Maurice Tutor

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Education

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 8.00

ATV Department

Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its Consumer ATV Department for the current year follows. ATVs sell for $3,200 each. Variable selling expenses are $240 per ATV. The remaining selling expenses are fixed. Administrative expenses are 40% variable and 60% fixed. The company does not manufacture its own ATVs; it purchases them from a supplier for $1,860 each.

 

POLARIX
Income Statement—Consumer ATV Department
For Year Ended December 31, 2015
Sales     $ 624,000
Cost of goods sold       362,700
     
Gross margin       261,300
Operating expenses        
Selling expenses $ 135,000    
Administrative expenses   42,800   177,800
 
Net income     $ 83,500
     
Required:
1.

Prepare an income statement for this current year using the contribution margin format.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 11:08 PM My Price 8.00

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