a company purchased new furniture at a cost of $30,000 on september 30, the furniture is estimated to have a useful life of 4 years and a salvage value of $3,600. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended december 31

Cherokee inc. is a merchandiser that provided the following information: amount number of units sold 20,000 selling price per unit $ 30 variable selling expense per unit $ 4 variable administrative expense per unit $ 2 total fixed selling expense $ 40,000 total fixed administrative expense $ 30,000 beginning merchandise inventory $ 24,000 ending merchandise inventory $ 44,000 merchandise purchases $ 180,000 required: 1. prepare a traditional income statement. 2. prepare a contribution format income statement.