Question
Prepare departmental income statements that show the company's predicted results of operations for calendar-year 2020 for the three operating (selling) departments and their combined
Prepare departmental income statements that show the company's predicted results of operations for calendar-year 2020 for the three operating (selling) departments and their combined totals. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Sales Cost of goods sold Gross profit Direct expenses WILLIAMS COMPANY Forecasted Departmental Income Statements For Year Ended December 31, 2020 Clock Mirror Paintings Combined $ 221,400 $ 99,900 $ 72,500 $ 393,800 108,486 61,938 32,625 203,049 112,914 37,962 39,875 190,751 Sales salaries 20,750 7,000 8,750 36,500 Advertising 1,350 875 1,175 3,400 Store supplies used 1,377 837 875 3,089 Depreciation of equipment 1,650 675 575 2,900 Total direct expenses 25,127 9,387 11,375 45,889 Allocated expenses Rent expense Utilities expense Share of office dept. expenses Total allocated expenses Total expenses Net income 5,616 2,835 2,349 10,800 5,616 2,835 2,349 10,800 30,743 12,222 13,724 56,689 $ 82,171 $ 25,740 $ 26,151 $ 134,062
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