Problem #1 Listed below is operating segment data for a proprietary (for-profit) college: Operating Segment Revenue...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Problem #1 Listed below is operating segment data for a proprietary (for-profit) college: Operating Segment Revenue Profit Education $500,800 Bookstore $65,291 Housing Dining Athletics $13,085 $259,612 $116,291 $40,078 $119,311 $21,411 Loss Total Assets ($64,756) $1,333,984 $75,499 $2,567,000 $58,300 $191,409 ($17,722) Consolidated Net Income is $62,085. Directions: 1) Using the % of revenue test, determine which operating segments would be separately reportable. Show all work. 2) Using the % of profit/loss test, determine which operating segments would be separately reportable. Show all work. 3) Using the % of asset test, determine which operating segments would be reportable. Show all work. 4) Determine which segments would not be separately reported. 5) Do the separately reported units meet the 75% of consolidated net income test? Explain. Problem #1 Listed below is operating segment data for a proprietary (for-profit) college: Operating Segment Revenue Profit Education $500,800 Bookstore $65,291 Housing Dining Athletics $13,085 $259,612 $116,291 $40,078 $119,311 $21,411 Loss Total Assets ($64,756) $1,333,984 $75,499 $2,567,000 $58,300 $191,409 ($17,722) Consolidated Net Income is $62,085. Directions: 1) Using the % of revenue test, determine which operating segments would be separately reportable. Show all work. 2) Using the % of profit/loss test, determine which operating segments would be separately reportable. Show all work. 3) Using the % of asset test, determine which operating segments would be reportable. Show all work. 4) Determine which segments would not be separately reported. 5) Do the separately reported units meet the 75% of consolidated net income test? Explain.
Expert Answer:
Answer rating: 100% (QA)
The image you have provided is a financial problem from an accounting context revealing a table outlining operating segment data for a proprietary college It lists revenue profitloss and total assets ... View the full answer
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
Posted Date:
Students also viewed these accounting questions
-
Use the attached "words.txt" file to store the words along with their ranks in an AVL tree. Then provide the user the option to search for any word. If the word exists the program displays the rank...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Litchfield Industries gathered the following information for the month ended June 31: The static budget volume is 5000 units: Overhead flexible budget: Number of units 8,000 9,000 10,000 Standard...
-
There is a clever kitchen gadget for drying lettuce leaves after you wash them. It consists of a cylindrical container mounted so that it can be rotated about its axis by turning a hand crank. The...
-
In an open system, newcomers are not welcomed easily, and in a closed system, newcomers have to prove themselves. True False
-
If you drop a brick from a height of \(50 \mathrm{~mm}\) onto your toe, it probably won't hurt much, but if you drop the brick from a height of \(0.5 \mathrm{~m}\), it will hurt. The force of gravity...
-
Sea Air Marine experienced these events during the current year. a. December revenue totaled $130,000; and, in addition, Sea Air collected sales tax of 7%. The tax amount will be sent to the state of...
-
Step 3: Testing Your Configuration Update 1. Restart the SSH service. [Your solution command here] 2. Exit the root account. [Your solution command here] 3. SSH to the target machine using your sysd...
-
Complete the create_frequency_chart_file() function that takes a single list parameter - letter_frequencies. The items in this list are tuples. Each tuple contains two items: the first item is a...
-
The statues or acts of province ( and Canada) set out the law on a particular topic. What indicates the guidelines to carry out the law set out in the act or statue, how are they referred to ?
-
APA Write-Up Components: Ttle Page, Intro, Methods, Results, Discussion, References, Figure Stroop Effect:
-
Ivan wants to buy a car. Given his limited means he looks at used cars. He knows the make, and model of the car he wants to buy. He visits several car dealers who can supply the type of car he wants....
-
A UCSD aerospace structures student pilot gets the opportunity to serve as a co-pilot on a 3-hour private experimental racing aircraft flight from San Diego to the National Championship Air Races in...
-
An unqualified worker who has continuous guidance and escort from a qualified worker, and who is wearing the appropriate PPE, is allowed to cross the restricted approach boundary?
-
Prove that (1) V (VA) = Vv. A+ AVV where V is a scalar field and A is a vector field, (2) Evaluate V. (VA) whenA 2ray + 3yay 4zazand V = ryz. Let A = psinga, + pas. Evaluate f, A dl given that (1) L...
-
Write a paper about how diet relates to breast cancer in women study design to use: case control study purpose & rationale the purpose of this final project is to utilize the methods and...
-
1. Refer to the facts in Problem 10-16. Repeat the requirements assuming that Jake uses the FIFO cost flow assumption. 2. Explain how the financial statements are affected when a company decides that...
-
In 20X5, Kahn Financial Group used the fair value option for some of its own debt. During the first quarter of 20X5, the fair value of its debt declined by $2.7 billion. Its reported net income for...
-
Maffett Ticket Brokers is a reseller of tickets to sporting events and concerts. During 20X1, Maffett sold gift cards totaling $250,000. Based on past experience, Maffett expects that 1% of the gift...
-
Who was Phar-Mors flamboyant Chief Executive Officer?
-
Which of the following generally is not considered something of value? 1. Cash, money or checks 2. Airline miles or hotel credits associated with frequent activity (e.g., frequent flier miles) 3. An...
-
Which of the following is not one of the five major categories of fraudulent disbursements? 1. Payroll schemes 2. Expense reimbursement schemes 3. Shell company schemes 4. Billing schemes
Study smarter with the SolutionInn App