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Chevalier Company has identified five Industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: Accounts Sales to outside parties Plastics $ 6,694 Metals $ 2,354 Lumber $ 711 Intersegment sales 148 173 138 Paper $ 422 150 Finance $ 0 0 Interest income from outside parties Interest income from intersegment loans 0 34 21 0 42 0 0 0 0 201 Operating expenses Interest expense Tangible assets Intangible assets Intersegment loans (debt) 4,214 76 1,762 1,066 654 31 31 66 28 102 1,501 87 0 3,196 403 0 524 0 771 179 63 0 0 706 Chevalier does not allocate its $1,460,000 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 asset test procedure to determine Chevalier's reportable operating segments. Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Perform revenue test procedure to determine Chevalier's reportable operating segments. Note: Round your percentage answers to 1 decimal place. Enter your answers in thousands of dollars. Segment Revenues Percentage Reported or Not Reported Plastics Metals % Lumber % Paper Finance % Total $ 0.0 %

Chevalier Company has identified five Industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: Accounts Sales to outside parties Plastics $ 6,694 Metals $ 2,354 Lumber $ 711 Intersegment sales 148 173 138 Paper $ 422 150 Finance $ 0 0 Interest income from outside parties Interest income from intersegment loans 0 34 21 0 42 0 0 0 0 201 Operating expenses Interest expense Tangible assets Intangible assets Intersegment loans (debt) 4,214 76 1,762 1,066 654 31 31 66 28 102 1,501 87 0 3,196 403 0 524 0 771 179 63 0 0 706 Chevalier does not allocate its $1,460,000 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 asset test procedure to determine Chevalier's reportable operating segments. Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Perform revenue test procedure to determine Chevalier's reportable operating segments. Note: Round your percentage answers to 1 decimal place. Enter your answers in thousands of dollars. Segment Revenues Percentage Reported or Not Reported Plastics Metals % Lumber % Paper Finance % Total $ 0.0 %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chevalier Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It 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 $ 6,694 Metals $ 2,354 Lumber $ 711 148 173 138 Paper $ 422 150 Finance $ 0 0 0 34 21 0 42 0 0 0 0 201 4,214 76 1,762 1,066 654 31 31 66 28 102 1,501 87 3,196 524 771 179 0 403 0 0 63 0 0 0 706 Chevalier does not allocate its $1,460,000 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 asset test procedure to determine Chevalier's reportable operating segments. Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Perform revenue test procedure to determine Chevalier's reportable operating segments. Note: Round your percentage answers to 1 decimal place. Enter your answers in thousands of dollars. Segment Revenues Reported or Not Reported Plastics Metals Lumber Percentage % % % Paper Finance % Total $ 0 0.0 % < Revenue Test Profit or Loss Test >
Transcribed Image Text:Chevalier Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It 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 $ 6,694 Metals $ 2,354 Lumber $ 711 148 173 138 Paper $ 422 150 Finance $ 0 0 0 34 21 0 42 0 0 0 0 201 4,214 76 1,762 1,066 654 31 31 66 28 102 1,501 87 3,196 524 771 179 0 403 0 0 63 0 0 0 706 Chevalier does not allocate its $1,460,000 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 asset test procedure to determine Chevalier's reportable operating segments. Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Perform revenue test procedure to determine Chevalier's reportable operating segments. Note: Round your percentage answers to 1 decimal place. Enter your answers in thousands of dollars. Segment Revenues Reported or Not Reported Plastics Metals Lumber Percentage % % % Paper Finance % Total $ 0 0.0 % < Revenue Test Profit or Loss Test >
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