Identifiable assets for the seven industry segments of Foley Corporation are: Penley $500 Cheng $200 Konami 550 Takuhi 150 KSC 250 Molina 475 Red Moon 400 Based only on the identifiable assets test, which industry segments are reportable?
Q: Selected accounts from Phipps Corporation’s trial balance are as follows. Phipps Corporation Trial…
A: The balance sheet is prepared to know the exact financial position of the business on a particular…
Q: Gulf Cement, Inc. reports the following assets and liabilities. Compute the totals that would appear…
A: Assets = liabilities + Equity shareholders fund The fundamental accounting equation, also called…
Q: Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $ 267,500…
A: Lets understand the meaning of operating cashflows to total liabilities for 20X2. This ratio…
Q: Selected data from Decco Company are presented below: Total assets $1,600,000 Average assets…
A: Formula used: Profit Margin = ( Net income / Net sales ) x 100
Q: Maxim Company reported beginning and ending total assets of $140,000 and $160,000, respectively.…
A: Average total assets = (Beginning total assets + Ending total assets) /2 = ($140,000+$160,000) / 2 =…
Q: you to review the two financial statements below and give your analysis of the company’s…
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Information on an entity's operating segments is shown below: Operating segments Ruby Sapphire…
A: If any segment qualifies any of following limit , then such a segment is called reportable segment .…
Q: Balance sheet Entries of Weyland-Yutani Corporation, a nonfinancial corporation. Dollars, Million…
A: Example of financial assets are: Cash, Stocks, Bonds, Mutual funds, Bank deposits, etc. Example of…
Q: the following information is taken from the balance sheet of Atlanta company: current assets $1,440…
A: The current ratio measures the organization's ability to meet the short-term liabilities due within…
Q: Selected accounts from Phipps Corporation’s trial balance are as follows. Phipps Corporation Trial…
A: Current assets are those that are expected to be received within 12 months from the end of the…
Q: Three major transportation segments and a major company within each segment are as follows: Segment…
A: The asset turnover ratio (ATR) compares the value of its net sales revenue (NSR) to the value of a…
Q: The following information was taken from the financial statements of Ashley's Linens: Total current…
A: From the given question, Current assets = $53,000 Current liabilities = $21,000 The formula for…
Q: 8 The records of Milwakee sprinkler systems report net sales of 520,000 net income of 130,000 and…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Three major segments of the transportation industry are motor carriers such as YRC Worldwide,…
A: The assets turnover ratio indicates the efficiency of the firm in generating revenue by using…
Q: The following are selected account balances from Penske Company and Stanza Corporation as of…
A: Goodwill is the amount paid over and above the fair value of the business acquired.
Q: The Kingwood Company reported net income of $50,000 and average total assets of $450,000. Calculate…
A: ROA = Net Income ÷Average Total Assets
Q: Some selected financial statement items belonging to Fanar Company are given in the table below.…
A: Current Ratio Measures the ability of an enterprise to meet its short term Liabilities. The standard…
Q: he following information is available from the annual reports of Blossom Company and Crane Company.…
A: asset turnover formula: asset turnover = salestotal asset return on asset formula: return on asset…
Q: Cheyenne Corporation is a diversified company that operates in five different industries: A, B, C,…
A: Solution:- 1)Determination which of the segments are reportable based on revenue test as follows:-…
Q: Quantum Moving Company has the following data. Industry information also is shown. Company Data…
A: Answer - Part a. - Net Income / Total Assets Ratio - Particulars 20X1 20X2 20X3…
Q: Mystic Laboratories reported total assets of $11,200,000 and noncurrent assets of $1,480,000.…
A: Current ratio = Current Assets/ Current Liabilities
Q: Three major segments of the transportation industry are motor carriers, such as Atlantic; railroads,…
A: The Asset Turnover ratio can be calculated by using following formula --…
Q: s. The financial statements of Pand S were (see image below). air value and book value of S Companys…
A:
Q: Items 16 through 20 are based on the following: On January 1, year 1, Polk Corp. and Strass Corp.…
A: "Since You have multiple question we will be solving first question for you,If you want any specific…
Q: Some selected financial statement items belonging to MNO Company are given in the table below.…
A: Return on Assets means total income or ner profit earned on total amount of assets invested.
