Current Attempt in Progress Sheffield Company's condensed income statement is presented below: Revenues $915,000 Expenses Cost...

Transcribed Image Text:

Current Attempt in Progress Sheffield Company's condensed income statement is presented below: Revenues $915,000 Expenses Cost of goods sold $400,000 Operating and administrative expenses 297,000 Depreciation expense 32,000 729,000 Income before taxes 186,000 Income tax expenses 78,000 Net income $108,000 Earnings per share (100,000 shares) $1.08 The following data is compiled relative to Sheffield's operating segments: The following data is compiled relative to Sheffield's operating segments: Percent Identified with Segment Hotels Garages Cafes Revenues 42 % 50 % 8 % Cost of goods sold 48 49 3 Operating and administrative expense 35 50 Depreciation expense 46 42 52 15 12 Included in the amounts allocated to each segment on the above percentages are the following expenses which relate to general corporate activities: Operating Segment Hotels Garages Cafes Totals Operating and administrative expense $13,000 $6,400 $3,700 $23,100 Depreciation expense 4,500 3,000 2.200 9.700 Prepare a schedule showing the amounts distributed to each segment. Operating Segment Revenues Expenses Cost of goods sold Operating and admin. expense Depreciation expense Total expenses Operating profit Hotels Garages Cafes Current Attempt in Progress Sheffield Company's condensed income statement is presented below: Revenues $915,000 Expenses Cost of goods sold $400,000 Operating and administrative expenses 297,000 Depreciation expense 32,000 729,000 Income before taxes 186,000 Income tax expenses 78,000 Net income $108,000 Earnings per share (100,000 shares) $1.08 The following data is compiled relative to Sheffield's operating segments: The following data is compiled relative to Sheffield's operating segments: Percent Identified with Segment Hotels Garages Cafes Revenues 42 % 50 % 8 % Cost of goods sold 48 49 3 Operating and administrative expense 35 50 Depreciation expense 46 42 52 15 12 Included in the amounts allocated to each segment on the above percentages are the following expenses which relate to general corporate activities: Operating Segment Hotels Garages Cafes Totals Operating and administrative expense $13,000 $6,400 $3,700 $23,100 Depreciation expense 4,500 3,000 2.200 9.700 Prepare a schedule showing the amounts distributed to each segment. Operating Segment Revenues Expenses Cost of goods sold Operating and admin. expense Depreciation expense Total expenses Operating profit Hotels Garages Cafes

Answer rating: 100% (QA)

To prepare a schedule showing the amounts distributed to each segment we need to allocate the revenu... View the full answer