Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $650,000, 40%, and $13,000, respectively. The North Division’s contribution margin and contribution margin ratio are $110,000 and 44%, respectively. The South Division’s segment margin is $60,000. The company has $97,500 of common fixed expenses that cannot be traced to either division.
Required:
Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e. 0.1234 should be entered as 12.3).)
Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $650,000, 40%, and $13,000, respectively. The North Division’s contribution margin and c
Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $350,000, 32%, and $7,000, respectively. The North Division’s contribution margin and contribution margin ratio are $75,600 and 36%, respectively. The South Division’s segment margin is $15,400. The company has $38,500 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is...
Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $780,000, 46%, and $15,600, respectively. The North Division’s contribution margin and contribution margin ratio are $140,000 and 50%, respectively. The South Division’s segment margin is $90,000. The company has $140,400 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is...
Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $1,050,000, 40%, and $21,000, respectively. The North Division’s contribution margin and contribution margin ratio are $154,000 and 44%, respectively. The South Division’s segment margin is $175,000. The company has $262,500 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is...
Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $500,000, 46%, and $10,000, respectively. The North Division’s contribution margin and contribution margin ratio are $150,000 and 50%, respectively. The South Division’s segment margin is $30,000. The company has $90,000 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is...
7. Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating income are $480,000, 36%, and $9,600, respectively. The North Division’s contribution margin and contribution margin ratio are $92,000 and 40%, respectively. The South Division’s segment margin is $32,500. The company has $62,400 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and...
Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $1,020,000, 38%, and $20,400, respectively. The North Division's contribution margin and contribution margin ratio are $142,800 and 42%, respectively. The South Division's segment margin is $163,200. The company has $244,800 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is...
Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $900,000, 30%, and $18,000, respectively. The North Division's contribution margin and contribution margin ratio are $102,000 and 34%, respectively. The South Division's segment margin is $120,000. The company has $180,000 of common fixed expenses that cannot be traced to either division Required: Prepare an income statement for Shannon Company that uses the contribution format and is...
Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $790,000, 48%, and $15,800, respectively. The North Division's contribution margin and contribution margin ratio are $150,800 and 52%, respectively. The South Division's segment margin is $95,000. The company has $150,100 of common fixed expenses that cannot be traced to either division. Required Prepare an income statement for Shannon Company that uses the contribution format and is...
Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $990,000, 36%, and $19,800, respectively. The North Division's contribution margin and contribution margin ratio are $132,000 and 40%, respectively. The South Division's segment margin is $151,800. The company has $227,700 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is...
Shannon Company segments its Income statement Into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating Income are $350,000, 32%, and $7,000, respectively. The North Division's contribution margin and contribution margin ratio are $75,600 and 36%, respectively. The South Division's segment margin is $15,400. The company has $38,500 of common fixed expenses that cannot be traced to either division Required: Prepare an Income statement for Shannon Company that uses the contribution format and is...