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1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales 2$ 176,000 Variable expenses: Cost of goods sold 75,000 Selling expenses Administrative expenses 11,000 33,000 119,000 Fixed expenses: Selling expenses 20,000 Administrative expenses 14,000 34,000 Net operating income 2$ 23,000
Transcribed Image Text:Required 1 Required 2 Prepare a contribution format income statement. Cherokee, Inc. Contribution Format Income Statement Sales 2$ 176,000 Variable expenses: Cost of goods sold 75,000 Selling expenses Administrative expenses 11,000 33,000 119,000 Fixed expenses: Selling expenses 20,000 Administrative expenses 14,000 34,000 Net operating income 2$ 23,000
Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 16 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 24 $ $ 3 $20,000 $14,000 $10,000 $24,000 $89,000 1 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Sales 24 176,000 Cost of goods sold 75,000 Gross margin 101,000 Selling and administrative expenses: Selling expenses 2$ 31,000 Administrative expenses 47,000 78,000 Net operating income 24 23,000
Transcribed Image Text:Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 16 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases 24 $ $ 3 $20,000 $14,000 $10,000 $24,000 $89,000 1 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Inc. Traditional Income Statement Sales 24 176,000 Cost of goods sold 75,000 Gross margin 101,000 Selling and administrative expenses: Selling expenses 2$ 31,000 Administrative expenses 47,000 78,000 Net operating income 24 23,000
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