Preparation of Responsibility Income Statements

question 45

Essay

Preparation of responsibility income statements
Hal-Marts' Inc.has two sales departments: equipment and clothing.During February,these two departments reported the following operating results:
In addition,fixed costs common to both departments amounted to $54,400.
Complete the following responsibility income statement for Hal-Marts,Inc.Follow the contribution margin approach,and show percentages as well as dollar amounts.Conclude your income statement with the company's income from operations.(Round your percentage computations to nearest whole percent)
HAL-MARTS,INC
Income Statement by Product Lines
For the Month Ended February 28,20__

---

Definitions:

Beard Tax

A historical form of taxation imposed by certain governments on men who had beards, used as a means of raising revenue.

Public-Order Crimes

Acts that are criminalized because they are considered to violate societal norms or values, rather than directly harm individuals.

Social Control Theory

A sociological theory suggesting that people's relationships, commitments, values, norms, and beliefs encourage them not to break the law.

Social Constructionism

A theory in sociology and philosophy which suggests that many aspects of the world, including knowledge, are not inherent in reality but are constructed by society.