POLARIX Income Statement—Consumer ATV Department For Year Ended December 31, 2015 Sales $ 646,000 Cost of goods sold 311,100 Gross margin 334,900 Operating expenses Selling expenses $ 135,000 Administrative expenses 59,500 194,500 Net income $ 140,400 Required: 1. Prepare an income statement for this current year using the contribution margin format. (Do not round intermediate calculations. Round contribution margin per ATV value to the nearest whole number.)

Rebel technology maintains its records using cash-basis accounting. during the year, the company received cash from customers, $43,000, and paid cash for salaries, $23,500. at the beginning of the year, customers owe rebel $1,000. by the end of the year, customers owe $6,600. at the beginning of the year, rebel owes salaries of $5,600. at the end of the year, rebel owes salaries of $3,300. determine cash-basis net income and accrual-basis net income for the year.