Required: 1. Prepare a segmented income statement for Countywide Cable Services, Inc. SEGMENTED INCOME STATEMENTS: COUNTYWIDE CABLE SERVICES, INC. Segments of Company Countywide Cable Services Outlying Metro Suburban Segment contribution margin
Q: Corporation IS company involve manuracturing mining hing equipm board of directors of the said compa...
A: Equity Formula states that the total value of the equity of the company is equal to the sum of the t...
Q: $4870 $4870 If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the...
A: The adjusting entry for rent with proper explanation are as follows
Q: Bank A/P - Pesticide Products A/P - Pro Hardware E. Inahaba, Capital E. Inahaba, Drawings Landscapin...
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger mean...
Q: Exploit Media, LLC, has three members: WACS Partners, Elyse O’Reilly, and Encounter Newspaper, LLC. ...
A: Net income is a company's accounting profit after subtracting all of its expenses. Deducting sales r...
Q: Marchete Company produces a single product. They have recently received the results of a market surv...
A: Break even sales units = Fixed cost / CM per unit CM per unit = SP per unit - VC per unit
Q: Vernon Bank's start-up division establishes new branch banks. Each branch opens with three tellers. ...
A: Teller Cost: Being hired by a firm such as Wells Fargo or TCF Bank would be a wise decision if you w...
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. ...
A: Solution Balance sheet is a financial statement thats reports a company's assets ,liabilities and sh...
Q: Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Inc., to dispense froz...
A: Note: As per our guidelines, we will solve the first three subparts. 1. Contribution Format Inc...
Q: My Home gagevevVv2 | Online teachin x O ) (29) Tory Lanez Feels (feat x+ w.com/ilrn/takeAssignment/t...
A: The break even sales are the sales where business earns no profit no loss during the period.
Q: 2. The ledger for C. Hernandez, as of June 30, 20, is given below. A/R G. Slaught I 124 A/R A/R Bank...
A: A trial balance seems to be an accounting worksheet whereby all ledger balances are aggregated into ...
Q: • Required: 1. Prepare the entries to adjust and close books of AA and BB. 2. Prepare the opening en...
A:
Q: Cullumber Company's trial balance at December 31 shows Supplies $8,900 and Supplies Expense $0. On D...
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is pr...
Q: Mine Company produced 1,000 units of a product at a selling price of P95.00 each. Direct materials P...
A: Solution.. Variable cost are the cost which change proportionally with the Change in production ...
Q: Jasola Company uses direct method in allocating service department costs to producing Exercise 5-11 ...
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...
Q: a. Based on the data above, compute the ROI for the Eastern Division and the Western Division. Plea...
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first three ...
Q: Bailey Corporation’s financial statements (dollars and shares are in‘millions) are provided here. a....
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: The best public policy solutions typically do not involve protectionism, but instead involve finding...
A: Correct answer:True
Q: On January 1, 2020, Single Company which uses the fair value model, purchases an investment property...
A: The fair value model states that the value of a property is to measured at the conclusion of each re...
Q: Helen Bowers, owner of Helen's Fashion Designs, is planning torequest a line of credit from her bank...
A:
Q: Mohammad Abdulla's Electric House 31, December 2021 Unadjusted Trail balance Cash $200,000 Accounts ...
A: Adjusting entries are to be reported in the books to record the year-end adjustments.
Q: b. Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. Description Debit Cred...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Tom sold a capital property on December 31, 2021 for $300,000. $280,000 is payable on December 31, 2...
A: A capital gain seems to be an increase within the worth of a capital asset that is realized whenever...
Q: Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing ...
A: The answer for above question are as follows.
Q: A $515,000 bond issue on which there is an unamortized discount of $36,000 is redeemed for $463,000....
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: What are the plans and interventions to get better pay in entry-level jobs of CPA or any jobs relate...
A: Better pay at the entry level jobs or any jobs can be understood by the mere fact that adequate and ...
Q: XYZ inc reported net income of $283,880 for the year and had 173,230 common shares outstanding throu...
