Sales revenue Variable cost of goods sold Fixed cost of goods sold Gross profit Variable operating expenses Fixed operating expenses Common fixed costs Operating income (a) $1,360,000 919,000 Baseball V 123.800 V 317,200 183,800 85,200 65,000 ($16,800) Soccer Basketball $3,900,000 $2,560,000 2,535,000 2,065,600 202,200 1,162,800 $ 624,000 178,000 316,400 256,000 78,900 104,900 91,000 139,000 $308,800 ($123,400) Baseball Total $7,820,000 5,519,600 Doug is concerned that two of the company's divisions are showing a loss, and he wonders if the company should stop selling baseball and basketball gear to concentrate solely on soccer gear. $ 504,000 1,796,400 Prepare a segment margin income statement. Fixed cost of goods sold and fixed operating expenses can be traced to each division (If the amount is negative then enter with a negative sign preceding the number, eg. -5,125 or parenthesis, eg (5,125)) 1,063,800 255,100 308,900 $168,600 Soccer I $ B:

Sales revenue Variable cost of goods sold Fixed cost of goods sold Gross profit Variable operating expenses Fixed operating expenses Common fixed costs Operating income (a) $1,360,000 919,000 Baseball V 123.800 V 317,200 183,800 85,200 65,000 ($16,800) Soccer Basketball $3,900,000 $2,560,000 2,535,000 2,065,600 202,200 1,162,800 $ 624,000 178,000 316,400 256,000 78,900 104,900 91,000 139,000 $308,800 ($123,400) Baseball Total $7,820,000 5,519,600 Doug is concerned that two of the company's divisions are showing a loss, and he wonders if the company should stop selling baseball and basketball gear to concentrate solely on soccer gear. $ 504,000 1,796,400 Prepare a segment margin income statement. Fixed cost of goods sold and fixed operating expenses can be traced to each division (If the amount is negative then enter with a negative sign preceding the number, eg. -5,125 or parenthesis, eg (5,125)) 1,063,800 255,100 308,900 $168,600 Soccer I $ B:

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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A B C D E Sales revenue $40,400 $75,400 $573,700 $34,800 $54,100 Cost of goods sold 19,200 50,500 273,600 19,400 30,500 Operating expenses 9,800 39,800 230,700 11,800 17,900 Total expenses 29,000 90,300 504,300 31,200 48,400 Operating profit (loss) $11,400 $(14,900) $69,400 $3,600 $5,700 Identifiable assets $34,500 $80,000 $501,100 $64,700 $50,400 Sales of segments B and C included intersegment sales of $20,000 and $101,000, respectively. (a) Determine which of the segments are reportable based on the: 1. Revenue test. 2 Operating profit (loss) test. 3. Identifiable assets test. Reportable Segment
For 20Y2, Macklin Inc. reported a significant increase in net income. At the end of the year, Chris Jenkins, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 $910,000 441,000 $469,000 $139,150 99,450 $238,600 $230,400 65,000 $295,400 65,000 $230,400 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income 20Y1 $700,000 350,000 $350,000 $115,000 85,000 $200,000 $150,000 50,000 $200,000 50,000 $150,000 Required: Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Difference".columns.
