I need help with these 2 problems please. ### Segment Analysis of Spless CorporationSpless Corporation has two major business segments: Apparel and Accessories. The data for these segments for December are as follows:#### Financial Data- **Apparel:** - Sales Revenues: $775,000 - Variable Expenses: $314,000 - Traceable Fixed Expenses: $221,000- **Accessories:** - Sales Revenues: $799,000 - Variable Expenses: $425,000 - Traceable Fixed Expenses: $128,000#### Common Fixed ExpensesThe total common fixed expenses amount to $401,000, allocated as follows:- $172,000 to the Apparel segment- $229,000 to the Accessories segment#### RequirementPrepare a segmented income statement in the contribution format for the company.#### Income Statement TemplateThe income statement should include the following sections:- **Total Company:** - Summarize the sales, variable expenses, contribution margin, traceable and common fixed expenses, and finally net operating income (loss).- **Apparel Segment:** - Detail the segment-specific figures for revenue, variable expenses, contribution margin, traceable fixed expenses, and allocated common fixed expenses. - **Accessories Segment:** - Include similar details for revenue, variable expenses, contribution margin, traceable fixed expenses, and allocated common fixed expenses. The provided table outlines rows for these entries but requires the insertion of computed values:| | Total Company | Apparel | Accessories ||------------------------|---------------|---------|-------------|| Sales | | | || Variable Expenses | | | || Contribution Margin | | | || Traceable Fixed Exp. | | | || Common Fixed Exp. | | | || Net Operating Income (Loss) | | | |#### Graphs and DiagramsThe table is structured to allow easy comparison of the total company performance with each separate segment, Apparel and Accessories, thus enabling targeted analysis of profitability and cost allocation efficiency.

Segmented Income Statement: Variable costing is used in the preparation of a segmented income…

Spless Corporation has two major business segments--Apparel and Accessorles. Data concerning those segments for December appear below: Sales revenues, Apparel Variable expenses, Apparel Traceable fixed expenses, Apparel Sales revenues, Accessories Variable expenses, Accessories Traceable fixed expenses, Accessories $775,000 $314,000 $201,000 $799,000 $425,000 $128,000 Common fixed expenses totaled $401,000 and were allocated as follows: $172,000 to the Apparel business segment and $229,000 to the Accessorles business segment. Required: Prepare a segmented Income statement In the contribution format for the company.

Spless Corporation has two major business segments--Apparel and Accessorles. Data concerning those segments for December appear below: Sales revenues, Apparel Variable expenses, Apparel Traceable fixed expenses, Apparel Sales revenues, Accessories Variable expenses, Accessories Traceable fixed expenses, Accessories $775,000 $314,000 $201,000 $799,000 $425,000 $128,000 Common fixed expenses totaled $401,000 and were allocated as follows: $172,000 to the Apparel business segment and $229,000 to the Accessorles business segment. Required: Prepare a segmented Income statement In the contribution format for the company.

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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