LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
13th Edition
ISBN: 9781259444951
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Chapter 8, Problem 24P
To determine
Identify the number of reportable segments does company H have in its segment information for the current year.
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Hyams Corp. engages solely in manufacturing operations. The following data pertain to the operating segments for the current year:In its segment information for the current year, how many reportable segments does Hyams have?a. Threeb. Fourc. Fived. Six
In its segment information for 2021, how many reportable segments does Lulu Company have?
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B. 3
C. 5
D. 6
Bonita Industries and its divisions are engaged solely in manufacturing operations. The following data pertain to the segments in which
operations were conducted for the year ended December 31, 2021.
Industry
A
B
с
D
E
F
Revenue
Four
O Three
O Six
O Five
$ 8130000
6620000
4950000
2470000
3530000
1250000
Profit
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1120000
962000
440000
532000
184000
Assets
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$15980000
13940000
10110000
5290000
5530000
2400000
$26950000 $4557000 $53250000
In its segment information for 2021, how many reportable segments does Bonita have?
Chapter 8 Solutions
LooseLeaf for Advanced Accounting (Irwin Accounting) - Standalone book
Ch. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - The management approach requires a firm to define...Ch. 8 - What is an operating segment?Ch. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11QCh. 8 - To satisfy geographic area disclosure...Ch. 8 - Prob. 13QCh. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - Prob. 16QCh. 8 - Prob. 17QCh. 8 - How does a company determine the amount of income...Ch. 8 - Prob. 19QCh. 8 - Prob. 20QCh. 8 - What type of segment information must companies...Ch. 8 - How would an annual bonus paid at year-end be...Ch. 8 - Which of the following does U.S. GAAP not consider...Ch. 8 - Prob. 2PCh. 8 - Prob. 3PCh. 8 - Prob. 4PCh. 8 - Prob. 5PCh. 8 - Which of the following is not necessarily true for...Ch. 8 - Prob. 7PCh. 8 - Prob. 8PCh. 8 - Prob. 9PCh. 8 - Which of the following items is required to be...Ch. 8 - Prob. 11PCh. 8 - Prob. 12PCh. 8 - Which of the following information items with...Ch. 8 - Prob. 14PCh. 8 - In considering interim financial reporting, how...Ch. 8 - How should material seasonal variations in revenue...Ch. 8 - Prob. 17PCh. 8 - Prob. 18PCh. 8 - Prob. 19PCh. 8 - Niceville Company pays property taxes of 100,000...Ch. 8 - Prob. 21PCh. 8 - Prob. 22PCh. 8 - Prob. 23PCh. 8 - Prob. 24PCh. 8 - Prob. 25PCh. 8 - Prob. 26PCh. 8 - Prob. 27PCh. 8 - Prob. 28PCh. 8 - Prob. 29PCh. 8 - Prob. 30PCh. 8 - Prob. 31PCh. 8 - Prob. 32PCh. 8 - Prob. 33PCh. 8 - Prob. 34PCh. 8 - Prob. 35PCh. 8 - Prob. 36PCh. 8 - Prob. 37PCh. 8 - Prob. 38PCh. 8 - Noventis Corporation prepared the following...Ch. 8 - Prob. 40PCh. 8 - Prob. 41PCh. 8 - Prob. 5DYSCh. 8 - ACCOUNTING STANDARDS CASE 1SEGMENT REPORTING...Ch. 8 - ACCOUNTING STANDARDS CASE 2INTERIM REPORTING...Ch. 8 - Prob. 8DYSCh. 8 - Prob. 9DYS
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- The following information pertains to the Liberty Company and its divisions for the year ended December 31, 2014 : Sales to unaffiliated customers P10,000,000Inter- segment sales of products similar to those sold to unaffiliated customers 2,000,000Liberty Company all its divisions are engaged solely in manufacturing operations. Liberty has a reportable segment if the segment's revenue will total to what amount?arrow_forwardWhat are the reportable segments? (Answer should be presented in this manner, example: A-B-C-D-E-F-G)arrow_forwardCompany A and its divisions are engaged solely in manufacturing operations. The following data pertain to the industries in which operations were conducted for the year ended December 31, 2019. Industry Revenue Profit Assets Red 8,000,000 (1,320,000) 16,000,000 Orange 6,400,000 920,000 14,000,000 460,000 10,000,000 Yellow 4,800,000 2,200,000 (420,000) 5,300,000 Green (240,000) 5,600,000 Blue 3,400,000 180,000 2,400,000 Purple 1,200,000 Calculate the materiality threshold that would be used under the profit or loss test to determine which segments are reportable.arrow_forward
