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 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. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Traditional Income Statement Amount 5 12,000 $ 17 $2 $2 $ 19,000 $ 14,000 $ 9,000 $ 23,000 $ 86,000

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 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. Complete this question by entering your answers in the tabs below. Cherokee, Incorporated Traditional Income Statement Amount 5 12,000 $ 17 $2 $2 $ 19,000 $ 14,000 $ 9,000 $ 23,000 $ 86,000

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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income statement for merchandisingbusiness using the function of expense form May someone please help me
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A merchandiser that provided the following information: Number of units sold 20,000 Selling price per unit $ 40 Variable selling expense per unit $ 5 Variable administrative expense per unit $ 2 Total fixed selling expense $ 40,000 Total fixed administrative expense $ 40,000 Beginning merchandise inventory $ 28,000 Ending merchandise inventory $ 46,000 Merchandise purchases $ 190,000. Prepare a traditional income statement. 2.Prepare a contribution format income statement.
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Identify the following accounts if it is normally used in Service and/or in Merchandising Business Income Statement. 1 Sales 2 Service Income 3 Salaries 4 Purchases 5 Purchase Discount 6 Merchandise Inventory 7 Distribution Costs 8 Freight In 9 Transportation and Travelling 10 Rent Expense 11 Depreciation 12 Insurance 13 General and Administrative Expenses 14 Cost of Goods Sold 15 Goods Available for Sale 16 Interest Expense 17 Transportation In 18 Travel Expenses 19 Professional Income 20 Finance Expenses
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(16). Subject :- Accounting
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