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Sloan [31]
3 years ago
14

Slapshot Company makes ice hockey sticks and sold 1,890 sticks during the month of June at a total cost of $378,000. Each stick

sold at a price of $360. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $64,700. Administrative expense totaled $53,800.
Required:
Prepare an income statement for Slapshot for the month of June
Business
1 answer:
Grace [21]3 years ago
6 0

Answer:

<u>Slapshot Company</u>

<u>Income statement for the month of June</u>

Sales ( 1,890 x $360)                                   $680,400

Less Costs of Sales                                    ($378,000)

Gross Profit                                                  $302,400

Selling Costs :

Commissions                           $68,040

Other Selling Expense            $64,700

Administrative Expense          $53,800    ($186,540)

Net Income                                                   $115,860

Explanation:

The Income statement shows the <em>Profit</em> earned during the reporting period. This is determined as Gross Profit (Sales - Cost of Sales) minus the Operating Expenses.

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Answer: <u>PRODUCT MODIFICATION</u> refers to changing one or more of a product's characteristics; while, a <u>LINE EXTENSION</u> is the development of a product closely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs.

7 0
3 years ago
Especially in terms of retail properties, which of the following attributes is considered the most likely to result in drastic v
weqwewe [10]

Answer:

C. Location attributes

Explanation:

According to my research on property value attributes, I can say that based on the information provided within the question the attribute that can drastically change a properties value is the Location Attribute. This is because Real Estate value depends mostly on it's location. For Example, if a house is in a good neighborhood it can be worth a lot more than a house in another location, but if that same neighborhood then becomes a drug trafficking/gang hotspot the price of that house drops drastically because no one wants to purchase it.

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3 years ago
You now need to plan for the holiday rush! When the holidays hit, Trader Dan's has a massive increase in customers coming to the
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2 years ago
Outdoor Gear Corporation manufactured 1,000 coolers during October. The following variable overhead data relates to October: Var
yanalaym [24]

Answer:

$1,482 unfavorable

Explanation:

Calculation to determine the variable overhead flexible-budget variance

Using this formula

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Let plug in the formula

Variable overhead flexible-budget variance=$1,300 (U) + $182 (U)

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Therefore the variable overhead flexible-budget variance is $1,482 unfavorable

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