ADVANCED ACCOUNTING-LL
13th Edition
ISBN: 9781260232486
Author: Hoyle
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 8, Problem 24P
To determine
Identify the number of reportable segments does company H have in its segment information for the current year.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
ASENSO Company and its divisions are engaged solely in manufacturing. The following data pertain to the industries in which operations were conducted for the current year:
Segment
Intersegment Sales
External Revenue
A
1,000,000
5,000,000
B
1,500,000
3,000,000
C
4,000,000
8,000,000
D
2,000,000
2,800,000
E
200,000
900,000
What is the minimum amount of revenue to be considered a major customer?
1,970,000
2,100,000
2,840,000
920,000
ASENSO Company and its divisions are engaged solely in manufacturing. The following data pertain to the industries in which operations were conducted for the current year:
Segment
Intersegment sales
External revenue
A
1,000,000
5,000,000
B
1,500,000
3,000,000
C
4,000,000
8,000,000
E
2,000,000
2,800,000
F
200,000
900,000
What is the minimum amount of revenue to be considered a major customer?
A.
1,970,000
B.
2,100,000
C.
2,840,000
D.
920,000
Porter Company is engaged solely in manufacturing operations. The following data (consistent withprior-years data) pertain to the segments in which operations were conducted for the year endedDecember 31, 2019.Segment TotalRevenueSegmentProfitAssets at31/12/19A $10,000,000 $1,750,000 $20,000,000B 8,000,000 1,400,000 17,500,000C 6,000,000 1,200,000 12,500,000D 3,000,000 550,000 7,500,000E 4,250,000 675,000 7,000,000F 1,500,000 225,000 3,000,000Totals $32,750,000 5,800,000 67,500,000In its segment information for 2019, how many reportable segments does Porter have?A. 3B. 4C. 5D. 6
Chapter 8 Solutions
ADVANCED ACCOUNTING-LL
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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 $1319000 1120000 962000 440000 532000 184000 Assets 12/31/21 $15980000 13940000 10110000 5290000 5530000 2400000 $26950000 $4557000 $53250000 In its segment information for 2021, how many reportable segments does Bonita have?arrow_forwardThe 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_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
- White has a reportable segment if the segment's revenue will total to what amount? The following information pertains to the White Company and its divisions for the year ended December 31, 2014: Sales to unaffiliated customers P10,000,000 Inter-segment sales of products similar to those sold to unaffiliated customers 2,000,000 White Company and all of its divisions are engaged solely in manufɛcturing operations. Your answerarrow_forwardAn 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. 4,000,000arrow_forwardThe 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…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_forwardAn entity and its divisions reported the following for the year 20xl: Sales to unaffiliated customers 38,000,000 15,000,000 Intersegment sales of products similar to those sold to unaffiliated customers Interest earned on loans to other operating segments 1,600,000 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?arrow_forwardThe 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 $331,840 Commercial Division $45,250 Residential Division 163,310 Residential Division 28,290 Administrative expenses: Net sales: Commercial Division $60,330 Commercial Division $502,790 Residential Division 58,320 Residential Division 291,620 Prepare divisional income statements for DeSalvo Construction Company. JERSEY COAST CONSTRUCTION COMPANY Divisional Income Statements For the Year Ended June 30, 20Y8 Commercial Division Residential Division $ $ $ $ $ $ $ $arrow_forward
- 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: Commercial Division $912,250 Residential Division 423,675 Administrative expenses: Commercial Division $149,800 Residential Division 128,625 Service department charges: Commercial Division $112,560 Residential Division 67,830 Sales: Commercial Division $1,354,500 Residential Division 743,780 Prepare divisional income statements for Jersey Coast Construction Company. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.arrow_forwardCase 11. Essence Company and its divisions are engaged solely in manufacturing. The following data pertain to the industries in which operations were conducted for the current year: Segment Intersegment sales External revenue A 1,000,000 5,000,000 B 1,500,000 3,000,000 C 4,000,000 8,000,000 D 500,000 1,300,000 E 2,000,000 2,800,000 F 200,000 900,000 11. What is the minimum amount of revenue to be considered a major customer?a. 3,020,000b. 2,100,000c. 1,800,000d. 2,920,000arrow_forwardSelected data concerning the past year’s operations of the Ozarks Manufacturing Company are as follows: Required:1. What was the cost of raw materials purchased during the year?2. What was the direct-labor cost charged to production during the year?3. What was the cost of goods manufactured during the year?4. What was the cost of goods sold during the year?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
What is Cost Allocation? Definition & Process; Author: FloQast;https://www.youtube.com/watch?v=hLhvvHvZ3JM;License: Standard Youtube License