Vehicle Corporation is organized into four operating segments. The internal reporting system generated the following segment information: Operating Revenues from Segments Autos Trucks SUVS Outsiders $ 4,010,000 3,510,000 2,610,000 910,000 Motorcycles The company incurred additional operating expenses (of a general nature) of $1,210,000. Required A1 Required A2 Intersegment Revenues $ 110,000 210,000 Required: a1. What is the profit or loss of each of these segments? a2. Perform the profit or loss test to determine which of these segments is separately reportable. Complete this question by entering your answers in the tabs below. Autos Trucks SUVS What is the profit or loss of each of these segments? Motorcycles Total 0 60,000 Profit Operating Expenses $ 3,610,000 4,010,000 2,010,000 1,030,000 Loss

Vehicle Corporation is organized into four operating segments. The internal reporting system generated the following segment information: Operating Revenues from Segments Autos Trucks SUVS Outsiders $ 4,010,000 3,510,000 2,610,000 910,000 Motorcycles The company incurred additional operating expenses (of a general nature) of $1,210,000. Required A1 Required A2 Intersegment Revenues $ 110,000 210,000 Required: a1. What is the profit or loss of each of these segments? a2. Perform the profit or loss test to determine which of these segments is separately reportable. Complete this question by entering your answers in the tabs below. Autos Trucks SUVS What is the profit or loss of each of these segments? Motorcycles Total 0 60,000 Profit Operating Expenses $ 3,610,000 4,010,000 2,010,000 1,030,000 Loss

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Vehicle Corporation is organized into four operating segments. The internal reporting system generated the following segment information: Revenue from outsiders Inter segment transfers Operating Expenses Auto $4000000 100000 $3600000 Trucks 3500000 200000 4000000 SUVs 2600000 -0- 2000000 Motorcycle 900000 50000 1020000 The company incurred additional operating expenses (of a general nature) of $1,200,000.Perform the profit or loss test to determine which of these segments is separately reportable
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.
In the income statement for the current year, the entity which is subject to the requirements of segment report, reported external sales of P60,000,000, internal sales of P5,000,000, expenses of P45,000,000. The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue that should be disclosed by reportable segments?
An entity and its divisions reported the following for the current year: Sales to unaffiliated customers 40,000,000 Intersegment sales of product similar to those sold to unaffiliated customers 12,000,000 Interest earned on loans to other operating segments 1,000,000 The entity and all of its divisions are engaged solely in manufacturing operations. To qualify as reportable segment, the segment revenue should at least be what amount? A. 5,300,000 B. 4,100,000 C. 5,200,000 D. 4,000,000
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: RailsDivision LocomotiveDivision CorporateTotal Cost of goods sold $45,900 $29,900 Direct operating expenses 26,300 21,000 Sales 90,700 66,700 Interest expense $3,000 General overhead 19,100 Income tax 4,100 The income from operations for the Rails Division is a.$64,400 b.$44,800 c.$90,700 d.$18,500
5. In the income statement for the current year, the entity which is subject to the requirements of segment report, reported external sales of P60,000,000, internal sales of P5,000,000, expenses of P45,000,000. The combined total assets of all operating segments at year-end amounted to P56,000,000. What is the lowest amount of external revenue that should be disclosed by reportable segments? A. 45,000,000 B. 15,000,000 C. 6,500,000 D. 3,750,000 E. None of them
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.
A public owned entity assesses performance and makes operating decisions using the reportable segments total revenue of P7,700,000 and total profit and loss of P500,000. The total profit and loss including inter-segment profit of P50,000. In addition, the entity has P10,000 of common costs for the reportable segments that are not allocated in reports reviewed by the chief operating decision maker. For purposes of segment reporting, what amount should be reported as segment profit of the reportable segments? a. 460,000 b. 450,000 c. 510,000 d. 500,000
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: RailsDivision LocomotiveDivision CorporateTotal Cost of goods sold $46,700 $29,300 Direct operating expenses 26,400 20,400 Sales 98,200 69,700 Interest expense $2,200 General overhead 19,900 Income tax 4,500 The net income for Train Corporation is a.$73,800 b.$91,900 c.$18,500
Tres Company has three lines of business, each of which was determined to be reportable segment. Sales aggregated P7,500,000 in the current year, of which Segment One contributed 40%. Traceable costs were P1,750,000 for Segment One out of a total of P5,000,000 for the entity as a whole. The entity allocates common costs of P1,500,000 based on the ratio of a segment's income before common costs to the total income before common costs. What amount should be reported as operating profit for Segment One?
Ramco company operates in five identifiable segments, A,B,C,D and E. During the past years, sales to unaffiliated customers and intersegments sales for each segments were as follows: (Photo) Required:Applying the revenue test, determine which of the segments reportable segments are.
TATUM Company, a publicly owned corporation, assess performance and makes operating decisions using the following information for its reportable segments: Total revenues P700,000 Total profit P50,000 Included in the total profit are intersegment profits of P5,000. In addition, TATUM has P1,000 of common costs for its reportable segments that are not allocated in reports used internally. For purposes of segment reporting, TATUM should report segment profit of a. P44,000 b. P51,000 c. P50,000 d. P70,000