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Segmented income statement in the contribution format.
Fausnaught Corporation has two major business segments -Retail and Wholesale. In October, the Retail business segment had sales revenues of $730,000, variable expenses of $409,000, and traceable fixed expenses of $117,000. During the same month, the Wholesale business segment had sales revenues of $400,000, variable expenses of $220,000, and traceable fixed expenses of $48,000. Common fixed expenses totaled $218,000, and were allocated as follows: $122,000 to the Retail business segment and $96,000 to the Wholesale business segment.
Prepare a segmented income statement in the contribution format for the company. Omit percentages; show dollar amounts.
A reversing entry can be done in the new month, but as long as its placed on the journal in the beginning of the month, that whole month will show an inaccurate balance? then once the month end is closed out the journal should balance? is this rig..
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