Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. polarix is a retailer of atvs (all-terrain vehicle

Polarix is a retailer of ATVs (all-terrain vehicles) and accessories. An income statement for its...

60.1K

Verified Solution

Question

Accounting

image

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 $3,800 each. Variable selling expenses are $290 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 $1,890 each POLARIX Income Statement-Consumer ATV Department For Year Ended December 31 Sales $619,400 Cost of goods sold 308,070 Gross margin 311,330 Operating expenses Selling expenses $160,000 Administrative expenses 41,100 201,100 Net income $110,230 Required: 1. Prepare an income statement for the current year using the contribution margin format. (Do not round intermediate calculations. Round contribution margin per ATV value to the nearest whole number.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Which of the following is a negation of the statement There is an honest politician...

Basic Math
Q

Approximately half of all human cancers have defective p53. In these cancers, what else is...

Biology
Q

How the Capuchin monkeys s behaviors help with understanding children s and even adults behaviors...

Biology
Q

Find the rectangular equation of the curve given by the parametric equations below Then graph...

Basic Math
Q

Solve the equation below 2 y x 3x 5 O O X X 3 i...

Basic Math
Q

If tan 0 7 0 0 2 find sin DIN sin 2 0 2 Simplify...

Calculus
Q

Built-Tight is preparing its master budget. Budgeted sales and cash payments...

Accounting
Q

Provide the missing data in the following table for a distributor of martial arts products:...

Accounting
Q

Brothers Harry and Herman Hausyerday began operations of their machine shop (H \& H Tool,...

Accounting
Q

Kearney Kramer donated to his church stock which he had held for five months. The...

Accounting
Q

Presented here are cash flows (in \$ Millions) for Baton Rouge Corporation's most recent fiscal...

Accounting
Q

Sand Dollars Corporation is the leading roaster and retailer of specialty coffee, with nearly 17,000...

Accounting