You are compiling the consolidated financial statements for Winsor Corporation International (WCI). The corporation's accountant, Anthony Reese,
Question:
You are compiling the consolidated financial statements for Winsor Corporation International (WCI). The corporation's accountant, Anthony Reese, has provided you with the following segment information.
Note 7: Major Segments of Business
WCI conducts funeral service and cemetery operations in the United States and Canada. Substantially all revenues of WCI's major segments of business are from unaffiliated customers. Segment information for fiscal 2019, 2018, and 2017 follows (amounts in thousands).
Instructions
Determine which of the segments must be reported separately and which can be combined under the category "Other." Then, write a one-page memo to the company's accountant, Anthony Reese, explaining the following.
a. What segments must be reported separately and what segments can be combined.
b. What criteria you used to determine reportable segments.
c. What major items for each must be disclosed.
Step by Step Answer:
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield