Spiess Corporation has two major business segments--Apparel and Accessories. 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 $735,000 $342,000 $174,000 $777,000 $426,000 $125,000 Common fixed expenses totaled $433,000 and were allocated as follows: $187,000 to the Apparel business segment and $246,000 to the Accessories business segment. Required: Prepare a segmented income statement in the contribution format for the company.

Spiess Corporation has two major business segments--Apparel and Accessories. 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 $735,000 $342,000 $174,000 $777,000 $426,000 $125,000 Common fixed expenses totaled $433,000 and were allocated as follows: $187,000 to the Apparel business segment and $246,000 to the Accessories business segment. Required: Prepare a segmented income statement in the contribution format for the company.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 2EA: Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019,...

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Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $720,000 in service revenue. Their total cost (fixed and variable) per client was $2,500 and they served 115 clients during the year. If operating expenses for the year were $302,000 what was their net income?
Spiess Corporation has two major business segments--Apparel and Accessories. Data concerning those segments for December appear below: Sales revenues, Apparel $ 735,000 Variable expenses, Apparel $ 342,000 Traceable fixed expenses, Apparel $ 174,000 Sales revenues, Accessories $ 777,000 Variable expenses, Accessories $ 426,000 Traceable fixed expenses, Accessories $ 125,000 Common fixed expenses totaled $433,000 and were allocated as follows: $187,000 to the Apparel business segment and $246,000 to the Accessories business segment. Required: Prepare a segmented income statement in the contribution format for the company.
3)Spiess Corporation has two major business segments--Apparel and Accessories.Data concerning those segments for December appear below:Sales revenues, Apparel $ 685,000Variable expenses, Apparel $ 349,000Traceable fixed expenses, Apparel $ 147,000Sales revenues, Accessories $ 800,000Variable expenses, Accessories $ 430,000Traceable fixed expenses, Accessories $ 143,000Common fixed expenses totaled $382,000 and were allocated as follows:$177,000 to the Apparel business segment and $205,000 to the Accessoriesbusiness segment.Required:Prepare a segmented income statement in the contribution format for thecompany.TotalCompanyApparel Accessories706,000 336,000 370,000416,000 $189,000 $227,000Net operating income $34,000
Data for September concerning Greenberger Corporation's two major business segments--Fibers and Feedstocks--appear below: Sales revenues, Fibers $ 750,000 Sales revenues, Feedstocks $ 620,000 Variable expenses, Fibers $ 368,000 Variable expenses, Feedstocks $ 254,000 Traceable fixed expenses, Fibers $ 98,000 Traceable fixed expenses, Feedstocks $ 112,000 Common fixed expenses totaled $344,000 and were allocated as follows: $175,000 to the Fibers business segment and $169,000 to the Feedstocks business segment. Required: Prepare a segmented income statement in the contribution format for the company. Omit percentages; show only dollar amounts.
Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 20Y2, are as follows: cost of goods sold, $6,100,000; administrative expenses, $740,000; interest expense, $25,000; rent revenue, $60,000; sales, $9,332,500; and selling expenses, $1,250,000. Prepare a single-step income statement.
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. TheDecember 31, 2018, year-end trial balance contained the following income statement items:Account Title Debits CreditsSales revenue 12,500,000Interest revenue 50,000Loss on sale of investments 100,000Cost of goods sold 6,200,000Selling expenses 620,000General and administrative expenses 1,520,000Interest expense 40,000Research and development expense 1,200,000Income tax expense 900,000Required:Calculate the company’s operating income for the year
Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segment is presented below. SPORTS EMPORIUMIncome StatementFor the year ended December 31, 2021 Sporting Goods Sports Apparel Amount % Amount % Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income $ 1,800,000 1,040,000 760,000 450,000 310,000 20,000 330,000 80,000 $ 250,000 $ 970,000 440,000 530,000 340,000 190,000 (15,000) 175,000 70,000 $ 105,000 Required:1. Complete the “%” columns to be used in a vertical analysis of Sports Emporium’s two operating segments. Express each amount as a percentage of sales.2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable?
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $4,000,000 100.0 % Cost of merchandise sold 2,120,000 60.0 Gross profit $1,880,000 40.0 % Selling expenses $1,080,000 24.0 % Administrative expenses 640,000 14.0 Total operating expenses $1,720,000 38.0 % Income from operations $160,000 2.0 % Other revenue and expense: Other revenue 120,000 3.0 Other expense (80,000) 2.0 Income before income tax expense $200,000 3.0 % Income tax expense 80,000 2.0 Net income $120,000 1.0 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. Enter all amounts as positive numbers.…
Tubaugh Corporation has two major business segments--East and West. In December, the East business segment had sales revenues of $400,000, variable expenses of $215,000, and traceable fixed expenses of $47,000. During the same month, the West business segment had sales revenues of $1,070,000, variable expenses of $544,000, and traceable fixed expenses of $205,000. The common fixed expenses totaled $318,000 and were allocated as follows: $159,000 to the East business segment and $159,000 to the West business segment. The contribution margin of the West business segment is: $526,000 $(35,000) $729,000 $138,000
XYZ Company has the following information for the year: Sales revenue: $500,000 Cost of goods sold: $200,000 Operating expenses: $100,000 Other income: $10,000 Tax rate: 25% Calculate the company's operating income and net income for the year.
Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below. GAME-ON SPORTSIncome StatementFor the year ended December 31, 2021 Athletic Equipment Accessories Amount % Amount % Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income $ 3,050,000 1,350,000 1,700,000 750,000 950,000 80,000 1,030,000 235,000 $ 795,000 $ 3,500,000 1,670,000 1,830,000 800,000 1,030,000 (15,000) 1,015,000 210,000 $ 805,000 Required: 1. Complete the “%” columns to be used in a vertical analysis of Game-On Sports’ two operating segments. Express each amount as a percentage of sales. 2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable?
Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $4,000,000 100.0 % Cost of goods sold (2,120,000) (60.0) Gross profit $1,880,000 40.0 % Selling expenses $(1,080,000) (24.0) % Administrative expenses (640,000) (14.0) Total operating expenses $(1,720,000) (38.0) % Operating income $160,000 2.0 % Other revenue and expense: Other revenue 120,000 3.0 Other expense (80,000) (2.0) Income before income tax expense $200,000 3.0 % Income tax expense (80,000) (2.0) Net income $120,000 1.0 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the…