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I don't understand what I'm doing wrong and need help. It tells me all of my answers are correct except for the common fixed expenses
I don't understand what I'm doing wrong and need help. It tells me all of my answers are correct except for the common fixed expenses not traceable to segments amount and percentage. Can someone please explain what I did wrong?
Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: Sales Variable expenses Contribution margin Traceable fixed expenses Office segment margin Common fixed expenses not traceable to offices Net operating income Total Company $ 471,000 100% 235,500 50% 235,500 50% 131, 880 28% 103,620 22% 65,940 14% $ 37, 680 Office Chicago Minneapolis $ 160,500 100% $ 310,500 100% 48,150 30% 186,300 60% 112,350 70% 124, 200 40% 83,460 52% 49,680 16% $ 28,890 18% $ 74,520 24% . Assume that sales in Chicago increase by $53,500 next year and that sales in Minneapolis remain unchanged. Assume no hange in fixed costs. Check my work Required information Segments Total Company Chicago Minneapolis Amount % Amount % Amount % Sales $ 524,500 100.0 $ 214,000 100.0 $ 310,500 100.0 Variable expenses 250,500 47.81 64,200 30.0 186,300 60.0 Contribution margin 52.2 70.0 124,200 40.0 274,000 133,140 149,800 83,460 Traceable fixed expenses 25.4 39.0 49,680 16.0 24.0 140,860 26.8 $ 66,340 31.0 $ 74,520 Office segment margin Common fixed expenses not traceable to segments Net operating income 65.940 12.6 $ 74.920 14.2 Raner, Harris & Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: Sales Variable expenses Contribution margin Traceable fixed expenses Office segment margin Common fixed expenses not traceable to offices Net operating income Total Company $ 471,000 100% 235,500 50% 235,500 50% 131, 880 28% 103,620 22% 65,940 14% $ 37, 680 Office Chicago Minneapolis $ 160,500 100% $ 310,500 100% 48,150 30% 186,300 60% 112,350 70% 124, 200 40% 83,460 52% 49,680 16% $ 28,890 18% $ 74,520 24% . Assume that sales in Chicago increase by $53,500 next year and that sales in Minneapolis remain unchanged. Assume no hange in fixed costs. Check my work Required information Segments Total Company Chicago Minneapolis Amount % Amount % Amount % Sales $ 524,500 100.0 $ 214,000 100.0 $ 310,500 100.0 Variable expenses 250,500 47.81 64,200 30.0 186,300 60.0 Contribution margin 52.2 70.0 124,200 40.0 274,000 133,140 149,800 83,460 Traceable fixed expenses 25.4 39.0 49,680 16.0 24.0 140,860 26.8 $ 66,340 31.0 $ 74,520 Office segment margin Common fixed expenses not traceable to segments Net operating income 65.940 12.6 $ 74.920 14.2Step by Step Solution
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