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.12,000$ 16$ 1$2$ 18,000$ 15,000$ 12,000$ 24,000$ 87,000 Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare a traditional income statement.Cherokee, IncorporatedTraditional Income StatementSalesCost of goods soldGross marginSelling and administrative expenses:Selling expensesAdministrative expensesPurchasesAdministrative expenses$30,00039,000$ 192,00075,000117,00069,000

Lets understand the basicsThe income statement records the revenue and expenses for the current…

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 equired: Prepare a traditional income statement. Prepare a contribution format income statement. 12,000 $ 16 $ 1 $2 $ 18,000 $ 15,000 $ 12,000 $ 24,000 $ 87,000

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 equired: Prepare a traditional income statement. Prepare a contribution format income statement. 12,000 $ 16 $ 1 $2 $ 18,000 $ 15,000 $ 12,000 $ 24,000 $ 87,000

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 13,000 $ 18 $2 $2 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Required 1 Required 2 Variable expenses: Fixed expenses: ✓ ✔ *********---------- ✓$ • 45,000 $ 19,000 $ 16,000 $ 10,000 $ 25,000 $ 87,000 $ 234,000 Prepare a contribution format income statement. Cherokee, Incorporated Contribution Format Income Statement 26,000 x 208,000 x 45,000 0 0
Cherokee Inc. is a merchandiser that provided the following information: Number of units sold 11,000 Selling price per unit $ 17.00 Variable selling expense per unit $ 1.00 Variable administrative expense per unit $ 1.00 Total fixed selling expense $ 21,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 10,000 Ending merchandise inventory $ 26,000 Merchandise purchases $ 90,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
Homework i A company reports the following sales-related information. Sales, gross Sales discounts $295,000 Sales returns and allowances 5,900 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) Saved < Prev. $ 22,000 11,900 10 of 10 HH hp n
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J Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. I cannot for the life of me figure out the second portion of this.
Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 10,000 Selling price per unit $ 16 Variable selling expense per unit $2 Variable administrative expense per unit $ 1 Total fixed selling expense $ 19,000 Total fixed administrative expense $ 16,000 Beginning merchandise inventory $ 11,000 Ending merchandise inventory $ 23,000 Merchandise purchases $ 87,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
Please do not give solution in image format thanku