Departmental income statements are prepared for service departments but not operating departments. True or False
Departmental income statements are prepared for service departments but not operating departments.
True or False
Homework Answers
False,
Departmental income statements are prepared for service departments but not operating departments.
Add Answer to:
Departmental income statements are prepared for service
departments but not operating departments.
True or False
Dunnes Stores has two service department, Advertising and Administration, and two operating departments, Hardware and Automotive....
Dunnes Stores has two service department, Advertising and Administration, and two operating departments, Hardware and Automotive. Sales, COGS, and direct expenses are given below. Complete the following table, including allocation of $220,000 of indirect costs. Indirect costs are allocated on the basis of square footage:... Advertising Department:750 square feet, Administration Department:1,500 square feet, Hardware Department: 3,000 square feet, Automotive Department: 9,750 square feet Dunnes Stores Revenues and Expenses Y/E December 31, 2018 Service Departments Operating Departments Totals Advertising Admin Hardware...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office)...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 220,000 $ 85,000 $ 305,000 Cost of goods sold 107,800 52,700 160,500 Gross profit 112,200 32,300 144,500 Direct expenses Sales salaries 21,000 6,800 27,800 Advertising 1,200 600 1,800 Store supplies used 950 450 1,400 Depreciation—Equipment 1,600 400 2,000 Total direct expenses 24,750...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office)...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow.Williams plans to open a third department in January 2020 that will sell paintings. Management predicts that the new department will generate $50,000 in sales with a 55% gross profit margin and will require the following direct expenses: sales salaries, $8,000; advertising, $800; store supplies, $500; and equipment depreciation, $200. It will fit the new department into the current...
Williams Company began operations in January 2015 with two operating (selling) departments and one service (office)...
Williams Company began operations in January 2015 with two
operating (selling) departments and one service (office)
department. Its departmental income statements follow.
WILLIAMS COMPANY
Departmental Income Statements
For Year Ended December 31, 2015
Clock
Mirror
Combined
Sales
$
210,000
$
95,000
$
305,000
Cost of goods sold
102,900
58,900
161,800
Gross profit
107,100
36,100
143,200
Direct expenses
Sales salaries
21,000
6,900
27,900
Advertising
1,700
400
2,100
Store supplies used
1,000
500
1,500
Depreciation—Equipment
1,300
600
1,900
Total direct...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) dep...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 160,000 $115,000 $275,000 Cost of goods sold 78,400 71,300 149,700 Gross profit 81,600 43,700 125,300 Direct expenses Sales salaries 20,000 7,300 27,300 Advertising 1,700 600 2,300 Store supplies used 550 500 1,050 Depreciation Equipment 1,900 900 Total direct expenses 24,150 9,300 Allocated...
Problem 22-4A Departmental contribution to income LO P3 Vortex Company operates a retail store with two departments...
Problem 22-4A Departmental contribution to income LO P3 Vortex Company operates a retail store with two departments. Information about those departments follows $451, see Cost of poods sold Direct expenses serie 118,000 10,2 24, 26,5 12. Depreciation Maintenance The company also incurred the following indirect costs. Insurance Depreciation office expenses 7.000 14.00 45,000 Indirect costs are allocated as follows: salaries on the basis of sales Insurance and depreciation on the basis of square footage, and office expenses on the basis...
The California Community Hospital has two service departments, Cafeteria and Housekeeping, and two operating departments, Surgery...
The California Community Hospital has two service departments, Cafeteria and Housekeeping, and two operating departments, Surgery and Outpatient. The hospital uses the direct method to allocate service department costs to operating departments. It allocates Cafeteria costs based on the number of employees. Cafeteria $40,000 20,000 Departmental costs before allocation Number of employees Housekeeping $10,000 15,000 Surgery $140,000 15,000 Outpatient $360,000 45,000 Total $550,000 Knowledge Check 01 How much Cafeteria cost should be allocated to the Surgery department? $6,316 $8,000 $30,000...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office)...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 200,000 $115,000 $ 315,000 Cost of goods sold 98,000 71,300 169,300 Gross profit 102,000 43,700 145,700 Direct expenses Sales salaries 21,000 7,500 28,500 Advertising 1,600 700 2,300 Store supplies used 650 350 1,000 Depreciation-Equipment 1,900 2,100 Total direct expenses 25, 1508,750 33,900...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (Office)...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (Office) department. Its departmental income statements follow. Ship WILLIAMS COMPANY Petang Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 150,000 $115,000 $ 265,000 Cost of goods sold 73,500 71,300 144,800 Gross profit 76,500 43,700 120,200 Direct expenses Sales salaries 21,000 7,100 28,109 Advertising 1,700 300 2,000 Store supplies used 700 550 1,250 Depreciation-Equipment 1,700 900 2,600 Total direct expenses...
