ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 13, Problem 13.2.8E
To determine
Introduction: When a company operates various businesses in various geographical areas or have different segments of one business in similar area, then segment reporting is mandatory as per ASC280. In this, company have to report various segments income, expenses, assets, liabilities, etc.
To choose: The correct option
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Bett Inc. has the following 8 units
A-H
Description A B
Assets
50 70
Revenue
Profit
Units
7
C
40
650 870 350
7.5 3.5
D
60
800
4
E
89
950
9
F
78
750
5
Which units are to be reported as per segmental reporting?
Show all calculations with brief explanations to support your
answer.
G
52
990
3.2
H
46
590
2.8
TOTAL
485
5950
42
The following data were summarized from the accounting records for Jersey Coast Construction Company for the year ended June 30, 20Y8:
Cost of goods sold:
Service department charges:
Commercial Division
$422,110
Commercial Division
$57,560
Residential Division
218,470
Residential Division
37,840
Administrative expenses:
Net sales:
Commercial Division
$76,750
Commercial Division
$639,560
Residential Division
78,030
Residential Division
390,130
Prepare divisional income statements for Jersey Coast Construction Company.
Jersey Coast Construction CompanyDivisional Income StatementsFor the Year Ended June 30, 20Y8
Commercial Division
Residential Division
$Net sales
$Net sales
Cost of goods sold
Cost of goods sold
$Gross profit
$Gross profit
Administrative expenses
Administrative expenses
$Income from operations before service department charges
$Income from operations before service department charges…
Required information
[The following information applies to the questions displayed below.]
The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:
Raw material purchases
Direct labor
Indirect labor
Selling and administrative salaries
Building depreciation*
Other selling and administrative expenses
Other factory costs
Sales revenue ($130 per unit)
*Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used
for selling and administrative functions.
Inventory data:
January 1
$ 15,800
35,700
111,100
December 31
$ 18,200
62,100
97,900
Cost of goods sold
175,000
254,000
109,000
133,000
80,000
195,000
344,000
1,495,000
3. Compute the company's cost of goods sold.
$
Raw material
Work in process
Finished goods*
*The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.
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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