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Problem - Income Statements Segmented by Products
Clay Consulting Firm provides three types of client services in three health-care-related industries. The income statement for July is as follows:
Clay Consulting Firm Income Statement For Month of July
Sales
$900,000
Less variable costs
(650,000)
Contribution margin
250,000
Less fixed expenses
Service
$70,000
Selling and administrative
(65,000)
(135,000)
Net income
$115,000
The sales, contribution margin ratios, and direct fixed expenses for the three types of services are as follows:
Hospitals
Physicians
Nursing Care
$350,000
$250,000
$300,000
Contribution margin ratio
25%
35%
Direct fixed expenses of services
$20,000
$18,000
$16,000
Allocated common fixed service expenses
$1,000
$1,500
Required - Prepare income statements segmented by client categories. Include a column for the entire firm in the statement.
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