Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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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
Selling and administrative expenses:
14,000
$15
$1
$2
$ 22,000
$ 15,000
$ 12,000
$ 22,000
$ 88,000
Required 2 >
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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 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 Selling and administrative expenses: 14,000 $15 $1 $2 $ 22,000 $ 15,000 $ 12,000 $ 22,000 $ 88,000 Required 2 >
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