Make balance sheet 1.sold all the stock for 5000 and receive a cheque
2. a trade receivable paid 600 by cheque
3. the owner took 800 from the bank for personal use
4. withdrew 2000 from the bank for business expenses​

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.