Homework Answers
| Dept. X | Dept. Y | Total | |
| Sales | $ 853,000.00 | $ 365,000.00 | $ 1,218,000.00 |
| Cost of Goods sold | $ 420,000.00 | $ 216,000.00 | $ 636,000.00 |
| Gross Profit | $ 433,000.00 | $ 149,000.00 | $ 582,000.00 |
| Operating Expenses: | |||
| Sales salaries expense | $ 149,000.00 | $ 47,000.00 | $ 196,000.00 |
| Advertising expense | $ 20,000.00 | $ 8,000.00 | $ 28,000.00 |
| Insurance expense | $ 15,000.00 | $ 9,000.00 | $ 24,000.00 |
| Uncollectible account expense | $ 6,000.00 | $ 3,000.00 | $ 9,000.00 |
| Office and other adm. Expense | $ 14,000.00 | $ 11,000.00 | $ 25,000.00 |
| Traceable operating expenses | $ 204,000.00 | $ 78,000.00 | $ 282,000.00 |
| Contribution to common expenses | $ 229,000.00 | $ 71,000.00 | $ 300,000.00 |
| Common expenses | $ 118,000.00 | ||
| Income before tax | $ 182,000.00 | ||
| Income tax expense | $ 63,700.00 | ||
| Net Income | $ 118,300.00 |
Is this correct?
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Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at...
Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2016: Woodfield Candies, Inc. Trial Balance December 31, 2016 Debit...
Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2016: Woodfield Candies, Inc. Trial Balance December 31, 2016 Debit Credit $42,000 156,000 180,000 540,000 Cash Accounts receivable (net) Inventory, December 31, 2016 Equipment and fixtures (net) Accounts payable Common stock Retained earnings Revenue-department X Revenue department Cost of goods sold-department X Cost of goods sold department Y Sales salaries expense Advertising expense $108,000 450,000 180,000 840,000 360,000 420,000 216,000 192,000...
Departmental Income Statement The following information was obtained from the ledger of Stillwell Emporium, Inc., at...
Departmental Income Statement The following information was obtained from the ledger of Stillwell Emporium, Inc., at the end of 2016 Stillwell Emporium, Inc. Trial Balance December 31, 2016 Debit Credit Cash $19,000 Accounts receivable (net) 70,000 Inventory, December 31, 2016 45,000 Equipment and fixtures (net) 97,000 Accounts payable $34,000 Common stock 120,000 Retained earnings 30,000 Revenue - department a 367,000 Revenue - department b 143,000 Cost of goods sold - department a 216,000 Cost of goods sold - department b...
Departmental Income Statement The following information was obtained from the ledger of Stillwell Emporium, Inc., at...
Departmental Income Statement The following information was obtained from the ledger of Stillwell Emporium, Inc., at the end of 2016 Stillwell Emporium, Inc. Trial Balance December 31, 2016 Debit Credit Cash $19,000 Accounts receivable (net) 70,000 Inventory, December 31, 2016 45,000 Equipment and fixtures (net) 97,000 Accounts payable $34,000 Common stock 120,000 Retained earnings 30,000 Revenue - department a 367,000 Revenue - department b 143,000 Cost of goods sold - department a 216,000 Cost of goods sold - department b...
Exercise 22-7 Departmental contribution report LO P3 Below are departmental income statements for a guitar manufacturer....
