Question
In: Accounting
Celtics Pro Shop is a merchandiser that provided the following information regarding its 2017 NBA World...
Celtics Pro Shop is a merchandiser that provided the following
information regarding its 2017 NBA World Champion sweatshirts
:
AMOUNT:
Number of units sold . . . . . . . . . . . . . . . . . . . . . . .
. 40,000
Selling price per unit . . . . . . . . . . . . . . . . . . . . . .
. . $30.
Variable selling expense per unit . . . . . . . . . . . . . . .
$4.
Variable administrative expense per unit . . . . . . . . .
$2.
Total fixed selling expense . . . . . . . . . . . . . . . . . . .
$80,000.
Total fixed administrative expense . . . . . . . . . . . . .
$60,000.
Beginning merchandise inventory . . . . . . . . . . . . . .
$48,000.
Ending merchandise inventory . . . . . . . . . . . . . . . .
$88,000.
Merchandise purchases . . . . . . . . . . . . . . . . . . . . .
$360,000.
Required:
A) Prepare a traditional income statement.
B) Prepare a contribution format income statement.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On December 21, 2017, Nash Company provided you with the following information regarding its equity investments....
On December 21, 2017, Nash Company provided you with the
following information regarding its equity investments. December
31, 2017 Investments (Trading) Cost Fair Value Unrealized Gain
(Loss) Clemson Corp. stock $19,900 $19,000 $(900 ) Colorado Co.
stock 10,100 9,100 (1,000 ) Buffaloes Co. stock 19,900 20,460 560
Total of portfolio $49,900 $48,560 (1,340 ) Previous fair value
adjustment balance 0 Fair value adjustment—Cr. $(1,340 ) During
2018, Colorado Company stock was sold for $9,590. The fair value of
the stock...
Cherokee Inc. is a merchandiser that provided the following information:
Cherokee Inc. is a merchandiser that provided the following information: Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.
Exercise 17-7 On December 21, 2017, Riverbed Company provided you with the following information regarding its...
Exercise 17-7
On December 21, 2017, Riverbed Company provided you with the
following information regarding its equity investments.
December 31, 2017
Investments (Trading)
Cost
Fair Value
Unrealized Gain (Loss)
Clemson Corp. stock
$18,900
$17,900
$(1,000
)
Colorado Co. stock
9,000
8,000
(1,000
)
Buffaloes Co. stock
18,900
19,540
640
Total of portfolio
$46,800
$45,440
(1,360
)
Previous fair value adjustment balance
0
Fair value adjustment—Cr.
$(1,360
)
During 2018, Colorado Company stock was sold for $8,550. The fair
value of...
Use the following information for the Problems below. Golden Corp., a merchandiser, recently completed its 2017...
Use the following information for the Problems below. Golden
Corp., a merchandiser, recently completed its 2017 operations. For
the year, (1) all sales are credit sales, (2) all credits to
Accounts Receivable reflect cash receipts from customers, (3) all
purchases of inventory are on credit, (4) all debits to Accounts
Payable reflect cash payments for inventory, (5) Other Expenses are
all cash expenses, and (6) any change in Income Taxes Payable
reflects the accrual and cash payment of taxes. The...
Use the following information for the Problems below. Golden Corp., a merchandiser, recently completed its 2017...
Use the following information for the Problems below. Golden
Corp., a merchandiser, recently completed its 2017 operations. For
the year, (1) all sales are credit sales, (2) all credits to
Accounts Receivable reflect cash receipts from customers, (3) all
purchases of inventory are on credit, (4) all debits to Accounts
Payable reflect cash payments for inventory, (5) Other Expenses are
all cash expenses, and (6) any change in Income Taxes Payable
reflects the accrual and cash payment of taxes. The...
Use the following information for the Problems below. Golden Corp., a merchandiser, recently completed its 2017...
Use the following information for the Problems below. Golden
Corp., a merchandiser, recently completed its 2017 operations. For
the year, (1) all sales are credit sales, (2) all credits to
Accounts Receivable reflect cash receipts from customers, (3) all
purchases of inventory are on credit, (4) all debits to Accounts
Payable reflect cash payments for inventory, (5) Other Expenses are
all cash expenses, and (6) any change in Income Taxes Payable
reflects the accrual and cash payment of taxes. The...
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
13,000
Selling price per unit
$
16
Variable selling expense per unit
$
1
Variable administrative expense per unit
$
1
Total fixed selling expense
$
18,000
Total fixed administrative expense
$
13,000
Beginning merchandise inventory
$
9,000
Ending merchandise inventory
$
25,000
Merchandise purchases
$
88,000
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
11,000
Selling price per unit
$
17
Variable selling expense per unit
$
1
Variable administrative expense per unit
$
3
Total fixed selling expense
$
21,000
Total fixed administrative expense
$
15,000
Beginning merchandise inventory
$
9,000
Ending merchandise inventory
$
26,000
Merchandise purchases
$
89,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 11,000...
Cherokee Inc. is a merchandiser that provided the following
information:
Amount
Number of units sold
11,000
Selling price per unit
$
17
Variable selling expense per unit
$
2
Variable administrative expense per unit
$
2
Total fixed selling expense
$
19,000
Total fixed administrative expense
$
13,000
Beginning merchandise inventory
$
10,000
Ending merchandise inventory
$
26,000
Merchandise purchases
$
90,000
Required:
1. Prepare a traditional income statement.
2. Prepare a contribution format income statement.
Cherokee, Inc.
Traditional Income...
Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 20,000...
Cherokee Inc. is a merchandiser that provided the following
information: Amount Number of units sold 20,000 Selling price per
unit $ 30 Variable selling expense per unit $ 4 Variable
administrative expense per unit $ 2 Total fixed selling expense $
40,000 Total fixed administrative expense $ 30,000 Beginning
merchandise inventory $ 24,000 Ending merchandise inventory $
44,000 Merchandise purchases $ 180,000 Required: 1. Prepare a
traditional income statement. 2. Prepare a contribution format
income statement.
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