Please do not give solution in image format thanku LO5Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for thecurrent year follows. ATVs sell for $3,800 each. Variable selling expenses are $260 per ATV. The remaining selling expenses are fixed.Administrative expenses are 10 % variable and 90% fixed. The company does not manufacture its own ATVs; it purchases them from asupplier for $1,870 each.POLARIXIncome Statement-Consumer ATV DepartmentFor Year Ended December 31SalesCost of goods soldGross marginOperating expensesSelling expensesAdministrative expensesNet incomeSalesLess: Variable expensesVariable administrative expensesVariable cost of goods soldVariable selling expenses$135,00041,300Required:1. Prepare an income statement for the current year using the contribution margin format. (Do not round intermediate calculations.Round contribution margin per ATV value to the nearest whole number.)Total variable expensesContribution marginNet income (loss)$630,800310,420320, 380POLARIXIncome Statement - Consumer ATV DepartmentFor Year Ended December 31176,300$144,080$4,130310,42043,160$630,800357,7102. For each ATV sold during this year, what is the contribution toward covering fixedexpenses and earning income?Contribution margin per ATV:

The contribution margin is calculated as the difference between the sales and variable costs. The…

Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $260 per ATV. The remaining selling expenses are fixed. Administrative expenses are 10 % variable and 90% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,870 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales Cost of goods sold Gross margin Operating expenses Selling expenses Administrative expenses Net income $135,000 41,300 $630,800 310,420 320,380 176,300 $144,080 Required: 1. Prepare an Income statement for the current year using the contribution margin format. (Do not round intermediate calculations.

Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,800 each. Variable selling expenses are $260 per ATV. The remaining selling expenses are fixed. Administrative expenses are 10 % variable and 90% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,870 each. POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales Cost of goods sold Gross margin Operating expenses Selling expenses Administrative expenses Net income $135,000 41,300 $630,800 310,420 320,380 176,300 $144,080 Required: 1. Prepare an Income statement for the current year using the contribution margin format. (Do not round intermediate calculations.

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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