ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 13, Problem 13.1C
a
To determine
Introduction:
Segment disclosures: ASC 280 specifies disclosures required for each reportable segment. The following are the quantifiable and descriptive information that must be disclosed for each segment.
- General information must be disclosed regarding how the company classifies and identifies each reportable segment, type of products and services
- Number of each separately reportable segment should include information of each segment profit or loss and segment assets
- Measurement of profit a firm must disclose its revenue, interest earned, interest expenses,
depreciation and other expenses - Segment assets information about assets of each segment.
- Reconciliations to consolidated totals segment disclosure must also consider reconciliations between all the reportable segments.
The purpose of requiring segment information in financial statements.
b
To determine
Introduction:
Segment disclosures: ASC 280 specifies disclosures required for each reportable segment. The following are the quantifiable and descriptive information that must be disclosed for each segment.
- General information must be disclosed regarding how the company classifies and identifies each reportable segment, type of products and services
- Number of each separately reportable segment should include information of each segment profit or loss and segment assets
- Measurement of profit a firm must disclose its revenue, interest earned, interest expenses, depreciation and other expenses
- Segment assets information about assets of each segment.
- Reconciliations to consolidated totals segment disclosure must also consider reconciliations between all the reportable segments.
The factors that should be considered when attempting to decide how products should be grouped to determine a single business segment.
c
To determine
Introduction:
Segment disclosures: ASC 280 specifies disclosures required for each reportable segment. The following are the quantifiable and descriptive information that must be disclosed for each segment.
- General information must be disclosed regarding how the company classifies and identifies each reportable segment, type of products and services
- Number of each separately reportable segment should include information of each segment profit or loss and segment assets
- Measurement of profit a firm must disclose its revenue, interest earned, interest expenses, depreciation and other expenses
- Segment assets information about assets of each segment.
- Reconciliations to consolidated totals segment disclosure must also consider reconciliations between all the reportable segments.
The options available for C Inc. for disclosure of its new antihistamine product line.
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10. Chicken Wings Company reports operating profits as to industry segments in its supplementary financial information annually. The following information is available for 2021 as to the sales and traceable cost, respectively: • Segment 1- P750,000; P450,000 • Segment 2- P500,000; P225,000 • Segment 3- P250,000; P125,000 Additional expense not included above are as follows: • Indirect operating expense- P240,000 • General corporate expense- P180,000 • Interest expense- P96,000 Chicken Wings allocates common costs based on the ratio of segment’s sales to total sales. What would be the operating profit of Segment 1?
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5
points
Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation.
$24,324,000
2,975,000
12,600,000
10,550,000
2,875,000
3,445,000
Annual sales
Net income
Cost of goods sold
Total assets
Inventory
Receivables
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manufacturing process. Under the new arrangement, called vendor managed inventory, the supplier manages its raw material
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expected to reduce total assets by $2 million. What is the expected change in return on assets?
Note: Round your answer to 2 decimal places.
> Answer is complete but not entirely correct.
Expected change in return on assets
6.60
%
Chapter 13 Solutions
ADVANCED FINANCIAL ACCOUNTING IA
Ch. 13 - Prob. 13.1QCh. 13 - Prob. 13.2QCh. 13 - What are the three 10 percent significance tests...Ch. 13 - Prob. 13.4QCh. 13 - A company has 10 industry segments, of which the...Ch. 13 - Prob. 13.6QCh. 13 - Prob. 13.7QCh. 13 - Prob. 13.8QCh. 13 - Prob. 13.9QCh. 13 - Prob. 13.10Q
Ch. 13 - Prob. 13.11QCh. 13 - Prob. 13.12QCh. 13 - Prob. 13.13QCh. 13 - Prob. 13.14QCh. 13 - Maness Company made a change in accounting for its...Ch. 13 - Prob. 13.1CCh. 13 - Prob. 13.2CCh. 13 - Prob. 13.3CCh. 13 - Prob. 13.7CCh. 13 - Prob. 13.8CCh. 13 - Prob. 13.9CCh. 13 - Reportable Segments Data for the seven operating...Ch. 13 - Prob. 13.2.1ECh. 13 - Prob. 13.2.2ECh. 13 - Prob. 13.2.3ECh. 13 - Prob. 13.2.4ECh. 13 - Prob. 13.2.5ECh. 13 - Prob. 13.2.6ECh. 13 - Prob. 13.2.7ECh. 13 - Prob. 13.2.8ECh. 13 - Prob. 13.2.9ECh. 13 - Prob. 13.2.10ECh. 13 - Prob. 13.2.11ECh. 13 - Prob. 13.3.1ECh. 13 - Prob. 13.3.2ECh. 13 - Multiple-Choice Questions on Interim Reporting...Ch. 13 - Prob. 13.3.4ECh. 13 - Prob. 13.3.5ECh. 13 - Prob. 13.3.6ECh. 13 - Prob. 13.3.7ECh. 13 - Prob. 13.3.8ECh. 13 - Prob. 13.3.9ECh. 13 - Prob. 13.3.10ECh. 13 - LIFO Liquidation During July, Laesch Company,...Ch. 13 - Inventory Write-Down and Recovery Cub Company, a...Ch. 13 - MutiniedChoice Questions on Income Taxes at...Ch. 13 - Prob. 13.6.2ECh. 13 - Prob. 13.6.3ECh. 13 - MutiniedChoice Questions on Income Taxes at...Ch. 13 - Prob. 13.6.5ECh. 13 - Prob. 13.6.6ECh. 13 - Prob. 13.7ECh. 13 - Prob. 13.8ECh. 13 - Prob. 13.9ECh. 13 - Prob. 13.10ECh. 13 - Prob. 13.11ECh. 13 - Prob. 13.12ECh. 13 - Prob. 13.13PCh. 13 - Prob. 13.14PCh. 13 - Interim Income Statement Chris Inc. has...Ch. 13 - Prob. 13.17PCh. 13 - Prob. 13.20PCh. 13 - Matching Terms Match the items in the left-hand...
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