Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

im having trouble with this question Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

im having trouble with this question

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each segment (in thousands) follows: Plastics Metals Lumber Paper Sales to outside parties Finance $6, 855 $2 , 414 741 $ 452 $ Intersegment transfers 0 163 185 150 162 0 Interest income from outside parties 0 40 27 0 48 Interest income from intersegment loans 0 0 0 213 Operating expenses 4,334 1, 822 1, 126 684 37 Interest expense 82 37 72 22 108 Tangible assets 1, 577 3, 256 584 831 209 Intangible assets 93 415 0 69 0 Intersegment loans (debt) 0 0 0 0 718 Ecru does not allocate its $1,400,000 in common expenses to the various segments. Perform testing procedures to determine Ecru's reportable operating segments. a. Revenue test: b. Profit or loss test: c. Asset test:Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Perform revenue test procedure to determine Ecru's reportable operating segments. (Round your percentage answers to 1 decimal place. Enter your answers in thousands of dollars.) Segment Revenues Percentage Reported or Not Reported Plastics % Metals Lumber Paper Finance % Total % Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Perform profit or loss test procedure to determine Ecru's reportable operating segments. (Enter your answers in thousands of dollars.) Segment Revenues Expenses Profit Loss Reported or Not Reported Plastics Metals Lumber Paper Finance Total Complete this question by entering your answers in the tabs below. Revenue Test Profit or Loss Test Asset Test Perform asset test procedure to determine Ecru's reportable operating segments. (Round your percentage answers to 1 decimal place. Enter your answers in thousands of dollars.) Segment Assets Percentage Reported or Not Reported Plastics % Metals % Lumber %% Paper Finance % Total %

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

Data Analytics for Accounting

Authors: Vernon Richardson

1st edition

1260375196, 9781260375183 , 978-1260375190

More Books

Students also viewed these Accounting questions

Question

Distinguish the role of the client from the role of the lawyer.

Answered: 1 week ago

Question

=+d) For each type of error, tell who would be harmed.

Answered: 1 week ago