Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense Income tax expense (savings) Red $1,829 34 632 157 83 159 Blue $830 109 397 184 77 105 Segments Green $532 127 420 99 100 79 Pink $327 0 330 110 67 (104) Black $ 139 34 335 60 32 (82) White $ 117 320 80 49 23 0 Consider the following questions independently. None of the six segments have a primarily financial nature. a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? (Enter your answer in dollars but not in thousands

Required information [The following information applies to the questions displayed below.] The following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense Income tax expense (savings) Red $1,829 34 632 157 83 159 Blue $830 109 397 184 77 105 Segments Green $532 127 420 99 100 79 Pink $327 0 330 110 67 (104) Black $ 139 34 335 60 32 (82) White $ 117 320 80 49 23 0 Consider the following questions independently. None of the six segments have a primarily financial nature. a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? (Enter your answer in dollars but not in thousands

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Wanda Instrumentation produces navigational equipment for ships, aircraft (both staffed and drones), and land vehicles. The parts are produced to specification by their customers. Depending on the customer and the type of job, the customer pays according to the terms of either a "fixed-price" contract (the price does not depend directly on the cost of the job) or of a "cost-plus" contract (the price is equal to recorded cost plus a fixed fee). Wanda expects only two clients (Ivanhoe Aviation and Rolf's Shipyard) in Year 2. The work done for Ivanhoe will all be done under cost-plus contracts while the work done for Rolf's will all be done under fixed-price contracts. Selected budget data for Year 2 include the following: Direct labor cost ($000) Direct materials cost ($000) Manufacturing overhead ($000) Ivanhoe Aviation $ 660 1,980 Required A Required B Required: a. Compute the predetermined rate assuming that Wanda Instrumentation uses direct labor costs to apply overhead. b. Compute…
! Required information [The following information applies to the questions displayed below.] Following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands): Segments Sales to outside parties Intersegment revenues Salary expense Rent expense Interest expense Income tax expense (savings) Red $1,812 17 615 140 66 142 Minimum revenues Blue $ 813 92 380 167 60 88 Green $515 110 403 82 83 62 Pink $ 310 0 313 93 50 (87) Black $ 122 17 318 43 15 (65) White $ 100 303 63 32 6 0 Consider the following questions independently. None of the six segments has a primarily financial nature. a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure? (Enter your answer in dollars but not in thousands.)
he following information pertains to Sheffield Corp. and its divisions for the year ended December 31, 2021. Sales to unaffiliated customers $3960000 Intersegment sales of products similar to those sold to unaffiliated customers 910000 Interest earned on loans to other operating segments 60000 Sheffield and all of its divisions are engaged solely in manufacturing operations. Sheffield has a reportable segment if that segment's revenue exceeds $487000. $402000. $396000. $493000.
Help me answer this thank you
For the purpose of segment reporting, what amount should be reported as segment total profit? A. 930,000 B. 830,000 C. 845,000 D. 730,000
Subject - account Please help me. Thankyou.
Harder
From the lifeboat activity, you learned about a few basic ratios. Using the financial information below, what is this company's net profit margin? (11750n your text, this is just plain "profit margin.") revenues = $502,451 • cost of revenues = $235,911 • EBIT = $111,224 • taxes = $25,692 • interest expense = $17,055 • total assets = $446,549 • shareholders' equity = $320,011 Enter your answer as a percentage rounded to the first decimal. Do not enter dollar signs, percent signs, or commas. For example, if you calculated the answer in decimal form of 0.10487, you would enter for the answer 10.5. Or if you calculated 0.046201, you would enter for the answer 4.6.
Income statement With formula.
2. In 2020 Gouda owns 60% of Cheddar & Associates. Cheddar & Associates is an accounting firm and distributes to Gouda $250,000. The firm has sales income of 4,200,000 and operating expenses of $1,500,000. They also have $25,000 long term capital gain income. The firm has property with an unadjusted basis of $400,000 and paid W2 wages for the year of $400,000. Gouda is single and his taxable income (excluding any income from Cheddar & Associates) is $450,000. For each independent scenario below how the entity will be taxed and how Gouda' return will be affected by the income from Cheddar & Associates. a) Cheddar & Associates is a C-Corporation b) Cheddar & Associates is an S- Corp c) Cheddar & Associates is a Sole Proprietorship and Gouda owns 100% d) How would your answer change (or not) in part b if they were a manufacturing company instead of a law firm?
Ee 106.
Waterway Company is involved in four separate industries. The following information is available for each of the four industries Operating Segment w X Total Revenue $56,202 9,680 24,225 6,793 $96,900 Operating Profit (Loss) $16,000 2,480 (3,130) 1,150 $16,500 Identifiable Assets $172,434 86,217 20,811 17,838 $297,300 Y Z Determine which of the operating segments are reportable based on the: Reportable Segments (a) Revenue test. (b) Operating profit (loss) test. (c) Identifiable assets test.