Q: The following information was drawn from the accounting records of Jones Company. (Round your ang…
A: Assets turnover ratio = Net sales / Average total assets
Q: Some selected financial statement items belonging to Fanar Company are given in the table below.…
A:
Q: rganization costs ................................... P 20,000 Trademarks…
A: Given Information Particulars Amount Organization costs 20,000 Trademarks 68,000 Deposits…
Q: Selected accounts from Phipps Corporation's trial balance are as follows. Prepare the assets section…
A: Balance sheet may be defined as that type of financial statement which reflects the financial…
Q: The following information is taken from the balance sheet of Atlanta Company: Current assets $1,215…
A: The current ratio is calculated as current assets divided by current liabilities.
Q: The Ivy Corporation shows the following data: Current assets:…
A: quick ratio =current asset - inventorycurrent liabilites
Q: CAREBEAR CORP. engages in five diversified operations namely, operations A, B, C, D, and E.…
A: Reportable segment: According to the International Financial Reporting Standards (IFRS), a segment…
Q: Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $ 267,500…
A: Financial analysis is a very important analysis of financial statements of businesses. Financial…
Q: Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $267,500 312,500…
A: solution given information for year 20X2 intangible asset =50000 total assets…
Q: The balance sheet of a corporation shows the following account balances. Cash, $12,000; Accounts…
A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shows…
Q: Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 $ 267,500…
A: Return on common equity indicates the percentage earn by the business on its total common equity.
Q: The following financial information is taken from the balance sheets of the Peter Company and the…
A: The current ratio is a common business approach for evaluating a company's short-term liquidity in…
Q: Use this information for Train Corporation to answer the question that follow. The following…
A: Here train corporation has two divisions one is Rails division, and Locomotive division. To…
Q: The following financial information was summarized from the accounting records of Train Corporation…
A: Given that, Train corporation's financial information for the ended December 31 : It has two…
Q: The balance sheet of National Company on December 31, 2020, with related current fair value data,…
A: Purchase consideration indicates the total value paid to the acquired company in consideration of…
Q: The following information is taken from the balance sheet of Atlanta Company:…
A: Current ratio is a type of liquidity ratio used by the company to measure its ability to pay its…
Q: Pina Corporation is a diversified company that operates in five different industries: A, B, C, D,…
A: External Revenue of segment B = $74,600 - $20,400 = $54,200 External Revenue of segment C =…
Q: Blue operates in different geographic areas since it began its operations 5 years ago. The following…
A: The segment is reported separately if it consists of 10% of the total revenue, total asset, or total…
Q: Monty Corporation is a diversified company that operates in five different industries: A, B, C, D,…
A: Answer 1 Revenue Test 10% of ($39,600 + $76,200 + $575,500 + $34,400 + $54,400) 10% X…
Q: Three major segments of the transportation industry are motor carriers such as Atlantic Worldwide,…
A: Asset turnover is calculated as Net Sales divided by Average Total assets. It is the measure of…
Q: Three major transportation segments and a major company within each segment are as follows: Segment…
A: Asset turnover ratio This ratio shows the relationship between value of sales and the value of its…
Q: The following is the balance sheet of Sameed Brothers Corporation (000s omitted). Sameed…
A: Balance sheet is a statement showing the assets and liabilities and their value as on the given date…
Q: The following are selected account balances from Penske Company and Stanza Corporation as of…
A: Consolidation means to merge or combine the assets, liabilities, revenue and expenses of two or more…
Q: Chambers Company has seven operating segments but only four (One, Two, Three, and Four) are of…
A: Given information is: Chambers Company has seven operating segments but only four (One, Two, Three,…
Identifiable assets for the seven industry segments of Foley Corporation are:
Penley | $500 | Cheng | $200 |
Konami | 550 | Takuhi | 150 |
KSC | 250 | Molina | 475 |
Red Moon | 400 |
