Cherokee Incorporated is a merchandiser that provided the following information:Amount13,000$ 18$2$2Number of units soldSelling price per unitVariable selling expense per unitVariable administrative expense per unitTotal fixed selling expenseTotal fixed administrative expenseBeginning merchandise inventoryEnding merchandise inventoryMerchandise purchasesRequired:1. Prepare a traditional income statement.2. Prepare a contribution format income statement.Required 1 Required 2Prepare a traditional income statement.Cherokee, IncorporatedTraditional Income StatementSalesCost of goods soldGross marginSelling and administrative expenses:Selling expensesAdministrative expensesRequired 1 Required 2Variable expenses:Fixed expenses:✓✔*********----------✓$•45,000$ 19,000$ 16,000$ 10,000$ 25,000$ 87,000$ 234,000Prepare a contribution format income statement.Cherokee, IncorporatedContribution Format Income Statement26,000 x208,000 x45,00000

Name: Cherokee Incorporated is a merchandiser that provided the following i
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Cherokee Incorporated is a merchandiser that provided the following information:Amount13,000$ 18$2$2Number of units soldSelling price per unitVariable selling expense per unitVariable administrative expense per unitTotal fixed selling expenseTotal f

Income Statement: - Income Statement is the summary of a firm's revenues and expenses over a…

Business

Accounting

Cherokee Incorporated is a merchandiser that provided the following information: 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. Amount 13,000 $ 18 $2 $2 $ 19,000 $ 16,000 $ 10,000 $ 25,000 $ 87,000

Cherokee Incorporated is a merchandiser that provided the following information: 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. Amount 13,000 $ 18 $2 $2 $ 19,000 $ 16,000 $ 10,000 $ 25,000 $ 87,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
I need help.
Don't give answer in image format
Cherokee Incorporated is a merchandiser that provided the following information 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: . Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 11,000 $ 24,000 $ 86,000 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: 0
Question 28 Use the following information to calculate figures in the table below. Manufacturer: S 60 net selling price. Marks up (Wholesaler: $ 20, Retailer: $ 40) Applicable VAT: 30% Calculation Manufacturer Wholesaler Retailer Customer Net VAT paid by the Manufacturer is: Net cost of sales Mark up Net selling price S 60 S 80 $ 120 VAT chargeable (309%) Gross selling price Accounting for VAT Due to Customs and Excise Recoverable from Customs and Excise subtract) Net VAT Paid by
PROVIDE Answer
please answer do not image format
Please do not give solution in image format thanku
Please do not give solution in image format
Please answer