Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connectionwith the following five operating segments it has identified.CompanyTotalВooksComputersFinanceМаps$ 443TravelSales to outside parties$1,702$ 173$745$ 341$39Intersegment salesInterest income-external5352825416012270Interest income-intersegment loans162162Assets3,6552481,4572903451,315Operating expensesExpenses-intersegment salesInterest expense-externalInterest expense-intersegment loansIncome tax expense (savings)General corporate expensesUnallocated operating costs1,52525813086028220548856646611221222073686533212054(26)69(50)97122Determine the reportable segments by performing each applicable test. (Figures are in thousands.)a. Revenue test:b. Profit or loss test:c. Asset test:O O N N 5 C0 on LOO N MO OO O O 0 O

Reportable segments are those segment that are to be separately reported in the financials of the…

Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. Company Total Books $ 173 Finance Computers $ 745 282 Travel Maps $ 443 Sales to outside parties Intersegment sales Interest income-external $ 341 160 $1,702 $ 0 535 39 54 122 70 52 Interest income-intersegment loans 162 162 Assets 290 3,655 1,525 248 1,457 345 1,315 48 Operating expenses Expenses-intersegment sales Interest expense-external Interest expense-intersegment loans Income tax expense (savings) General corporate expenses Unallocated operating costs 130 860 282 205 258 85 66 46 61 122 122 207 36 86 53 32 120 54 (26) 69 73 (50) 97 122 Determine the reportable segments by performing each applicable test. (Figures are in thousands.) a. Revenue test: b. Profit or loss test: c. Asset test:

Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. Company Total Books $ 173 Finance Computers $ 745 282 Travel Maps $ 443 Sales to outside parties Intersegment sales Interest income-external $ 341 160 $1,702 $ 0 535 39 54 122 70 52 Interest income-intersegment loans 162 162 Assets 290 3,655 1,525 248 1,457 345 1,315 48 Operating expenses Expenses-intersegment sales Interest expense-external Interest expense-intersegment loans Income tax expense (savings) General corporate expenses Unallocated operating costs 130 860 282 205 258 85 66 46 61 122 122 207 36 86 53 32 120 54 (26) 69 73 (50) 97 122 Determine the reportable segments by performing each applicable test. (Figures are in thousands.) a. Revenue test: b. Profit or loss test: c. Asset test:

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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