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kipiarov [429]
3 years ago
5

Finney Company's condensed income statement is presented below: Revenues $988,000 Expenses Cost of goods sold $400,000 Operating

and administrative expenses 204,000 Depreciation expense 39,000 643,000 Income before taxes 345,000 Income tax expenses 78,000 Net income $267,000 Earnings per share (100,000 shares) $2.67 The following data is compiled relative to Finney's operating segments: Percent Identified with Segment Hotels Grains Candy Revenues 42 % 51 % 7 % Cost of goods sold 46 48 6 Operating and administrative expense 34 51 15 Depreciation expense 46 43 11 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 Grains Candy Totals Operating and administrative expense $13,000 $10,600 $4,500 $28,100 Depreciation expense 4,700 4,400 3,600 12,700 (a) Prepare a schedule showing the amounts distributed to each segment. Operating Segment Hotels Grains Candy Totals Revenues $ $ $ $ Expenses Cost of goods sold Operating and admin. expense Depreciation expense Total expenses Operating profit $ $ $ $
Business
1 answer:
larisa [96]3 years ago
3 0

Answer:

Explanation:

Operating Segment

Hotels Grains Candy Totals

Revenues (1) $378,000 $450,000 $72,000 $900,000

Expenses—

Cost of goods sold (1) 192,000 196,000 12,000 400,000

Operating and admin. expense (2) 58,000 91,000 27,000 176,000

Depreciation expense (3) 14,900 12,800 2,300 30,000

Total expenses 264,900 299,800 41,300 606,000

Operating profit $113,100 $150,200 $30,700 $ 294,000

(1) Total times segment percentage.

(2) Hotels = ($200,000 × 35%) - $12,000 = $58,000

Grains = ($200,000 × 50%) - $9,000 = $91,000

Candy = ($200,000 × 15%) - $3,000 = $27,000

(3) Hotels = ($40,000 × 46%) - $3,500 = $14,900

Grains = ($40,000 × 42%) - $4,000 = $12,800

Candy = ($40,000 × 12%) - $2,500 = $2,300

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