Cheyenne Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2021. A B C D E Sales revenue $39,200 $75,100 $575,500 $34,400 $54,600 Cost of goods sold 18,900 49,500 267,200 19,100 29,900 Operating expenses 10,200 40,700 237,000 12,100 18,300 Total expenses 29,100 90,200 504,200 31,200 48,200 Operating profit (loss) $10,100 $(15,100) $71,300 $3,200 $6,400 Identifiable assets $35,500 $81,500 $509,300 $64,200 $50,800 Sales of segments B and C included intersegment sales of $20,000 and $99,500, respectively. (a) Determine which of the segments are reportable based on the: Reportable Segment (1) Revenue test. (2) Operating profit (loss) test. (3) Identifiable assets test.
Cheyenne Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2021. A B C D E Sales revenue $39,200 $75,100 $575,500 $34,400 $54,600 Cost of goods sold 18,900 49,500 267,200 19,100 29,900 Operating expenses 10,200 40,700 237,000 12,100 18,300 Total expenses 29,100 90,200 504,200 31,200 48,200 Operating profit (loss) $10,100 $(15,100) $71,300 $3,200 $6,400 Identifiable assets $35,500 $81,500 $509,300 $64,200 $50,800 Sales of segments B and C included intersegment sales of $20,000 and $99,500, respectively. (a) Determine which of the segments are reportable based on the: Reportable Segment (1) Revenue test. (2) Operating profit (loss) test. (3) Identifiable assets test.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Cheyenne Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2021.
Sales of segments B and C included intersegment sales of $20,000 and $99,500, respectively.
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A
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B
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C
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D
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E
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|||||||
| Sales revenue | $39,200 | $75,100 | $575,500 | $34,400 | $54,600 | ||||||
| Cost of goods sold | 18,900 | 49,500 | 267,200 | 19,100 | 29,900 | ||||||
| Operating expenses | 10,200 | 40,700 | 237,000 | 12,100 | 18,300 | ||||||
| Total expenses | 29,100 | 90,200 | 504,200 | 31,200 | 48,200 | ||||||
| Operating |
$10,100 | $(15,100) | $71,300 | $3,200 | $6,400 | ||||||
| Identifiable assets | $35,500 | $81,500 | $509,300 | $64,200 | $50,800 |
Sales of segments B and C included intersegment sales of $20,000 and $99,500, respectively.
(a)
Determine which of the segments are reportable based on the:
|
Reportable Segment
|
||||
| (1) | Revenue test. | |||
| (2) | Operating profit (loss) test. | |||
| (3) | Identifiable assets test. |
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