Flounder Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following informatio relating to each segment is available for 2026. A B C D E Sales revenue $39,600 $76,200 $575,500 $34,400 $54,400 Cost of goods sold 19.100 49,600 267,500 19,300 30,300 Operating expenses 10,200 39,400 231,500 11,900 18,300 Total expenses 29,300 89,000 499,000 31,200 48,600 Operating profit (loss) $10,300 $(12,800) $76,500 $3,200 $5,800 Identifiable assets $35,400 $79,400 $509,700 $64,300 $50,300 Sales of segments B and C included intersegment sales of $20,200 and $101,700, respectively. (a) Determine which of the segments are reportable based on the: 1. Revenue test. 2. Operating profit (loss) test. 3. Identifiable assets test. eTextbook and Media Save for Later Reportable Segment Attempts: 0 of 3 used Submit Answer (b) Prepare the necessary disclosures required by GAAP. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) External Revenues Intersegment Revenues Total Revenues Cost of Goods Sold Operating Expenses Total A $ Expenses Operating $ Profit (Loss) Identifiable $ $ Assets B I $ C $ $ SUPPO

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Flounder Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following informatio
relating to each segment is available for 2026.
A
B
C
D
E
Sales revenue
$39,600
$76,200
$575,500
$34,400
$54,400
Cost of goods sold
19.100
49,600
267,500
19,300
30,300
Operating expenses
10,200
39,400
231,500
11,900
18,300
Total expenses
29,300
89,000
499,000
31,200
48,600
Operating profit (loss)
$10,300 $(12,800)
$76,500
$3,200
$5,800
Identifiable assets
$35,400
$79,400
$509,700 $64,300 $50,300
Sales of segments B and C included intersegment sales of $20,200 and $101,700, respectively.
(a)
Determine which of the segments are reportable based on the:
1.
Revenue test.
2.
Operating profit (loss) test.
3. Identifiable assets test.
eTextbook and Media
Save for Later
Reportable Segment
Attempts: 0 of 3 used
Submit Answer
(b)
Prepare the necessary disclosures required by GAAP. (Enter negative amounts using either a negative sign preceding the number e.g.
-45 or parentheses e.g. (45).)
External
Revenues
Intersegment
Revenues
Total
Revenues
Cost of
Goods Sold
Operating
Expenses
Total
A
$
Expenses
Operating
$
Profit (Loss)
Identifiable
$
$
Assets
B
I
$
C
$
$
SUPPO
Transcribed Image Text:Flounder Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following informatio relating to each segment is available for 2026. A B C D E Sales revenue $39,600 $76,200 $575,500 $34,400 $54,400 Cost of goods sold 19.100 49,600 267,500 19,300 30,300 Operating expenses 10,200 39,400 231,500 11,900 18,300 Total expenses 29,300 89,000 499,000 31,200 48,600 Operating profit (loss) $10,300 $(12,800) $76,500 $3,200 $5,800 Identifiable assets $35,400 $79,400 $509,700 $64,300 $50,300 Sales of segments B and C included intersegment sales of $20,200 and $101,700, respectively. (a) Determine which of the segments are reportable based on the: 1. Revenue test. 2. Operating profit (loss) test. 3. Identifiable assets test. eTextbook and Media Save for Later Reportable Segment Attempts: 0 of 3 used Submit Answer (b) Prepare the necessary disclosures required by GAAP. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) External Revenues Intersegment Revenues Total Revenues Cost of Goods Sold Operating Expenses Total A $ Expenses Operating $ Profit (Loss) Identifiable $ $ Assets B I $ C $ $ SUPPO
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