1. GAAP requires a publicly-owned company to identify a major customer by its name. a. True b False 2. Staum Corporation, a publicly owned corporation, is subject to the requirements for segment reporting. In its income statement for the year ending December 31, 2017, Staum reported revenues of $70,000,000 operating expenses of $62,000,000, and net income of S8,000,000. Operating expenses included payroll eosts of S12,000,000. Staum's combined assets of all industry segments on December 31,2017 were $40,000.000. In its 2017 financial statements, Staum should disclose major customer information if sales to any single customer amount to at least: a. $800,000 b. $1,200,000 c. $3,800,000 d. $6,200,000 e. $7,000,000 See the previous question: Staum should disclose its foreign revenues earned in a specific country if revenues earned in that country are at least 3. a. $800,000 b. S1,200,000 c. $3,800,000 d. $6,200,000 e. $7,000,000 4. Becker is a multidivisional corporation that has both intersegment sales and sales to unafilliated customers. Becker should report segment financial information for each segment meeting which of the following criteria? b. c. d. Segment profit is 10% or more of the consolidated profit Segment profit is 10% or more of the combined profit of all company segments Segment revenue is 10% or more of the combined revenue of all company segments Segment revenue is 10% or more of consolidated revenue 5. Snowman Corporation's revenue for the year ended December 31,2017 was as follows: o o o Consolidated revenue per income statement 1,200,000 Intersegment sales Combined revenues of all segments S240,000 $1,440,000 Snowman has a reportable operating segment if that segment's revenues exceed a. $6,000 b. $24,000 c. $120,000 d. $144,000 6. The following information pertains to Slowley Corporation for the year ended December 31,2017. a. Sales to unaffiliated customers b. Intersegment sales $2,000,000 $ 600,000 All of Slowley's segments are engaged solely in manufacturing operations. Slowley has a reportable segment if that segment's revenue exceeds a. $200,000 b. $204,000 c. $260,000 d. $264,000 7. During the second quarter of 2018, Flammerton Company sold a piece of equipment at a S12,000 gain. What portion of the gain should Flammerton report in its income statement for the second quarter of 2018? a. Zero b. $4,000 c. $6,000 d. $12,000