EBK ADVANCED FINANCIAL ACCOUNTING
EBK ADVANCED FINANCIAL ACCOUNTING
11th Edition
ISBN: 8220102796096
Author: Christensen
Publisher: YUZU
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Chapter 13, Problem 13.8E
To determine

Reportable segments: It is the process of deciding which operating segment is separately reportable and separate supplemental disclosures must be made. It is based on management’s classifications of each operating segment for internal evaluation of the financial position and operating performance of the enterprise.

The FASB specified three 10 percent significance rules to determine which of the operating segments shall have separately reported information. The separate disclosures are required for segments meeting at least one of the following tests:

  1. The segment revenue, including both external sales and intersegment sales, is 10 percent or more.
  2. The absolute value of segment’s profit or loss is 10 percent or more
  3. The segment’s assets are 10 percent or more of the total assets of all operating segments.

The customer to be disclosed as major customer.

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Assume a federal agency has the following events: Receives a warrant from the Treasury notifying the agency of appropriations of $5,350,000. OMB apportions one-fourth of the appropriation for the first quarter of the year. The director of the agency allots $1,202,000 to program units. Program units place orders of $865,000. Supplies ($141,500) and services ($582,500) are received during the first quarter. Supplies of $130,000 were used in the quarter. Accounts payable were paid in full. Required: Prepare a schedule showing the status of the appropriation at the end of the first quarter.

Chapter 13 Solutions

EBK ADVANCED FINANCIAL ACCOUNTING

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