Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
See similar textbooks
icon
Related questions
Question
Need answers for remaining blue boxes
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Documentation techniques
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS

Expert Answers to Latest Homework Questions

Q: WHAT IS THE SOLUTIONS AND WHY?
Q: WHAT IS THE SOLUTIONS AND WHY?
Q: QUESTION 11 Selectins which bind to carbohydrate ligands would be in which phase of phagocytosis? O…
Q: Four grams of musk oil are required for each bottle of Mink Caress, a popular perfume made by a…
Q: QUESTION 13 Which of the following white blood cell is the most numerous? Neutrophil O Monocyte O…
Q: 3. A wide rectangular sandy channel bed with slope of 0.0002 carries suspended particles with mean…
Q: Given a sample of sand with mean particle size of 0.12 mm and density of 2650 kg/m3 falling in water…
Q: QUESTION 14 Which of the following is not part of the inflammatory response? O Release of histamine…
Q: WHAT IS THE ANSWER AND WHY?
Q: WHAT IS THE CORRECT ANSWER AND WHY?
Q: QUESTION 15 Which of the following is not a way microbes can evade phagocytosis? Release of…
Q: 2. Find the sediment bed load for wide rectangular channel with flow depth of 10 ft, slope of…
Q: WHAT IS THE CORRECT ANSWER AND WHY?
Q: WHAT ARE THE CORRECT ANSWERS AND SOLUTIONS?
Q: QUESTION 16 Which of the following granulocyte is associated with helminth infections? O Basophils O…
Q: 2. (22 points), Solve Problem 15.4 from your textbook using Rankine. When calculating F.S. for…
Q: WHAT IS THE CORRECT ANSWER AND WHY?
Q: QUESTION 17 Which of the following immune cells kills infected cells by releasing the lethal protein…
Q: QUESTION 18 Which of the following would not be part of the innate or nonspecific immune system? O…
Q: QUESTION 19 Which of the following is not a sign of inflammation? O Swelling O Heat Diapedesis…
Q: A 430 turn solenoid of length 31.5 cm and radius 2.80 cm carries a current of 4.90 A. Find the…