Question: Please could you help me with that, just please refer to use only the account option of the box charts. In August, Clarey Corporation, a
Please could you help me with that, just please refer to use only the account option of the box charts.
| In August, Clarey Corporation, a manufacturing company, reported the following financial data: |
| Sales | $ | 262,000 | |
| Variable production expense | $ | 38,000 | |
| Fixed production expense | $ | 33,000 | |
| Variable selling expense | $ | 24,000 | |
| Fixed selling expense | $ | 42,000 | |
| Variable administrative expense | $ | 24,000 | |
| Fixed administrative expense | $ | 59,000 | |
| The company had no beginning or ending inventories. |
| Required: | |
| a. | Prepare an income statement in good form for August using the traditional approach. (Input all amounts as positive values. Omit the "$" sign in your response.) |
| Clarey Corporation Income Statement | ||
| (Click to select)Variable selling expenseFixed production expenseSalesVariable production expenseCost of goods sold | $ | |
| (Click to select)Variable selling expenseVariable production expenseCost of goods soldSalesFixed production expense | ||
| (Click to select)Gross marginGross loss | ||
| Selling and administrative expenses: | ||
| Selling | $ | |
| Administrative | ||
| (Click to select)Net operating incomeNet operating loss | $ | |
| b. | Prepare an income statement in good form for August using the contribution approach. (Input all amounts as positive values. Omit the "$" sign in your response.) |
| Clarey Corporation Income Statement | ||
| (Click to select)Cost of goods soldFixed production expenseSalesVariable selling expenseVariable production expense | $ | |
| Variable expenses: | ||
| (Click to select)Variable production expenseCost of goods soldVariable administrative expenseSalesVariable selling expense | $ | |
| (Click to select)Variable administrative expenseSalesVariable production expenseVariable selling expenseCost of goods sold | ||
| (Click to select)SalesVariable production expenseVariable administrative expenseVariable selling expenseCost of goods sold | ||
| (Click to select)Contribution lossContribution margin | ||
| Fixed expenses: | ||
| (Click to select)Cost of goods soldFixed administrative expenseFixed production expensesalesFixed selling expense | ||
| (Click to select)salesCost of goods soldFixed selling expenseFixed production expenseFixed administrative expense | ||
| (Click to select)salesFixed production expenseCost of goods soldFixed administrative expenseFixed selling expense | ||
| (Click to select)Net operating incomeNet operating loss | $ | |
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