Question

In: Accounting

The following data were summarized from the accounting records for Jersey Coast Construction Company for the...

The following data were summarized from the accounting records for Jersey Coast Construction Company for the year ended June 30, 2016:

Cost of goods sold:
Commercial Division $915,000
Residential Division 452,025
Administrative expenses:
Commercial Division $152,000
Residential Division 129,000
Service department charges:
Commercial Division $112,380
Residential Division 68,400
Sales:
Commercial Division $1,364,500
Residential Division

746,000

Prepare divisional income statements for Jersey Coast Construction Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

JERSEY COAST CONSTRUCTION COMPANY

Divisional Income Statements

For the Year Ended June 30, 2016

1

Commercial Division

Residential Division

2

3

4

5

6

7

8
Amount Descriptions
Administrative expenses
Cost of goods sold
Gross profit
Income from operations
Income from operations before service department charges
Sales
Selling expenses
Service department charges
Transportation expenses

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

The following data were summarized from the accounting records for Caterpilar Inc (only for Construction Industries...
The following data were summarized from the accounting records for Caterpilar Inc (only for Construction Industries segment and Resource Industry segment) for the year ended December 31, 2018:Cost of goods sold:Construction Industries$912,250 Resource Industry423,675Administrative expenses:Construction Industries$149,800 Resource Industry128,625Service department charges: Construction Industries$112,560 Resource Industry67,830Sales: Construction Industries$1,354,500 Resource Industry743,780Prepare divisional income statements for Caterpilar Inc What is the purpose of the Balanced Scorecard? How might Caterpilar Inc utilize it? (Include an explanation for all four performance metrics)Explain transfer pricing. What are...
The following selected data were taken from the accounting records of Manitoba Manufacturing Company. The company...
The following selected data were taken from the accounting records of Manitoba Manufacturing Company. The company uses direct-labor hours as its cost driver for overhead costs.   Month Direct-Labor Hours Manufacturing Overhead   January 37,000       $ 753,500   February 36,000       737,000   March 39,000       798,000   April 34,000       698,000   May 41,000       801,000   June 46,000       896,000 June’s costs consisted of machine supplies ($248,400), depreciation ($31,000), and plant maintenance ($616,600). These costs Exhibit the following respective behavior: variable, fixed, and semivariable....
The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses...
The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses direct-labor hours as its cost driver for overhead costs. Month Direct-Labor Hours Manufacturing Overhead January 31,000 $ 695,000 February 33,000 734,000 March 43,000 893,000 April 34,000 752,750 May 38,000 796,500 June 36,000 793,500 March’s costs consisted of machine supplies ($219,300), depreciation ($29,500), and plant maintenance ($644,200). These costs exhibit the following respective behavior: variable, fixed, and semivariable. The manufacturing overhead figures presented in the...
The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses...
The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses direct-labor hours as its cost driver for overhead costs. Month Direct-Labor Hours Manufacturing Overhead January 37,000 $ 701,000 February 39,000 740,000 March 52,000 899,000 April 40,000 754,250 May 44,000 805,500 June 42,000 802,500 March’s costs consisted of machine supplies ($296,400), depreciation ($32,500), and plant maintenance ($570,100). These costs exhibit the following respective behavior: variable, fixed, and semivariable. The manufacturing overhead figures presented in the...
The following summarized data were provided by the records of Mystery Incorporated for the year ended...
The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31:   Administrative Expense $ 22,200   Cost of Goods Sold 181,000   Income Tax Expense 20,800   Sales Returns and Allowances 8,600   Selling Expense 46,600   Sales of merchandise for cash 320,000   Sales of merchandise on credit 50,000 1. Based on these data, prepare a multi-step income statement for internal reporting purposes .2-a. What was the amount of gross profit? 2-c. Which of the following(s) is true?...
The following data were taken from the records of a company                                 &n
The following data were taken from the records of a company                                                Period 1       Period 2      Period 2          Production                     30,000         38,000          27,000            Sales                              30,000        27,000          38,000            Opening Stock                   -                                 11,000            Closing Stock                                  11,000 All the above in Kgs The firm makes a single product the financial details of which are as follows (based on a normal activity level of 30,000 kgs).                                                                      Cost per Kg (£)              Direct material                                                  1.50              Direct labour                                                     1.00              Production...
Please answer both parts to Question 1. 1A. The following data were summarized from the accounting...
Please answer both parts to Question 1. 1A. The following data were summarized from the accounting records for Jersey Coast Construction Company for the year ended June 30, 20Y8: Cost of goods sold: Commercial Division $912,000 Residential Division 439,875 Administrative expenses: Commercial Division $149,400 Residential Division 129,575 Service department charges: Commercial Division $113,760 Residential Division 67,830 Sales: Commercial Division $1,364,500 Residential Division 750,060 Required: Prepare divisional income statements for Jersey Coast Construction Company. Refer to the Amount Descriptions list provided...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the accounting records of a Company for the year just completed: Costs incurred: Direct labor cost ................................................... $140,000 Purchases of raw materials .................................. $236,000 Manufacturing overhead ...................................... $160,000 Advertising expense ............................................. $180,000 Sales salaries ....................................................... $100,000 Depreciation, office equipment ............................ $6,000 Inventories: Beginning the Year End the Year Raw materials ............................ $14,000 $30,000 Work in process .......................... $20,000 $10,000 Finished goods ............................ $40,000 $70,000 Required: 1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the accounting records of a Company for the year just completed: Costs incurred: Direct labor cost ................................................... $140,000 Purchases of raw materials .................................. $236,000 Manufacturing overhead ...................................... $160,000 Advertising expense ............................................. $180,000 Sales salaries ....................................................... $100,000 Depreciation, office equipment ............................ $6,000 Inventories: Beginning the Year End the Year Raw materials ............................ $14,000 $30,000 Work in process .......................... $20,000 $10,000 Finished goods ............................ $40,000 $70,000 Required: 1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of Mason Company for...
The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labor cost ................................................... $70,000 Purchases of raw materials .................................. $118,000 Manufacturing overhead ...................................... $80,000 Advertising expense ............................................. $90,000 Sales salaries ....................................................... $50,000 Depreciation, office equipment ............................ $3,000 Beginning of the year End of the year    Inventories: Raw materials ............................ $7,000 $15,000 Work in process .......................... $10,000 $5,000 Finished goods ............................ $20,000 $35,000 1. Prepare a schedule...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT