11.00 points Exercise 6-7 Segmented Income Statement [LO6-4] Shannon Company seg

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11.00 points Exercise 6-7 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 S500,000, 50%, and S25.000, respectively The North Division's contribution margin and contribution margin ratio are $142500 and 75%, respectively. The South Division's segment margin is $40,000. The company has $50,000 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. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3) Divisions Total Company North South Amount References eBook & Resources Oifmiculty: 1 Easy Exercise 6-7 Segmented Income Prepare a segmented Statement [L06-4) income statement that Learning Objective: 06-04 differentiates traceable fixed costs from common fxnd costs and use it to make esc FI

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Division Particulars Total Company North South Amount % Amount % Amount % Sales               500,000 100%            190,000 100%            310,000 100% Less: Variable cost               250,000 50%              47,500 25%            202,500 65% Contribution               250,000 50%            142,500 75%            107,500 35% less: Fixed Cost                 50,000                        -                          -                 200,000            142,500            107,500 Other divsional Fixed cost               175,000            107,500              67,500 Net operating income                 25,000              35,000              40,000

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