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OVEO Help Save & Exit Submit 10 Check my work 1 lusic Teachers, Inc., is an educational association for music teachers that has 20,100 members. The association operates from a entral headquarters but has local membership chapters throughout the United States. Monthly meetings are held by the local hapters to discuss recent developments on topics of interest to music teachers. The association's magazine, Teachers' Forum, is sued monthly with features about recent developments in the field. The association publishes books and reports and also sponsors rofessional courses that qualify for continuing professional education credit. The association's statement of revenues and expenses or the current year is presented below. pped Book Print $3,3 3,800 erences Music Teachers, Inc. Statement of Revenues and Expenses For the Year Ended November 30 Revenues Expenses: Salaries Personnel costs Occupancy costs Reimbursement of member costs to local chapters Other membership services Printing and paper Postage and shipping Instructors' fees General and administrative Total expenses Excess of revenues over expenses 971,000 242,750 222,000 540,000 540,000 329,000 186,000 79,000 31,000 3,140, 750 $ 193,050 he board of directors of Music Teachers, Inc., has requested that a segmented income statement be prepared showing the ontribution of each segment to the association. The association has four segments: Membership Division, Magazine Subscriptions vivision, Books and Reports Division, and Continuing Education Division, Mike Doyle has been assigned responsibility for preparing ne segmented income statement, and he has gathered the following data: The 20,100 members of the association pay dues of $100 per year, of which $20 covers a one-year subscription to the Teachers' orum. Other benefits include membership in the association and chapter affiliation. The portion of the dues covering the magazine w Prev 1 of 3 mien Next > 10 Check my work General and administrative Total expenses Excess of revenues over expenses 31,000 3,140,750 $ 193,050 ces he board of directors of Music Teachers, Inc., has requested that a segmented income statement be prepared showing the ontribution of each segment to the association. The association has four segments: Membership Division, Magazine Subscriptions vivision, Books and Reports Division, and Continuing Education Division, Mike Doyle has been assigned responsibility for preparing ne segmented income statement, and he has gathered the following data: The 20,100 members of the association pay dues of $100 per year, of which $20 covers a one-year subscription to the Teachers' forum. Other benefits include membership in the association and chapter affiliation. The portion of the dues covering the magazine ubscription ($20) should be assigned to the Magazine Subscriptions Division . A total of 2,900 one-year subscriptions to Teachers' Forum were also sold last year to nonmembers and libraries at $32 per ubscription. In addition to subscriptions, the journal generated $101,000 in advertising revenues. . The costs to produce the Teachers' Forum magazine included $8 per subscription for printing and paper and $4 per subscription for ostage and shipping A total of 28,800 technical reports and professional texts were sold by the Books and Reports Division at an average selling price er unit of $25. Average costs per publication were $4 for printing and paper and $2 for postage and shipping. The association offers a variety of continuing education courses to both members and nonmembers. The one-day courses had a uition cost of $75 each and were attended by 2,500 students. A total of 1,780 students took two-day courses at a tuition cost of $125 or each student. Outside instructors were paid to teach some courses. Salary costs and space occupied by division follow: Space Occupied (square Prev 1 of 3 Next > 10 Check my work Membership Magazine Subscriptions Books and Reports Continuing Education Corporate staft Total Salaries $ 212,000 153,000 324,000 195,000 87,000 $ 971,000 Space Occupied (square feet) 3,000 1,000 1,000 2,000 3,000 10,000 es ersonnel costs are 25% of salaries in the separate divisions as well as for the corporate staff. The $222,000 in occupancy osts (which can be allocated to segments based on their square feet occupied) includes $55,000 in rental cost for a warehouse used y the Books and Reports Division for storage purposes. Assume that this cost could be avoided if the division were eliminated. Printing and paper costs other than for magazine subscriptions and for books and reports relate to the Continuing Education ivision General and administrative expenses include costs relating to overall administration of the association as a whole. The company's orporate staff does some mailing of materials for general administrative purposes. he expenses that can be traced or assigned to the corporate staff, as well as any other expenses that are not traceable to the egments, will be treated as common costs. It is not necessary to distinguish between variable and fixed costs. equired: Prepare a segmented income statement for Music Teachers, Inc. This statement should show the segment margin for each division s well as results for the association as a whole. Music Teachers, Inc. Segmented Income Statement Prev 1 of 3 Next > Check my world Music Teachers, Inc. Segmented Income Statement For the year ended November 30 Division Association Total Books & Magazine Membership Subscriptions Continuing Education Reports Sales: es Total revenues 0 0 0 0 Expenses traceable to segments: 0 Check my wor Total revenues 0 0 0 0 0 Expenses traceable to segments: Total traceable expenses 0 0 0 Oo 0 0 0 $ 0 $ $ 0 $ 0 Common expenses not traceable to divisions: Total common expenses 0 $ 0