The Canton Corporation operates in four distinct business segments. The segments, along with 2021 information on revenues, assets, and net income, are listed below ($ in thousands): Segment Pharmaceuticals Plastics Farm equipment Electronics Total company Pharmaceuticals ✔Plastics Required: 1. For which segments must Canton report supplementary information according to U.S. GAAP? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) ✔Farm equipment Revenues $ 3,500 4,500 4,000 1,250 $13,250 ?Electronics Assets $ 2,500 3,000 2,000 400 $ 7,900 Net Income $ 350 420 470 115 $1,355

The Canton Corporation operates in four distinct business segments. The segments, along with 2021 information on revenues, assets, and net income, are listed below ($ in thousands): Segment Pharmaceuticals Plastics Farm equipment Electronics Total company Pharmaceuticals ✔Plastics Required: 1. For which segments must Canton report supplementary information according to U.S. GAAP? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) ✔Farm equipment Revenues $ 3,500 4,500 4,000 1,250 $13,250 ?Electronics Assets $ 2,500 3,000 2,000 400 $ 7,900 Net Income $ 350 420 470 115 $1,355

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

H-9

The Canton Corporation operates in four distinct business segments. The segments, along with 2021 information on revenues, assets,
and net income, are listed below ($ in thousands):
Segment
Pharmaceuticals
Plastics
Farm equipment
Electronics
Total company
› ›
Pharmaceuticals
✔ Plastics
✔Farm equipment
Revenues
$ 3,500
Required:
1. For which segments must Canton report supplementary information according to U.S. GAAP? (You may select more than one
answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with
the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as
incorrect.)
? Electronics
4,500
4,000
1,250
$13,250
Assets
$ 2,500
3,000
2,000
400
$ 7,900
Net Income
$
350
420
470
115
$1,355

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