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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 $1,140,000, 46%, and $22,800, respectively. The North Division's contribution margin and contribution margin ratio are $190,000 and 50%, respectively. The South Division's segment margin is $212,800. The company has $319,200 of common fixed expenses that cannot be traced to either division. Problem 1: 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.
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