Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D,...
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Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2015. A B с D E Sales revenue $40,000 $75,000 $580,000 $35,000 $55,000 Cost of goods sold 19,000 50,000 270,000 19,000 30,000 10,000 40,000 235,000 12,000 18,000 Operating expenses Total expenses 29,000 90,000 505,000 31,000 48,000 Operating profit (loss) $11,000 $(15,000) $75,000 $4,000 $ 7,000 $35,000 $80,000 $500,000 $65,000 $50,000 Identifiable assets Sales of segments B and C included intersegment sales of $20,000 and $100,000, respectively. +Instructions (a)Determine which of the segments are reportable based on the: (1) Revenue test. (2)Operating profit (loss) test. (3)Identifiable assets test. (b)Prepare the necessary disclosures required by GAAP. 0 Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2015. A B с D E Sales revenue $40,000 $75,000 $580,000 $35,000 $55,000 Cost of goods sold 19,000 50,000 270,000 19,000 30,000 10,000 40,000 235,000 12,000 18,000 Operating expenses Total expenses 29,000 90,000 505,000 31,000 48,000 Operating profit (loss) $11,000 $(15,000) $75,000 $4,000 $ 7,000 $35,000 $80,000 $500,000 $65,000 $50,000 Identifiable assets Sales of segments B and C included intersegment sales of $20,000 and $100,000, respectively. +Instructions (a)Determine which of the segments are reportable based on the: (1) Revenue test. (2)Operating profit (loss) test. (3)Identifiable assets test. (b)Prepare the necessary disclosures required by GAAP. 0
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Answer rating: 100% (QA)
1 Revenue test Revenue test 10 X 785000 78500 Only Segment C 580000 meets this test 40000 75000 5800... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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