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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Divisional income statements
The following data were summarized from the accounting records for Vintage Construction Company for the year ended October 31, 20Y3.


Prepare divisional income statements for Vintage Construction Company.

To determine

Concept Introduction:

Divisional income statement shows the Profit or Losses which the operating division generate during the accounting year after deducting cost of goods sold and operating expenses from the net revenue.

To Prepare:

The Divisional Income Statements

Explanation

The Divisional Income Statements is prepared as follows:

    Divisional Income Statement
    Commercial Division Residential Division
    Sales $ 6,250,000 $ 1,875,000
    Less: Cost of goods sold $ (3,800,000)

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