Based only on the identifiable assets test, which industry segments are reportable?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- The following provides information on the segments that have been identified by Bernard Productions: Total Revenue Operating Segments (Unaffiliated) Profit (Loss) Identifiable Assets A $429,000 $34,000 $800,000 B 355,800 (36,000) 650,000 C 95,400 2,000 108,000 D 90,000 3,000 75,000 Which of the segments listed above would information have to be disclosed in accordance with GAAP?Refer to the following data of SG Company: Assets to be realized1,375,000Liabilities liquidated1,875,000Assets acquired825,000Liabilities not liquidated1,700,000Assets realized1,200,000Liabilities to be liquidated2,250,000Assets not realized1,375,000Supplementary charges3,125,000Liabilities assumed1,625,000Supplementary credits2,800,000Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively.Refer to the following data of SG Company: Assets to be realized1,375,000Liabilities liquidated1,875,000Assets acquired825,000Liabilities not liquidated1,700,000Assets realized1,200,000Liabilities to be liquidated2,250,000Assets not realized1,375,000Supplementary charges3,125,000Liabilities assumed1,625,000Supplementary credits2,800,000Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively.A. P1,325,000b. P1,475,000c. P2,075,000d. P1,450,000
- Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)Naughty Company assembles the following data relative to a certain entity in determining the amount to be paid for net assets and goodwill: Assets at fair value before goodwill 2, 600, 000Liabilities 900, 000Shareholders’ equity 1, 700, 000 Net earnings after elimination of unusual or infrequent items:2008 200, 0002009 230, 0002010 300, 0002011 250, 0002012 270, 000 Required:Calculate the amount of goodwill under the following:1. Average earnings are capitalized at 10%2. A return of 8% is considered normal on net assets at fair value. Excess earnings are capitalized at 15%.3. A return of 10% is considered normal on net assets at fair value. Goodwill is measured at 5 years excess earnings.4. A return of 10% is considered normal on net assets at fair value. Excess earnings are expected to…Pearl Inc. is involved in five separate industries. The following information is available for each of the five industry segments. Operating Segment Total Revenue Operating Profit (Loss) Identifiable Assets A $140,790 $24,910 $239,210 B 40,690 7,960 11,060 C 26,180 (4,960 ) 35,950 D 191,850 (2,000 ) 59,050 E 2,000 500 14,990 $401,510 $26,410 $360,260 Part 1 Determine which of the operating segments are reportable based on the revenue test.
- The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?Presented below are four segments that have been identified by Haley Productions: OperatingSegments Total Revenue Profit (Loss) Identifiable AssetsA $510,000 $48,000 $1,100,000 B 140,000 35,000 550,000 C 210,000 (6,000) 350,000 D 80,000 (13,000) 210,000 E 60,000 10,000 160,000 For how many segments would information have to be disclosed in accordance with professional pronouncements? a. 4 b. 3 c. 2 d. 5The following information is provided for Cullumber Company and Bramble Corporation. (in $ millions) Cullumber Company Bramble Corporation Net income 2022 $125 $370 Net sales 2022 1310 4520 Total assets 12/31/20 1070 2040 Total assets 12/31/21 1055 3150 Total assets 12/31/22 1170 4100 What is Cullumber's asset turnover for 2022?
- Sumit Ltd reported the following assets in its statement of financial position at 30 June 2021: Land 25,000 Patent 100,000 Plant 250,000 Accumulated Depreciation (75,000) Goodwill 20,000 Inventory 40,000 Accounts receivables 30,000 Cash 5,000 Accounts payables 20,000 The recoverable amount of the entity was calculated to be $354,000. All assets are measured using the cost method. Inventory is measured at the lower of cost and net realisable value in accordance with AASB102 Inventories. The receivables were all considered to be collectable. Required: 1. Allocate the impairment loss to assets in the CGU as per AASB136 (Please round off to the nearest dollar). 2. Prepare journal entries to record the allocation of the impairment loss at 30 June 2021. Descriptions/Narrations are NOT required. Asset Carrying Amount Proportion Allocation of Loss Adjusted Carrying Amount…Waterway Company is involved in four separate industries. The following information is available for each of the four industries Operating Segment w X Total Revenue $56,202 9,680 24,225 6,793 $96,900 Operating Profit (Loss) $16,000 2,480 (3,130) 1,150 $16,500 Identifiable Assets $172,434 86,217 20,811 17,838 $297,300 Y Z Determine which of the operating segments are reportable based on the: Reportable Segments (a) Revenue test. (b) Operating profit (loss) test. (c) Identifiable assets test.The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 Kin Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:…