Susan Wilson sells gourmet chocolate chip cookies. The results of her last month of operations are as follows: Sales revenue $ 160,000 Cost of goods sold (all variable) 100,000 Gross margin 60,000 Selling expenses (75% variable) 12,000 Administrative expenses (25% variable) 20,000 Operating income $ 28,000 (a) Prepare a contribution format income statement for Susan.
Susan Wilson sells gourmet chocolate chip cookies. The results of her last month of operations are as follows: Sales revenue $ 160,000 Cost of goods sold (all variable) 100,000 Gross margin 60,000 Selling expenses (75% variable) 12,000 Administrative expenses (25% variable) 20,000 Operating income $ 28,000 (a) Prepare a contribution format income statement for Susan.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Susan Wilson sells gourmet chocolate chip cookies. The results of her last month of operations are as follows:
|
Sales revenue
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$ | 160,000 | ||
|
Cost of goods sold (all variable)
|
|
100,000 | ||
|
Gross margin
|
60,000 | |||
|
Selling expenses (75% variable)
|
12,000 | |||
|
Administrative expenses (25% variable)
|
|
20,000 | ||
|
Operating income
|
$ | 28,000 |
(a)
Prepare a contribution format income statement for Susan. (Round answers to 0 decimal places, e.g. 5,275.)
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select an income statement item
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$enter a dollar amount | ||||
|---|---|---|---|---|---|
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select an opening name for section one :
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|||||
|
select an income statement item
|
$enter a dollar amount | ||||
|
select an income statement item
|
enter a dollar amount | ||||
|
select an income statement item
|
enter a dollar amount | ||||
|
select a closing name for section one
|
enter a total amount for section one | ||||
|
select a summarizing line for the first part
|
enter a total amount for the first part | ||||
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select an opening name for section two :
|
|||||
|
select an income statement item
|
enter a dollar amount | ||||
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select an income statement item
|
enter a dollar amount | ||||
|
select a closing name for section two
|
enter a total amount for section two | ||||
|
select a closing name for this statement
|
$enter a total amount for this statement |
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