Segment disclosures: ASC 280 defines the specific disclosures required for each reportable segment. The following are the quantitative and descriptive information that must be disclosed for each segment. General information must be disclosed regarding how the company identifies each reportable segment, type of products, and services. Amounts of each separately reportable segment must include each segment profit or loss and segment assets. Measurement of profit firm must disclose revenue of the company, interest earned, interest expenses, depreciation , and other expenses. Segment assets information about assets of each segment. Reconciliations to consolidated totals segment disclosure must include reconciliations between reportable segments. The recommendations that segment disclosures to be expanded to include the cereals and sports beverage segments in a memo to R.

Question

Want to see the full answer?

Answer 1

Question

Chapter 13, Problem 13.7C

To determine

Introduction:

Segment disclosures: ASC 280 defines the specific disclosures required for each reportable segment. The following are the quantitative and descriptive information that must be disclosed for each segment.

General information must be disclosed regarding how the company identifies each reportable segment, type of products, and services.

Amounts of each separately reportable segment must include each segment profit or loss and segment assets.

Measurement of profit firm must disclose revenue of the company, interest earned, interest expenses, depreciation, and other expenses.

Segment assets information about assets of each segment.

Reconciliations to consolidated totals segment disclosure must include reconciliations between reportable segments.

The recommendations that segment disclosures to be expanded to include the cereals and sports beverage segments in a memo to R.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Show-Off, Inc., sells merchandise through three retail outlets-in Las Vegas, Reno, and Sacramento-and operates a general corporate headquarters in Reno. A review of the company's income statement indicates a record year in terms of sales and profits. Management, though, desires additional insights about the individual stores and has asked that Judson Wyatt, a newiy hired intern, prepare a segmented income statement. The following information has been extracted from Show-Off's accounting records: • The sales volume, sales price, and purchase price data follow: Reno Sacramento Las Vegas 37,100 units $ 19.00 8.75 Sales volume Unit selling price Unit purchase price 41, 100 units $ 17.50 8.75 46, 040 units $ 15.25 9.75 •The following expenses were incurred for sales commissions, local advertising, property taxes, management salaries, and other noncontrollable (but traceable) costs: Reno Las Vegas 5% Sacramento 5% Sales commissions 5% Local advertising Local property taxes Sales manager…

DuPont Analysis: Papa John's International Inc. Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants under the Papa John's trademark in the United States and internationally. It operates through four segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, and International Operations. The company also operates dine-in and delivery restaurants. As of December 29, 2019, it operated 5,395 Papa John's restaurants, which included 598 company-owned and 4,797 franchised restaurants. The company was founded in 1984 and is headquartered in Louisville, Kentucky. ROE ROA Managing Exenses Net Profit margin Papa John's International Inc. USD Millions 2015 Return on Capital shareholders have invested in the company Sales COGS SG&A Interest Expense ROE Total Assets Cash = Net Profit Total Asset X Margin Turnover Additional Paid-In Capital Retained Earnings Treasury Stock Summarize your DuPont Analysis findings…

Situation: To pump up sales of all brands, Chapman Inc. is moving aggressively to ship extra cases of inventory into distributors’ warehouses and record them as sales, a practice generally known as “trade loading.” Chapman’s president has asked you whether these shipments may be recognized as revenue. Directions: Research the related generally accepted accounting principles and prepare a short memo to the president. Cite your references and applicable paragraph numbers.