Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year. Merchandise inventories at the beginning of the year were as follows: Book Department, $53,410; Software Department, $23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar): Sales Salary Expense (payroll register): Book Department, $45,559; Software Department, $35,629 Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, $7,851; Software Department, $2,682 Store Supplies Expense (requisitions): Book Department, $205; Software Department, $199 Miscellaneous Selling Expense (volume of gross sales): Book Department, $240; Software Department, $110 Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet Bad Debts Expense (volume of gross sales): Book Department, $1,029; Software Department, $441 Miscellaneous General Expense (volume of gross sales): Book Department, $364; Software Department, $156 Required Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.

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Answer 1

Textbook Question

Chapter E, Problem 1P

Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year.

Merchandise inventories at the beginning of the year were as follows: Book Department, $53,410; Software Department, $23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar):

Sales Salary Expense (payroll register): Book Department, $45,559; Software Department, $35,629
Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches
Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, $7,851; Software Department, $2,682
Store Supplies Expense (requisitions): Book Department, $205; Software Department, $199
Miscellaneous Selling Expense (volume of gross sales): Book Department, $240; Software Department, $110
Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet
Bad Debts Expense (volume of gross sales): Book Department, $1,029; Software Department, $441
Miscellaneous General Expense (volume of gross sales): Book Department, $364; Software Department, $156

Chapter E, Problem 1P, Bay Book and Software has two sales departments: Book and Software. After recording and posting all

Required

Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.

Expert Solution & Answer

To determine

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 1

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 2

Table (1)

Conclusion

Thus, the income statement of B Book and Software for the year ended December 31, 20—reports income from operations of $42,599.50 for Book Department, and loss from operations of $6,947.50 for Software Department, and total net income of $34,444.00.

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Answer 2

Textbook Question

Chapter E, Problem 1P

Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year.

Merchandise inventories at the beginning of the year were as follows: Book Department, $53,410; Software Department, $23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar):

Sales Salary Expense (payroll register): Book Department, $45,559; Software Department, $35,629
Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches
Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, $7,851; Software Department, $2,682
Store Supplies Expense (requisitions): Book Department, $205; Software Department, $199
Miscellaneous Selling Expense (volume of gross sales): Book Department, $240; Software Department, $110
Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet
Bad Debts Expense (volume of gross sales): Book Department, $1,029; Software Department, $441
Miscellaneous General Expense (volume of gross sales): Book Department, $364; Software Department, $156

Chapter E, Problem 1P, Bay Book and Software has two sales departments: Book and Software. After recording and posting all

Required

Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.

Expert Solution & Answer

To determine

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 1

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 2

Table (1)

Conclusion

Thus, the income statement of B Book and Software for the year ended December 31, 20—reports income from operations of $42,599.50 for Book Department, and loss from operations of $6,947.50 for Software Department, and total net income of $34,444.00.

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Answer 3

Textbook Question

Chapter E, Problem 1P

Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year.

Merchandise inventories at the beginning of the year were as follows: Book Department, $53,410; Software Department, $23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar):

Sales Salary Expense (payroll register): Book Department, $45,559; Software Department, $35,629
Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches
Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, $7,851; Software Department, $2,682
Store Supplies Expense (requisitions): Book Department, $205; Software Department, $199
Miscellaneous Selling Expense (volume of gross sales): Book Department, $240; Software Department, $110
Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet
Bad Debts Expense (volume of gross sales): Book Department, $1,029; Software Department, $441
Miscellaneous General Expense (volume of gross sales): Book Department, $364; Software Department, $156

Chapter E, Problem 1P, Bay Book and Software has two sales departments: Book and Software. After recording and posting all

Required

Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.

Expert Solution & Answer

To determine

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 1

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 2

Table (1)

Conclusion

Thus, the income statement of B Book and Software for the year ended December 31, 20—reports income from operations of $42,599.50 for Book Department, and loss from operations of $6,947.50 for Software Department, and total net income of $34,444.00.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter E, Problem 1P

Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year.

Merchandise inventories at the beginning of the year were as follows: Book Department, $53,410; Software Department, $23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar):

Sales Salary Expense (payroll register): Book Department, $45,559; Software Department, $35,629
Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches
Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, $7,851; Software Department, $2,682
Store Supplies Expense (requisitions): Book Department, $205; Software Department, $199
Miscellaneous Selling Expense (volume of gross sales): Book Department, $240; Software Department, $110
Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet
Bad Debts Expense (volume of gross sales): Book Department, $1,029; Software Department, $441
Miscellaneous General Expense (volume of gross sales): Book Department, $364; Software Department, $156

Chapter E, Problem 1P, Bay Book and Software has two sales departments: Book and Software. After recording and posting all

Required

Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.

Expert Solution & Answer

To determine

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 1

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 2

Table (1)

Conclusion

Thus, the income statement of B Book and Software for the year ended December 31, 20—reports income from operations of $42,599.50 for Book Department, and loss from operations of $6,947.50 for Software Department, and total net income of $34,444.00.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 1

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 2

Table (1)

Conclusion

Thus, the income statement of B Book and Software for the year ended December 31, 20—reports income from operations of $42,599.50 for Book Department, and loss from operations of $6,947.50 for Software Department, and total net income of $34,444.00.

Answer 8

Expert Solution & Answer

To determine

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 1

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 2

Table (1)

Conclusion

Thus, the income statement of B Book and Software for the year ended December 31, 20—reports income from operations of $42,599.50 for Book Department, and loss from operations of $6,947.50 for Software Department, and total net income of $34,444.00.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

Answer 12

Explanation of Solution

Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

Prepare an income statement for B Book and Software by department, and non-departmentalized (total) income statement for the year ended December 31, 20--.

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 1

College Accounting: A Career Approach (with Quickbooks Online), Loose-leaf Version, Chapter E, Problem 1P , additional homework tip 2

Table (1)

Answer 13

Conclusion

Thus, the income statement of B Book and Software for the year ended December 31, 20—reports income from operations of $42,599.50 for Book Department, and loss from operations of $6,947.50 for Software Department, and total net income of $34,444.00.

Answer 14

Ch. E - Bay Book and Software has two sales departments:...Ch. E - Prob. 2P Ch. E - Prob. 3P

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