Subject - account Please help me. Thankyou. Shannon Company segments its income statement into its North and South Divisions. The company's overall sales.contribution margin ratio, and net operating income are $480,000, 36%, and $9,600, respectively. The North Division'scontribution margin and contribution margin ratio are $92,000 and 40%, respectively. The South Division's segment margin is$32,500. The company has $62,400 of common fixed expenses that cannot be traced to either division.Required:Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. Inaddition, for the company as a whole and for each segment, show each item on the segmented income statements as apercent of sales. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3).)Total CompanyAmount%North DivisionAmountSouth DivisionAmount

The divisional income statement is the financial statement that describes the financial performance…

Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3).)

Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3).)

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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