A: Let's understand the basic EPS is the earning per share from company's net income here, Net income...
Q: Question no. 01: A. According to the Turkish tax legislation, there are two main types of tax status...
A: Mathematical model is representation of mathematical figures, language and concepts. It uses equatio...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Solution Working note Current taxable gifts 1000000 Prior taxable gifts 11400000 Cumulati...
Q: Require (a): Your business issued a 14%, $300,000, one-year, note payable on April 1, 20x1. Both the...
A: Solution Adjusting entry is a entry in a company's general ledger that occurs at the end of an accou...
Q: The following data were taken from the records of Clarkson Company for the fiscal year ended June 30...
A: The total cost of goods manufactured is the overall cost of converting work-in-process inventory int...
Q: 2. From the summary cash account of X Ltd. prepare the Cash Flow Statement for the year ended 31st M...
A: Cash flow statement deals with the provision of information about the historical changes in cash and...
Q: Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 2,000...
A: A common stock dividend seems to be a payment made to common stockholders from the corporation's pro...
Q: José Ruiz starts a company that makes handcrafted birdhouses. Competitors sell a similar birdhouse f...
A: Planned Selling Price = Total Cost + (Total Cost X Markup)
Q: Adams Corporation is considering four averagerisk projects with the following costs and rates of ret...
A: Here given the details of the calculation of weighted average cost of capital which can determine th...
Q: Based on the knowledge of depreciation being recorded on a journal entry as a manufacturing overhead...
A: Depreciation refers to the permanent diminution in the worth of tangible assets. This could be due t...
Q: A company must decide between scrapping or reworking units that do not pass inspection. The company ...
A: Incremental income = Income after Rework - Income from Scrap where, Income after Rework = Revenue fr...
Q: The Directors of Caln Ltd has asked you how the following wi be treated in the financial statements ...
A: We know that As per IND AS 10 i.e. Event Occuring after the balance sheet date are those event which...
Q: ss risk and the audit's preliminary analytical procedures? c) When preparing an audit engagement, th...
A: Business Risk associated with Audit: A business risk is an occurrence, incident, or condition that h...
Q: On July 1, 2022, Sheridan Company pays $18,500 to Wildhorse Co. for a 2-year insurance contract. Bot...
A: Journal Entry: Date General Journal Debit Credit Jul. 1 Cash $18,500 Unear...
Q: The Oklahoma City Zoo has proposed adding to their Web site a major segment providing a virtual tour...
A: Benefit-Cost Ratio=Present Worth of BenefitsPresent Worth of Costs
Q: Partnership Entries and Statement of Partnership Equity The capital accounts of Lorraine Grecco and...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Question 16 What is the ending value of Raw Materials (also referred to as Raw Materials Inventory...
A: Predetermined Overhead Rate=Total Factory Overhead CostTotal Direct Labor Hours
Q: VAL, KHU, and LAWRENCE are partners in VAKHULAW CO. sharing profits in the ratio of 3:3:2. Investmen...
A: Admission of partner in a partnership firm means that the old partnership agreement has come to an e...
Q: Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (...
A: An income statement depicts the revenues and all the costs incurred to earn the revenue. It is prep...
Q: On January 1,2020, Red Bull Corporation issued 10,000 share appreciation rights to its selected empl...
A: Share appreciation rights are rights given to shareholders that is related with cash equivalent of a...
Q: Jordan Sporting Goods Corporation makes two types of racquets, tennis and badminton. The company use...
A: Activity-based costing is a method of allocation of overheads among/between products or services. It...
Q: Calculate the manufacturing overhead incurred for F&B Co. Direct Labor cost incurred 250 Direct Mate...
A: factory overhead are indirect cost that is incurred during the process of production. this overhead ...
Q: Working Capital Requirement 1. Compute Current Debt-to- these ratios: Ratio Cash Ratio Debt Ratio Eq...
A: We know the basic formula of Current Ratio = Current Asset / Current Liability Working Capital = Cu...
