Eastern Imports Inc. sold 12,000 units in August. Per unit selling price and variable expense were $30
Question:
Eastern Imports Inc. sold 12,000 units in August. Per unit selling price and variable expense were $30 and $15, respectively. Fixed expense incurred for August totaled $120,000.
Required:
Prepare the August income statement for Eastern Imports in the contribution margin format.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (18 reviews)
EASTERNIMPORTS INC AugustIncome Statement ...View the full answer
Answered By
Mugdha Sisodiya
My self Mugdha Sisodiya from Chhattisgarh India. I have completed my Bachelors degree in 2015 and My Master in Commerce degree in 2016. I am having expertise in Management, Cost and Finance Accounts. Further I have completed my Chartered Accountant and working as a Professional.
Since 2012 I am providing home tutions.
3.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Prepare the Budgeted Income Statement that takes into account the loan. Assume that the Budgeted Income Statement of your business is as follows: Option I - Without a loan Budgeted Income Statement...
-
Presented below is information related to the sole proprietorship of Kevin Johnson, attorney. Legal service revenue2010.......$350,000 Total expenses2010......... 211,000 Assets, January 1,...
-
Fixed costs per annum P60 000 Unit selling price 20 Unit variable cost 10 Relevant range 4 00012 000 units REQUIRED: Calculate the following: a. Break-Even Point in b. Units to be sold to obtain the...
-
Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow. Budgeted Activity Usage 7,600 Activity Machining...
-
Using the information provided in BE 9- 12, prepare the journal entry to record the year- end adjusting entry for the bad debt expense assuming that Burl Brothers estimates bad debts as 1% of net...
-
Which method of updating content involves the server for a web service explicitly indicating that data may be used on other domains? a. Ajax b. Ajax with a proxy c. JSON-P d. CORS
-
Figure P14.66 shows a modern electronic circuit board. It features standard miniature components such as the resistor (R516), which measures 1.6 mm long, 0.80 mm wide, and 0.20 mm high. The ceramic...
-
Use the data in GPA2.RAW for this exercise. (i) Consider the equation where colgpa is cumulative college grade point average, hsize is size of high school graduating class, in hundreds, hsperc is...
-
A municipal bond you are considering as an investment currently pays a yield of 6.79 percent. a. Calculate the tax equivalent yield if your marginal tax rate is 28 percent. b. Calculate the tax...
-
Would the name Hallowed receive protection as a trademark or as trade dress? Two computer science majors, Trent and Xavier, have an idea for a new video game, which they propose to call Hallowed....
-
Refer to the current information for Bay Area Cycle Co. in Mini-Exercise 12.4. Data from in Exercise 12.4 Current operating income for Bay Area Cycles Co. is $74,000. Selling price per unit is $120,...
-
A friend has accumulated $10,000 and has decided to invest that hard earned money in the common stock of a publicly owned corporation. What data about that company would you suggest that she be most...
-
The financial department in Example 7, using statistical techniques, produced the data in Table 6, where C(x) is the cost in millions of dollars for manufacturing and selling x million cameras. Using...
-
Solve the Differential equation. xydx+dy=0
-
What is Hue and saturation?
-
Explain traversing on the following parcel.Provide one numerical example.
-
Explore the role of post-occupancy evaluation in commercial and industrial architecture. How do architects use feedback from building users to improve future designs?
-
Analyze the impact of sustainable construction on biodiversity and ecosystem services. How can construction practices be adapted to minimize impacts on local ecosystems and enhance biodiversity?
-
Will a solar power plant (one that generates electricity from solar energy) have the same tendency to increase the greenhouse effect in the atmosphere as a coal-fired power plant? Explain.
-
Show, if u(x, y) and v(x, y) are harmonic functions, that u + v must be a harmonic function but that uv need not be a harmonic function. Is e"e" a harmonic function?
-
a. Firm A has a margin of 8%, sales of $630,000, and ROI of 16.8%. Calculate the firm's average total assets. b. Firm B has net income of $246,400, turnover of 1.1, and average total assets of...
-
a. Firm D has net income of $61,750, sales of $1,625,000, and average total assets of $650,000. Calculate the firm's margin, turnover, and ROI. b. Firm E has net income of $241,500, sales of...
-
Calculate ROE At the beginning of the year, the net assets of Shannon Co. were $617,900. The only transactions affecting stockholders' equity during the year were net income of $62,400 and dividends...
-
What is Apple Companys strategy for success in the marketplace? Does the company rely primarily on customer intimacy, operational excellence, or product leadership? What evidence supports your...
-
Exercise 1 1 - 7 ( Algo ) Net present value and unequal cash flows LO P 3 Gomez is considering a $ 2 1 0 , 0 0 0 investment with the following net cash flows. Gomez requires a 1 2 % return on its...
-
a Campbell Inc. produces and sells outdoor equipment. On July 1, 2011. Campbell issued $40,000,000 a 10-year, 10% bonds at a market (effective) interest rate of 9%, receiving Cash of 548,601,480....
Study smarter with the SolutionInn App