Chapter 8 Homework 1.5 3 points eBook Print Saved Taft Corporation operates primarily in the United States. However, a few years ago, it opened a plant in Spain to produce merchandise to sell there. This foreign operation has been so successful that during the past 24 months the company started a manufacturing plant In Italy and another In Greece. Financial Information for each of these facilities follows: Sales Intersegment transfers Operating expenses Interest expense Income taxes Long-lived assets Spain $ 235,000 Italy Greece $ 660,000 $ 510,000 101,200 120,000 232,000 266,000 250,000 40,000 53,000 43,000 91,000 151,000 43,000 58,000 210,000 160,000 The company's domestic (U.S.) operations reported the following Information for the current year: References Sales to unaffiliated customers $ 4,740,000 Intersegment transfers Operating expenses Interest expense Income taxes Long-lived assets 547,000 2,530,000 196,000 939,000 2,320,000 Taft has adopted the following criteria for determining the materiality of an Individual foreign country: (1) Sales to unaffiliated customers within a country are 10 percent or more of consolidated sales, or (2) long-lived assets within a country are 10 percent or more of consolidated long-lived assets. a. Calculate sales to unaffiliated customers within a country and as a percent of the consolidated sales. b. Calculate long-lived assets within a country and as a percentage of the long-lived assets. c. Apply Taft's materiality tests to identify the countries which are 10 percent or more of consolidated sales or consolidated long-lived assets to be reported separately. Complete this question by entering your answers in the tabs below. Required A Required B Required C Calculate sales to unaffiliated customers within a country and as a percent of the consolidated sales. (Round your percentage answers to 2 decimal places.) Revenues Percentage United States % Spain % Italy 96 Greece 96 Total $ 0 0.00 % < Required A Required B >