Departmental Income Statement REKUI'H [O COUI'SE mybusinesscourse.com The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 201 6 Woodfield Candies, Inc, Trial Balance December 31, 2016 Debit Credit Cash $44,000 Accounts receivable (net) 156,000 Inventory, December 31, 2016 180,000 Equipment and fixtures (net) 540,000 Accounts payable $108,000 Common stock 450,000 Retained earnings 180,000 Revenue department X 853,000 Revenue -department Y 365,000 Cost of goods sold - department X 420,000 Cost of goods sold - department Y 216,000 Sales salaries expense 196,000 Advertising expense 48,000 Insurance expense 24,000 Uncollectible accounts expense 9,000 Occupancy expense 36,000 Office and other administrative expense 87,000 $1,956,000 $1,956,000 it} Support ' My Subscriptions 0 Quinn Thornton ' Woodeld analyzes its operating expenses at the end of each period in order to prepare an income statement that will exhibit departmental contribution to common expenses. From payroll records, advertising copy, and other records, the following tabulation was obtained: Traceable Expense Dept.X Dept,Y Common Expense Sales salaries expense $149,000 $47,000 Advertising expense 20,000 8,000 $20,000 Insurance expense 15,000 9,000 Uncollectible accounts expense 6,000 3,000 Occupancy expense 36,000 Office and other administrative expense 14,000 11,000 62,000 = V I] _E E mybusinesscourse.com C; r11 33': 'ini'w \"7,1,7\": . z :, ' ' i' .M6:MBCProblemsCh.'l1 1* Return to course (3} Support' :: My Subscriptions 0 Quinn Thornton ' Woodeld analyzes its operating expenses at the end of each period in order to prepare an income statement that will exhibit departmental contribution to common expenses. From payroll records, advertising copy, and other records, the following tabulation was obtained: Traceable Expense Dept. X pt. Y Common Expense Sales salaries expense H $149,000' $47,000 Advertising expense H 20,000l 8,000 $20,000 Insurance expense H 15,000 ' 9,000 Uncollectible accounts expense H 6,000 ' 3,000 Occupancy expense H I 36000 Office and other administrative expense H 14,000 ' 11,000 62,000 Prepare a departmental income statement for Woodfield Candies, |nc., showing departmental contribution to common expenses, assuming an overall income tax rate of35%, Do not use negative signs with your answers below. Woodfield Candies, Inc. Departmental Income Statement For the Year Ended December 31, 2016 Dept. X Dept. Y Sales is S 3 Cost of goods sold Gross prot Operating expenses: Sales salaries expense Advertising expense Insurance expense Uncollectible accounts expense Ofce and other administrative expense Traceable operating expenses Contribution to common expenses Common expenses Income before tax Income tax expense Net income 5