RICCA Exercise 6-7 (Algo) Segmented Income Statement (LO6-4] Shannon Company segments its income statement into its Nort

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Ricca Exercise 6 7 Algo Segmented Income Statement Lo6 4 Shannon Company Segments Its Income Statement Into Its Nort 1 (35.86 KiB) Viewed 18 times

RICCA Exercise 6-7 (Algo) Segmented Income Statement (LO6-4] Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $900,000, 30%, and $18,000, respectively. The North Division's contribution margin and contribution margin ratio are $102,000 and 34%, respectively. The South Division's segment margin is $120,000. The company has $180,000 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (le .1234 should be entered as 12.3).) Divisions North South Total Company Amount % Amount % Amount