Sales is $ 500000Sales returns and allowance $ 25000Cost of goods sold 250000Deternine the Net gales and Gross profit

Formula: Net sales = Sales - Sales returns and allowances deduction of sales returns and allowances…

Answered: Sales is $ 500000 Sales returns and…

Sales is $ 500000 Sales returns and allowance $ 25000 Cost of zoods sold 250000 Doternine the Not galog and Gross prof it

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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Question

Sales is $ 500000
Sales returns and allowance $ 25000
Cost of goods sold 250000
Deternine the Net gales and Gross profit

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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
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