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Finney Company's condensed income statement is presented below: Revenues $917,000 Expenses Cost of goods sold $400,000 Operating and administrative expenses 222,000 Depreciation expense 48,000 670,000
Finney Company's condensed income statement is presented below: Revenues $917,000 Expenses Cost of goods sold $400,000 Operating and administrative expenses 222,000 Depreciation expense 48,000 670,000 Income before taxes 247,000 Income tax expenses 78,000 Net income $169,000 $1.69 Earnings per share (100,000 shares) The following data is compiled relative to Finney's operating segments: Percent Identified with Segment Hotels Grains Candy Revenues 42 % 50 % 8% Cost of goods sold 48 45 7 Operating and administrative expense 34 50 16 Depreciation expense 43 41 16 Operating Segment Operating and administrative expense Depreciation expense Hotels Grains Candy Totals $12,000 $9,900 $2,200 $24,100 2,600 4,700 4,900 12,200 (a) Prepare a schedule showing the amounts distributed to each segment. Revenues Expenses Cost of goods sold Operating and admin. expense Depreciation expense Total expenses Operating profit LA Operating Segment Hotels Grains Candy 6A Totals
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