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Use the following information for Brief Exercises 2-24 and 2-25: Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $65,000. Administrative expense totaled $53,800. Brief Exercise 2-25 Income Statement Percentages Refer to the information for Slapshot Company above. Required: Prepare an income statement for Slapshot for the month of June and calculate the percentage of sales revenue represented by each line of the income statement. ( Note : Round answers to one decimal place.)

BuyFind

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
Publisher: Cengage Learning
ISBN: 9781337115773
BuyFind

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
Publisher: Cengage Learning
ISBN: 9781337115773

Solutions

Chapter 2, Problem 25BEA
Textbook Problem

Use the following information for Brief Exercises 2-24 and 2-25:

Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $65,000. Administrative expense totaled $53,800.

Brief Exercise 2-25 Income Statement Percentages

Refer to the information for Slapshot Company above.

Required:

Prepare an income statement for Slapshot for the month of June and calculate the percentage of sales revenue represented by each line of the income statement. (Note: Round answers to one decimal place.)

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Chapter 2 Solutions

Managerial Accounting: The Cornerstone of Business Decision-Making
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