3. RESPONSIBILITY INCOME STATEMENT-PREPARATION Gameland Village is segmented into two sales departments: software and video games. During April, these two departments reported the following operating results: Software Video Games $400,000 $200,000 Sales. 65% 56% Variable costs (as a percentage of sales).... Traceable fixed costs..... $20,000 $16,000 In addition, fixed costs common to both departments amounted to $42,000. Complete the following segmented income statement for Gameland Village. Follow the contribution margin approach, and show percentages as well as dollar amounts. Conclude your income statement with the company's income from operations. GAMELAND VILLAGE Income Statement by Product Lines For the Month Ended April 30, 20_ Segments Gameland Village Software Video Games Dollars Dollars Dollars Sales $2$ $400,000 100 $200,000 100 Variable Costs 65 56 $24 $2$ %24
3. RESPONSIBILITY INCOME STATEMENT-PREPARATION Gameland Village is segmented into two sales departments: software and video games. During April, these two departments reported the following operating results: Software Video Games $400,000 $200,000 Sales. 65% 56% Variable costs (as a percentage of sales).... Traceable fixed costs..... $20,000 $16,000 In addition, fixed costs common to both departments amounted to $42,000. Complete the following segmented income statement for Gameland Village. Follow the contribution margin approach, and show percentages as well as dollar amounts. Conclude your income statement with the company's income from operations. GAMELAND VILLAGE Income Statement by Product Lines For the Month Ended April 30, 20_ Segments Gameland Village Software Video Games Dollars Dollars Dollars Sales $2$ $400,000 100 $200,000 100 Variable Costs 65 56 $24 $2$ %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
FP3
Transcribed Image Text:3. RESPONSIBILITY INCOME STATEMENT-PREPARATION
Gameland Village is segmented into two sales departments: software and video games. During
April, these two departments reported the following operating results:
Software
Video Games
$400,000
$200,000
Sales.
65%
56%
Variable costs (as a percentage of sales)....
Traceable fixed costs.....
$20,000
$16,000
In addition, fixed costs common to both departments amounted to $42,000.
Complete the following segmented income statement for Gameland Village. Follow the
contribution margin approach, and show percentages as well as dollar amounts. Conclude your
income statement with the company's income from operations.
GAMELAND VILLAGE
Income Statement by Product Lines
For the Month Ended April 30, 20_
Segments
Gameland Village
Software
Video Games
Dollars
Dollars
Dollars
Sales
$2$
$400,000
100 $200,000
100
Variable Costs
65
56
$24
$2$
%24
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education