,600 income taxes (30% of operating income) 48,480 net income $ 113,120 cost of goods sold and variable operating expenses vary directly with sales, and the income tax rate is 30% at all levels of operating income. if the concert season is slow due to poor weather, baskin estimates that sales could fall to as low as 60,000 t-shirts. assume baskin actually achieves the 60,000 unit sales level, and that net income actually earned at this level was $70,000. a performance report would indicate that net income was: