Carryit, Inc. sells specialty purses, backpacks and messenger bags. The company began operations in January 2020...
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Carryit, Inc. sells specialty purses, backpacks and messenger bags. The company began operations in January 2020 with one store location and one administrative (service) office location. Its departmental income statement for 2022 follows. Carryit, Inc. For the Year Ended December 31, 2022 Sales Cost of goods sold Gross profit Direct expenses Sales salaries Advertising Store supplies used Depreciation of equipment Total direct expenses Rent expense Utilities expense Insurance expense Administrative office costs Expenses to Be Allocated: Purses Backpacks Messenger Bags Total Allocated expenses: Rent expense Utilities expense Departmental Income Statement: Insurance expense Share of office dept. expenses Purses $254,400 129,744 124,656 30,000 1,100 800 3,000 Other Information: 34,900 $21,000 $6,800 $32,000 $72,000 Square Footage 2,600 1,300 1,100 Purses 5,000 Backpacks Messenger Bags $153,700 $121,900 54,855 75,313 78,387 22,000 770 420 1,500 24,690 Insured Assets $570,000 $190,000 $240,000 $1,000,000 67,045 20,000 950 350 250 21,550 The company allocates rent and utilities expenses based on square feet occupied. Insurance expense is allocated based on the value of insured assets. The administrative office department is allocated based on sales. Required: Calculate the allocated expenses and complete the departmental allocation below. Enter NUMBERS ONLY. DO NOT enter dollar signs ($) or special characters. Allocation: Combined $530,000 259,912 Backpacks Messenger Bags 270,088 72,000 2,820 1,570 4,750 81,140 Combined Carryit, Inc. sells specialty purses, backpacks and messenger bags. The company began operations in January 2020 with one store location and one administrative (service) office location. Its departmental income statement for 2022 follows. Carryit, Inc. For the Year Ended December 31, 2022 Sales Cost of goods sold Gross profit Direct expenses Sales salaries Advertising Store supplies used Depreciation of equipment Total direct expenses Rent expense Utilities expense Insurance expense Administrative office costs Expenses to Be Allocated: Purses Backpacks Messenger Bags Total Allocated expenses: Rent expense Utilities expense Departmental Income Statement: Insurance expense Share of office dept. expenses Purses $254,400 129,744 124,656 30,000 1,100 800 3,000 Other Information: 34,900 $21,000 $6,800 $32,000 $72,000 Square Footage 2,600 1,300 1,100 Purses 5,000 Backpacks Messenger Bags $153,700 $121,900 54,855 75,313 78,387 22,000 770 420 1,500 24,690 Insured Assets $570,000 $190,000 $240,000 $1,000,000 67,045 20,000 950 350 250 21,550 The company allocates rent and utilities expenses based on square feet occupied. Insurance expense is allocated based on the value of insured assets. The administrative office department is allocated based on sales. Required: Calculate the allocated expenses and complete the departmental allocation below. Enter NUMBERS ONLY. DO NOT enter dollar signs ($) or special characters. Allocation: Combined $530,000 259,912 Backpacks Messenger Bags 270,088 72,000 2,820 1,570 4,750 81,140 Combined
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Organizational Behaviour Concepts Controversies Applications
ISBN: 978-0132310314
6th Canadian Edition
Authors: Nancy Langton, Stephen P. Robbins, Timothy A. Judge, Katherine Breward
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