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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 12,000 $ 15 $1 $2 $ 22,000 $ 15,000 $ 10,000 $ 23,000 $ 89,000

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 12,000 $ 15 $1 $2 $ 22,000 $ 15,000 $ 10,000 $ 23,000 $ 89,000

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 12,000 $ 15 $1 $2 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. $ 22,000 $ 15,000 $ 10,000 $ 23,000 $ 89,000
Transcribed Image Text:Cherokee Incorporated is a merchandiser that provided the following information: Amount 12,000 $ 15 $1 $2 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. $ 22,000 $ 15,000 $ 10,000 $ 23,000 $ 89,000
Required 1 Required 2 Prepare a traditional income statement. Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Net operating income Cherokee, Incorporated Traditional Income Statement Required 1 Required 2 Prepare a contribution format income statement. Sales Variable expenses: Fixed expenses: <Required 1 Cherokee, Incorporated Contribution Format Income Statement < Required 1 0 0 0 Required 2 > Required 2 >
Transcribed Image Text:Required 1 Required 2 Prepare a traditional income statement. Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Net operating income Cherokee, Incorporated Traditional Income Statement Required 1 Required 2 Prepare a contribution format income statement. Sales Variable expenses: Fixed expenses: <Required 1 Cherokee, Incorporated Contribution Format Income Statement < Required 1 0 0 0 Required 2 > Required 2 >
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