Q: LEQUIRED: ) Determine the amount assigned to equity on January 1,2020. ) Compute the amount charged ...
A:
Q: Windsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is ...
A: Given, Principal amount = $18,800, Interest rate = 8% per annum, It is borrowed on Oct 1st 2022, Int...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Countywide Cable Services, Inc., is organized with three segments: Metro, Suburban, and Outlying. Data for these segments for the year just ended follow. Service revenue Variable expenses Controllable fixed expenses Fixed expenses controllable by others Metro $960, 000 152,000 353, 000 182,000 Suburban $760,000 102,000 273,000 152,000 Outlying $360,000 52,000 103,000 42,000 In addition to the expenses listed above, the company has $50,000 of common fixed expenses. Income-tax expense for the year is $250.000. Required: 1. Prepare a segmented income statement for Countywide Cable Services, Inc. SEGMENTED INCOME STATEMENTS: COUNTYWIDE CABLE SERVICES, INC. Segments of Company Countywide Cable Services Outlying Metro Suburban Segment contribution margin %24 0 $ Profit margin controllable by segment manager 2$ 0 $ 0 $ 0 $ Profit margin traceable to segment %24 0 $ 0 $ MacBook Pro %23 % & 3 4 * 7 8 E R T Y { D F K V MOSISOCountywide Cable Services, Inc., is organized with three segments: Metro, Suburban, and Outlying. Data for these segments for the year just ended follow. Outlying $370,000 54,000 106,000 44,000 Metro Suburban $770,000 104,000 276,000 154,000 Service revenue $970,000 Variable expenses Controllable fixed expenses Fixed expenses controllable by others 154,000 356,000 184,000 In addition to the expenses listed above, the company has $55,000 of common fixed expenses. Income-tax expense for the year is $255,000. Required: 1. Prepare a segmented income statement for Countywide Cable Services, Inc. SEGMENTED INCOME STATEMENTS: COUNTYWIDE CABLE SERVICES, INC. Segments Company Countywide Cable Services Metro Suburban Outlying Segment contribution margin 0 $ 0 $ 2$ < Prev Nax 2 of 7 huluCountywide Cable Services, Incorporated, is organized with three segments: Metro, Suburban, and Outlying. Data for these segments for the year just ended follow. Metro Suburban Service revenue $ 1,150,000 Variable expenses 190,000 $ 950,000 140,000 Controllable fixed expenses Fixed expenses controllable by others 410,000 220,000 330,000 190,000 Outlying $ 550,000 90,000 160,000 80,000 In addition to the expenses listed above, the company has $145,000 of common fixed expenses. Income-tax expense for the year is $345,000. Required: 1. Prepare a segmented income statement for Countywide Cable Services, Incorporated. SEGMENTED INCOME STATEMENTS: COUNTYWIDE CABLE SERVICES, INCORPORATED Segments of Company Countywide Cable Services Metro Suburban Outlying Segment contribution margin Profit margin controllable by segment manager Profit margin traceable to segment
- Countywide Cable Services, Inc. is organized with three segments: Metro, Suburban, and Outlying. Data for these segments for the year just ended follow. Metro Suburban OutlyingService revenue ........................................$1,000,000 $800,000 $400,000Variable expenses ......................................200,000 150,000 100,000Controllable fixed expenses ...................400,000 320,000 150,000Fixed expenses controllable by others 230,000 200,000 90,000 In addition to the expenses listed above, the company has $95,000 of common fixed expenses. Income-tax expense for the year is $145,000. Required:1. Prepare a segmented income statement for Countywide Cable Services, Inc. Use the contribution format.2. Build a spreadsheet: Construct an Excel spreadsheet to solve the preceding requirement. Show how the solution will change if the…Profit center responsibility reporting On-Demand Sports Co. operates two divisions—the Action Sports Division and the Team Sports Division. The following income and expense accounts were provided as of November 30. 20Y1, the end of the current fiscal year, after all adjustments, including those for inventories, were recorded The bases to be used in allocating expenses, together with other essential information, are as follows a.Advertising expense—incurred al headquarters, charged back to divisions on the basis of usage: Action Sports Division. $1,200,000; Team Sports Division, $1,800,000. b. Transportation expense—charged hack lo divisions at a charge rale of $18.50 per bill of lading: Action Sports Division, 14.000 bills of lading; Team Sports Division. 