Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

hi just hoping you can help with my hw, thank you :) SEGMENTS (10 marks) Hi-Five Ltd is a diversified manufacturer of electrical appliances. It

hi just hoping you can help with my hw,
thank you :)
image text in transcribed
SEGMENTS (10 marks) Hi-Five Ltd is a diversified manufacturer of electrical appliances. It has five operating segments, with information for the financial year ended 30 June 2021 summarized below: External sales Inter-segment sales Cost of goods sold Operating expenses Assets Fridge 115,000 63,000 174,000 9,000 164,000 Oven Cooktop 115,000 45,000 40,000 4,000 120,000 41,000 28,000 6,000 123,000 28,900 BBQ Microwave 28,400 32,000 -0- 18,000 30,000 49,500 2.000 4,000 24,000 31,800 Required: A. Determine which of the segments are reportable using the revenue test. (2 marks) B. Determine which of the segments are reportable using the operating profit/loss test. (2 marks) C. Determine which of the segments are reportable using the assets test. (2 marks) D. What is your overall conclusion on the reportable segments if the 75% external revenue test is also applied. (4 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Taxation Of Individuals And Business Entities 2019 Edition

Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver

10th Edition

1259918394, 978-1259918391

Students also viewed these Accounting questions