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Polarix is a retailer of atvs and accessories. an income statement for the current year follows...
sales = $646,000cost of goods sold = $311,100gross margin = $334,900operating expenseselling expenses $135,000adminstrative expenses $59,500total operating expenses $194,500net income $140,400
ATVs sell on average for $3,800. Variable selling expenses are $270 each. 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 $1,830 each.
1. Prepare an income statement for this current year using the variable costing income statement.
At the beginning of the fiscal year, the balance sheet showed assets of $1,364 and owners' equity of $836. During the year, assets increased $74 and liabilities decreased $38. Owners' equity at the end of the year totaled:
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