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Income Statements Segmented by Products see attached word document Income Statements Segmented by Products Clay Consulting Firm provides three types of client services in three

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Income Statements Segmented by Products Clay Consulting Firm provides three types of client services in three healthcarerelated industries. The income statement for July is as follows: Clay Consulting Firm Income Statement For Month of July Sales Less variable costs Contribution margin Less fixed expenses Service $70,000 Selling and administrative 65,000 Net income $900,000 (601,000) 299,000 (135,000) $164,000 The sales, contribution margin ratios, and direct fixed expenses for the three types of services are as follows: Sales Contribution margin ratio Direct fixed expenses of services Allocated common fixed service expenses Hospitals $310,000 30% $18,000 $1,000 Physicians $290,000 40% $21,000 $1,000 Nursing Care $300,000 30% $13,000 $1,500 Prepare income statements segmented by client categories. Include a column for the entire firm in the statement. Sales Variable costs Contribution margin Direct fixed expenses Product margin Allocated common costs Product income Unallocated common expenses: Selling and administrative Clay Consulting Firm Product and Company Income Statements For the Month of July Hospitals Physicians Nursing Care $Answer $Answer $Answer Answer Answer Answer Company Totals $Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer $Answer $Answer $Answer Answer Answer Answer Service (less allocated expenses/costs) Total Net income Answer $

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