70.2K

Verified Solution

Link Copied!

apter 24 Homework (Application) eBook Of Pri tem at corresponsibility reporting Championship Sports Inc. operates two division--the Winter Sports Division and the Summer Sports Division. The following income and expense accounts were provided from the trial of December 31, 2079, the end of the fiscal year, after all adjustments, including those for inventories, were recorded and posted: Sales-Winter Sports Division $9,600,000 Sales-Summer Sports Division 16,400,000 Cost of Goods Sold-Winter Sports Division 5,400,000 Cost of Goods Sold-Summer Sports Division 9,500,000 Sales Expense Winter Sports Division 650,000 Sales Expense-Summer Sports Division 1.300.000 Administrative Expense-Winter Sports Division 730,000 Administrative Expense--Summer Sports Division 1,210.000 Advertising Expense 1,094,000 Transportation Expense 200,000 Accounts Receivable Collection Expense 56,000 Warehouse Expense 930,000 The bases to be used in wlocating expenses, together with other information, are as follow Advertising expense-incurred at headquarters, charged back to divisions on the basis of usage: Winter Sports Division, $352,000 Summer Sports Division, 742,000 . Transportation expense-charged back to ovisions at a charge rate of $4.00 per bill of lading Winter Sports Division, 16,500 bh of lading: Summer Sports Division, 33,500 bich of lading c. Accounts receivable collection expense-incurred at headquarters, charged back to divisions at a change rate of $1.00 per invice Winter Sports Division, 25.000 sales invoices; Summer Sports Division, 41.000 sales invoices Warehouse expense-charged back to divisions on the basis of floor space used in storing division products Winter Sports Division, 61,000 square feet. Summer Sports Division, 94,000 square fort. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet perform the red analysis, and input your answers in the questions below Previous Check My Work Emer Save and Sun Anment for Gran Ror 24 Homework (Application) eBook Show Me How Office 365 Printem Prepare a divisional Income statement with two column headings: Winter Sports Division and Summer Sports Division. Do not round your intermediate calculations. Championship Sports Inc. Divisional Income Statements For the Year Ended December 31, 2019 Winter Sports Summer Sports Division Division Sales Cost of goods sold Gross profit Divisional selling and administrative expenses Divisional selling expenses Divisional administrative expenses Total divisional selling and administrative expenses Operating income before support department allocations Support department allocations: Advertising expense Transportation expense Accounts receivable collection expense Warehouse expense Total support department locations Operating income Provide supporting computations for support department allocations if required, round per unit amounts to two decimal places and final answers to the nearest dollar Check My Work Emailtuctor Sawan Assignment Score: 53.00% Warehouse expense Total support department allocations Operating income Provide supporting computations for support department allocations. If required, round per unit amounts to two decimal places and final answers to the nearest dollar Championship Sports Inc. Support Department Allocations For the Year Ended December 31, 2049 Summer Sports Winter Sports Division Total Division Advertising expense Transportation rate per bill of lading Number of bill of lading Transportation expense Accounts receivable collection rate Number of sales invoices Accounts receivable collection expense Warehouse rate per sq. ft. Number of square feet Warehouse expense Check My Work Assignment Score: 53.69% Email Instructor Save an mystate logo MO LUKO Manvas eBook Show Me How Office 365 Printem Profit center responsibility reporting Championship Sports Inc. operates two divisions--the Winter Sports Division and the Summer Sports Division. The following income and expense accounts were provi from the trial balance as of December 31, 2049, the end of the fiscal year, after all adjustments, including those for Inventories, were recorded and posted: Sales --Winter Sports Division $9,600,000 Sales-Summer Sports Division 16,400,000 Cost of Goods Sold-Winter Sports Division 5,400,000 Cost of Goods Sold-Summer Sports Division 9,500,000 Sales Expense-Winter Sports Division 650,000 Sales Expense-Summer Sports Division 1,300,000 Administrative Expense-Winter Sports Division 730,000 Administrative Expense-Summer Sports Division 1,210,000 Advertising Expense 1,094,000 Transportation Expense 200,000 Accounts Receivable Collection Expense 66,000 Warehouse Expense 930,000 The bases to be used in allocating expenses, together with other information, are as follows: 1.Advertising expense--incurred at headquarters, charged back to divisions on the basis of usage: Winter Sports Division, $352,000, Summer Sports Division, $742,000. . Transportation expense-charged back to divisions at a charge rate of $4,00 per bill of lading: Winter Sports Division, 16,500 bill of lading Summer Sports Division, 33,500 bill of lading c. Accounts receivable collection expense-incurred at headquarters, charged back to divisions at a charge rate of $1.00 per volce Winter Sports Do, 25,000 sales invoices, Summer Sports Division, 41,000 sales invoices d. Warehouse expense-charged back to divisions on the basis of floor space used in storing division products Winter Sports Division, 61,000 square feet, Summer Sports Division, 94,000 square feet This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below Previous Next Check My Work All work well Emainstructor Save and Submit Anment for Grading Book Show How Office 365 Printem Prepare a divisional income statement with two column headings: Winter Sports Division and Summer Sports Division. Do not round your intermediate calculations Championship Sports Inc. Divisional Income Statements For the Year Ended December 31, 2019 Winter Sports Summer Sports Division Division Sales Cost of goods sold Gross profit Divisional selling and administrative expenses: Divisional selling expenses Divisional administrative expenses Total divisional selling and administrative expenses Operating Income before support department allocations Support department allocations: Advertising expense Transportation expense Accounts receivable collection expense Warehouse expense Total support department allocations Operating income Provide supporting computations for support department allocations. If required, round per unit amounts to two decimal places and final answers to the nearest dollar Previous Next > Check My Work All work saved Emal instructor Save and it Submit Assignment for Grading Totat support department allocations Operating income Provide supporting computations for support department allocations. If required, round per unit amounts to two decimal places and final answers to the nearest dollar Championship Sports Inc. Support Department Allocations For the Year Ended December 31, 2019 Summer Sports Winter Sports Division Total Division Advertising expense Transportation rate per bill of lading Number of bills of lading Transportation expense Accounts receivable collection rate Number of sales invoices Accounts receivable collection expense Warehouse rate per sq. ft. Number of square feet Warehouse expense Previous Check My Work Suherment for fire

Answer & Explanation Solved by verified expert

See Answer