{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T15:08:17-04:00", "answer_date": "2024-05-27 15:08:17", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1786698", "url": "\/study-help\/questions\/problem-121-algo-traditional-and-contribution-format-income-statements-lo16-1786698", "question_creation_date_js": "2024-05-27T15:08:17-04:00", "question_creation_date": "May 27, 2024 03:08 PM", "meta_title": "[Solved] Problem 1-21 (Algo) Traditional and Contr | SolutionInn", "meta_description": "Answer of - Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purc | SolutionInn", "meta_keywords": "problem,1-21,algo,traditional,contribution,format,income,statements,lo1-6,marwick,s,pianos", "question_title_h1": " Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of", "question_title": " Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's", "question_title_for_js_snippet": "Problem 1 21 (Algo) Traditional and Contribution Format Income Statements LO1 6 Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,492 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 Costs Selling Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $ 956 per month $ 4,813 per month, plus 5 of sales $ 58 per piano sold $ 632 per month $ 5,011 per month $ 13,552 per month $ 698 per month $ 2,460 per month, plus $35 per piano sold $ 945 per month During August, Marwick's Pianos, Incorporated, sold and delivered 62 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 Complete this question by entering your answers in the tabs below 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, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses Selling expenses Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses 0 0 0 Required 1 Required 2 ", "question_description": "\"image\"image", "transcribed_text": "Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,492 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: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $ 956 per month $ 4,813 per month, plus 5% of sales $ 58 per piano sold $ 632 per month $ 5,011 per month $ 13,552 per month $ 698 per month $ 2,460 per month, plus $35 per piano sold $ 945 per month During August, Marwick's Pianos, Incorporated, sold and delivered 62 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. Complete this question by entering your answers in the tabs below. 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, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 0 0 0 < Required 1 Required 2 >", "related_book": { "title": "Accounting for Governmental and Nonprofit Entities", "isbn": "78110939, 978-0078110931", "edition": "16th Edition", "authors": "Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/273.jpg", "uri": "\/textbooks\/accounting-for-governmental-and-nonprofit-entities-16th-edition-273", "see_more_uri": "" }, "free_related_book": { "isbn": "0201662124", "uri": "\/textbooks\/linear-algebra-and-differential-equations-1st-edition-978-0201662122-158730", "name": "Linear Algebra And Differential Equations", "edition": "1st Edition" }, "question_posted": "2024-05-27 15:08:17", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/2-consider-two-households-one-with-an-income-twice-as-701756", "description": "2. Consider two households, one with an income twice as large as the other. 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