Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need traditional income statement. Marwick's Pianos, Inc., purchases planos from a large manufacturer for an average cost of $1,505 per unit and then sells them

image text in transcribed
image text in transcribed
Need traditional income statement.
Marwick's Pianos, Inc., purchases planos from a large manufacturer for an average cost of $1,505 per unit and then sells them to retail customers for an average price of $3,400 each. The company's selling and administrative costs for a typical month are presented below Cost Formula Song Advertising $950 per month Sales salaries and commissions 54,820 per month, plus 6% of sales Delivery of plans to customers $81 per piano sold Us 5667 per month Depreciation of sales facilites $5,009 per month Administrative Executive salaries $13.496 per month Insurance $700 per month Clerical $2,507 per month, plus $42 per piano sold Depreciation of office equipment $905 per month During August, Marwick's Pianos, Inc., sold and delivered 61 pianos. Required: 1. Prepare a traditional format income statement for August 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down through contribution margin. Required 1 Required 2 Prepare a traditional format income statement for August. (A "Net operating loss should be entered as a negative number.) Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Seling and administrative expenses Selling expenses Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using QuickBooks Online For Accounting 2022

Authors: Glenn Owen

5th Edition

0357516532, 9780357516539

More Books

Students also viewed these Accounting questions

Question

=+beliefs about the brand, product, or service?

Answered: 1 week ago

Question

=+4. Did your message properly reflect the brand's image?

Answered: 1 week ago