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Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) departmen

WILLIAMS COMPANY Forecasted Departmental Income Statements For Year Ended December 31, 2020 Clock Mirror Paintings Combined S

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Williams Company
Forecasted deaprtmental income statement
For Year Ended dec 31,2020
Clock Mirror paintings   Combined
Sales          228,000          131,100          48,000          407,100
Cost Of Goods Sold          111,720            81,282            2,400          195,402
Gross Profit          116,280            49,818          45,600          211,698
Direct Expenses
Sales salaries              21,000              7,500            6,500            35,000
Advertising              1,600                  700                700              3,000
Stores supplies used                  741                  399                800              1,940
Depreciation on equipment              1,900                  200                600              2,700
Total Direct Exp            25,241              8,799            8,600            42,640
Allocated exp
Rent              5,664              2,835            2,361            10,860
Utilities              2,660              1,331            1,109              5,100
office dept exp            15,402              8,856            3,242            27,500
total allocated exp            23,726            13,022            6,712            43,460
Total Expenses            48,967            21,821          15,312            86,100
Net Income            67,313            27,997          30,288          125,598
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