The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31:
Sales $ 1,312,000
Selling price per pair of skis $ 410
Variable selling expense per pair of skis $ 45
Variable administrative expense per pair of skis $ 15
Total fixed selling expense $ 160,000
Total fixed administrative expense $ 115,000
Beginning merchandise inventory $ 70,000
Ending merchandise inventory $ 115,000
Merchandise purchases $ 320,000
Required:
1. Prepare a traditional income statement for the quarter ended March 31.
2. Prepare a contribution format income statement for the quarter ended March 31.
3. What was the contribution toward fixed expenses and profits for each pair of skis sold during the quarter?
Answers: 3
Business, 22.06.2019 22:50
For 2016, gourmet kitchen products reported $22 million of sales and $19 million of operating costs (including depreciation). the company has $15 million of total invested capital. its after-tax cost of capital is 10%, and its federal-plus-state income tax rate was 36%. what was the firm’s economic value added (eva), that is, how much value did management add to stockholders’ wealth during 2016?
Answers: 1
Business, 23.06.2019 01:50
The capital balances, prior to the liquidation of the benjamin, gaynor, megan partnership, were as follows: benjamin, capital $100,000gaynor, capital $120,000megan, capital $175,000benjamin, gaynor, and megan share profits and losses in the ratio of 25%, 40%, 35%. as a result of a loan, the partnership owes gaynor $80,000. using the information above, which partner has the highest loss absorption power (lap) prior to liquidation? a. gaynorb. meganc. benjamind. both gaynor and megan have the same lap
Answers: 2
The Alpine House, Inc., is a large retailer of snow skis. The company assembled the information show...
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