Survey of Accounting (Accounting I)
Solutions
Survey of Accounting (Accounting I)
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.
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
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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