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Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

FINANCIAL ACCOUNTING
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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answer both parts correctly 

 

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 Herchandise 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 Amount 900 12,000 $ 16 $2 $2 Complete this question by entering your answers in the tabs below. $ 21,000 $ 14,000 $10,000 $ 24,000 $88.000 Answer is complete but not entirely correct. 192,000 73.000 41908
Transcribed Image Text: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 Herchandise 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 Amount 900 12,000 $ 16 $2 $2 Complete this question by entering your answers in the tabs below. $ 21,000 $ 14,000 $10,000 $ 24,000 $88.000 Answer is complete but not entirely correct. 192,000 73.000 41908
pare a GVIDUTION FUIT HoveCHL 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, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income 000 >> Answer is complete but not entirely correct. O s 34,000 39,000 73,000 $ 192,000 73,000 119,000 $ 146,000 46,000 Required 2 > Kerst
Transcribed Image Text:pare a GVIDUTION FUIT HoveCHL 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, Incorporated Traditional Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income 000 >> Answer is complete but not entirely correct. O s 34,000 39,000 73,000 $ 192,000 73,000 119,000 $ 146,000 46,000 Required 2 > Kerst
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