Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down through contribution margin.

punts receivable ipment umulated deprec tes payable

Which one of the following expenses is exempt from the payment of GST? i. Freight inwards ii. interest expense iii. Salary & wages iv. Electricity expense v. Freight outwards Ⓒa. i&ii b. ii & iii Oc i& v Ⓒd. iii, iv & v Ⓒ e. ii, iii & v D

P13.12 (LO 2) (Warranties and Premiums) Garison Music Emporium carries a wide variety of musical instruments, sound reproduction equipment, recorded music, and sheet music. Garison uses two sales promotion techniques-warranties and premiums-to attract customers. Musical instruments and sound equipment are sold with a 1-year warranty for replacement of parts and labor. The estimated warranty cost, based on past experience, is 2% of sales. The premium is offered on the recorded and sheet music. Customers receive a coupon for each dollar spent on recorded music or sheet music. Customers may exchange 200 coupons and $20 for an MP3 player. Garison pays $32 for each player and estimates that 60% of the coupons given to customers will be redeemed. Garison's total sales for 2022 were $7,200,000-$5,700,000 from musical instruments and sound reproduction equipment and $1,500,000 from recorded music and sheet music. Replacement parts and labor for warranty work totaled $94,000 during 2022. A…