An insurance company charges $800 annually for car insurance. the policy specifies that the company will pay $1000 for a minor accident and $5000 for a major accident. if the probability of a motorist having a minor accident during the year is 0.2, and of having a major accident, 0.05, how much can the insurance company expect to make on the policy? (expected profit)

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.