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31 January, 19:46

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 $912,250

Commercial Division $112,560

Administrative expenses:

Residential Division 423,675

Residential Division 67,830

Net sales:

Commercial Division $149,800

Commercial Division $1,354,500

Service department charges:

Residential Division 128,625

Residential Division 743,780

Prepare divisional income statements for Jersey Coast Construction Company for the year ended June 30, 20Y8.

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  1. 31 January, 22:55
    0
    Net Income Commercial Division $ 159,890

    Net Income Residential Division $ 123,650

    Explanation:

    Jersey Coast Construction Company

    Divisional Income Statements

    For the year ended June 30, 20Y8:

    Commercial Division Residential Division

    Sales $1,354,500 743,780

    Cost Of Goods Sold $912,250 423,675

    Gross Profit $ 422,250 320,105

    Less

    Service Deptt Charges $112,560 67,830

    Administrative Charges$149,800 128,625

    Net Income $ 159,890 $ 123,650

    **the data given in the question however has been mixed up some how**

    The actual data in the book is as follows.

    Cost of goods sold:

    Commercial Division $912,250

    Residential Division 423,675

    Administrative expenses:

    Commercial Division $149,800

    Residential Division 128,625

    Net sales:

    Residential Division 743,780

    Commercial Division $1,354,500

    Service department charges:

    Commercial Division $112,560

    Residential Division 67,830

    Note:The given solution is of the data given above.
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