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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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.
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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
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