FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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need correct answer for both parts

 

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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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
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
expand button
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
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