ADV.FIN.ACCT.LL W/CONNECT+PROCTORIO PLUS
ADV.FIN.ACCT.LL W/CONNECT+PROCTORIO PLUS
12th Edition
ISBN: 9781266380570
Author: Christensen
Publisher: MCG
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Chapter 13, Problem 13.7C
To determine

Introduction:

Segment disclosures: ASC 280 defines the specific disclosures required for each reportable segment. The following are the quantitative and descriptive information that must be disclosed for each segment.

  1. General information must be disclosed regarding how the company identifies each reportable segment, type of products, and services.
  2. Amounts of each separately reportable segment must include each segment profit or loss and segment assets.
  3. Measurement of profit firm must disclose revenue of the company, interest earned, interest expenses, depreciation, and other expenses.
  4. Segment assets information about assets of each segment.
  5. Reconciliations to consolidated totals segment disclosure must include reconciliations between reportable segments.

The recommendations that segment disclosures to be expanded to include the cereals and sports beverage segments in a memo to R.

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The four companies we have chosen are: Deloitte EY KPMG PWC Obtain the most recent annual reports for four FTSE 100 companies of your choice (note: you need to make sure the companies chosen to have more than one operational segment and thus have meaningful segment notes for analysis). Examine the segmental disclosures provided in the segment notes of the annual reports by the selected four companies and comment on the following:a) Based on extracts from the segment notes,  how much and what segmental information is provided in the segment notes? discuss whether the companies are in compliance with the relevant accounting standard, and  discuss the similarities and differences between their disclosure practices.
Classifying Statements As Items in the Form 10-K The following disclosures are included in the recent fiscal year Form 10-K of United Natural Foods Inc. For each disclosure 1 through 5, indicate the Item number of the Form 10-K where the disclosure would be included or incorporated by reference. 1. Steven L. Spinner (President and CEO): current fiscal year base salary, $1,200,000. 2. Independent retailers net sales increased primarily due to $971 million of an incremental 12 weeks of net sales from the acquired Supervalu business, which was partially offset by the estimated impact from the 53rd week in the prior fiscal year, of $120 million. 3. Basic earnings per share is calculated by dividing net income (oss) by the weighted average number of common shares outstanding during the period. 4. Eric F. Artz has served as a member of the Board since October of four years ago. 5. We expect to continue to replenish operating assets and pay down debt obligations with internally generated…
You are presenting segmental information regarding your company to the finance committee of the board of directors and have been asked the following questions. Provide your response to each of the following questions: 1. How is it possible that the distribution of wine and spirits have been combined with the distribution of personal care products to constitute a single operating segment? 2. Why don’t the third-quarter revenues traceable to reportable segments agree with the thirdquarter revenues shown in the consolidated income statement? 3. From a competitive standpoint, would it be better to show more or fewer segments on our financial statements? 4. How is it possible that two of our segments, which have immaterial sales revenue compared to consolidated sales revenue, are being shown as reportable segments? 5. How is interest expense on the company’s bonds payable allocated to the various segments? 6. How is it possible that the total of segmental net sales exceeds the net sales for…

Chapter 13 Solutions

ADV.FIN.ACCT.LL W/CONNECT+PROCTORIO PLUS

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