two operating departments (Phone and Earbuds) and one service department (Office). Its departme tements follow. Indirect expenses and service department expenses consist of rent, utilities, and office department ex Sales Cost of goods sold Gross profit Expenses Sales salaries Supplies used Depreciation-Equipment GARCIA COMPANY Departmental Income Statements For Year Ended December 31 Phone Rent Utilities Share of office department expenses Total expenses Income equired: Earbuds $ 220,000 $ 85,000 $ 305,000 107,800 52,700 112, 200 32,300 144,500 22,500 7,500 30,000 11 950 750 1,500 708 7,040 3,840 2,900 2,500 13,000 6,508 47,890 21,790 $ 10,510 $ 64,310 Combined 160,500 1,700 2,200 10,880 5,400 19,500 69,680 $ 74,820

two operating departments (Phone and Earbuds) and one service department (Office). Its departme tements follow. Indirect expenses and service department expenses consist of rent, utilities, and office department ex Sales Cost of goods sold Gross profit Expenses Sales salaries Supplies used Depreciation-Equipment GARCIA COMPANY Departmental Income Statements For Year Ended December 31 Phone Rent Utilities Share of office department expenses Total expenses Income equired: Earbuds $ 220,000 $ 85,000 $ 305,000 107,800 52,700 112, 200 32,300 144,500 22,500 7,500 30,000 11 950 750 1,500 708 7,040 3,840 2,900 2,500 13,000 6,508 47,890 21,790 $ 10,510 $ 64,310 Combined 160,500 1,700 2,200 10,880 5,400 19,500 69,680 $ 74,820

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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