Solution-Discuss the ledger of woodfield candies

Discuss the ledger of woodfield candies

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Reference no: EM131786712

Departmental Income Statement

The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2016

Cash	$43,000
Accounts receivable (net)	156,000
Inventory, December 31, 2016	180,000
Equipment and fixtures (net)	540,000
Accounts payable	$108,000
Common stock	450,000
Retained earnings	180,000
Revenue - department X	847,000
Revenue - department Y	362,000
Cost of goods sold - department X	420,000
Cost of goods sold - department Y	216,000
Sales salaries expense	194,000
Advertising expense	45,000
Insurance expense	24,000
Uncollectible accounts expense	9,000
Occupancy expense	36,000
Office and other administrative expense	84,000
$1,947,000	$1,947,000

Woodfield analyzes its operating expenses at the end of each period in order to prepare an income statement that will exhibit departmental contribution to common expenses. From payroll records, advertising copy, and other records, the following tabulation was obtained:

Sales salaries expense	$148,000	$46,000
Advertising expense	19,000	7,000	$19,000
Insurance expense	15,000	9,000
Uncollectible accounts expense	6,000	3,000
Occupancy expense	36,000
Office and other administrative expense	13,000	10,000	61,000

Prepare a departmental income statement for Woodfield Candies, Inc., showing departmental contribution to common expenses, assuming an overall income tax rate of 35%.

Do not use negative signs with your answers below.

Reference no: EM131786712

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Discuss the ledger of woodfield candies

Reference no: EM131786712

Reference no: EM131786712

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