[The following Information applies to the questions displayed below.] The following is financial Information describing the six operating segments that make up Chucktown Sauce Company (In thousands): Segments Red Blue Sales to outside parties $ 1,813 $ 814 Green $ 516 Pink Black White $ 311 $123 $ 101 Intersegment revenues 18 93 111 e 18 384 Salary expense 616 381 404 314 319 64 Rent expense 141 168 83 94 44 33 Interest expense 67 61 84 51 16 7 Income tax expense (savings) 143 89 63 (88) (66) e Consider the following questions Independently. None of the six segments have a primarily financial nature. Now assume each of these six segments has a profit or loss (in thousands) as follows. Which segments warrant separate disclosure? ote: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct swer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark Ill be automatically graded as Incorrect.

[The following Information applies to the questions displayed below.] The following is financial Information describing the six operating segments that make up Chucktown Sauce Company (In thousands): Segments Red Blue Sales to outside parties $ 1,813 $ 814 Green $ 516 Pink Black White $ 311 $123 $ 101 Intersegment revenues 18 93 111 e 18 384 Salary expense 616 381 404 314 319 64 Rent expense 141 168 83 94 44 33 Interest expense 67 61 84 51 16 7 Income tax expense (savings) 143 89 63 (88) (66) e Consider the following questions Independently. None of the six segments have a primarily financial nature. Now assume each of these six segments has a profit or loss (in thousands) as follows. Which segments warrant separate disclosure? ote: You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct swer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark Ill be automatically graded as Incorrect.

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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! 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.)
Chipotle Mexican Grill began with a single location in 1993 and now operates more than 2,450 restaurants. Adapted versions of the company's income statements (in $000s) are as follows: 2017 2016 Revenue $4,476,412 $3,904,384 Restaurant operating costs Food, beverage, and packaging 1,535,428 1,365,580 Labor 1,205,992 1,105,001 Occupancy 327,132 293,636 Other operating costs 651,644 641,953 General and administrative expenses 296,388 276,240 Depreciation and amortization 163,348 146,368 Pre-opening costs 12,341 17,162 Loss on disposal of assets 13,345 23,877 Total operating expenses 4,205,618 3,869,817 Income from operations 270,794 34,567 Interest and other income (expense), net 4,949 4,172 Income before income taxes 275,743 38,739 Provision for income taxes 99,490 15,801 Net income $176,253 $22,938
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ABC Corp. is organized into four operating segments. The following segment information was generated by the internal reporting system in 2013: Revenues from Intersegment Operating Expenses S 1,260,000 1,890,000 980,000 1,078,000 Outsiders Revenues Cards $ 1,680,000 1,260,000 1,400,000 1,120,000 $ 140,000 280,000 Calendars Clothing Вooks 70,000 Required: 1 Prepare the profit or loss, test to determine which of these segments was separately reportable. 2 Using appropriate testing procedure, what is the total number of segmentthat are going to be separately reported? O Focus tes)
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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): Segments Red Sales to outside parties $1,832 Blue $ 833 Green $ 535 Pink $ 330 Black White $ 142 $ 120 Intersegment revenues 37 112 130 37 323 Salary expense 635 400 423 333 338 83 Rent expense 160 187 102 113 63 52 Interest expense 86 80 103 70 35 26 Income tax expense (savings) 162 108 82 (107) (85) 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.) Minimum revenues
Chipotle Mexican Grill began with a single location in 1993 and now operates more than 2,450 restaurants. Adapted versions of the company's income statements (in $000s) are as follows: 2017 2016 Revenue $4476,412 $3,904.384 Restaurant operating costs Food, beverage, and packaging 1.535.428 1,365,580 Labor 1,205,992 1.105,001 Occupancy 327,132 293,636 Other operating costs 651.644 641.953 General and administrative expenses 296,388 276,240 Depreciation and amortization 163,348 146,368 Pre-opening costs 12,341 17,162 Loss on disposal of assets 13,345 23,877 Total operating expenses 4,205,618 3,869,817 Income from operations 270,794 34,567 Interest and other income (expense), net 4,949 4,172 Income before income taxes 275,743 38,739 Provision for income taxes 99,490 15,801 Net income $176,253 $22,938 Prepare a common-size income statement for each year. (Round answers to 1 decimal place, e.g. 50.1%.) 2017 2016 Revenue Restaurant operating costs Food, beverage, and packaging Labor…