Chevaller 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 $ 6,895 Metals $ 2,434 165 189 Lumber $ 751 154 Paper $ 462 Finance 166 $ e 0 8 42 29 50 8 8 8 0 217 4,374 84 1,842 1,146 694 39 39 74 20 110 1,581 95 в 3,276 604 851 219 419 71 0 722 Chevaller does not allocate its $1,380,000 in common expenses to the various segments. Required: a1. Perform revenue test procedure to determine Chevaller'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 Chevallier'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 0.0 %
Chevaller 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 $ 6,895 Metals $ 2,434 165 189 Lumber $ 751 154 Paper $ 462 Finance 166 $ e 0 8 42 29 50 8 8 8 0 217 4,374 84 1,842 1,146 694 39 39 74 20 110 1,581 95 в 3,276 604 851 219 419 71 0 722 Chevaller does not allocate its $1,380,000 in common expenses to the various segments. Required: a1. Perform revenue test procedure to determine Chevaller'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 Chevallier'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 0.0 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Chevaller 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
$ 6,895
Metals
$ 2,434
165
189
Lumber
$ 751
154
Paper
$ 462
Finance
166
$ e
0
8
42
29
50
8
8
8
0
217
4,374
84
1,842
1,146
694
39
39
74
20
110
1,581
95
в
3,276
604
851
219
419
71
0
722
Chevaller does not allocate its $1,380,000 in common expenses to the various segments.
Required:
a1. Perform revenue test procedure to determine Chevaller'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 Chevallier'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
0.0 %
<Revenue Test
Profit or Loss Test >
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