Bill Walters and Alice Jennings are partners in a business called Walters and Jennings Sportswear...
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Accounting
Bill Walters and Alice Jennings are partners in a business called Walters and Jennings Sportswear that sells athletic footwear. They have organized the business on a departmental basis as follows: running shoes, walking shoes, and specialty shoes. At the end of the first year of operation, the sales and cost of goods sold for the three departments are as follows:
Running Shoes
Walking Shoes
Specialty Shoes
Sales
$36,000
$42,000
$12,000
Cost of goods sold
23,400
23,520
7,680
Prepare the gross profit section of a departmental income statement for the year ended December 31, 20--. Show the gross profit for each department and for the business in total.
Walters and Jennings Sportswear Departmental Income Statement (Partial) For Year Ended December 31, 20--
Running Shoes Dept.
Walking Shoes Dept.
Specialty Shoes Dept.
Total
Sales
$fill in the blank 1
$fill in the blank 2
$fill in the blank 3
$fill in the blank 4
Cost of goods sold
fill in the blank 5
fill in the blank 6
fill in the blank 7
fill in the blank 8
Gross profit
$fill in the blank 9
$fill in the blank 10
$fill in the blank 11
$fill in the blank 12
Answer & Explanation
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