Exercise 22-7 Departmental contribution report LO P3 Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $ 103,500 $83,400 Cost of goods sold 44,475 47, 450 Gross profit 59,025 35,950 Operating expenses Advertising expense 4,9854 ,290 Depreciation expense-equipment 10,0608 ,590 Salaries...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect. WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $ 103,100 $ 84,600 Cost of goods sold 43,975 46,850 Gross profit 59,125 37,750 Operating expenses Advertising expense 5,035 4,350 Depreciation expense—equipment 10,090 8,580 Salaries expense 19,900 17,100 Supplies expense 1,980 1,740...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic $102,500 Electric $83,100 Sales Cost of goods sold Gross profit Operating expenses Advertising expense Depreciation expense-equipment Salaries expense Supplies expense 45,075 57,425 47,050 36,050 4,300 8,520 17,300 1,740 5,950 2,620 40,430 $(4,380) 4,995 10,130...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect. WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $ 103,400 $ 83,000 Cost of goods sold 43,975 47,250 Gross profit 59,425 35,750 Operating expenses Advertising expense 5,025 4,320 Depreciation expense—equipment 10,090 8,560 Salaries expense 19,400 17,800 Supplies expense 1,980 1,790...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect. WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $102.600 $85,000 Cost of goods sold 43,775 47.450 Gross profit 58,825 37,550 Operating expenses Advertising expense 5.015 4,320 Depreciation expense-equipment 10.110 8.580 Salaries expense 19,400 17.400 Supplies expense 1.990 1,790 Rent expense...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering ellminating its electric...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering ellminating its electric guitar department since it has a net loss. The company classifles advertising, rent, and utilities expenses as Indirect. WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $102,400 $84,200 Cost of goods sold 44,075 46,950 Gross profit 58,325 37,250 Operating expenses Advertising expense 5,065 4,320 Depreciation expense 10,120 equipment 8,530 Salaries expense 19,500 17,400 Supplies expense 1,940 1, 720...
Below are departmental income statements for a guitar manufactu rer. The manufacturer is considering eliminating its e...
Below are departmental income statements for a guitar manufactu rer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $101,900 $83,100 47,750 45,175 56,725 Cost of goods sold Gross profit Operating expenses Advertising expense Depreciation expense-equipment Salaries expense 35,350 4,995 4,320 10,060 8,510 20,200 1,940 7,055 2,955 17,500 1,770 Supplies...
Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2016: Woodfield Candies, Inc. Trial Balance December 31, 2016 Debit Credit $42,000 156,000 180,000 540,000 Cash Accounts receivable (net) Inventory, December 31, 2016 Equipment and fixtures (net) Accounts payable Common stock Retained earnings Revenue-department X Revenue department Cost of goods sold-department X Cost of goods sold department Y Sales salaries expense Advertising expense $108,000 450,000 180,000 840,000 360,000 420,000 216,000 192,000...
Exercise 22-7 Departmental contribution report LO P3 Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $ 103,500 $83,400 Cost of goods sold 44,475 47, 450 Gross profit 59,025 35,950 Operating expenses Advertising expense 4,9854 ,290 Depreciation expense-equipment 10,0608 ,590 Salaries...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic $102,500 Electric $83,100 Sales Cost of goods sold Gross profit Operating expenses Advertising expense Depreciation expense-equipment Salaries expense Supplies expense 45,075 57,425 47,050 36,050 4,300 8,520 17,300 1,740 5,950 2,620 40,430 $(4,380) 4,995 10,130...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect. WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $102.600 $85,000 Cost of goods sold 43,775 47.450 Gross profit 58,825 37,550 Operating expenses Advertising expense 5.015 4,320 Depreciation expense-equipment 10.110 8.580 Salaries expense 19,400 17.400 Supplies expense 1.990 1,790 Rent expense...
Below are departmental income statements for a guitar manufacturer. The manufacturer is considering ellminating its electric guitar department since it has a net loss. The company classifles advertising, rent, and utilities expenses as Indirect. WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $102,400 $84,200 Cost of goods sold 44,075 46,950 Gross profit 58,325 37,250 Operating expenses Advertising expense 5,065 4,320 Depreciation expense 10,120 equipment 8,530 Salaries expense 19,500 17,400 Supplies expense 1,940 1, 720...
Below are departmental income statements for a guitar manufactu rer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Acoustic Electric Sales $101,900 $83,100 47,750 45,175 56,725 Cost of goods sold Gross profit Operating expenses Advertising expense Depreciation expense-equipment Salaries expense 35,350 4,995 4,320 10,060 8,510 20,200 1,940 7,055 2,955 17,500 1,770 Supplies...
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