The following information is available for Concord Company: Sales Total fixed expenses Cost of goods sold Total variable expenses $301000 $51600 103200 86000 What amount would you find on Concord's CVP income statement? General 41:18 O gross profit of $197800 • contribution margin of $163400 O contribution margin of $215000 O gross profit of $163400
D Question 1 Examine the following income statement. What is the value of NMC? (Round your answer to the nearest dollar. Do not enter the dollar symbol.) Table 1. Hypothetical Income Statement Item Total Sales Revenue Cost of Goods Sold Parts & Materials $2,500,000 Direct Labor $1,000,000 Gross Profit Margin Marketing Expenses Salesforce Expenses $1,500,000 Sales Commissions $500,000 Trade and Media Advertising $300,000 Point-Of-Sale Materials $100,000 Coop Ad Allowances $500,000 Shipping Expenses $800,000 Manufacturing Overhead General & Administrative Expenses Administrative Overhead $250,000 Executive Salaries & Benefits $400,000 Operating Profit Dollar Amount $12,079,499 $3,500,000 $6,500,000 $3,700,000 $800,000 $650,000 $1,350,000
Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 31,600 88,000 112,500 10,650 281,000 $ 36,250 $ 38,400 62,000 83,800 9,350 249,500 49,500 52,500 4,500 235,000 Total assets $523,750 $440,900 $ 379,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 81,600 160,500 87,000 $523,750 $440,900 $ 379,900 Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago $ 620,000 Current Yr For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses $755,000 $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 561,025 700,350 $ 54,650 $ 58,975 Net income $4 3.40 $4 %24 3.67 Earnings per share For both…
Sales Cost of goods sold Gross profit Expenses: $186,000,000 (102,000,000) $84,000,000 Selling expenses $16,000,000 Administrative expenses 5,200,000 Total expenses (21,200,000) Operating income $62,800,000 The division of costs between variable and fixed is as follows: Cost of goods sold Selling expenses Administrative expenses Variable Fixed 70% 30% 75% 25% 50% 50% Management is considering a plant expansion program for the following year that will permit an increase of $11,160,000 in yearly sales. The expansion will increase fixed costs by $3,000,000 but will not affect the relationship between sales and variable costs. Required: 1. Determine the total variable costs and the total fixed costs for the current year. Total variable costs Total fixed costs 86,000,000 ✓ 37,700,000 X 2. Determine (a) the unit variable cost and (b) the unit contribution margin for the current year. Unit variable cost Unit contribution margin 86 V ✓ 100 3. Compute the break-even sales (units) for the…
i need Part B solution Part A here solution Computation of net income: Net sales 680,400 Less: cost of goods sold (327,600) Gross profit 352,800 Less: administrative expense (126,000) Less: selling expense (100,800) Operational income 126,000 Discontinued operations (loss before income tax) (50,400) Income before tax 75,600 Less: income tax (30%) (22,680) Net income 52,920 Hence, net income for 2022 is calculated as €52,920.
The following information is available for Bramble Corp.: Sales Cost of goods sold $520000 0 0 0 0 300000 Total fixed expenses A CVP income statement would report contribution gross profit of $220000. contribution gross profit of $260000. Total variable expenses margin of $260000. margin of $370000. $150000 260000
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Number of units produced and sold Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (loss) Basic Advanced Total 20,000 10,000 $ 30,000 $ $ 3,000,000 2,000,000 5,000,000 2,300,000 1,350,000 3,650,000 700,000 650,000 1,350,000 720,000 480,000 1,200,000 $ (20,000) $170,000 $150,000 Direct laborers are paid $20 per hour. Direct materials cost $40 per unit for the Basic model and $60 per unit for the Advanced model. Koontz is considering a change from plantwide overhead allocation to a departmental approach. The overhead costs in the company's Molding Department would be allocated based on machine-hours and the overhead costs in its Assemble and Pack Department would be allocated based on direct labor-hours. To enable further analysis, the controller gathered the following information: Manufacturing overhead $ 787,500 costs Direct labor hours: Basic Advanced Machine hours: Basic Advanced Required: Molding Assemble and Pack $562,500 Total $…
View Policies Current Attempt in Progress A company has the following balances: Sales revenue $312.000: Sales Returns and Allowances $2.000: Sales Discounts $4,000: Cost of Goods Sold $184,000: Operating Expenses $84,000. Assume there are no other revenues, other expenses, or income tax expense. How much is the profit margin? O 16.0% O 12.2% O 12.4% O 41.0 % eTextbook and Media Hint 4 ! Save for Later Using multiple attempts will impact your score 10% soore reduction after attempt 1 Attempts; unlimited Submit Answer