Departmental Income Statement The following information was obtained from the ledger of Stillwell Emporium, Inc., at the end of 2016 Stillwell Emporium, Inc. Trial Balance December 31, 2016 Debit Credit Cash $19,000 Accounts receivable (net) 70,000 Inventory, December 31, 2016 45,000 Equipment and fixtures (net) 97,000 Accounts payable $34,000 Common stock Retained earnings 120,000 30,000 Revenue department a 367,000 Revenue department b 143,000 Cost of goods sold - department a 216,000 Cost of goods sold - department b 70,000 Sales salaries expense 77,000 Advertising expense 34,000 Insurance expense (on merchandise) 10,000 Uncollectible accounts expense 3,000 Occupancy expense 16,000 Office and other administrative expense 37,000 $694,000 $694,000 Stillwell 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. A Dept. Common Expense Sales salaries expense Advertising expense $49,000 $21,000 $7,000 16,000 7.000 11,000 Insurance expense ,000 2,000 16,000 Uncollectible accounts expense 2,000 1,000 Office and other administrative expense 18,000 10,000 1,000 Prepare a departmental income statement for Stillwell Emporium, Inc., showing departmental contribution to common expenses, assuming an overall income tax rate of 30%. Do not use negative signs with your answers below. Stillwell Emporium, Inc. Departmental Income Statement For the Year Ended December 31, 2016 Sales Cost of goods sold Gross profit Operating expenses Sales salaries expense Advertising expense Insurance expense Uncollectible accounts expense office and other administrative expense Traceable operating expenses Contribution to common expenses Common expenses Income before tax Income tax expense Net income Dept. A Dept. 8 Total