E Business Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2016 Woodfield Candies, Inc. Trial Balance December 31, 2016 Debit Credit Cash $43,000 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 847,000 Revenue -department Y 362,000 Cost of goods sold. department X 420,000 Cost of goods sold department Y 216,000 Sales salaries expense 194,000 Advertising expense 45,000 Insurance expense 24,000 Uncollectible accounts expense 9,000 Occupancy expense 36,000 Office and other administrative expense 84,000 $1,947,000 $1,947,000 Type here to search 1 P Woodfield 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 $148.000 46.000 Advertising expense 19.000 7,000 $19,000 Insurance expense 15,000 9,000 Uncollectible accounts expense 6,000 3,000 Occupancy expense 30,000 Office and other administrative expense 13,000 10,000 61,000 Prepare a departmental income statement for Woodfield Candies, Inc., showing departmental contribution to common expenses, assuming an overall income tax rate of 35% Total 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 OS OS Cost of goods sold 0 Gross profil 0 0 Operating expenses Sales salaries expense 0 0 Advertising expense 0 Type here to search D 0 0 0 0 o T 2 5:36 PM 10/2/2020 14 Return to course Business Course Total 0 0 0 0 0 35%. 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 $ 0 $ 0$ Sales 0 Cost of goods sold 0 0 Gross profit Operating expenses: 0 0 Sales salaries expense Advertising expense 0 Insurance expense 0 Uncollectible accounts expense 0 Office and other administrative expense 0 0 Traceable operating expenses 0 0 Contribution to common expenses 0 0 Common expenses Income before tax 0 0 0 0 0 0 0 0 0 0 0 o Income tax expense Net income olo $ Check Type here to search o DI