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Cherokee Incorporated is a merchandiser that provided the following information: Amount 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 10,000 $ 16 $ 1 $ 1 $ 18,000 $ 13,000 $ 8,000 $ 24,000 $ 8 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

Cherokee Incorporated is a merchandiser that provided the following information: Amount 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 10,000 $ 16 $ 1 $ 1 $ 18,000 $ 13,000 $ 8,000 $ 24,000 $ 8 Required: 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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Cherokee Incorporated is a merchandiser that provided the following information: Amount 10,000 $ 16 $ 1 $ 1 $ 18,000 $ 13,000 $ 8,000 $ 24,000 $ 88,000 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 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, Incorporated Traditional Income Statement Selling and administrative expenses: < Required 1 Required 2 > < Prev 6 of 8 Next >
Transcribed Image Text:Cherokee Incorporated is a merchandiser that provided the following information: Amount 10,000 $ 16 $ 1 $ 1 $ 18,000 $ 13,000 $ 8,000 $ 24,000 $ 88,000 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 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, Incorporated Traditional Income Statement Selling and administrative expenses: < Required 1 Required 2 > < Prev 6 of 8 Next >
Amount 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 10,000 $ 16 $ 1 $ 1 $ 18,000 $ 13,000 $ 8,000 $ 24,000 $ 88,000 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 contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Variable expenses: Fixed expenses: < Required 1 Required 2
Transcribed Image Text:Amount 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 10,000 $ 16 $ 1 $ 1 $ 18,000 $ 13,000 $ 8,000 $ 24,000 $ 88,000 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 contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement Variable expenses: Fixed expenses: < Required 1 Required 2
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