SavedHeChevalier Company has identified five industry segments: plastics, metals, lumber, paper, and finance.t appropriately consolidated each of these segments in producing its annual financial statements. Information describing eachsegment (in thousands) follows:AccountsSales to outside partiesIntersegment salesInterest income from outside partiesInterest income from intersegment loansOperating expensesInterest expenseTangible assetsIntangible assetsIntersegment loans (debt)Plastics$ 6,625Metals$ 2,334Lumber$ 701Paper$ 412Finance146169134146$ 000321904000001974,174741,7421,046644292964301001,4678503,1765047511693990061000702Chevalier does not allocate its $1,480,000 in common expenses to the various segments.Required:a1. Perform revenue test procedure to determine Chevalier'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 Chevalier's reportable operating segments.Complete this question by entering your answers in the tabs below.Prev 1 of 480600 Q G & CANext >DUGADAI

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Answered: Saved He Chevalier Company has…

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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Pina Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2021. A B C D E Sales revenue $39,500 $74,600 $570,500 $35,300 $55,000 Cost of goods sold 19,100 49,500 264,900 19,100 30,200 Operating expenses 10,200 40,600 235,700 12,100 17,800 Total expenses 29,300 90,100 500,600 31,200 48,000 Operating profit (loss) $10,200 $(15,500) $69,900 $4,100 $7,000 Identifiable assets $34,500 $81,600 $505,400 $65,400 $49,400 Sales of segments B and C included intersegment sales of $20,400 and $99,000, respectively. 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).) A B C Other Totals External Revenues $ $ $ $ $…
The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
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.
Lousiville Inc. reported the following financial data for one of its divisions for the year; average invested assets of $490,000; sales of $990,000; and income of $113,000. The investment turnover is: Multiple Choice 2.02. 21.30. 433.60. 49.50. 11.40.
None
Bryant Inc. has five segments and is determining which segments need to be reported separately. One measure of determining reportable segments includes when the revenues of the segment exceed 10 percent of the Question 17 options: a) total revenues ($200,000) of all enterprise's operating segments. b) combined net income of all segments reporting profits (amounting to $95,900). c) total export and foreign sales (amounting to $75,000). d) total combined revenues (amounting to $150,000) for all segments reporting profits.
During the current year, Sokowski Manufacturing earned income of $459,332 from total sales of $6,906,995 and average capital assets of $11,489,420. What is the asset turnover? Round to the nearest to the hundredth, two decimal places and submit the answer in a percentage.
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The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Locomotive Division Cost of goods sold Direct operating expenses Sales Interest expense General overhead. Income tax Rails Division $ 47,200 27,200 108,000 The income from operations for the Rails Division is O $21,150 Ob. $33,600 O $8,700 O d. $60,800 $30,720 20,040 78,000 Corporate Total $2,040 18,160 4,700
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $800,000 100 % Cost of goods sold 512,000 70 Gross profit $288,000 30 % Selling expenses $176,000 17 % Administrative expenses 64,000 7 Total operating expenses $240,000 24 % Operating income $48,000 6 % Other revenue 16,000 2 $64,000 8 % Other expense 8,000 1 Income before income tax $56,000 7 % Income tax expense 24,000 5 Net income $32,000 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
Data for the three operating segments of Polyglot Company for the fiscal year ended June 30, 2006 were as follows (amounts in thousands): Alpha Beta Gamma TotalSales to outside customers $400 $500 $600 $1,500Intersegmental sale 50 40 30 120Traceable Expenses Intersegmental purchases 60 20 40 120Other 200 300 500 1,000Nontraceable expenses 150 Prepare a working paper to compute revenue and segment profit or loss for each segment. Nontracable expenses are allocated using the follow percentages: Alpha 27%; Beta 33%; Gamma 40%.
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