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Anon25 [30]
3 years ago
9

Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution marg

in ratio, and net operating income are $1,050,000, 40%, and $21,000, respectively. The North Division’s contribution margin and contribution margin ratio are $154,000 and 44%, respectively. The South Division’s segment margin is $175,000. The company has $262,500 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
Business
1 answer:
a_sh-v [17]3 years ago
4 0

Answer:

<u>North Division:</u>

Sales 154,000 12.8%

Variables Cost 101,640 8.44%

Contribution Margin 52,360 4.39%

<u>South Division:</u>

Sales 1,050,000 87.20%

Variables Cost 630,000 52.33%

Contribution Margin 420,000 34.84%

Total Contribution 472,360 39.23%

Fixed Cost 262,500 21.18%

Net Income 209,860 17.43%

Explanation:

First we do the income statements

then we add both sales figures together:

154,000 + 1,050,000 = 1,204,000

And add the percentajeof sales for each line

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