Question 4 Not complete Marked out of 5.00 P Flag question Departmental Income Statement The following information was obtained from the ledger of Woodfield Candies, Inc., at the end of 2019: Woodfield Candies, Inc. December 31, 2019 Credit Debit $42.000 156,000 180,000 540,000 Support Cash Accounts receivable (net) Inventory, December 31, 2019 Equipment and fixtures (net) Accounts payable Common stock Retained earnings Revenue-department X. Revenue-department Y Cost of goods sold - department X Cost of goods sold - department Y Sales salaries expense Advertising expense Insurance expense Uncollectible accounts expense Occupancy expense Office and other administrative expense $108,000 450,000 180,000 840,000 360,000 420,000 216,000 192,000 42,000 24,000 9,000 36,000 81,000 $1,938,000 $1,938,000 Woodfield analyzes its operating expenses at the end of each period in order to prepare an income statement that will exhibit departmental contribution to common expenses. From payroll records, advertising copy, and other records, the following tabulation was obtained: Traceable Expense Dept. X Dept. Y Common Expense Sales salaries expense $147,000 $45,000 Advertising expense 18,000 6,000 $18,000 Insurance expense 15,000 9,000 Uncollectible accounts expense 6,000 3,000 Occupancy expense 36,000 Office and other administrative expense 12,000 9,000 60,000 Pense Woodfield analyzes its operating expenses at the end of each period in order to prepare an income statement that will exhibit departmental contribution to common expenses. From payroll records, advertising copy, and other records, the following tabulation was obtained: Traceable Expense Dept. X Dept. Y Common Expense Sales salaries expense $147,000 $45,000 Advertising expense 18,000 6,000 $18,000 Insurance expense 15,000 9,000 Uncollectible accounts expense 6,000 3,000 Occupancy expense 36,000 Office and other administrative expense 12,000 9,000 60,000 Support Prepare a departmental income statement for Woodfield Candies, Inc, showing departmental contribution to common expenses, assuming an overall income tax rate of 35%. Do not use negative signs with your answers below. Woodfield Candies, Inc Departmental Income Statement For the Year Ended December 31, 2019 Dept. x Dept. Y Total Sales Cost of goods sold Gross profit Operating expenses: Sales salaries expense Advertising expense Insurance expense Uncollectible accounts expense Office and other administrative expense Traceable operating expenses Contribution to common expenses Common expenses Income before tax Income tax expense Net income Check Previous Save Answers Finish attempt