In its 20X5 financial statements, Ward should disclose major customer data if sales to any single customer
Question:
In its 20X5 financial statements, Ward should disclose major customer data if sales to any single customer amount to at least
a. $300,000.
b. $1,500,000.
c. $4,000,000.
d. $5,000,000.
Ward Corporation, a publicly owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ending December 31, 20X5, Ward reported revenues of $50,000,000, operating expenses of $47,000,000, and net income of $3,000,000. Operating expenses included payroll costs of $15,000,000. Ward’s combined assets of all industry segments at December 31, 20X5, were $40,000,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
Question Posted: