Question
May I get some help on this question please. I have to restate the incomplete segmented income statement using the wrong completed segmented income statement
May I get some help on this question please. I have to restate the incomplete segmented income statement using the wrong completed segmented income statement" and the "Notes to the financial statements" provided below via the screenshots -Also take into consideration the percentage column should be taken as a percentage of sales (for example, cost of goods sold % for mountain bikes should be taken as a % of mountain bike sales)
****Note "Sales", "Cost of goods sold", and "Parts & service expense" are correct and can be a direct pull into the new segmented income statement
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Incomplete Segmented Income Statement:
Thank you for your help.
677,081 1,934,292 41% Sales Cost of goods sold % Cost of goods sold Gross Profit 739,053 46% 342,329 381,555 30% 113,513 268,042 136,603 19% 25,446 110,157 276,249 758,537 400,832 396,724 1,175,755 | 1 2 | 7,989 5,868 9,073 18,671 Operating expenses Advertising Depreciation Property taxes Rent Parts & service expense Salaries & commissions Utilities Total Operating Expenses Operating income (loss) Interest expense Income (Loss) before taxes Income tax Net Income (Loss) 35,901 5,868 9,073 18,671 36,309 108,923 27.193 241,938 49,349 5,868 9,073 18,671 39,633 108,923 27,193 258,710 138,014 2,250 135,764 32,320 $103,444 9,762 5,868 9,073 18,671 20,461 108,923 27,193 199,951 103,000 23,473 36,291 74,686 96,403 382,769 108,772 825,394 56,000 27.193 124,794 158,894 2,250 -14,638 2,250 68,091 2,250 65,841 16,686 156,644 29,610 $127,034 25% 350,361 9,000 341,361 84,589 $256,772 -16,888 5,974 -$22,861 $49,155 677,081 1,934,292 41% Sales Cost of goods sold % Cost of goods sold Gross Profit 739,053 46% 342,329 381,555 30% 113,513 268,042 136,603 19% 25,446 110,157 276,249 758,537 400,832 396,724 1,175,755 | 1 2 | 7,989 5,868 9,073 18,671 Operating expenses Advertising Depreciation Property taxes Rent Parts & service expense Salaries & commissions Utilities Total Operating Expenses Operating income (loss) Interest expense Income (Loss) before taxes Income tax Net Income (Loss) 35,901 5,868 9,073 18,671 36,309 108,923 27.193 241,938 49,349 5,868 9,073 18,671 39,633 108,923 27,193 258,710 138,014 2,250 135,764 32,320 $103,444 9,762 5,868 9,073 18,671 20,461 108,923 27,193 199,951 103,000 23,473 36,291 74,686 96,403 382,769 108,772 825,394 56,000 27.193 124,794 158,894 2,250 -14,638 2,250 68,091 2,250 65,841 16,686 156,644 29,610 $127,034 25% 350,361 9,000 341,361 84,589 $256,772 -16,888 5,974 -$22,861 $49,155Step by Step Solution
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