Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hin the missing amounts would be to prepare a contribution format income statement for each case, enter the known compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that only one product is being sold in each of the four following case situations: Units sold Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin per unit $ Case 1 15,000 180,000 $ 120,000 50,000 $ $ Case 2 100,000 32,000 8,000 $ 10 $ Case 3 10,000 70,000 $ Case 4 6,000 300,000 100,000 12,000 $ (10,000) 13

Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. (Hin the missing amounts would be to prepare a contribution format income statement for each case, enter the known compute the missing items.) Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that only one product is being sold in each of the four following case situations: Units sold Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin per unit $ Case 1 15,000 180,000 $ 120,000 50,000 $ $ Case 2 100,000 32,000 8,000 $ 10 $ Case 3 10,000 70,000 $ Case 4 6,000 300,000 100,000 12,000 $ (10,000) 13

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: Can you please help me complete the traditional income statement as well as the contribution format income statement.
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Stuart Company operates three segments. Income statements for the segments imply that profitability could be improved if Segment A were eliminated. Segment Sales Cost of goods sold Sales commissions Contribution margin. General fixed operating expenses (allocation of president's salary) Advertising expense (specific to individual divisions) Net income (loss) Complete this question by entering your answers in the tabs below. Required A Required B STUART COMPANY Income Statements for Year 2 Prepare a schedule of relevant sales and costs for Segment A. Relevant Rev. and Cost items for Segment A Sales Cost of goods sold Sales commissions Advertising expense Effect on income Required a. Prepare a schedule of relevant sales and costs for Segment A. b. Prepare comparative income statements for the company as a whole under two alternatives: (1) the retention of Segment A and (2) the elimination of Segment A. $ $ 163,000 (128,000) (17,000) 0 B $242,000 $256,000 (78,000) (28,000) (86,000)…
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Fill in the missing amounts in each of the eight case situations below. Each case is independent of the others. Required: a. Assume that only one product is being sold in each of the four following case situations: b. Assume that more than one product is being sold in each of the four following case situations: Complete this question by entering your answers in the tabs below. Required A Required B Assume that more than one product is being sold in each of the four following case situations: (Loss amounts should be indicated by a minus sign.) Sales Variable expenses Fixed expenses Net operating income (loss) Contribution margin ratio (percent) $ $ Case 1 444,000 64,600 40 % < $ Required A Case 2 196,000 125,440 55,000 % $ Case 3 475,000 118,880 Required B 84 % $ Case 4 309,000 98,880 $ (10,880) %
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Complete this question by entering your answers in the tabs below. Required A Required B Compute the income increase or decrease from eliminating this segment. Segment Elimination Analysis Income Increase Continue Eliminate Income (loss) Show Transcribed Text Required B >
APPLY THE CONCEPTS: Target income (sales revenue) Another useful method for figuring out the type of performance your company will need to reach a target income is by using sales revenue. Rather than using the number of units, this method uses total sales revenue. In companies for which the total set of goods produced and sold is more varied, this would be the preferred method, as opposed to a business in which only one product is sold. Assume a company has pricing and cost information as follows: Price and Cost Information Amount Selling Price per Unit $30 Variable Cost per Unit $15 Total Fixed Cost $15,000 For the upcoming period, the company wishes to generate operating income of $40,000. Given the cost and pricing structure for the company’s product, how much sales revenue must it generate to attain its target income? Step 1: Calculate the contribution margin ratio: The contribution margin ratio is the contribution margin in proportion to the selling price on a…
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. Required 1 Required 2 Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Contribution Format Income Statement Sales Variable expenses: Cost of aonde enld Amount (71.000) 10,000 $ 16 $ 2 $ 2 $ 21,000 $ 14,000 $9,000 $ 25,000 $ 87,000 $ 160,000✔ ||
Required:1. Compute the contribution margin per unit from (a) using the new material and (b) using the new material and increasing the selling price. (Round your answers to 2 decimal places.) All of the empty spaces needs numbers, please use the same format at the photos