Modurotoluwa Adefemi: Attempt 1 s Respondus LockDown Browser Net Income $110.000 The liners sell, on average, for $350 each. The department's variable selling expenses are $10 per liner sold. The remaining selling expenses are fixed. The administrative expenses are 30% variable and 70% fixed. The company purchases its liners from a supplier at a cost of $125 per liner. Required (show all calculations): Prepare an income statement for the quarter, using the contribution approach. [Hint: use the table format same as above to prepare the Income statement. Enable the HTML Editor to write your answerl + v . .. Paragraph V B IUVA EVEY TOSHIBA48:02 Modurotoluwa Adefemi: Attempt 1 alles Respondus LockD [Hint: use the table format below for part a & b - Enable the HTML Editor to write your answer] Month Sales Expected Collections * % SX Sx Total Balance, May 1 Expected collections Expected disbursements April purchases to be paid in Sxx May Cash disbursements for XX expenses Total disbursements Expected ending balance + v BIUAEEv Paragraph TOSHIBAQuestion 25 (12 points) Listen Part D - (12 marks) The 4 x 4 Shop Is a large retaller of equipment for pickup trucks. An Income statement for the company's bed liner department for the most recent quarter is presented below: The 4 x 4 Shop 1 Income Statement - Liner Department For First Quarter of Current Year Sales 24 $700,000 Less cost of goods sold 250,000 Gross margin 450,000 Less operating expenses: Selling expenses $195,000 Administrative expenses 145,000 340.000 $110.090 Net income The liners sell, on average, for $350 each. The department's variable selling expenses are $40 per liner sold, The remaining selling expenses are fixed. The administrative expenses are 30% variable and 70%% fixed. The company purchases Its liners from a supplier at a cost of $125 per liner. TOSHIBA