Chapter 3, Problem 2DYS

Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows:Ecru does not allocate its $1,460,000 in common expenses to the various segments.Perform testing procedures to determine Ecru’s reportable operating segments.

What are the reportable segments? (Answer should be presented in this manner, example: A-B-C-D-E-F-G)

The following items were among those reported on Flint's Ltd.'s income statement for the year ended December 31, 2023: Legal Expense Rent Expense Interest Expense Loss on Disposal of Equipment оо $202500 $674000 $934750 $438250 $235750 471500 496500 The office space is used equally by Flint's sales and accounting departments. What amount should be classified as general and administrative expenses in Flint's multiple-step income statement for 2023? 85000

During 2023, Door Inc. decided to dispose of Bell Division, which is considered a separate reporting segment. Door estimates it can sell Bell at a loss of $30,000, and does so on May 1, 2023. Bell's operating income from January 1 to April 30 was $23,000. Ignoring income taxes, and assuming statements are prepared under ASPE, the discontinued operations section of Door's income statement for the year ended December 31, 2023 should report only the income from Door's other divisions. Since it no longer owns Bell at December 31, Door does not need to report anything relating to Bell's operations during the year. the $23,000 operating income and the $30,000 loss in the body of the income statement. the $23,000 operating income and the $30,000 loss in the discontinued operations section of the income statement. the $23,000 operating income in the body of the income statement and the $30,000 loss in the discontinued operations section of the income statement.

Information relating to the operating segments of Purple Company for the year 2021, is presented below: Operating Profit (Loss): Segment 1 - (P18,000,000)Operating Profit (Loss): Segment 2 - P16,000,000Operating Profit (Loss): Segment 3 - P9,000,000Operating Profit (Loss): Segment 4 - (P2,000,000)The reportable segments are Choices: 1,2,3,4 1,2,3 2 and 3 1 and 4

What are the reportable segments?

TATUM Company, a publicly owned corporation, assess performance and makes operating decisions using the following information for its reportable segments: Total revenues P700,000 Total profit P50,000 Included in the total profit are intersegment profits of P5,000. In addition, TATUM has P1,000 of common costs for its reportable segments that are not allocated in reports used internally. For purposes of segment reporting, TATUM should report segment profit of   a. P44,000 b. P51,000 c. P50,000 d. P70,000

In 2021, Segment X of Special Company had sales of P5,000,000 (represents30% of the total company’s sales), and had traceable costs of P3,200,000.Special also incurred segments costs of P400,000 that were not traceable toany of the divisions. Segment X incurred impairment loss of P600,000, anamount which is considered material. What amount should be reported asSegment X’s profit for 2021

Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year- end trial balance contained the following income statement items: Account Title Sales revenue Debits Credits $13,100,000 56,000 Interest revenue Loss on sale of investments Cost of goods sold Selling expenses General and administrative expenses $ 106,000 6,260,000 626,000 1,580,000 46,000 1,260, e00 906, 000 Interest expense Research and development expense Income tax expense Required: Calculate the company's operating income for the year. Total operating revenue Less operating expenses Operating income