Williams Company began operations in January 2019 with two operating (selling) departments and one service office)...
Williams Company began operations in January 2019 with two operating (selling) departments and one service office) department. Its departmental Income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 230,00 $ 95,00 $ 325,000 Cost of goods sold 112,780 58,988 171,688 Gross profit 117,380 36,182 153,480 Direct expenses Sales salaries 28.000 8.00€ 28,000 Advertising 1,200 500 1.780 Store Supplies used 950 389 1,250 Depreciation-Equipment 2,100 2.680 Total direct expenses 24,25€ 9,388...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow.Williams plans to open a third department in January 2020 that will sell paintings. Management predicts that the new department will generate $50,000 in sales with a 55% gross profit margin and will require the following direct expenses: sales salaries, $8,000; advertising, $800; store supplies, $500; and equipment depreciation, $200. It will fit the new department into the current...
Williams Company began operations in January 2015 with two
operating (selling) departments and one service (office)
department. Its departmental income statements follow.
WILLIAMS COMPANY
Departmental Income Statements
For Year Ended December 31, 2015
Clock
Mirror
Combined
Sales
$
210,000
$
95,000
$
305,000
Cost of goods sold
102,900
58,900
161,800
Gross profit
107,100
36,100
143,200
Direct expenses
Sales salaries
21,000
6,900
27,900
Advertising
1,700
400
2,100
Store supplies used
1,000
500
1,500
Depreciation—Equipment
1,300
600
1,900
Total direct...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 160,000 $115,000 $275,000 Cost of goods sold 78,400 71,300 149,700 Gross profit 81,600 43,700 125,300 Direct expenses Sales salaries 20,000 7,300 27,300 Advertising 1,700 600 2,300 Store supplies used 550 500 1,050 Depreciation Equipment 1,900 900 Total direct expenses 24,150 9,300 Allocated...
Problem 22-4A Departmental contribution to income LO P3 Vortex Company operates a retail store with two departments. Information about those departments follows $451, see Cost of poods sold Direct expenses serie 118,000 10,2 24, 26,5 12. Depreciation Maintenance The company also incurred the following indirect costs. Insurance Depreciation office expenses 7.000 14.00 45,000 Indirect costs are allocated as follows: salaries on the basis of sales Insurance and depreciation on the basis of square footage, and office expenses on the basis...
The California Community Hospital has two service departments, Cafeteria and Housekeeping, and two operating departments, Surgery and Outpatient. The hospital uses the direct method to allocate service department costs to operating departments. It allocates Cafeteria costs based on the number of employees. Cafeteria $40,000 20,000 Departmental costs before allocation Number of employees Housekeeping $10,000 15,000 Surgery $140,000 15,000 Outpatient $360,000 45,000 Total $550,000 Knowledge Check 01 How much Cafeteria cost should be allocated to the Surgery department? $6,316 $8,000 $30,000...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 200,000 $115,000 $ 315,000 Cost of goods sold 98,000 71,300 169,300 Gross profit 102,000 43,700 145,700 Direct expenses Sales salaries 21,000 7,500 28,500 Advertising 1,600 700 2,300 Store supplies used 650 350 1,000 Depreciation-Equipment 1,900 2,100 Total direct expenses 25, 1508,750 33,900...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (Office) department. Its departmental income statements follow. Ship WILLIAMS COMPANY Petang Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 150,000 $115,000 $ 265,000 Cost of goods sold 73,500 71,300 144,800 Gross profit 76,500 43,700 120,200 Direct expenses Sales salaries 21,000 7,100 28,109 Advertising 1,700 300 2,000 Store supplies used 700 550 1,250 Depreciation-Equipment 1,700 900 2,600 Total direct expenses...
Williams Company began operations in January 2019 with two operating (selling) departments and one service office) department. Its departmental Income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 230,00 $ 95,00 $ 325,000 Cost of goods sold 112,780 58,988 171,688 Gross profit 117,380 36,182 153,480 Direct expenses Sales salaries 28.000 8.00€ 28,000 Advertising 1,200 500 1.780 Store Supplies used 950 389 1,250 Depreciation-Equipment 2,100 2.680 Total direct expenses 24,25€ 9,388...
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