Make a segmented income statement

Assignment Help Accounting Basics
Reference no: EM13258300

Fausnaught Corporation has two major business segments -retail and wholesale. In October, the retail business segment hadsales revenues of $730,000, variable expenses of $409,000, andtraceable fixed expenses of $117,000. During the same month, thewholesale business segment had sales revenues of $400,000, variableexpenses of $220,000, and traceable fixed expenses of $48,000.Common fixed expenses totaled $218,000 and were allocated asfollows: $122,000 to the retail business segment and $96,000 to thewholesale business segment.

Required :

Prepare a segmented income statement in the contribution format forthe company. Omit percentages, show only dollar amounts.

Reference no: EM13258300

Questions Cloud

Net operating income earned : what is the net operating income earned by product m12Caccording to the company's accounting system? Show work.
Explain enzyme can react with only a single substrate : Enzyme can react with only a single substrate. Enzyme has a cofactor that promotes the catalytic activity
Case study of homeguard insurance company : Homeguard Insurance Company takes ten days to make payments on insurance claims. Claims are processed through three departments: Data Input, Claims Audit, and Claims Adjustment.
Memo include suggestions for the cover art : Write a blurb about the text that can be used on the back cover and in catalogs that advertise new publications.
Make a segmented income statement : Prepare a segmented income statement in the contribution format forthe company. Omit percentages, show only dollar amounts.
What are the sales required to earn a net income : The fixed costs are $450,000, andMorino is in the 30% corporate tax bracket. What are the sales(dollars) required to earn a net income (after tax) of$25,000?
Explain briefly why a capacitor can block dc voltage : Explain briefly why a capacitor can block DC voltage. How might you use this feature in a design. Explain why the impedance Zeq of a parallel RC circuit decreases as the frequency increases.
Design a circuit that satisfies the equation vout : Design a circuit that satisfies the equation VOUT = - 3 * VB - 2 * VA. Draw the circuit schematic identifying supply voltages and show your work on component selection
What emf appears in the loop : A circular loop of wire 0.2 m in diameter is placed with its normal at an angle of 30° to the direction of a uniform 0.14 T magnetic field. What emf appears in the loop

Reviews

Write a Review

Accounting Basics Questions & Answers

  Managerial and financial accounting concepts

Explain the two (2) basic types of analysis that are used to compare accounting information. In addition to above posted explain how Managerial Accounting differs from Financial Accounting (GAAP).

  Approximate net present value of investment

The equipment will provide cost savings of $7,300 and will be depreciated straight-line over its useful life with no salvage value. Cleaners, Inc. requires a 10% rate of return. What is the approximate net present value of this investment?

  Determining the economic value of us division

Bella Vista’s U.S. Division reported sales of $300,000-The economic value added of the U.S. Division is

  Compute dow earnings per share

On February 28,2011, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31,2011, was $2,100,000. The income tax rate is 40%.

  Company ships product to a customer

When a company ships product to a customer with the terms f.o.b. (free on board) destination, which of the following is true?

  Analyzing of bad debts and determination

Over the past several years, Jacobian has seen that year-end allowance account has a debit balance before adjustment. The company wants an in-depth analyzes of bad debts and a determination as to which method to use. You have been hired to perform..

  Prepare accounting entry by acquisition and purchase method

Prepare Pelham's accounting entry to record the combination with Sampras using the acquisition method and purchase method."

  Calculate the minimum ticket price

The Ocean City water park is considering the purchase of a new log flume ride. The cost to purchase the equipment is 1,800,000, and it will cost an additional 180,000 to have it installed.

  Computing depreciation expense-units-of-activity method

The truck was assigned an estimated useful life of 100,000 miles and has a residual value of $10,000. The truck was driven 18,000 miles in 2008 and 22,000 miles in 2009. Compute depreciation expense using the units-of-activity method for the years..

  Audience-focused communication matrix

Use the matrix to complete the information. Write 3-4 sentences for each item. • What are some audience characteristics you need to consider?

  Governmental accounting and interest expenditure

It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?

  Prepare income statement in a multiple step format

Quartz Co. sells home furniture had the following account balances: Required: Prepare income statement in a multiple step format.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd