Shannon Company segments its Income statement into its North and South Divisions. The company's overall sales,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Shannon Company segments its Income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $490,000, 38%, and $9,800, respectively. The North Division's contribution margin and contribution margin ratio are $100,800 and 42%, respectively. The South Division's segment margin is $35.000. The company has $68,600 of common fixed expenses that cannot be traced to either division. Required: Prepare an Income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3).) Divisions Total Company North South Amount Amount Amount Shannon Company segments its Income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $490,000, 38%, and $9,800, respectively. The North Division's contribution margin and contribution margin ratio are $100,800 and 42%, respectively. The South Division's segment margin is $35.000. The company has $68,600 of common fixed expenses that cannot be traced to either division. Required: Prepare an Income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3).) Divisions Total Company North South Amount Amount Amount
Expert Answer:
Answer rating: 100% (QA)
Divisions Total company North South Amount Amount Amo... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0077522940
15th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $ 500,000, 46%, and $ 10,000,...
-
Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $780,000, 46%, and $15,600,...
-
Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $600,000, 30%, and $12,000,...
-
It is proposed to use water instead of refrigerant-134a as the working fluid in air-conditioning applications where the minimum temperature never falls below the freezing point. Would you support...
-
A firm must choose between two investment alternatives, each costing $100,000. The first alternative generates $35,000 a year for four years. The second pays one large lump sum of $157,400 at the end...
-
To calculate the number of days in the holding period, a taxpayer should: a. Include the date of acquisition b. Exclude the date of disposition c. Exclude the date of acquisition d. Include the date...
-
The triangular blocks are glued along each side of the joint. A C-clamp placed between two of the blocks is used to draw the joint tight. If the glue can withstand a maximum average shear stress of...
-
Fenway Electronics produces video games in three market categories: commercial, home, and miniature. Fenway has traditionally allocated overhead costs to the three products using the companywide...
-
An isotropic point source emits S neutrons/s in an infinite moderator (i.e., low absorbing and highly scattering). PART 3A): Obtain the formulation, which upon solution yields the total number of...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Scott Davis sat at his desk anxiously waiting for the next few minutes to pass. It was almost time for the meeting he had scheduled between Debra Cronin and Ken Brown. Scott knew this meeting would...
-
Which of the following fills in the blank so that the code outputs one line but uses a poor practice? A. peek(System.out::println) B. peek(System.out::println).findFirst() C. peek(r ->...
-
What is the output of the following application? A. XXXXX B. The code does not compile because of the lambda expression. C. The code does not compile for a different reason. D. The code compiles, but...
-
During deserialization from an I/O stream, which element of the class can be used to assign a value to the deserialized object? A. Variable initializer B. Instance initializer C. Static initializer...
-
Which lambda expression can replace the instance of new BiologyMaterial() in the Scientist class and produce the same results under various inputted values? A. (p,q) -> q==null ? p : p+1 B. (c,d) ->...
-
What is the output of the following application? A. CatHat CatHat B. aCataHat HatCat C. The code does not compile because the stream in concat1() returns an Optional. D. The code does not compile for...
-
Which of the following electric or hybrid vehicle systems recovers kinetic energy from the wheels when the vehicle decelerates and converts it to electric energy to recharge the vehicle's battery?...
-
You are a U.S. investor who purchased British securities for 2,000 one year ago when the British pound cost U.S. $1.50. What is your total return (based on U.S. dollars) if the value of the...
-
Wollogong Group Ltd. of New South Wales, Australia, acquired its factory building about 10 years ago. For several years, the company has rented out a small annex attached to the rear of the building....
-
Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined by his divisions...
-
Assume that you are the chairman of the Department of Accountancy at Mountain State University. One of the accounting professors in your department, Dr. Candler, has been consistently and uniformly...
-
Assume a gain margin of 20 dB and a plant with a nominal gain of 50/sec. Assume also that the minimum GM of the system is specified to 10 dB. To what maximum value of gain can the plant climb under...
-
Name three benefits of using software R/D conversion compared with hardware R/D converters.
-
Correcting for reversal error correction and deadband compensation are special cases of what general technique?
Study smarter with the SolutionInn App