- Corycorn Corp. and its divisions (each is an operating segment) are engaged solely in manufacturing operations. The following data (consistent with prior years' data) pertain to the operations conducted for the yaer ended December 31, year 1: (Industry Operating Segment) Total revenue Operating profit Identifiable assets at 12/31/Y1 A P10,000,000 P1,750,000 P20,000,000 B 8,000,000 1,400,000 17,500,000 C 6,000,000 1,200,000 12,500,000 D 3,000,000 550,000 7,500,000 E 4,250,000 675,000 7,000,000 F…arrow_forwardWhat amount should be disclosed as Dae-su's profit for the current year? * Dae-su Company has four manufacturing divisions, each of which has been determined to be a reportable segment. Common costs are appropriately allocated on the basis of each division's sales in relation to Dae-su's aggregate sales. Dae-su's 4th division accounted for 40% of Dae-su's total sales in the current year. For the current year, 4th division had sales of P8,000,000 and traceable costs of P4,800,000. In addition, the 4th division incurred interest expense of P640,000. In the current year, Dae-su incurred costs of P800,000 that were not directly traceable to any of the divisions. It is an entity policy that interest expense is included in the measure of profit or loss that is reviewed by the chief operating decision maker. O 3,200,000 O 3,000,000 O 2,880,000 O 2,240,000arrow_forwardThe following information pertains to Xavier Corp. and its divisions for the year ended 12/31/20: Sales to unaffiliated customers $4,000,000 Intersegment sales of products similar to those sold to unaffiliated customers 900,000 60,000 Interest earned on loans to other operating segments Xavier and all of its divisions are engaged solely in manufacturing operations. Xavier has a reportable segment if that segment's revenue exceeds a. $496,000. b. $490,000. $406,000. $400,000. C. d.arrow_forward
- The following data was taken from the general ledger and other records of Martinez Manufacturing Co. on July 31, the end of the first month of operations in the current fiscal year: Sales.........$50,000; Materials inventory (July 01)......15,000; Work in process inventory (July 01)..... 20,000; Finished goods inventory (July 01).......28,000; Materials purchased ...... 21,000; Direct labor.....12,500; Factory overhead (including $5,000 of indirect materials used and $2,500 of indirect labor cost).....11,500; Selling and Adminstrative expense.....8,000; Inventories on July 31: Materials.....16,000; Work in Process.....18,000; Finished good.....30,000 QUESTION: a) Prepare a statement of cost of goods manufactured b) determine the cost of goods sold for the month.arrow_forwardWestinghouse Electric CorporationThe following note appears in the “Summary of Significant Accounting Policies” section of the Annual Report of Westinghouse Electric Corporation. Note 1 (in part): Revenue Recognition. Sales are primarily recorded as products are shipped and services are rendered. The percentage-of-completion method of accounting is used for nuclear steam supply system orders with delivery schedules generally in excess of five years and for certain construction projects where this method of accounting is consistent with industry practice. WFSI revenues are generally recognized on the accrual method. When accounts become delinquent for more than two payment periods, usually 60 days, income is recognized only as payments are received. Such delinquent accounts for which no payments are received in the current month, and other accounts on which income is not being recognized because the receipt of either principal or interest is questionable, are classified as nonearning…arrow_forwardThe following financial information was summarized from the accounting records of Block Corporation for the current year ended December 31: Software Hardware Corporate Division Division Total Cost of goods sold $45,655 $28,845 Direct operating $27,883 $22,356 expenses Net sales $91,379 $69,251 Interest expense $2,640 General overhead $18,941 Income tax $4,200 What is the income from operations for the Hardware Division? Select the correct answer. $18,050, $40,406, $28,845, or $46,895?arrow_forward
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