kau.5 Required information[The following information applies to the questions displayed below.]Raner, Harris and Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firmhas two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variablecosts. A contribution format segmented income statement for the company's most recent year is given:SalesVariable expensesContribution marginTraceable fixed expensesOffice segment marginCommon fixed expenses not traceable to officesNet operating incomeTotal CompanyTotal Company$ 490,500 100%245,250 50%245,250 50%137,340 28%107,910 22%68,670 14%$ 39,240 8%Amount< Prev%Assume that sales in Chicago increase by $54,500 next year and that sales in Minneapolis remain unchanged. Assume no changeixed costs.LOPrepare a new segmented income statement for the company. (Round your intermediate calculations and percentage answers toecimal place (i.e. 0.1234 should be entered as 12.3 and other answers to the nearest whole dollar.))4 5AmountChicagoChicagoof 11$ 163,50049,050114,450100%30%70%85,020 52%$ 29,430 18%---‒‒‒Office%SegmentsNext >Minneapolis$ 327,000100%196, 200 60%130,800 40%52,320 16%$ 78,480 24%AmountMinneapolis%

Income statement is a financial statement in which the revenues and expenses of the firm are…

Raner, Harris and Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: Sales Variable expenses Contribution margin Traceable fixed expenses Office segment margin Common fixed expenses not traceable to offices Net operating income Total Company $ 490,500 100% 245,250 50% 245,250 50% 137,340 28% 107,910 22% 68,670 14% $ 39,240 8% Office Chicago $ 163,500 100% 49,050 30% 114,450 70% 85,020 52% 18% $ 29,430 Minneapolis $ 327,000 100% 196, 200 60% 130,800 40% 52,320 16% 24% $ 78,480

Raner, Harris and Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: Sales Variable expenses Contribution margin Traceable fixed expenses Office segment margin Common fixed expenses not traceable to offices Net operating income Total Company $ 490,500 100% 245,250 50% 245,250 50% 137,340 28% 107,910 22% 68,670 14% $ 39,240 8% Office Chicago $ 163,500 100% 49,050 30% 114,450 70% 85,020 52% 18% $ 29,430 Minneapolis $ 327,000 100% 196, 200 60% 130,800 40% 52,320 16% 24% $ 78,480

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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