Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit$17 Variable selling expense per unit$2 Variable administrative expense per unit$3 Total fixed selling expense$22,000 Total fixed administrative expense$16,000 Beginning merchandise inventory$8,000 Ending merchandise inventory$25,000 Merchandise purchases$89,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

Partnerships are the most common type of business firms in the world. t/f

What cylinder head operation is the technician performing in this figure?

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.