Prepare an income statement for shannon company

Assignment Help Accounting Basics
Reference no: EM131928230

Problem

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 $400,000, 60%, and $40,000, respectively. The North Division's contribution margin and contribution margin ratio are $105,000 and 75%, respectively. The South Division's segment margin is $30,000. The company has $48,000 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.

Reference no: EM131928230

Questions Cloud

What is the net present value of this product : If a company has a 16% discount rate, how do you use this for coming up with the net present value of a product with an initial investment of 170000
Develop real-world scenario to match theoretical investment : Come up with an investment (i.e., a series of cash inflows and outflows) that has an NPV curve with a positive slope, i.e., the NPV increases as rates increase.
How much must the lakeland symphony have in sales : The Lakeland Symphony would like to perform for a neighboring city. How much must the Lakeland Symphony have in sales dollars to earn a profit of $7,350
How many years will it take to reach your goal : You have $42, 180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $250,000.
Prepare an income statement for shannon company : Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions.
Find the size of the monthly payments that joe will receive : Joe won a lottery prize of $200,000. Find the size of the monthly payments that Joe will receive
Compute the cost of ending work in process inventory : Compute the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method.
How much is the quarterly payment : You are considering taking out a loan to invest in a promising nanotechnology firm, which is designing miniaturized robots to repair micro-fractures.
Find the sinking fund deposit : Find the net outstanding balance on the loan at time 5 immediately after the 5th outlay.Find the sinking fund deposit;

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the unit costs for the month

The blending department of Luongo company has the following cost and production data for the month of April Costs: Compute the unit costs for the month

  Explain key macroeconomic terminology

1. Explain key macroeconomic terminology. 2. Apply supply and demand theory to analyze product, money, and foreign exchange markets.

  Find record company depreciation expense for 2011

The machine's remaining useful life was estimated to be five years with a residual value of $500. Give the entry required to record the company's depreciation expense for 2011.

  How many dollars of revenue must the company generate

Circle K Furniture has a contribution margin ratio of 16%. If fixed costs are $176,800, how many dollars of revenue must the company generate in order to reach the break-even point?

  Discuss what is the adjusting entry

determines that uncollectible accounts are expected to be 8% of accounts receivable, what is the adjusting entry

  Discussion analyzing the flexible budget

Do you agree with the president? Why or why not? Explain your point - where were costs in line and where were they out of line?

  Determine the bonds issue price on january

Required - For each of the following three separate situations, (a) determine the bonds' issue price on January 1, 2009

  As the result of a comprehensive analysis it is determined

on january 1 2010 the balance in tabor co.s allowance for bad debts account was 13085. during the first 11 months of

  Would you select preferred stock as an investment

Why preferred stock is referred to as preferred and what some of the features added to preferred stock are that make it more attractive to investors. Would you select preferred stock or common stock as an investment? Why?

  Total dollar amount of discount or premium amortization

Calculate the total dollar amount of discount or premium amortization during the first year (5/1/04 through 4/30/05) these bonds were outstanding. (Show computations and round to the nearest dollar.)

  Cultural dimensions

Cultural Dimensions

  Salter mining company purchased the northern tier mine for

salter mining company purchased the northern tier mine for 58000000 cash. the mine was estimated to contain 1120000

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd