I need the answer as soon as possible 2. The following data have been taken from the accounting records of YZ Companyfor the month ending 30th September 2020$ 800,000$ 200,000($1000 per month plus 5% of sales)SalesCost of goods soldSales commissionAdministrative expenses (2/3 variable and 1/3fixed)$30000Depreciation of office equipments$200 per month$ 12000Executive salaries: 50% fluctuates with salesand the rest is fixed.Insurance expense$300 per monthClerical costs$1000 per month plus $20 per unit soldDelivery expenseUtilities expense (30% variable and 70% fixed)Miscellaneous expenses$20 per unit sold$5500$ 500 per month plus 1% of salesSelling price per unit$500Instructions:1. Using the information provided above prepare an income statement for the monthof September using the Traditional Format where costs are organized by function.2. Prepare an income statement for the month of September using the ContributionFormat where costs are organized by behavior.

Income Statement refers to the statement where the operating expense of business are deducted from…

cords of Y2 for the month ending 30th September 2020 $ 800,000 $ 200,000 ($1000 per month plus 5% of sales) Sales Cost of goods sold Sales commission Administrative expenses (2/3 variable and 1/3 fixed) $30000 Depreciation of office equipments $200 per month $ 12000 Executive salaries: 50% fluctuates with sales and the rest is fixed.

cords of Y2 for the month ending 30th September 2020 $ 800,000 $ 200,000 ($1000 per month plus 5% of sales) Sales Cost of goods sold Sales commission Administrative expenses (2/3 variable and 1/3 fixed) $30000 Depreciation of office equipments $200 per month $ 12000 Executive salaries: 50% fluctuates with sales and the rest is fixed.

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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