2. Able Corp. 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 12/31/20. Assets Revenue $ 8,000,000 6,400,000 4,800,000 2,400,000 3,400,000 1,200,000 $26,200,000 Profit $1,320,000 1,120,000 960,000 440,000 540,000 180,000 $4,560,000 Industry A 12/31/20 $16,000,000 14,000,000 10,000,000 5,200,000 5,600,000 2,400,000 $53,200,000 In its segment information for 2020, how many reportable segments does Able have? Three а. b. Four Five d. Six C. BCDEE

2. Able Corp. 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 12/31/20. Assets Revenue $ 8,000,000 6,400,000 4,800,000 2,400,000 3,400,000 1,200,000 $26,200,000 Profit $1,320,000 1,120,000 960,000 440,000 540,000 180,000 $4,560,000 Industry A 12/31/20 $16,000,000 14,000,000 10,000,000 5,200,000 5,600,000 2,400,000 $53,200,000 In its segment information for 2020, how many reportable segments does Able have? Three а. b. Four Five d. Six C. BCDEE

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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Umbrella Company 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, 2014: Revenue From Revenue Operating Identifiable Segments outsiders from within Profit Assets A 18,000,000 2,000,000 3,600,000 40,000,000 B 13,000,000 3,000,000 2,800.000 36,000,000 C 5,000,000 7,000,000 1,500,000 2,400,000 1,200,000 28,000,000 16,000,000 D 4,500,000 E 5,400,000 3,600,000 1,400,000 14,000,000 6,000,000 140,000,000 F 3,000,000 600,000 Total 48,900,000 17,100,000 12,000,000 In its segment information for 2014, how many reportable segments does Umbrella Company have?
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Waterway Company is involved in four separate industries. The following information is available for each of the four industries Operating Segment w X Total Revenue $56,202 9,680 24,225 6,793 $96,900 Operating Profit (Loss) $16,000 2,480 (3,130) 1,150 $16,500 Identifiable Assets $172,434 86,217 20,811 17,838 $297,300 Y Z Determine which of the operating segments are reportable based on the: Reportable Segments (a) Revenue test. (b) Operating profit (loss) test. (c) Identifiable assets test.
Required: The following data pertain to three divisions of Nevada Aggregates, Incorporated. The company's required rate of return on invested capital is 10 percent. Note: Round "Capital turnover" answers to 2 decimal places.
A condensed income statement for the Electronics Division of Gihbli Industries Inc. for the year ended December 31 is as follows: Sales $3,920,000 Cost of goods sold 2,625,200 Gross profit $ 1,294,800 Operating expenses 746,000 Income from operations $ 548,800 Invested assets $2,800,000 Assume that the Electronics Division received no charges from service departments. The president of Gihbli Industries Inc. has indicated that the division’s return on a $2,800,000 investment must be increased to at least 22.4% by the end of the next year if operations are to continue. The division manager is considering the following three proposals: Proposal 1: Transfer equipment with a book value of $560,000 to other divisions at no gain or loss and lease similar equipment. The annual lease payments would be less than the amount of depreciation expense on the old equipment by $100,800. This decrease in expense would be included as part of the cost of goods sold. Sales would remain…
Suresh Company reports the following segment (department) income results for the year. Department M Department N Department 0 Department P $ 82,000 $ 44,000 $ 78,000 $ 65,000 Sales Expenses Avoidable Unavoidable Total expenses Income (loss) Department Department M Department N Department O Department P Department T 17,300 45,400 57,800 21,600 75, 100 67,000 $ 6,900 $ (23,000) Decision 18,000 5,700 23,700 $ 54,300 21,500 54,300 75,800 $ (10,800) Department T $ 43,000 51,300 20,300 71, 600 $ (28,600) Total $ 312,000 a. If the company plans to eliminate departments that have sales less than avoidable costs, which department(s) would be eliminated? 153,500 159, 700 313, 200 $ (1,200)
Saved He Chevalier Company has identified five industry segments: plastics, metals, lumber, paper, and finance. t appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: Accounts Sales to outside parties Intersegment sales Interest income from outside parties Interest income from intersegment loans Operating expenses Interest expense Tangible assets Intangible assets Intersegment loans (debt) Plastics $ 6,625 Metals $ 2,334 Lumber $ 701 Paper $ 412 Finance 146 169 134 146 $ 0 0 0 32 19 0 40 0 0 0 0 197 4,174 74 1,742 1,046 644 29 29 64 30 100 1,467 85 0 3,176 504 751 169 399 0 0 61 0 0 0 702 Chevalier does not allocate its $1,480,000 in common expenses to the various segments. Required: a1. Perform revenue test procedure to determine Chevalier's reportable operating segments. a2. Perform profit or loss test procedure to determine Chevalier's reportable operating segments. a3. Perform…
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