Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Also if you could explain how to do these test and or so work that be great! Mason Company has prepared consolidated financial statements for

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Also if you could explain how to do these test and or so work that be great!

Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified. Books $ 173 39 70 Computers $ 745 282 Maps $ 443 54 Travel $ 341 160 0 0 0 Sales to outside parties Intersegment sales Interest income-external Interest income-intersegment loans Assets Operating expenses Expenses-intersegment sales Interest expense-external Interest expense-intersegment loans Income tax expense (savings) General corporate expenses Unallocated operating costs Company Total $ 1,702 535 122 162 3,655 1,525 258 122 207 120 97 122 1,457 860 66 248 130 85 0 36 54 290 282 46 0 53 69 345 205 61 0 32 73 Finance $ 0 0 52 162 1, 315 48 0 122 0 (50) 0 86 (26) Determine the reportable segments by performing each applicable test. (Figures are in thousands.) a. Revenue test: b. Profit or loss test: C. Asset test: LOW Revenue Test Profit or Loss Test Asset Test Determine the reportable segments by performing revenue test. (Round your percentage answers to your answers in thousands of dollars.) Segment Revenues Percentage Reported or Not Reported Books % % Computers Maps % Travel P% Finance % Total EA $ 0 0.0% Revenue Test Profit or Loss Test> Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Determine the reportable segments by performing profit or loss test. (Enter your answers in thousands of dollars.) Segment Revenues Expenses Profit Loss Reported or Not Reported Books Computers Maps Travel Finance Total $ 0 $ 0 $ 0 $ 0 Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Determine the reportable segments by performing asset test. (Round your percentage answers to 1 decimal p answers in thousands of dollars.) Segment Assets Percentage Reported or Not Reported Books % % Computers Maps Travel % % Finance % Total 0 0.0 %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Anxiety Audit

Authors: Lynn Lyons

1st Edition

0757324258, 978-0757324253

More Books

Students also viewed these Accounting questions