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. Number 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.Complete this question by entering your answers in the tabs below.Cherokee, IncorporatedTraditional Income StatementSalesCost of goods soldGross marginSelling and administrative expenses:Administrative expensesNet operating income$11,000$15$1$235,000$ 21,000$ 13,000$ 12,000$ 23,000$ 89,000$ 165,00078,00087,00035,000 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 2Prepare a contribution format income statement.Cherokee, IncorporatedContribution Format Income StatementSalesVariable expenses:Cost of goods soldSelling expensesAdministrative expensesFixed expenses:Selling expensesAdministrative expensesNet operating income$78,00011,000165,00089,0000

The income statement records the revenue and expenses for the period. It tells about the…

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. 11,000 $15 $ 1 $2 $ 21,000 $ 13,000 $ 12,000 $ 23,000 $ 89,000

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. 11,000 $15 $ 1 $2 $ 21,000 $ 13,000 $ 12,000 $ 23,000 $ 89,000

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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Cherokee Inc. is a merchandiser that provided the following information: Amount 11,000 16 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 $4 2$ $3 $20,000 $14,000 $10,000 $24,000 $89,000 1 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, Inc. Traditional Income Statement Selling and administrative expenses:
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Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Assuming the sales mix given above, prepare a contribution format income statement showing both dollar and percent columns for e for the company as a whole. $ Island Novelties, Inc., Contribution Income Statement Hawaiian Fantasy Amount % 0 % % 0% $ Total Amount 0 0 % % % 0 %
Cherokee Incorporated is a merchandiser that provided the following information: Amount 13,000 $ 17 $2 $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. $ 21,000 $ 14,000 $9,000 $ 25,000 $ 89,000 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
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1. What is the Gross Profit under Multiple Step Income Statementa. 389816b. 505526c. 446773d. 972299 2. What is the total selling Expenses under multiple step income statement? a. 118295 b. 253021 c. None of the above d. 856589 3. What is Total general & Administrative Expenses under Multiple step income statement? a. 18500 b. 253021 c. None of the above, d. 118595
TRANSFORM IT TO FUNCTIONAL PRESENTATION USING THE FORMAT ON THE SECOND PICTURE
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= UDY_Jan... MANCOSA All tools Edit Convert Sign 76 IT PGDPM___Pr... PGDPM_Proj... Project_Proje... Rubric_CSTU... 3.2.Required Calculate the following from the information provided below: 3.2.1.Net profit or loss 3.2.2. The number of units that must be sold to obtain a profit of R1 000 000. INFORMATION The following projected figures were obtained from Drake Traders: Sales (50 000 units @ R24) Variable cost Fixed cost 69 zoom PROJ_Jan23_PGDPM_P... X R 1 200 000 280 000 88 600 Find text or tools Q + Create (3) (4) : 0) U & < 1:32 AM 9/17/2023 X យ 4 3 U 3
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