Do not give answer in imageSolve all questions Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitardepartment since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect.WHOLESALE GUITARSDepartmental Income StatementsFor Year Ended December 31, 2017SalesCost of goods soldGross profitOperating expensesAdvertising expenseDepreciation expense-equipmentSalaries expenseSupplies expenseRent expenseUtilities expenseTotal operating expensesNet income (loss)Acoustic$102,20045,47556,7255,02510,10019,9001,9407,0352,97546,975$ 9,750Electric$84,30046,85037,4504,2608,56017,3001,7105,9802,63040,440$ (2,990) 3.1. Prepare a departmental contribution report that shows each department's contribution to overhead.Income Statement Showing Departmental Contribution to OverheadFor Year Ended December 31, 2017Direct expensesTotal direct expensesDepartmental contributions tooverheadIndirect expensesTotal indirect expensesWHOLESALE GUITARSO NoO Yes2. Based on contribution to overhead, should the electric guitar department be eliminated?Acoustic Dept. Electric Dept. CombinedApple Inc. reports the following for three of its geographic segments for a recent year.(Smillions)Americas EuropeChinaOperating income$ 24,917 $17,625 $ 9,841Sales66,339 41,88334,417AmericasEuropeChinaCompute profit margin for each division. (Round your answers to 1 decimal place.)Profit Margin%%%

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Description: Do not give answer in imageSolve all questions Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitardepartment since it has a net loss. The company classifies advertising,

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Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guita department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect. WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Advertising expense Depreciation expense-equipment Salaries expense Supplies expense Rent expense Utilities expense Total operating expenses Net income (loss) Acoustic $102,200 45,475 56,725 5,025 10,100 19,900 1,940 7,035 2,975 46,975 $ 9,750 Electric $84,300 46,850 37,450 4,260 8,560 17,300 1,710 5,980 2,630 40,440 $(2,990)

Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guita department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect. WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Advertising expense Depreciation expense-equipment Salaries expense Supplies expense Rent expense Utilities expense Total operating expenses Net income (loss) Acoustic $102,200 45,475 56,725 5,025 10,100 19,900 1,940 7,035 2,975 46,975 $ 9,750 Electric $84,300 46,850 37,450 4,260 8,560 17,300 1,710 5,980 2,630 40,440 $(2,990)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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