Vincenzo Corporation is a manufacturer with four product lines. Below is some financial information about each of the four product lines.Required:Calculate, explain, and determine which of the segments are reportable based on the:a. Revenue testb. Operating profit (loss) testc. Identifiable assets testd. 75 percent combined revenue test Product SegmentChayoungJunwooHanseoMyeongheeTotalSales to nonaffiliates$50,000$150,000$175,000$75,000$450,000160,000$610,00010,00030,00080,000$155,000Intersegment sales40,000$60,000$180,000$215,000(5,000)Total revenueOperating profit (loss)5,00030,00040,00070,000Identifiable assets50,00075,000300,000400,000825,000

Given : To find the given things using the table as,

Answered: eportable based on the:

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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Vincenzo Corporation is a manufacturer with four product lines. Below is some financial information about each of the four product lines.

Required:
Calculate, explain, and determine which of the segments are reportable based on the:
a. Revenue test
b. Operating profit (loss) test
c. Identifiable assets test
d. 75 percent combined revenue test

Product Segment
Chayoung
Junwoo
Hanseo
Myeonghee
Total
Sales to nonaffiliates
$50,000
$150,000
$175,000
$75,000
$450,000
160,000
$610,000
10,000
30,000
80,000
$155,000
Intersegment sales
40,000
$60,000
$180,000
$215,000
(5,000)
Total revenue
Operating profit (loss)
5,000
30,000
40,000
70,000
Identifiable assets
50,000
75,000
300,000
400,000
825,000

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