Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cullumber Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment

Cullumber Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2021.

A

B

C

D

E

Sales revenue $39,200 $73,600 $586,600 $35,500 $55,700
Cost of goods sold 19,100 50,600 265,300 19,300 29,400
Operating expenses 9,200 40,800 239,300 12,000 18,300
Total expenses 28,300 91,400 504,600 31,300 47,700
Operating profit (loss) $10,900 $(17,800) $82,000 $4,200 $8,000
Identifiable assets $34,300 $81,500 $508,600 $66,000 $50,700

Sales of segments B and C included intersegment sales of $19,800 and $100,800, respectively.

B. Prepare the necessary disclosures required by GAAP. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) image text in transcribed

RCES Cullumber Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for 2021. Sales revenue Cost of goods sold Operating expenses Total expenses Operating profit (loss) Identifiable assets $39,200 19,100 9,200 28,300 $10,900 $34,300 B $73,600 50,600 40,800 91,400 $(17,800) $81,500 $586,600 265,300 239,300 504,600 $82,000 $35,500 19,300 12,000 31,300 $4,200 $66,000 E $55,700 29,400 18,300 47,700 $8,000 $50,700 $508,600 Sales of segments B and C included intersegment sales of $19,800 and $100,800, respectively. tudy Your answer is correct. Determine which of the segments are reportable based on the Reportable Segment (1) Revenue test. (2) Operating profit (loss) test. A, B and CV (3) Identifiable assets test. B and C V SHOW SOLUTION LINK TO TEXT Your answer is incorrect. Try again. Prepare the necessary disclosures required by GAAR. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) B Other Totals External Revenues Intersegment Revenues Total Revenues Cost of Goods Sold Operating Expenses Total Expenses Operating Profit (Loss) identifiable Assets LINK TO TEXT

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

Auditing And Assurance Services

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Strawser

2nd Edition

0073128244, 9780073128245

More Books

Students also viewed these Accounting questions

Question

Give that find the value of a and the value of b. 32 X Vy 3.

Answered: 1 week ago

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago

Question

What types of nonverbal behavior have scholars identifi ed?

Answered: 1 week ago