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Price Publications, Inc., produces and sells business books. The results of the company's operations for the year ended December 31, 20x1, are given below.
Sales Revenue $400,000
Cost of goods sold (manufacturing costs):
Fixed $10,000
Variable $20,000
Selling Costs:
Administrative Costs:
Fixed $24,000
Variable $6,000
Required:
A. Prepare a traditional income statement for the company.
B. Prepare a contribution income statement for the company.
C. Which income statement (traditional or contribution) would an operating manager most likely use to study changes in operating income that are caused by changes in sales? Why?
How much did Prepaid Expenses and other current asset accounts at the end of the most recent year and what did the for deferred rent and other liabilities in January 31, 2009? Where did you find this information?
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