21.400 bills of lading. C. Accounts receivable collection expense—incurred al headquarters, charged back to divisions at a charge rate of $9-00 per invoice: Action Sports Division. 32.000 sales invoices; Team Sports Division, 12.500 sales invoices. d. Warehouse expense—charged back to divisions on the basis of floor space used in storing division products: Action Sports Division. 120.000 square feet; Team Sports Division. 80.000 square feet. Prepare divisional income statements with two column headings: Action Sports Division and Team Sports Division. Provide supporting schedules for determining service department charges.Using A. Corporation information and data . a) Determine the divisional income from operations for three regions by allocating the service department expenses proportional to sales of the regions. b) determine the increase or decrease in net income if C region did not operate. A region B region C region Sales $ 2,000,000 $2,800,000 $3,200,000 Cost of goods sold $700,000 $1,100,000 $1,900,000 Selling expenses $500,000 $850,000 $1,000,000 Service department expenses Purchasing 600,000 Payroll accounting. 400,000
- Line Item Description SegmentMediaNetworks SegmentParks, Experiences,and Products SegmentEntertainment Direct-to-Consumer& International Revenues $28,393 $16,502 $9,636 $16,967 Operating expenses (19,400) (16,600) (7,100) (19,800) Operating income $8,993 $(98) $2,536 $(2,833) Assume the following percentages of total operating expenses for each segment are variable: Segment Percentage of VariableOperating Expenses Media Networks 75% Parks, Experiences, and Products 60% Studio Entertainment 80% Direct-to-Consumer & International 70% Question Content Area a. Prepare a variable costing income statement for The Walt Disney Company by segment. If required, use a minus sign to indicate an operating loss. Round all amounts to the nearest million. The Walt Disney CompanyVariable Costing Income Statement(in millions) Line Item Description MediaNetworks Parks, Experiences,and Products StudioEntertainment Direct-to-Consumer &International…Nottage Company has four separate operating segments: East West North South Sales to outsiders $188000 $126000 $65000 $43000 Inter segment transfers 16000 6000 13000 8000 What revenue amount must one customer generate before it must be identified as a major customer? Choose the correct.a. $39,600b. $42,200c. $46,500d. $49,200The sales, gross profit, and direct and indirect operating expenses of Departments A and B of Cardoba Inc. are as follows: Dept. ADept. BTotalSales$420,000$290,000$710,000Gross profit243,000197,000440,000Direct operating expenses205,000118,000323,000Indirect operating expenses160,000Required:Compute the departmental direct operating margin and direct operating margin percentage for each department.
- Use the following information (in thousands):Service Revenue¥1,600,000 Income from continuing operations200,000 Net Income180,000 Income from operations440,000 Selling & administrative expenses1,000,000 Income before income tax400,000Determine the amount of other income and expenseLivro Company has three operating segments with the following information: Books Calendars Bags Sales to outsiders $12000 $9000 $8000 Inter segment transfers 1000 500 1500 In addition, corporate headquarters generates revenues of $2,000.What is the minimum amount of revenue that each of these segments must generate to be considered separately reportable? Choose the correct.a. $2,900b. $3,200c. $3,300d. $3,400Using the data below for the Ace Guitar Company: Sales Cost of goods sold Selling expenses Support department expenses: Purchasing Payroll accounting A Region A Region Operating Income B Region Operating Income $544,000 206,700 130,600 B Region $ $816,000 310,100 195,800 Allocate support department expenses proportional to the sales of each region. Determine the divisional operating income for the A and B regions. For interim calculations, round percentages to two decimal places and all other amounts to the nearest whole dollar. $228,500 152,300