Below is the income statement for Robinson Company, a merchandising firm. If you take this information...
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Below is the income statement for Robinson Company, a merchandising firm. If you take this information and prepare a contribution margin income statement, what will the variable costs be the contribution margin be and the fixed costs be to arrive at net income of $12,000? Hint: All information will be used. Sort your costs by variable and fixed. Then, follow the contribution margin income statement. Do not use a $. Do use a comma. Do use a parenthesis () around amounts to show where deducted. For example, (10,000) Robinson Company Income Statement For the Year Ended December 31, 2019 Sales revenue (2,400 units x $100) $240,000 Cost of goods sold (2,400 units x $65) (156,000) Gross margin 84,000 Sales commissions (10% of sales) (24,000) Administrative salaries expense (15,000) Advertising expense (20,000) Depreciation expense (10,600) Shipping and handling expenses (2,400 units x $1.00) (2,400) Net Income $ 12,000 Below is the income statement for Robinson Company, a merchandising firm. If you take this information and prepare a contribution margin income statement, what will the variable costs be the contribution margin be and the fixed costs be to arrive at net income of $12,000? Hint: All information will be used. Sort your costs by variable and fixed. Then, follow the contribution margin income statement. Do not use a $. Do use a comma. Do use a parenthesis () around amounts to show where deducted. For example, (10,000) Robinson Company Income Statement For the Year Ended December 31, 2019 Sales revenue (2,400 units x $100) $240,000 Cost of goods sold (2,400 units x $65) (156,000) Gross margin 84,000 Sales commissions (10% of sales) (24,000) Administrative salaries expense (15,000) Advertising expense (20,000) Depreciation expense (10,600) Shipping and handling expenses (2,400 units x $1.00) (2,400) Net Income $ 12,000
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Answer rating: 100% (QA)
Stademaut Tuoticulr 240000 Soles a400 umith X 100 E vosei able cotd ast op Good sal 15600... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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