Cherokee Inc. is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling price per unit$16 Variable selling expense per unit$2 Variable administrative expense per unit$2 Total fixed selling expense$22,000 Total fixed administrative expense$13,000 Beginning merchandise inventory$12,000 Ending merchandise inventory$23,000 Merchandise purchases$86,000 Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)

If the ceo of a large, diversified, firm were filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? in all cases, assume that other things are held constant.a. the division's basic earning power ratio is above the average of other firms in its industry.b. the division's total assets turnover ratio is below the average for other firms in its industry.c. the division's debt ratio is above the average for other firms in the industry.d. the division's inventory turnover is 6, whereas the average for its competitors is 8.e. the division's dso (days' sales outstanding) is 40, whereas the average for its competitors is 30.

Helen tells her nephew, bernard, that she will pay him $100 if he will stop smoking for six months. helen was hopeful that if bernard stopped smoking for six months, he would stop altogether. bernard stops smoking for six months but then resumes his smoking. helen will not pay him. she says that the type of promise she made cannot constitute a binding contract and that, furthermore, it was at least implied that he would stop smoking for good. can bernard legally collect $100 from helen