Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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. Finance Books $ 135 Maps $ 422 Travel $ 320 128 28 0 0 Company Total $1,583 449 105 151 3,471 1,486 214 111 163 64 0 Computers $ 706 250 0 0 1,401 828 55 0 75 (37) 41 151 1,260 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 258 308 37 119 74 35 0 336 194 50 0 21 41 0 111 0 25 42 45 22 37 (18) 65 90 Determine the reportable segments by performing each applicable test. (Figures are in thousands.) a. Revenue test: b. Profit or loss test: c. Asset test: Revenue Test Profit or Loss Test Asset Test Determine the reportable segments by performing revenue test. (Round your percentage answers to 1 decimal place. Enter your answers in thousands of dollars.) Segment Revenues Percentage Reported or Not Reported Books Computers Maps Travel Finance Total 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 Revenue Test Profit or Loss Test Asset Test Determine the reportable segments by performing asset test. (Round your percentage answers to 1 decimal place. Enter your answers in thousands of dollars.) Segment Assets Percentage Reported or Not Reported Books Computers Maps Travel Finance Total
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started