The following is financial Information describing the six operating segments that make up Chucktown Sauce Company (In thousands): Segments Red Sales to outside parties $ 1,813 Blue $ 814 Green Pink Black White $ 516 $ 311 $ 123 $ 101 Intersegment revenues 18 93 111 0 18 384 Salary expense 616 381 404 314 319 64 Rent expense 141 168 83 94 44 33 Interest expense 67 61 84 51 16 7 Income tax expense (savings) 143 89 63 (88) (66) в Consider the following questions independently. None of the six segments have a primarily financial nature. c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer? Note: Enter your answer in dollars but not in thousands. Volume of revenues

The following is financial Information describing the six operating segments that make up Chucktown Sauce Company (In thousands): Segments Red Sales to outside parties $ 1,813 Blue $ 814 Green Pink Black White $ 516 $ 311 $ 123 $ 101 Intersegment revenues 18 93 111 0 18 384 Salary expense 616 381 404 314 319 64 Rent expense 141 168 83 94 44 33 Interest expense 67 61 84 51 16 7 Income tax expense (savings) 143 89 63 (88) (66) в Consider the following questions independently. None of the six segments have a primarily financial nature. c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer? Note: Enter your answer in dollars but not in thousands. Volume of revenues

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] Following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Segments Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense Income tax expense (savings) Red $1,812 17 615 140 66 142 Minimum revenues Blue $ 813 92 380 167 60 88 Green $515 110 403 82 83 62 Pink $ 310 0 313 93 50 (87) Black $ 122 17 318 43 15 (65) White $ 100 303 63 32 6 0 Consider the following questions independently. None of the six segments has a primarily financial nature. a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? (Enter your answer in dollars but not in thousands.)
he following information pertains to Sheffield Corp. and its divisions for the year ended December 31, 2021. Sales to unaffiliated customers $3960000 Intersegment sales of products similar to those sold to unaffiliated customers 910000 Interest earned on loans to other operating segments 60000 Sheffield and all of its divisions are engaged solely in manufacturing operations. Sheffield has a reportable segment if that segment's revenue exceeds $487000. $402000. $396000. $493000.
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…
Dancel Company has the following information for its five business segments: Revenue to external Segment Intersegment revenue Segment assets customers A 20,000,000 2,000,000 25,000,000 B 5,000,000 500,000 5,000,000 C. 2,800,000 1,000,000 3,500,000 ID 1,200,000 200,000 1,500,000 E 1,000,000 250,000 1,000,000 How much is the minimum amount of external revenue that should be reported by the reportable segments? A. 22,500,000 B. 27,000.000 C. 49 500,000 D 6.600.00O
! Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Chucktown Sauce Company (in thousands): Segments Red Blue Green Pink Black White Sales to outside parties $ 1,823 $ 824 $ 526 $ 321 $ 133 $ 111 Intersegment revenues 28 103 121 0 28 314 Salary expense 626 391 414 324 329 74 Rent expense 151 178 93 104 54 43 Interest expense 77 71 94 61 26 17 Income tax expense (savings) 153 99 73 (98) (76) 0 Consider the following questions independently. None of the six segments have a primarily financial nature. c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer? Note: Enter your answer in dollars but not in thousands. Volume of revenues
! Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Chucktown Sauce Company (in thousands): Sales to outside parties Intersegment revenues Salary expense Rent expense Red $ 1,829 34 632 157 83 159 Volume of revenues Blue $ 830 109 397 184 77 105 Segments Green $ 532 127 420 99 100 79 (104) Pink $ 327 0 330 110 67 Black $ 139 34 335 60 32 (82) White $ 117 320 80 49 23 0 Interest expense Income tax expense (savings) Consider the following questions independently. None of the six segments have a primarily financial nature. c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer? Note: Enter your answer in dollars but not in thousands.
Presented below are four segments that have been identified by Bramble Corp.: Operating Segments Total Revenue Profit (Loss) Identifiable Assets A $256000 $29100 $900500 B 600000 (54100) 800000 C 225000 5800 451000 D 89300 3000 225500 For which of the segments would information have to be disclosed in accordance with professional pronouncements? Segments A, B, and C Segments A, B, C, and D Segments A and B Segments A and D
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Pepper Company Company $ $ 12,000 16,450 14,500 19,950 7,250 9,000 27,000 22,750 19,000 35,000 17,650 13,300 22,000 16,000 5,300 7,200 9,000 12,000 21,000 43,000 9,450 10,860 4,780 1,500 33,000 52,000 50,000 46,000 195,030 290,010 20,000 15,700 13,200 19,450 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses CAP Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
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?
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company $ 12,400 18,500 10,000 33,250 21,400 19,250 26, 200 7,600 14,100 29,50е 14,100 5,180 43,500 60,400 279,510 28,000 13,60е Реpper Company $ 19,300 22,500 14,550 25,300 37,000 15,700 22,000 8,000 14,500 49,500 12,080 2,400 54,000 46,300 374, 590 18, 200 23,950 Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion…
! Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Chucktown Sauce Company (in thousands): Sales to outside parties. Intersegment revenues Salary expense Rent expense Red $ 1,835 40 638 163 89 165 446 X Blue $ 836 115 403 190 83 111 > Answer is complete but not entirely correct. Minimum revenue $ Segments Green $ 538 133 426 Pink $333 105 106 85 0 336 116 73 (110) 66 Interest expense 38 Income tax expense (savings) (88) Consider the following questions independently. None of the six segments have a primarily financial nature. Black $ 145 40 341 White $123 326 86 55 29 Required: a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? Note: Enter your answer in dollars but not in thousands. 0
To manage its operations, Leaf Company reports to top management on five different segments which are consolidated appropriately for the annual financial statements. Information about each segment included in the current year's consolidated statements appears in the table below (in 000's): Sales to outside parties Intersegment revenues Outside parties interest income Intersegment interest income Operating expenses Interest expense Tangible assets Intangib assets a. the revenue test, Tools $8,220 140 -0- -0- 5,090 80 1,620 90 Leaf Company has $305,000 of corporate expenses that it does not allocate to the segments. Carry out: c. the asset test b. the profit and loss test, and Batteries Adhesives Plastics $2,790 170 30 -0- 2,100 20 3,880 470 $830 130 10 -0- 1,390 170 890 -0- $450 140 -0- -0- 750 40 730 60 Finance to determine which segments are separately reportable. Clearly show the results of each test and your decision on each test. $-0- -0- 250 210 20 110 140 870