Sage Hill Corporation had sales of $3,360,000 for the year ended December 31, 2022. The unit selling price was $12. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $832,000 $760,000 Selling expenses 113,000 64,000 Administrative expenses 231,000 71,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare a CVP income statement. (Round per unit answers to 2 decimal places, e.g. 15.25.)
SAGE HILL CORPORATION
CVP Income Statement
For the Year Ended December 31, 2022
Total
Per Unit
Percent of Sales
$
3,360,000
2$
i
i
1,176,000
i
$
i
i
895,000
i
$4
Transcribed Image Text:Prepare a CVP income statement. (Round per unit answers to 2 decimal places, e.g. 15.25.) SAGE HILL CORPORATION CVP Income Statement For the Year Ended December 31, 2022 Total Per Unit Percent of Sales $ 3,360,000 2$ i i 1,176,000 i $ i i 895,000 i $4
Sage Hill Corporation had sales of $3,360,000 for the year ended December 31, 2022. The unit selling price was $12. In
making the sales, the company incurred the following costs and expenses.
Variable
Fixed
Cost of goods sold
$832,000
$760,000
Selling expenses
113,000
64,000
Administrative expenses
231,000
71,000
Your answer is partially correct.
Prepare a GAAP income statement.
SAGE HILL CORPORATION
GAAP Income Statement
For the Year Ended December 31, 2022
Sales
3,360,000
Cost of Goods Sold
Gross Profit
Operating Expenses
Selling Expenses
$
Administrative Expenses
Total Operating Expenses
Net Income/(LosS)
$
Transcribed Image Text:Sage Hill Corporation had sales of $3,360,000 for the year ended December 31, 2022. The unit selling price was $12. In making the sales, the company incurred the following costs and expenses. Variable Fixed Cost of goods sold $832,000 $760,000 Selling expenses 113,000 64,000 Administrative expenses 231,000 71,000 Your answer is partially correct. Prepare a GAAP income statement. SAGE HILL CORPORATION GAAP Income Statement For the Year Ended December 31, 2022 Sales 3,360,000 Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses $ Administrative Expenses Total Operating Expenses Net Income/(LosS) $
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