Question
Prepare a Contribution Format Income Statement from the following list of accounts from Goularte, Inc. The balances are as of December 31, 2022. Accounts Receivable
Prepare a Contribution Format Income Statement from the following list of accounts from Goularte, Inc. The balances are as of December 31, 2022.
Accounts Receivable $ 22,000 Cash balance $ 25,000 Common Stock $ 35,000 Cost of Goods Sold (always variable for our purposes) $ 39,000 General and Administrative Expenses (Fixed) $ 4,890 Store Operating Expenses (variable) $ 21,000 Sales Commissions (10% of total sales revenue) $ 9,411 Sales Revenue $ 94,110 Depreciation Expense (fixed) $ 10,000 Property, Plant and Equipment, net $ 50,000 Store Operating Expenses (fixed) $ 4,500
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