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Michaels Company segments its income statement into its East and West Divisions. The company's overall sales, contribution margin ratio, and net operating income are $620,000, 56%, and $56,000, respectively. The West Division's contribution margin and contribution margin ratio are $150,000 and 79%, respectively. The East Division's segment margin is $74,000. The company has $52,000 of common fixed costs that cannot be traced to either division.Required:
Prepare an income statement for Michaels Company that uses the contribution format and is segmented by divisions. (Input all amounts as positive values except losses which should be indicated by a minus sign. Round your percentage answers to 1 decimal place and all other answers to the nearest dollar amount.)
Increase in prepaid insurance expense, an asset, decreasing both net income and retained earnings by $6,000 and decrease in cash of $6,000.
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below are transactions related to impala company.a the city of pebble beach gives the company 5 acres of land as a
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