Jansen Company reports the following for its ski department for the year 2019. All of its costs are direct, except as noted. Sales Cost of goods sold Salaries Utilities Depreciation Office expenses $610,000 445,000 112,000 ($25,000 is indirect) 17,800 ($5,800 is indirect) 50,000 ($17,300 is indirect) 28,400 (all indirect) 1. Prepare a departmental income statement for 2019. 2. & 3. Prepare a departmental contribution to overhead report for 2019. Based on these two performance reports, should Jansen eliminate the ski department? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Prepare a departmental income statement for 2019. JANSEN COMPANY Departmental Income Statement-Ski Department For Year Ended December 31, 2019 Ski Dept Sales $ 610,000 Proet of anode enld A45 00
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- Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANYDepartmental Income StatementsFor Year Ended December 31, 2019 Clock Mirror Combined Sales $ 175,000 $ 77,500 $ 252,500 Cost of goods sold 85,750 48,050 133,800 Gross profit 89,250 29,450 118,700 Direct expenses Sales salaries 20,450 7,000 27,450 Advertising 1,290 725 2,015 Store supplies used 1,125 625 1,750 Depreciation—Equipment 1,590 525 2,115 Total direct expenses 24,455 8,875 33,330 Allocated expenses Rent expense 7,020 3,780 10,800 Utilities expense 5,525 2,975 8,500 Share of office department expenses 10,500 4,500 15,000 Total allocated expenses 23,045 11,255 34,300 Total expenses…Blossom Manufacturing Ltd.'s sales for the year ended December 31, 2022 are $1.00 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Administrative expenses Variable $320,000 56,000 27,920 Fixed $180,000 26,400 36,000 Prepare a detailed CVP income statement for the year ended December 31, 2022. Blossom Manufacturing Ltd. CVP Income Statement $ $Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
- Crane Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.24 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Variable Fixed $416,000 $234.000 34,320 46,800 72,800 Administrative expenses 36,320 Prepare a detailed CVP income statement for the year ended December 31, 2022. Crane Manufacturing Ltd. CVP Income StatementThe income statement of Marin Company is shown below. MARIN COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$7,430,000Cost of goods soldBeginning inventory$2,090,000Purchases4,770,000Goods available for sale6,860,000Ending inventory1,440,000Cost of goods sold5,420,000Gross profit2,010,000Operating expensesSelling expenses440,000Administrative expenses690,0001,130,000Net income$880,000 Additional information: 1. Accounts receivable decreased $350,000 during the year.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of merchandise decreased $260,000 during the year.4. Accrued expenses payable decreased $130,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Marin Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in…Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue P6,583,000 Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P2,810,000 2,086,000 880,000 24,000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…
- Lancer Company's preliminary income statement for 2021 and its reported income statement for 2020 are given below. 2021 2020 1,350,000 (648,0001 702,000 (172,500) (162.000 367.500 Sales Revenues 1,320,000 (630.000 690,000 Cost of Goods Sold Gross Profit Depreciation Other Expenses (172,500) (153.000 364.500 Net Income Lancer's records reveal the following information: (1) Lancer neglected to record S8,000 of supplies expense at the end of 2020, so the supplies inventory was overstated at the end of 2020. Consequently, the supplies expense computed for 2021 included the additional amount of supplies used in 2020. (2) On 1/1/19, Lancer purchased a machine for $120,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining-balance with no residual. (3) At the end of 2021, Lancer decided to change its inventory costing method from the FIFO costing method…The income statement of Stellar Company is shown below. STELLAR COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$6,910,000Cost of goods soldBeginning inventory$1,920,000Purchases4,420,000Goods available for sale6,340,000Ending inventory1,590,000Cost of goods sold4,750,000Gross profit2,160,000Operating expensesSelling expenses450,000Administrative expenses710,0001,160,000Net income$1,000,000 Additional information: 1. Accounts receivable decreased $370,000 during the year.2. Prepaid expenses increased $170,000 during the year.3. Accounts payable to suppliers of merchandise decreased $280,000 during the year.4. Accrued expenses payable decreased $110,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows using the direct method. STELLAR COMPANYStatement of Cash Flows (Partial)choose the accounting periodselect an opening section nameselect an item$enter a…Required information [The following information applies to the questions displayed below.] Suresh Company reports the following segment (department) income results for the year. Sales Department M $ 68,000 Department N $ 38,000 Department 0 $ 65,000 Department P $ 47,000 Department T $ 33,000 Total $ 251,000 Expenses Avoidable 12,300 Unavoidable Total expenses Income (loss) 53,800 66,100 39,400 15,600 55,000 23,900 4,700 28,600 16,500 36,400 42,300 13,300 134,400 123,800 52,900 55,600 258,200 $ 1,900 $ (17,000) $ 36,400 $ (5,900) $ (22,600) $ (7,200) b. Compute the total increase in income if the departments with sales less than avoidable costs, as identified in part a, are eliminated. Total increase in income $ 3,700
- In its income statement for the year ended December 31, 2022, Pharoah Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense (a) (b) Prepare a single-step income statement. Revenues $776,000 1,236,000 72,000 Net Sales Interest revenue Loss on disposal of plant assets Net sales Pharoah Company Income Statement For the Year Ended December 31, 2022 69 $ 29,000 17,000 2,218,000 KNUTRequired Information [The following information applies to the questions displayed below.] Suresh Company reports the following segment (department) income results for the year. Sales Expenses Department M $ 89,000 Department N $ 47,000 Department o $ 85,000 Department P $ 73,000 Department T $ 46,000 Total $ 340,000 48,400 24,600 Total expenses Income (loss) 73,000 $ 9,400 $ (26,000) 19,100 6,200 25,300 $ 59,700 24,000 55,800 167,100 59,700 23,800 174,100 83,700 79,600 341,200 $ (10,700) $ (33,600) $ (1,200) Avoidable Unavoidable 19,800 59,800 79,600 b. Compute the total increase in income if the departments with sales less than avoidable costs, as identified in part a, are eliminated. Answer is complete but not entirely correct. Total increase in income $ 10,800Blossom Manufacturing Ltd. had sales for January 2022 of $1,025,000. The units sold were 20.500, and the expenses for January 2022 were as follows: Cost of goods sold Selling expenses Administrative expenses Show Transcribed Text Variable $207.050 56.375 29,725 Fixed $123,000 28,700 35,875 10 C Blossom Manufacturing Inc. CVP Income Statement Total Per unit