The following data were summarized from the accounting records for Jersey Coast

Question

The following data were summarized from the accounting records for Jersey Coast Construction Company for the year ended June 30, 2016: Cost of goods sold: Commercial Division $915,750 Residential Division 440,550 Administrative expenses: Commercial Division $151,400 Residential Division 129,225 Service department charges: Commercial Division $113,100 Residential Division 68,730 Sales: Commercial Division $1,365,000 Residential Division 744,460 Prepare divisional income statements for Jersey Coast Construction Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Explanation / Answer

Divisional Income Statements For the Year Ended June 30, 2016 Commercial Division Residential Division Sales 1365000 744460 Cost of goods sold 915750 440550 Gross Profit 449250 303910 Administrative expenses 151400 129225 Income from operations before service department charges 297850 174685 Service department charges 113100 68730 Income from operations 184750 105955

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