Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31: Amount $1,089,000 Total sales revenue Selling price per snowboard Variable selling expense per snowboard Variable administrative expense per snowboard. Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance. Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended December 31. Winter Leisure Sales Operating income Traditional Income Statement. Quarter ended December 31 Sales Merchandise purchases Gross margin Selling and administrative expenses: Administrative expenses $ 295,000 250,000 $ 1,089,000 170,000 919,000 545,000 300 40 10 374000 $ $ $ $ 280,000 $ 250,000 $ 94,000 $ 114,000 $360,000
Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31: Amount $1,089,000 Total sales revenue Selling price per snowboard Variable selling expense per snowboard Variable administrative expense per snowboard. Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance. Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended December 31. Winter Leisure Sales Operating income Traditional Income Statement. Quarter ended December 31 Sales Merchandise purchases Gross margin Selling and administrative expenses: Administrative expenses $ 295,000 250,000 $ 1,089,000 170,000 919,000 545,000 300 40 10 374000 $ $ $ $ 280,000 $ 250,000 $ 94,000 $ 114,000 $360,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31:
Total sales revenue
Selling price per snowboard
Variable selling expense per snowboard
Variable administrative expense per snowboard
Total fixed selling expense
Total fixed administrative expense
Merchandise inventory, beginning balance
Merchandise inventory, ending balance
Merchandise purchases
Winter Leisure
Sales
Operating income
Traditional Income Statement
Quarter ended December 31
Sales
Merchandise purchases
Gross margin
Selling and administrative expenses:
Administrative expenses
Required:
1. Prepare a traditional income statement for the quarter ended December 31.
$ 295,000
250,000
$ 1,089,000
170,000
919,000
545,000
Amount
$1,089,000
374000
$
$
300
40
10
$
$
280,000
$ 250,000
94,000
$
$ 114,000
$360,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa9067eb3-6e02-4fe3-8304-38df2900e915%2F7a0e4e09-19ad-42cd-b7a4-490eab494d72%2F159tag_processed.png&w=3840&q=75)
Transcribed Image Text:Winter Leisure is a retailer of snowboards. The information below is for the quarter ended December 31:
Total sales revenue
Selling price per snowboard
Variable selling expense per snowboard
Variable administrative expense per snowboard
Total fixed selling expense
Total fixed administrative expense
Merchandise inventory, beginning balance
Merchandise inventory, ending balance
Merchandise purchases
Winter Leisure
Sales
Operating income
Traditional Income Statement
Quarter ended December 31
Sales
Merchandise purchases
Gross margin
Selling and administrative expenses:
Administrative expenses
Required:
1. Prepare a traditional income statement for the quarter ended December 31.
$ 295,000
250,000
$ 1,089,000
170,000
919,000
545,000
Amount
$1,089,000
374000
$
$
300
40
10
$
$
280,000
$ 250,000
94,000
$
$ 114,000
$360,000
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